Access Bank Managing Director, Herbert Wigwe, on Sunday, February 8, urged investors to partake in the on-going Rights Issue, assuring that the bank will deliver good return on their investments.
The bank is selling 7.628 billion shares of 50 kobo to N6.90 to raise about N52.6 billion.
The Access Bank Boss, who spoke at the bank’s ‘Facts Behind the Figures’ at the Nigerian Stock Exchange in Lagos, advised investors to take position through the issue given the well mapped out strategy of the bank to deliver improved returns to investors.
Wigwe said: “We don’t manage share price, but the fundamentals of the bank. We are going to give good returns on investment as our target is to be among top three banks in 2017.”
While explaining that the share price of the bank, like most of share prices in the kart is not reflecting the fundamentals of the bank, as the bearish run has driven equities prices very low, he disclosed that Access Bank was already talking to institutional investors, high net-worth investors and individuals, who understand the value of long term investments.
He said the fresh capital will be used to boost the bank’s working capital and expand network, which according to him, would lead to improved performance and returns to investors.