NGX Lists Access Holdings as Shareholders Approve N0.70 Final Dividend

Kayode Tokede

The management of the Nigerian Exchange Limited, (NGX), yesterday, listed Access Holdings Plc 35.54 billion shares as it successfully transited into a Holding Company (Holdco) structure from its commercial banking structure.

By this development, Access Bank Plc will now be referred to as Access Holdings (Accesscorp) Plc. 

Meanwhile, shareholders of Access Bank yesterday  approved a final dividend payment of N0.70 for the financial year ended December 31, 2021.

The board had paid shareholders interm dividend of N0.30 kobo per share, bringing the total full year dividend to N1.00 per share.

Speaking yesterday at the 33rd Annual General Meeting of the Bank held in Lagos, the Group managing director, Access Bank, Herbert Wigwe, said “To realign the Group for growth and create strategic flexibility and diversification of its revenues, we announced our transition to a non-operating financial holding company that would hold investment in banking and non-banking subsidiaries to enable the Group 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, “Having met regulatory requirements and obtained court’s sanction after shareholders approved the scheme of arrangement establishing Access Holdings Plc as a non-operating financial holding company, we expect Access Holdings Plc to commence operations in the first half of 2022.”

On the outlook of the bank, Wigwe expressed optimism that the Group would do well, saying that 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,” he said.

Also, the chairman, Board of Directors, 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.

Awosika revealed that Access Bank shareholders will receive a total of N35.5 billion in total dividends for 2021 financial year which is subject to appropriate withholding tax. This came after the bank had announced a final dividend of 70 kobo per share, taking the total full year dividend to N1 per share.

Further to the completion of the scheme of arrangement between Access Bank (subsidiary) resulting in the listing of Access Holding as the parent entity of the Bank and related Group companies on the NGX, Access Holdings announced the changes to the board of the Banking Subsidiary as Mr Roosevelt Ogbonna becomes the managing director/CEO of Access Bank, following the appointment of the incumbent, Dr Herbert Wigwe as the Group managing director/CEO of Access Holdings.

Mr. Victor Etuokwu appointed as the deputy managing director, Retail North, while Mrs. Chizoma Okoli is the deputy managing director, Retail South of the Bank.