Trending Business News:Access Bank completes rights issues, raises N41.8billion

Access Bank Plc Tuesday announced successful completion of the Rights Issue of N41.8 billion following the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The bank opened the issue on January 26, 2015 offering a Rights Issue of one ordinary share for every existing three units at a price of N6.90 per share. According to the bank, the N41.8 billon, which was realised, accounts for 80 per cent of the total number of new shares offered to shareholders.

The bank said capital raise puts investors firmly at the centre of the its  strategy, ensuring sustainable dividends through one of the strongest capital buffers as well as providing the means for further investment to exploit target markets.

Fomenting on the result of issue, Group Managing Director of Access Bank, Mr. Herbert Wigwe, said: “We are putting in place the building blocks for our future as we work to becoming a top three bank in Nigeria by 2017. The capital raised will allow us to retain our place amongst Nigeria’s best-capitalised banks and underscores our continued commitment to prudent risk management as we seek growth opportunities both in Nigeria and abroad. This additional capital will allow us to invest in our infrastructure and technology, which will make speed, service and security a guarantee for all our customers, as well as providing the firepower to diversify our geographic focus and target Africa’s fastest-growing industrial sectors.”

Shareholders commend the performance of the bank and ability of its management to consistently enhance the quality and value of their investments, particularly through some of the strategic initiatives and decisions taken in the last couple of years, which signalled the direction the institution is heading.

Access Bank Plc is a full service commercial bank operating through a network of 367 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the bank serves its various markets through four business segments.

Meanwhile, the equities market recorded its first gain after seven consecutive days of losses with the Nigerian Stock Exchange (NSE) All-Share Index, rising by 0.68 to close higher at 30,112.62,  while market capitalisation  increased by N69.64 billion to close at N10.32 trillion.

A 4.97  gain in the shares of Dangote Cement Plc  led to a 1.74  rise in the NSE Industrial Goods index, the sole gainer amongst the five NSE sector indices. On the other hand, the NSE Insurance index had the worst performance with a 1.80 per cent  decline, the NSE Oil/Gas index followed with a 1.38 per cent  drop, while the NSE Banking index lost 1.07 per cent. Similarly, the  NSE Consumer Goods index shed 0.78 per cent.

[ThisDay]