Posted by By Ayodele Aminu and Linda Elueme on
Access Bank Plc has indicated its intention to reward its current shareholders with scrip dividend valued at N3.3 billion.
Access Bank Plc has indicated its intention to reward its current shareholders with scrip dividend valued at N3.3 billion.
The bank has also increased its branch network with the opening of a new branch in Bauchi, Bauchi State.
As a reward to its loyal shareholders who endured the administrative delays associated with the process of verification of its recent public offer proceeds, the bank in a statement, said its current shareholders would be entitled to a scrip dividend of 1 share for every 7 shares they hold.
Already, Access Bank's first quarter result for the period ended June 30, 2005 reveals that it is on course to join the league of multi-billion profit making banks in the country. The bank posted a pre-tax profit of N562 million, indicating an increase of 60 percent increase over the figure recorded in 2004.
Access Bank yesterday also informed the investing public of key corporate actions it has taken towards completing its consolidation plan.
Some of these actions, the bank explained, include the listing of the 3.9 billion ordinary shares issued via its October 2004 public offer, progress report on regulatory compliance in respect of its merger with Capital Bank International Bank and Marina Bank Limited as well as its 2005/06 first quarter financial performance report.
In a statement, Access Bank further disclosed that the Central Bank of Nigeria (CBN) has approved the appointment Mr. Okey Nwuke as Executive Director along side Mr. Emmanuel Chiejina and Alh. Mahmud Isa Dutse, both as non Executive Directors to the Board of Access Bank Plc.
Chiejina is currently the Deputy Director of Elf Petroleum, while Alh. Dutse, a respected and experienced banker is currently finalising his PHD programme in the United Kingdom.
According to the statement, his appointment represents a strategic move by the bank to bring in an independent Director who will also give the Board a national spread.
Access Bank also disclosed that it has informed the Nigerian Stock Exchange (NSE) that following the receipt of critical regulatory approvals, the challenging integration process has commenced in partnership with world-class advisers such as HSBC, Accenture and Saatchi & Saatchi UK.
''The bank's stakeholders have expressed satisfaction on the progress made so far in the on-going consolidation. The Access Bank Group have so far obtained CBN's Pre-Merger Consent, Approval-in-Principle while court-ordered meetings as well as CBN &SEC final approval is very much on course,'' the statement added.
Speaking at the branch commissioning ceremony, Executive Governor of Bauchi State, Alh. Adamu Mu'azu, commended the ingenuity of the management of the bank and urged other financial institutions to emulate the bank.
In his remarks, Managing Director/Chief Executive, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede commended the people and government of Bauchi State for the friendly spirit displayed in welcoming the bank into their midst.
He expressed confidence that the people of Bauchi State would benefit from the various customer care initiatives of the bank as well as the professional expertise of its employees, particularly in the area of agricultural development through the bank's on-lending relationship with multilateral finance agencies such as FMO, US EXIM and European Investment Bank (EIB).