Expanding the Business Frontiers

Access Bank excites customers and shareholders with a N64 billion rights issue



The lingering demand for upgrade of its branch network by its customers may soon be over. The customers’ hope was rekindled by the management of Access Bank last week when they were informed that the bank would soon embark on massive branch network expansion. The bank, which got the nod of its shareholders to raise N64 billion from its existing investors, also disclosed that it intends to boost its customer base and at the same time cater for the retail customers.

Gbenga Oyebode, chairman, Access Bank, also explained that if the rights issue is fully subscribed, the bank would further improve its working environment to position the bank among the biggest in terms of retail banking. He added that the main objective of the bank is to fast-track the actualisation of its mission to set standards for sustainable business practices that unleash the talents of its employees and deliver superior value to its customers. “At Access Bank, we have the responsibility of delivering superior value to our customers and sustaining the growth trend of the bank. We would continue to do our best to improve the value of our stakeholders,” he stressed.



Oyebode added that the fund would also pave way for the upgrading of the bank’s information technology platforms to enable it provide better service. According to him, by 2017 the bank aims to be a truly multi-channel bank that would rank among the top three in each market it serves and also deploy best-in-class technology in Africa. “The proceeds of the offer would help achieve our ambition to be the most respected African financial institution. It would improve our distribution channel infrastructure to enable us provide better and more efficient services to clients, augment our working capital and support risk assets growth in identified sectors,” he noted.

Shareholders of the bank also expressed satisfactions with the performance of the financial institution. To them, the rights issue opens another window of investment. Timothy Adesiyan, president, Nigeria Shareholders Solidarity Association, explained at the bank’s extraordinary general meeting, last week that the development is timely. Adesiyan is among the 717 shareholders that approve the issue as they look forward to increasing their stakes in the bank. “It is the desire of every discerning investor to buy more of shares of the company that gives returns on investment annually,” he noted.

Muktar Muktar, coordinator, Shareholders Trustees Association of Nigeria, stated that shareholders are more interested in supporting the bank to further consolidate its position as a Tier-1 bank, well positioned to achieve its strategic market leadership objectives. “Additional capital will no doubt significantly improve the bank’s capability for delivering on its brand promise of speed, service and security to its customers while achieving sustainable earnings for us,” he added.

Muktar told the magazine that the bank has been a toast of several shareholders over the years, a position he believes helped the bank’s stocks emerge one of the best on the floor of the Nigerian Stock Exchange. “Its effort to emerge number one in Africa is a reality and sustainable,” he added.

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