Infostride News has reported that Access Holdings Plc recently disclosed the vesting of 15,509,331 units of shares, valued at N267.536 million, to eight top executives within the company. This revelation came through a notification of the vesting of Access Holdings Plc’s shares submitted to the Nigerian Exchange Limited.
Vesting, as explained in the statement signed by Sunday Ekwochi, the Company Secretary, is the process by which employees acquire a “vested interest” or stock option in their company. Typically, these stock options, equities, or employer-specific contributions are granted by the company after the employee has completed a specified number of years of service.
The statement from Access Holdings Plc further clarified that the shares were vested in the beneficiaries on November 20, 2023, on the floor of the Nigerian Exchange Limited.
The recipients of these shares include key figures such as Victor Etuokwu, Deputy Managing Director, Retail North, and Chizoma Okoli, Deputy Managing Director, Retail South, both from Access Bank Plc. Additionally, Gregory Jobome, Executive Director, and Hadiza Ambrosa, Executive Director, both from Access Bank Plc, were each vested with 2,469,136 units of shares, amounting to N42.593 million each.
Other beneficiaries mentioned in the statement are Oluseyi Kumapayi, Executive Director of Access Bank Plc and Non-Executive Director of Access Holdings Plc, who received 2,082,930 shares valued at N35.931 million; Bolaji Agbede, Executive Director of Access Holdings Plc, who was vested with 1,975,309 units of shares worth N34.074 million; Iyabo Soji Oksanya, Executive Director of Access Bank Plc, with 1,532.447 units of shares valued at N26.435 million; and Sunday Ekwochi, the Company Secretary of Access Holdings Plc, who received 42,101 units of shares valued at N776,242.
It’s important to note that the statement emphasizes that the vesting of the shares does not constitute a purchase or sale transaction under the rules of the Nigerian Exchange.
In terms of financial performance, Access Holdings Plc reported a remarkable third-quarter profit before tax, which saw a significant increase of 156.19% to N126.816 billion compared to N49.500 billion in the same period of the previous year. This substantial growth was attributed to strong performance in interest income and foreign exchange gains.
The company’s profit after tax (PAT) for Q3 2023 was N115.004 billion, reflecting a 138.27% increase from the N48.265 billion recorded in the corresponding period in 2022. This impressive performance occurred against the backdrop of rising inflation in the economy, reaching 26.72% as reported in the Consumer Price Index (CPI) for September 2023 by the National Bureau of Statistics (NBS).
The surge in inflation is primarily linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both exerting significant pressure on consumer prices. Food and non-alcoholic beverages accounted for the most significant share at 13.84%, followed by housing, water, electricity, gas, and other fuels at 4.47%, and clothing and footwear at 2.04%.
Despite the challenging economic environment, Access Holdings Plc’s financial performance in Q3 2022 propelled the group’s pre-tax profit for the first nine months of 2023 to N250.444 billion, marking an impressive increase of 82.93% from the N136.914 billion recorded in the same period of 2022.
As of the end of Q3 2023, the group’s fair value and foreign exchange gain stood at N122.555 billion, indicating a substantial 119.35% increase from the previous quarter.
In conclusion, Access Holdings Plc’s recent announcement of shares vesting and its robust financial performance in the face of economic challenges position the company as a resilient player in the Nigerian business landscape. The strategic allocation of shares to key executives further underscores the company’s commitment to rewarding and retaining top talent within its ranks. Infostride News will continue to monitor and report on developments within Access Holdings Plc and the broader financial landscape in Nigeria.
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