With the completion of its transition from a commercial banking group to a holding company (holdco), Nigeria’s leading tier 1 bank – Access Bank Plc – is set to venture into other financial services and non-finance businesses.
The transition has given the bank, which has well-established subsidiaries in not less than 12 African markets and the United Kingdom, a new status.
It can now expand its coast beyond the commercial banking franchise.
Access Bank, the precursor of Access Holdings, is known for its deft acquisition deals and many analysts see the new holdco playing major roles in shaping the African economic landscape. The group has already hinted it intends to play leading roles in retail payment, financial technologies (fintechs) and specialised financial vehicles, among others.
The immediate members of the holdco include the flagship Access Bank Plc and its former subsidiaries including Access Bank (Gambia) Limited; Access Bank (Sierra Leone) Limited; Access Bank (Rwanda) Plc; Access Bank (Zambia) Limited; Access Bank (R.D Congo) S.A.R.L; Access Bank (Ghana) Plc; Access Bank (Guinea) S.A; The Access Bank (UK) Limited; Access Bank (Mozambique) S.A; Access Bank Kenya Plc; Access Bank (South Africa) Limited; and African Banking Corporation of Botswana Limited.
Access Bank was delisted while the new holdco, Access Holdings (Accesscorp) was immediately listed on the Nigerian Exchange (NGX) yesterday. Dr Herbert Wigwe, the former group managing director of Access Bank, is now the group managing director of Access Holdings Plc.
The board of directors of the Access Holdings announced key management positions for its new flagship subsidiary, Access Bank Plc, naming Mr. Roosevelt Ogbonna as the managing director.
Others also announced are: Mr. Victor Etuokwu (deputy managing director, Retail, North for Access Bank and Mrs. Chizoma Okoli (Deputy Managing director, Retail, South).
A total of 35.545 billion shares of Access Bank was delisted and relisted in the name of Access Holdings, after same duly credited to shareholders in proportion to their holdings, as sanctioned by the scheme of arrangement for the transition.
Also, at the 33rd Annual General Meeting (AGM)of the group in Lagos, shareholders approved a total dividend payment of N35.5 billion for the financial year ended December 31, 2021. This represented final dividend of 70 kobo per share, in addition to interim dividend of 30 kobo, bringing the total full year dividend to N1.00 per share.
At the AGM, Wigwe, explained that the transition to holdco was in order to realign the group for growth and create strategic flexibility and diversification of its revenues.
According to him, the non-operating financial holding company would enable the group to hold investment in banking and non-banking subsidiaries as well as benefit from available market opportunities and grow scale in the regulated consumer lending market, African electronic payments industry and Nigerian retail insurance market.
He said the bank has met all regulatory requirements and obtained court sanction after shareholders’ approval of the scheme of arrangement establishing Access Holdings Plc as a non-operating financial holding company, thus the clearance of the holdco to commence operations.
Wigwe hopeful that the group would do well as its planned strategies in 2022 are intended to unlock opportunities for its stakeholders as well as its shareholders.
“We plan to do this by building a dynamic, efficient and agile bank with a digital-first mindset, capable of providing best in class service with strong returns,” Wigwe said.
Chairman of the Board of Directors at Access Bank Dr. Ajoritsedere Awosika said the bank will continue to pursue its strategies while building on its strengths and foundations to overcome the challenges the year will present.
Chairman, Access Holdings Plc, Mr. Bababode Osunkoya, said the new appointments reflected the robustness of the leadership succession plan and the decision to strengthen the retail business while harnessing the potential of small and medium enterprises (SMEs) as well as financial inclusion towards the attainment of the group’s strategy.
According to him, the appointees were selected based on their exceptionally rich, professional, academic, and corporate board experiences, which are relevant to the needs of the board.
“We are deeply convinced that their skills will no doubt continue to add significant value to our bank’s quest to become Africa’s gateway to the world,” Osunkoya said.
Credit: thenationonlineng.net
