Investors hyped up as Access Holdings speaks on profit in 3 years

• Access Holdings Plc hopes to make N10 trillion in profit by 2027 according to CEO Roosevelt Ogbonna
• He said this amid the company's ongoing move to raise N351 billion through right issue and boost capital
• He said that to build a strong brand across Africa, the bank was focusing on selective market entry and consolidation

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

By 2027, Access Holdings Plc intends to turn a N10 trillion profit.

Roosevelt Ogbonna, the CEO of Access Bank, made this revelation on Tuesday during a "Facts Behind the Right Issue Presentation by Access Holdings Plc" event in Lagos.

The projection, he continued, demonstrated the company's resolve to establish itself as a leader in global banking for both rapid expansion and strong financial results.

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Highlighting the bank’s vision of transforming into Africa’s gateway to the world, he said,

“We are positioning ourselves to be one of the most respected banks globally, focusing on superior service across three continents and spanning 22 countries, including the UAE and the UK.”

Ogbonna predicts that the bank will have 125 million customers by 2027, solidifying its position as the industry leader.

He mentioned that the bank was concentrating on strategic market entry and consolidation in order to establish a powerful brand throughout Africa.

“Our journey from a handful of branches to a global presence showcases our dedication to sustainable growth.

“By 2027, we aim to be one of the top five banks globally, powering trade across the continent and providing superior services to our customers.”

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Aigboje Imoukhuede, the chairman of Access Holdings, announced that the company was issuing 17.7 billion shares at N19.75 apiece through the proper issue in order to fund its expansion goals.

He continued by saying that the goal of this rights issue is to raise a significant amount of money for the bank to develop its business and improve its service offerings.

As part of its expansion agenda, the bank made hints about its aim to expand into the US in the near future, according to BusinessDay. Nigerian Exchange Group (NGX) and shareholders anticipate a high volume of applications for the Institution's rights issuance as a result.Ogbonna reiterated.

Access Bank unveils womenprenuer

Legit.ng reported that Access Bank has opened applications for its Womenpreneur Pitch-a-ton program, offering N17.5 million in business grants to 10 winners.

The application window, which began on June 24, 2024, will remain open until August 9, 2024.

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The Womenpreneur Pitch-a-ton program is designed for female entrepreneurs aged 18 to 55 who have been running their businesses for at least one year and hold at least 50% ownership or control rights.

Source: Legit.ng