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Access Corps to deploy technology in raising N365 bln capital in bold industry shift

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By Temi Olowu

Access Corporation’s Chairman, Aigboje Aig-Imoukhuede on Friday unveiled a cutting-edge approach to capital raising, as the conglomerate aims to secure a staggering N365 billion through the nation’s capital market.

Harnessing the power of digital technology, the top financial operator said the corporation plans to revolutionize shareholder participation through a seamless, phone-driven investment process.

In an interactive session with the media, during the second Annual General Meeting, Aig-Imoukhuede emphasized the transformative role of digital innovation in Access Bank’s capital endeavors.

Reflecting on the past success of the 2004 capital raise, which democratized the Nigerian capital market, he noted the company’s evolution and readiness for the future.

“We’re embarking on a new era of capital raising, and digital technology is our ally,” Aig-Imoukhuede declared. “Shareholders can now make investment decisions with a simple touch, addressing concerns of dilution and participation.”

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Drawing parallels to the formidable $2 billion equity raise between 2004 and 2007, Aig-Imoukhuede instilled confidence in shareholders, assuring them of Access Bank’s fortified position in the market.

Encouraging both minority and institutional shareholders to partake in the venture, Aig-Imoukhuede emphasized inclusivity and the company’s commitment to its stakeholders.

With a clear vision to bolster its capital base, facilitate expansion, and seize emerging opportunities, Access Corporation aims to raise up to $1.5 billion through a combination of equity, quasi-equity, and debt offerings.

Expounding on the strategic allocation of funds, Group Chief Executive Officer of Access Holdings, Bolaji Agbede outlined plans to channel the bulk of the proceeds to Access Bank.

This infusion is earmarked to meet regulatory obligations, fuel growth in African and international subsidiaries, and bolster working capital amidst evolving market dynamics.

As Access Corporation charts a course towards financial resilience and market leadership, its embrace of digital prowess and strategic capital allocation sets a precedent for innovation and growth in the financial sector.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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