Shareholders endorse Access new management structure, N35.5b dividend

Shareholders of Access Bank Plc has endorsed the company’s board changes in furtherance to the completion of the scheme of arrangement between the bank and holders of its fully paid ordinary shares of 50 kobo each, resulting in the listing of Access Holdings Plc and related companies on the Nigerian Exchange Limited (NGX).

The shareholder at the bank’s 33rd yearly general meeting held in Lagos on Monday also endorsed a total dividend of N35.5 billion, translating to N1 per share due to every investor of the bank for the 2021 financial year.

The new changes made by the bank include the appointment of Roosevelt Ogbonna as Managing Director/Chief Executive Officer of the bank.

The bank explained that its appointment underscored the effectiveness of the Group’s robust succession planning arrangement. This followed the appointment of the former MD of the bank, Dr. Herbert Wigwe, as the Group Managing Director/Chief Executive Officer of Access Holdings.

Also, Victor Etuokwu was appointed Deputy Managing Director, Retail North. According to the bank, he was appointed an Executive Director of the Bank in 2012 and his appointment was renewed in 2022 following the expiration of his second term. He has approximately three decades of banking experience cutting across operations, information technology, business development and retail banking.

The bank also appointed Chizoma Okoli as the Deputy Managing Director, Retail South. Okoli, according to the bank, is a seasoned professional with approximately three decades of robust banking experience. She commenced her professional career in 1992 as an executive trainee in the defunct Diamond Bank Plc where she distinguished herself and rose through the ranks to become an executive director in 2016.

The bank further announced the resignation of Adeolu Bajomo as Executive Director, Information Technology and Operations, with effect from September 30, 2022, following his decision to pursue other personal interests.

Commenting on the performance of the bank, the Chairman, Access Bank, Dr. Ajoritsedere Awosika, said: “The bank has recorded gross earnings of N971.9 billion for the financial year ended December 31, 2021, representing an increase of 27 per cent over N764.7 billion posted in the corresponding period in 2020.”

She said the bank’s profit before tax (PBT) for the period rose by 40 per cent to N176.7 billion from N125.9 billion in 2020. Its profit after tax (PAT) also grew by 51 per cent to N160.2 billion from N106 billion recorded in 2020.

She stated that the assets base of the Group remained strong and resilient with total assets of N11.7 trillion as of December 2021, representing a growth of 35 per cent from N8.7 trillion in 2020.