Nigerian banker Herbert Wigwe’s Access Holdings pours $300 million into flagship banking business

 

Access Holdings Plc, the leading Lagos-based financial services group helmed by Nigerian banker Herbert Wigwe, has pledged $300 million in capital investment to its flagship subsidiary, Access Bank, which ranks as Nigeria’s largest bank in terms of assets.

The move is part of a larger strategic initiative aimed at amplifying the bank’s reach across Africa and propelling it toward growth.

The investment, in the form of a Tier 1 capital qualifying Mandatory Convertible Instrument, will provide additional capital to the bank as it endeavors to expand its presence across the African continent following a series of acquisitions that have significantly enhanced its footprint in key trade and payments corridors.

In the press release issued by Access Holdings, the investment has received approval from the Central Bank of Nigeria, the country’s apex monetary authority, and is anticipated to boost the bank’s shareholders’ funds and total capital ratios.

Herbert Wigwe says Access Bank is on the path to becoming ‘World’s Most Respected African Bank’

Herbert Wigwe, the CEO of Access Holdings, who is widely regarded as one of the most respected executives in the African financial services industry, noted that the $300 million capital investment, which comes on the heels of a $500 million Additional Tier 1 (AT1) capital raise in 2021, will position Access Bank on the trajectory to become the World’s Most Respected African Bank.

“As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalization needs. This investment is a capstone initiative following the $500 million Additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the World’s Most Respected African Bank,” he said.

He further elaborated that the non-dilutive approach to raising growth capital benefits Access Holdings, and the group will continue to invest in initiatives aimed at building a globally connected community and ecosystem inspired by Africa for the world. This will be achieved through disciplined growth and diversification.

Access Holdings is ready to take up a new unit in Zambia

Access Holdings is a leading financial services group in Nigeria, boasting one of the largest market caps on the Nigerian Exchange. With operations spanning 12 African countries, the group is also staging the expansion of its presence in Europe, including the consolidation of its existing operations in London and the launch of a new unit in France. 

In recent news, Access Holdings announced that its subsidiary, Access Bank Zambia, has secured final regulatory approval from the Central Bank of Zambia to acquire and merge with African Banking Corporation Zambia Limited (Atlas Mara Zambia). The integration of Atlas Mara Zambia into Access Zambia’s operations is expected to be completed in the third quarter of 2023, creating one of the top five banks in Zambia.

Herbert Wigwe owns a 4.51 percent stake in Access Holdings. Under his leadership, the pan-African financial services conglomerate’s total assets have exceeded $30 billion, and its retained earnings have surpassed $1 billion.

SOURCE: Billionairs.africa