NGX lists Access HoldCo as banking subsidiary makes appointments, holds 33rd AGM

The Nigerian Exchange Limited (NGX), on Monday, delisted the entire issued shares of Access Bank while listing Access HoldCo’s entire issued share capital of 35,545,225,622 ordinary shares of 50 Kobo each at N9.95 per share.

The listing of the shares of the new holdco on the NGX concludes the transition from a commercial banking group to a holding company. 

• 2023: Wake up call to Nigerian women
• NIGERIA DAILY: Has Abdullahi Adamu Shown that he is The Wizard Of Politics?

The delisting of Access Bank and listing of Access HoldCo on NGX is pursuant to the Scheme of arrangement between Access Bank Plc and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.

The NGX on March 24 placed the shares of Access Bank on full suspension, halting trading and price movement of the stock, to prevent trading in the shares of the bank in preparation for the eventual delisting of Access Bank and listing of the new holdco, Access Holdings Plc, on the Exchange.

The GMD/CEO, Access Bank Plc,  Herbert Wigwe, said the group delivered a 27% increase in gross earning to N971.9bn in 2021 from N767.7bn in 2020, comprising 62% in interest income and 38% in non-interest income despite the challenging market conditions.

This was part of his statement in the 2021 Annual Reports and Accounts of the bank shared at the 33rd Annual General Meeting of Access Bank in Lagos.

He added that subsidiaries contributed 38% (FY 2020: 28%) to the group’s performance, recording a profit before tax of N67.7bn; with the United Kingdom and Ghana operations accounting for 84% of the bulk.

While noting that the bank surpassed its targets in key metrics in 2021, the chairman of the board, Dr. Ajoritsedere Awosika, said that the company will continue to pursue a resilient strategy while building strengths and foundations to overcome challenges in 2022.

Meanwhile the company has announced the appointment of Mr Roosevelt Ogbonna as the Managing Director/Chief Executive Officer of its banking subsidiary, following the appointment of the incumbent, Dr Wigwe as the Group Managing Director/ Chief Executive Officer of Access Holdings.