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Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

BIG STORY

‘Bandit Kingpin’ Dogo Isah Killed As Rival Gangs Clash In Kaduna Forest

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Dogo Isah, a notorious bandit leader, has reportedly been killed during a violent clash with a rival group in Kaduna state.

Isah, “infamous for leading high-profile attacks and terrorising residents in Kachia and parts of Kajuru LGA,” was involved in a confrontation over cattle rustling in Kachia forest on January 7. He was a cousin to Tukur Sharme, another bandit leader killed in a similar fratricidal clash in September 2024.

Zagazola Makama, a counter-insurgency publication covering the Lake Chad region, reported that Isah and his gang attempted to rustle cattle from a camp led by Kachalla Musa, a repentant bandit leader, which led to the confrontation.

Isah died alongside two of his gang members during the ensuing gun battle. Musa and his faction had recently embraced a peace initiative from the Kaduna state government and security agencies, following a meeting with stakeholders in Tsohon Gaya village, Chikun LGA.

“The initiative, which encourages former bandits to surrender and cease hostilities, had been extended to Dogo Isah, but he rejected the offer and continued his criminal activities, including cattle rustling and violent attacks,” the report noted.

“Dogo Isah’s group has been responsible for several high-profile attacks in the region, including the deaths of members of the 305 Artillery Demo Regiment in Makaranta Forest, Kagarko LGA, and an officer of the defunct Sect 4 OPWP near Gadan Mallam village along the Abuja-Kaduna road in 2022.”

“More recently, Dogo Isah’s group attacked Nigerian Navy personnel at a checkpoint in Kujama on January 5, 2025, resulting in the deaths of two Navy personnel and the theft of their AK-47 rifles.”

Makama warned that while Isah’s death may be seen as “a setback to banditry in Kaduna state, it has heightened fears among the recently repentant members of Kachalla Musa’s group.”

The report also added that Isah’s followers are now apprehensive and may be plotting a reprisal.

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BIG STORY

Court Summons Interior Minister Tunji-Ojo, AGF Over Proposed Expatriate Employment Levy

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A federal high court in Abuja has summoned Olubunmi Tunji-Ojo, the minister of interior, and Lateef Fagbemi, the attorney-general of the federation (AGF), over issues related to the expatriate employment levy (EEL).

The ministers are required to appear before the court on January 16 to justify why the proposed expatriates taxation regime should not be halted.

Inyang Ekwo, the presiding judge, issued this ruling on Thursday following a motion ex parte presented by Patrick Peter, counsel representing the plaintiff.

Ekwo directed that the minister and the AGF be served with the motion within three days of the order.

The suit, marked FHC/ABJ/CD/1780/2024, was filed by the Incorporated Trustees of New Kosol Welfare Initiative.

The group seeks an order of interim injunction to prevent the defendants from implementing the new expatriates’ taxation regime in Nigeria until the motion is heard and decided.

In the affidavit attached to the suit, Raphael Ezeh, programme implementation coordinator of the group, stated that the EEL taxation policy was announced by the federal government on Tuesday, February 27, 2024.

“According to KPMG and other online information analysts and dissemination agencies, the federal government intends to compel all companies and organisations who engage the services of foreign expatriates to pay tax E.E.L. as follows: For every expatriate on the level of a director — Fifteen Thousand United States Dollars ($15,000.00) equivalent to Twenty-Three Million Naira, by the current exchange rates (NW23,000,000.00) per annum,” he said.

“For every expatriate on a non-director level – Ten Thousand United States Dollars ($10,000.00) equivalent to Sixteen Million Naira, by the current exchange rates (N16,000,000.00) per annum.”

Ezeh stated that the federal government has also proposed additional regulations, including penalties and sanctions for non-compliance with the proposed taxation regime.

According to him, inaccurate or incomplete reporting will result in five years imprisonment and/or N1 million.

He explained that failure by a corporate entity to file EEL within 30 days will attract a penalty of N3 million.

Similarly, failure to register an employee within 30 days or the submission of false information will also incur a penalty of N3 million.

Ezeh added that failure to renew the EEL before its expiry date will attract a penalty of N3 million.

“The proposed taxation regime is totally an anti-people policy because of its radical effect on different aspects of the Nigerian economy, and it works like a choke-hold against the economic growth of the nation,” he said.

He emphasized that taxation is a sensitive issue, requiring collaboration between the executive and legislative arms of government under the 1999 Constitution (as amended).

He noted that, under section 59 of the constitution, the executive alone lacks the authority to impose taxes on corporate bodies and citizens.

Ezeh added that the current tax regime is “significantly more favourable to expatriates” compared to the proposed system.

“If the defendants are not restrained by an order of this honourable court, they will commence full implementation of the said programme, thereby threatening the nation’s economic sustainability,” he said.

The matter was adjourned to January 16 for the defendants to appear before the court and show cause.

The federal ministry of interior had suspended the implementation of the EEL in 2024 to allow for further consultations with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and other stakeholders.

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BIG STORY

JUST IN: Court Remands Lagos Teacher For Assaulting 3-Yr-Old Boy

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A 45-year-old teacher from Christ-Mitots International School, Stella Nwadigbo, has been remanded by a Magistrate Court in Ogba for allegedly assaulting a three-year-old child in the Ikorodu Local Government Area of Lagos State.

Nwadigbo, who was suspended by the school management in response to public outcry, was remanded by the court at Kirikiri Correctional Facility, awaiting the next hearing on February 18, 2025.

The teacher was remanded on Thursday after the Police arraigned her for beating a pupil, “Micheal Abayomi,” who was unable to write the numbers 16 and 61 during school hours.

 

More to come…

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