ACCESS HOLDINGS PLC Access Holdings Plc
Consolidated and Separate Financial Statements for the year ended
31 December 2023
ACCESS HOLDINGS PLC
Index to the consolidated and separate financial statements For the year ended 31 December 2023
Note | |||
i | Corporate information | 4 | 13 |
ii | Directors' report | 5 | 14 |
iii | Customer complaints and Feedback | 11 | 15 |
iv | Reports to the CBN on Frauds and Forgeries | 13 | 16 |
v | Corporate Governance report | 14 | 17 |
vi | Statement of Directors' Responsibilities | 29 | 18 |
vii | Report of the Statutory Audit Committee | 30 | 19 |
viii | Statement of Corporate Responsibility | 31 | 20 |
ix | Enterprise-wide Risk management | 32 | 21 |
x | Independent auditors report | 48 | 22 |
xi | Consolidated and separate statements of comprehensive income | 56 | 23 |
xii | Consolidated and separate statements of financial position | 57 | 24 |
xiii | Consolidated and separate statements of changes in equity | 58 | 25 |
xiv | Consolidated and separate statements of cashflows | 60 | 26 |
xv | Notes to the financial statements | 61 | 27a |
1.0 | General information | 61 | 27 b |
2.0 | Statement of compliance with international financial | 61 | 28 |
reporting standards | 29 | ||
3.0 | Basis of preparation | 61 | 30 |
3.1 | IFRS Accounting standard | 61 | 31a |
3.2 | Summary of material accounting policies | 63 | 31b |
3.3 | Basis of consolidation | 64 | 32 |
3.4 | Segment reporting | 65 | 33 |
3.5 | Foreign currency translation | 65 | 34 |
3.6 | Operating income | 67 | 35 |
3.7 | Income tax | 68 | 36 |
3.8 | Financial assets and liabilities | 69 | 37 |
3.9 | Impairment of financial assets | 76 | 38 |
3.10 | Investment properties | 81 | 39 |
3.11 | Property and equipment | 82 | 40 |
3.12 | Leases | 83 | 41 |
3.13 | Intangible assets | 84 | |
3.14 | Impairment of non-financial assets | 87 | 42 |
3.15 | Discontinued operations | 87 | 43 |
3.16 | Non-current assets (or disposal groups) held for sale | 88 | 44 |
3.17 | Provisions | 88 | 45 |
3.18 | Financial Guarantees | 88 | 46 |
3.19 | Employee benefits | 88 | |
3.20 | Share capital and reserves | 90 | |
3.21 | Levies | 91 | |
3.22 | Derivatives and hedging activities | 91 | |
3.23 | Associates | 92 | |
4.0 | Use of estimates and judgements | 93 | |
5.1 | Credit risk management | 110 | |
6.0 | Capital management | 149 | |
7.0 | Operating segment | 151 | |
8.0 | Net interest income | 155 | |
9.0 | Net impairment charge on financial assets | 155 | |
10a | Fee and commission income | 155 | |
10b | Fee and commission expense | 156 | |
11.0 | Net gains on financial instruments at fair value | 156 | |
12.0 | Net foreign exchange (loss)/income | 156 | |
3 |
Note
Page
Page
Other operating income 158
Personnel expenses 158
Other operating expenses 160
Income tax 161
Earnings per share 162
Cash and balances with banks 162
Investment under management 163
Non pledged trading assets 163
Derivative financial instruments 164
Loans and advances to banks 165
Loans and advances to customers 166
Pledged assets 169
Investment securities 171
Restricted deposit and Other assets 174
Investment in associates 176
Investment in subsidiaries 179
Property and equipment 182
Intangible assets 185
Deferred tax assets and liabilities 191
Investment properties 193
Assets classified as held for sale 193
Deposits from financial institutions 193
Deposits from customers 194
Other liabilities 194
Debt securities issued 195
Interest bearing borrowings 196
Retirement benefit obligations 201
Capital and reserves 203
Contingencies 206
Reconciliation to the Cash and cash equivalents 207
Contraventions of the Banks and Other Financial 207 Institutions Act of Nigeria and CBN circulars
Events after the reporting date 207
Related parties 207
Business Combination 209
Director-related exposures 211
Non-audit services 212
Other national disclosures: 216
Value added statement 216
Corporate information
This is the list of Directors who served in the entity during the year and up to the date of this report
Directors
*Mr. Bababode Olukayode Osunkoya, FCA **Mr. Abubakar Aribidesi Jimoh, CFA ***Dr. Herbert Onyewumbu Wigwe, FCA Mrs. Fatimah Bintah Bello-Ismail
Mrs. Ojinika Nkechinyelu Olaghere, FCA Mr. Olusegun Babalola Ogbonnewo
Mr. Roosevelt Michael Ogbonna, FCA,CFA Mr. Oluseyi Kolawole Kumapayi, FCA Ms. Bolaji Olaitan Agbede
Mr. Lanre Babatunde Bamisebi
*Deceased November 21, 2023 **Appointed Chairman effective December 19, 2023 ***Deceased February 9, 2024
Company Secretary
Mr Sunday Ekwochi
Corporate Head Office
Access Holdings Plc
Chairman/Independent Non-Executive Director
Chairman/Independent Non-Executive Director Group Chief Executive Officer
Independent Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director
Acting Group Chief Executive Officer Executive Director
Plot 14/15, Prince Alaba Oniru Street, Oniru Estate, Victoria Island, Lagos Victoria Island, Lagos.
Telephone: +234 (01) 4619264 - 9 +234 (01) 2773300-99
Company Registration Number: RC1755118
Independent Auditors
KPMG Professional Services
KPMG Tower, Bishop Aboyade Cole Street, Victoria Island, Lagos. Victoria Island, Lagos
Telephone: (01) 271 8955
Website: kpmg.com/ng/en/home.html
Corporate Governance Consultant
Ernst & Young
10th Floor UBA House 57, Marina, Lagos
Telephone: +234 (01) 6314500
FRC Number: FRC/2012/ICAN00000000187
Registrars
Coronation Registrars Limited
9, Amodu Ojikutu Street, Off Saka Tinubu Victoria Island, Lagos
Telephone: +234 01 2272570
Investor Relations
Access Holdings Plc has a dedicated investors' portal on its corporate website which can be accessed via this linkhttps://www.theaccesscorporation.com/investor-relations.aspx
For further information please contact:
Access Holdings Plc.
+234 (1) 236 4365
Directors' Report |
For the year ended 31 December, 2023 |
The Directors have the pleasure in presenting their report on the affairs of Access Holdings Plc ("the Company") and its subsidiaries (together referred to as "the Group" and separately referred to as "Group entities"), the Company and the Group's Conslidated Financial Statements with Auditor's Report for the year ended 31 December 2023 . |
Legal form and principal activities Access Holdings Plc trading as Access Corporation ('Access Holdings) was incorporated as a public limited liability company on 10 February 2021. The Company is a Nigerian Exchange listed parent non-operating financial holding company for Access Bank ('the Bank') and the related group companies that emerged from the court-sanctioned Scheme of Arrangement between the Bank and holders of its fully paid ordinary shares of 50 Kobo each. |
Access Holdings' business segments include lending, consumer lending, payment services, insurance brokerage and pension funds administration. The banking business, payment services, insurance brokerage and pension fund administration are currently in operation while the consumer lending is at advanced stage of licencing and operational readiness as at the end of the reporting year. |
The financial results of all operating subsidiaries and entities have been consolidated in these consolidated and separate financial statements. |
Operating results
Group | Group | Company | Company | |
December 2023 | December 2022 | December 2023 | December 2022 | |
In millions of Naira | ||||
Gross earnings | 2,594,739 | 1,387,911 | 89,975 | 36,679 |
Profit before income tax | 729,001 | 167,680 | 61,729 | 31,684 |
Income tax | (109,677) | (14,778) | (2,113) | (152) |
Profit from continuing operations | 619,324 | 152,902 | 59,616 | 31,532 |
Discontinued operations | - | (700) | - | |
Profit for the year | 619,324 | 152,202 | 59,616 | 31,532 |
Other comprehensive income | 411,871 | 81,035 | - | - |
Total comprehensive income for the year | 1,031,194 | 233,237 | 59,616 | 31,532 |
Non-controlling interest | (52,742) | (662) | - | - |
Profit attributable to equity holders of the Access Holdings | 978,452 | 232,575 | 59,616 | 31,532 |
Group | Group | Company | Company | |
December 2023 | December 2022 | December 2023 | December 2022 | |
Earnings per share - Basic (k) | 1,723 | 449 | 168 | 89 |
Earnings per share - Diluted (k) | 1,723 | 433 | 168 | 89 |
Group | Group | Company | Company | |
In millions of Naira | December 2023 | December 2022 | December 2023 | December 2022 |
Total equity | 2,185,634 | 1,231,391 | 253,777 | 250,660 |
Total impaired loans and advances | 251,982 | 176,940 | - | - |
Total impaired loans and advances to gross risk assets (%) | 2.78% | 3.15% | - | - |
5 |
Interim dividend
The Board of Directors paid an Interim Dividend of 30 Kobo (Dec 2022: 20 Kobo) per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each paid toshareholders on the register of shareholding as of the qualification date. Withholding Tax was deducted at the time of payment.
Proposed dividend
The Board of Directors proposed a Final Dividend of N1.80k (Dec 2022: N1.30 Kobo) per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding will be deducted at the time of payment.
Directors and their interests
The Directors who served during the year, together with their direct and indirect interests in the issued share capital of the Company as recorded in the Register of Directors' Shareholding and as notified by the Directors for the purposes of Sections 301 and 302 of the Companies and Allied Matters Act and listing requirements of the Nigerian Exchange Ltd are noted below:
Number of Ordinary Shares of 50k each held as at 31 December 2023
December 2023 | December 2022 | |||
Direct | Indirect | Direct | Indirect | |
H. O. Wigwe | 201,231,713 | 2,386,055,403 | 201,231,713 | 1,554,369,017 |
R. M. Ogbonna | 44,883,087 | 44,883,087 | - | |
B. O. Agbede | 25,475,406 | 20,275,086 | - | |
O. Ogbonnewo | 7,519,297 | 7,519,297 | - | |
O. Kumapayi | 34,239,373 | 28,931,432 | - | |
O. B. Osunkoya | 1,565,002 | 1,565,002 | - | |
N. O. Olaghere | 16,398,695 | 16,398,695 | - | |
A. A. Jimoh | - | - | - | |
F. B. Bello-Ismail | - | - | - | |
O.B. Bamisebi | 1,194,639 | 759 | - | |
The indirect holdings relate to the holdings of the under listed companies | ||||
December 2023 | December 2022 | |||
H.O. Wigwe | United Alliance Company of Nig. Ltd | 537,734,219 | 537,734,219 | |
Trust and Capital Limited | 584,056,979 | 584,056,979 | ||
*Coronation Trustees Tengen Mauritius | 1,264,264,206 | 432,577,819 | ||
Directors' interest in contracts |
In accordance with the provisions of Section 303 (1) and (3) of the Companies and Allied Matters Act 2020, the following Directors have disclosed their interest in the under listed vendors to the company.
Related director | Interest in entity | Name of company | |
H. O. Wigwe | Shareholder | Coronation Insurance Plc | |
and its Subsidiaries | |||
H. O. Wigwe | Director | Access Bank Plc | Banking |
R. M. Ogbonna | Director | Central Securities Clearing | Stockbroking |
System (CSCS) | |||
R. M. Ogbonna | Director | Access Bank Plc | Banking |
O. Ogbonnewo | Director | Coronation Insurance Plc | Insurance |
O. Ogbonnewo | Director | Coronation Registrars Limited | Registrar |
O. Kumapayi | Director | Access Bank Plc | Banking |
O. N. Olaghere | Director | Coronation Life Assurance Ltd | Assurance |
O. N. Olaghere | Director | The Nigerian Exchange Group Plc | Regulatory |
A. A. Jimoh | Director | Coronation Insurance Plc | Insurance |
6 |
Services to the Bank
Insurance
Banking
Analysis of shareholding:
The shareholding pattern of Access Holdings Plc as at 31 December 2023 was as stated below:
December 2023
Range | Number of Shareholders |
Domestic Shareholders | |
1 - 1,000 | 479,349 |
1,001 - 5,000 | 265,926 |
5,001 - 10,000 | 67,158 |
10,001 - 50,000 | 72,940 |
50,001- 100,000 | 11,296 |
100,001 - 500,000 | 9,204 |
500,001 - 1,000,000 | 1,282 |
1,000,001 - 5,000,000 | 1,220 |
5,000,001 - 10,000,000 | 161 |
10,000,001 - 50,000,000 | 175 |
50,000,001 - 100,000,000 | 26 |
100,000,001 - 500,000,000 | 35 |
500,000,001 - 1,000,000,000 | 3 |
1,000,000,001 - 10,000,000,000 | 5 |
908,780 | |
Foreign Shareholders | |
1 - 1,000 | 5,515 |
1,001 - 5,000 | 3,949 |
5,001 - 10,000 | 1,076 |
10,001 - 50,000 | 1,215 |
50,001- 100,000 | 167 |
100,001 - 500,000 | 104 |
500,001 - 1,000,000 | 13 |
1,000,001 - 5,000,000 | 11 |
5,000,001 - 10,000,000 | 1 |
10,000,001 - 50,000,000 | 6 |
50,000,001 - 100,000,000 | 3 |
100,000,001 - 500,000,000 | 2 |
500,000,001 - 1,000,000,000 | |
1,000,000,001 - 10,000,000,000 | |
Total | |
Shareholding Analysis as at December 31, 2023 | |
Type of Shareholding | |
Retail investors | |
Domestic institutional investors | |
Foreign institutional investors | |
Foreign retail Investors | |
Government related entities | |
% of Shareholders | Number of shares held | % of Shareholders | |
52.75% | 91,380,077 | 0.30% | |
29.26% | 591,925,125 | 1.93% | |
7.39% | 462,771,172 | 1.51% | |
8.03% | 1,477,528,129 | 4.81% | |
1.24% | 818,370,594 | 2.66% | |
1.01% | 1,902,471,924 | 6.20% | |
0.14% | 929,427,907 | 3.03% | |
0.13% | 2,492,327,611 | 8.12% | |
0.02% | 1,150,833,137 | 3.75% | |
0.02% | 3,945,821,862 | 12.85% | |
0.00% | 1,806,429,690 | 5.88% | |
0.00% | 6,429,359,806 | 20.94% | |
0.00% | 1,847,578,301 | 6.02% | |
0.00% | 6,761,956,405 | 22.02% | |
100% | 30,708,181,740 | 100% | |
45.71% | 1,238,195 | 0.03% | |
32.73% | 8,982,951 | 0.19% | |
8.92% | 7,526,915 | 0.16% | |
10.07% | 24,972,615 | 0.52% | |
1.38% | 12,197,271 | 0.25% | |
0.86% | 21,133,890 | 0.44% | |
0.11% | 8,766,757 | 0.18% | |
0.09% | 22,754,890 | 0.47% | |
0.01% | 9,626,997 | 0.20% | |
0.05% | 115,345,415 | 2.38% | |
0.02% | 242,894,055 | 5.02% | |
0.02% | 652,242,332 | 13.48% | |
0.00% | - | 0.00% | |
2 | 0.02% | 3,709,361,599 | 76.69% |
12,064 | 100% | 4,837,043,882 | 100% |
920,844 | 100% | 35,545,225,622 | 100% |
December 2023 | December 2022 | ||
Holdings | Holding % | Holdings | Holding % |
10,433,221,249 | 29.35% | 9,294,277,626 | 26.15% |
20,268,807,965 | 57.02% | 22,907,686,903 | 64.45% |
4,693,857,191 | 13.21% | 2,723,783,744 | 7.66% |
78,852,121 | 0.22% | 535,924,601 | 1.51% |
70,487,096 | 0.20% | 83,552,748 | 0.24% |
35,545,225,622 | 100% | 35,545,225,622 | 100% |
7 |
-
Substantial interest in shares
According to the register of members at 31 December 2023, the following shareholders held more than 5% of the issued share capital of the Company as follows:
December 2023 | December 2022 | |||
Number of shares held | % of shareholding | Number of shares held | % of shareholding | |
Stanbic Nominees Nigeria Limited* | 3,717,802,280 | 10.46% | 3,912,841,010 | 11.01% |
Coronation Trustees Tengen Mauritius | 2,528,528,411 | 7.11% | - | 0.00% |
*Stanbic Nominees held the shares as custodian for various investors. Stanbic Nominees does not exercise any right over the underlying shares. All the rights resides with the various investors on behalf of whom Stanbic Nominees carries out the custodian services.
Sponsorships
The company identifies with the aspirations of the community and the environment in which it operates. The group made contributions to charitable and non-charitable organisations amounting to N2,653million (December 2022: N1,612 million) during the year, as listed below:
S/N
Purpose
1 Support for 2023 Capital Market Correspondent Association of Nigeria CAMCAN Workshop
2 Sponsorship payment to Fifth Chukker for SA Polo
3 Sponsorship payment to 2023 Art X
4 Sponsorship of Afrexim Bank's2023 IATF (INTRA AFRICAN TRADE FAIR)
5 Sponsorship of the 2023 Fifth Chukker Polo Tournament in UK and KADUNA
6 Access Bank Sponsorship Payment for AFRIFF (AFRICAN INTERNATIONAL FILM FESTIVAL)
GroupN
1,000,000
707,349,968
380,000,000
337,338,000
240,000,000
150,000,000
7 Access Bank Donation to Prince Trust International- The initiative was founded by Prince Charles III to tackle global crisis of Youth unem1p0l0o,y0e0m0e,0n0t.0
8 Sponsorship of A King's Passion; a 21st Century Patron of African Art- HRM Igwe Nnaemeka Alfred Achebe's book.
9 Support to Duke of Edinburg's Foundation
10 Sponsorship of the National MSME Clinics and Awards
11 Sponsorship of City of Knowledge 10th Year Anniversary
84,868,025 75,149,250 40,000,000 36,977,450
12 Sponsorship payment for Unusual Entrepreneur Economic empowerment Initiative created out of Unusaual Praise that provides seed fund3i0n,g0s0a0n,0d0M0entorship to SME's
13 Sponsorship for the Nigerian Bar Association (NBA) Annual Conference 2023
14 Support to Ovie Brume Foundation for Youth Centre in Surulere
15 Sponsorhip of Entertainment Week Lagos 2023
16 Sponsorship of the Nigeria International Digital Conference and Exhibition2023
17 Support to MoBaby Care for Project UWAR 3.0 & 4.0
18
Sponsorship of the 2023 European Organisation for Sustainable Development (EOSD) Sustainability summit
19 Payment to Hacey Health Initiative for Zero carbon Africa Impact Project- Ghana, Kenya, Rwanda, South Africa and Zambia
20 Support for 2023 STEAM FUN FEST- Science Technology Engineering Art and Mathematics
21 Sponsorship payment for CIBN Investiture
22 Support for TAHF Impact Driven Project
23 Support to TAHF for Bone marrow transplant
30,000,000
30,000,000
25,000,000
20,000,000
20,000,000
18,750,000
16,735,140
16,102,980
15,000,000
14,400,000
12,500,000
24 Support to HACEY Health Initiative for One Health Intervention Program for Other African Countries- Cameroun, Kenya, Congo, Ghana 11,050,000
25 ACCESSBANK SUPPORT TO HACEY HEALTH INITIATIVE FOR MATERNAL HEALTH PROJECT 3.0 10,000,000
26
Sponsorship of the 2023 IBB Indepence Golf and Tennis Tour 10,000,000
27
Sponsorship of the 2023 Annual Conference and Award Night of the Chartered Institute of Arbitrators (CIARB) 10,000,000
28
Support for the 58TH Annual Bankers Dinner for the Chartered Institute of Bankers of Nigeria 60th Anniversary 10,000,000
29
Sponsorship of 2023 Annual Conference and Business Meet of the Chartered Institute of Directors Nigeria 10,000,000
30
Support to HACEY health for 2023 International Day of the Girl Child 10,000,000
31
Support to HACEY health for Maternal Health 4.0 10,000,000
32
Support to St. Louis Owo Old Girls Association for Rennovation for Renovation and Equiping of ICT Center 10,000,000
33
Support to Hospitals for Humanity (HFH) for Open Heart Surgery Program 10,000,000
34
Support for UWAR Project 2.0 executed by Mobaby Care Nigeria 10,000,000
35
Support to Hacey Health Initiative for maternal Health Project 10,000,000
36
Sponsorship for 'Education in Nigeria' Book Launch by Dennis Okoro 10,000,000
37
Donation to Lagos Business School (LBS) for its Annual seminar on Managing Family Business 10,000,000
38
Sponsorship of French Week 9,000,000
39
Support for Clean Water Project 2.0 8,600,000
40
Support to Glow Initiative for Clean Water Project 8,363,000
41
Support for Zero Carbon Africa Impact Program 8,000,000
42
Support to Nerdzfactory for DIGIGAP campaign 8,000,000
43 Partnership and Support to Enterprise, Growth and Opportunities (EGO) Foundation for Women Traditional Textile Design Project 7,750,000
44 Sponsorship for Climate Finance for Sustainble Energy Transition in Africa Training 7,102,960
45 Support to Hacey Health Initiative for World Asthma Day 5,000,000
46 The Event Experience Africa (TEXA) 2023 Sponsorship 5,000,000
47 Sponsorship for LM Tech Hub in Anambra State 5,000,000
48 Support to Temitayo Awosika Help Foundation (TAHF) W50 Empowerment program in commemoration of World Sickle Cell Day 4,525,000
49 Support for 2023 World Wildlife Day Campaign Enugu 4,500,000
50 Support to GLOW Initiative for Economic Empowerment (GLEE) for Solar Champion Initiative for girls 4,500,000
51 Support to NerdzFactory for Powerup project 2023 4,500,000
52 Support for World Sickle cell day celebration 4,500,000
53 Support for Solar School Community project Utagba Ogbe, Delta State 4,000,000
54 Support to GLEE for the Save Biodiversity Project 2023 3,000,000
55 Sponsorship of Harvard Business School Association of Nigeria (HBSAN)'s Leadership Conference and Award Dinner 3,000,000
56 Support to The Made Women Foundation for 'PAD A GIRL' campaign 2,500,000
57 Sponsorship fee in respect of the Chartered Institute of Taxation of Nigeria (CITN) Conference 2,030,000
58 Sponsorship fee for 21st ICAN Lagos & District Society Investiture and Award 2,000,000
2,653,091,773
Company
N 1,000,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1,000,000
Property and equipment
Information relating to changes in property and equipment is given in Note 28 to the consolidated and separate financial statements. In the Directors' opinion, the fair value of the Group's property and equipment is not less than the carrying value in the financial statements.
Human resources
(i) Report on diversity in employment
The Company as at December 31, 2023 operates a non-discriminatory policy in the consideration of applications for employment. The Company's policy is that the most qualified and experienced persons are recruited for appropriate job levels, irrespective of an applicant's state of origin, ethnicity, religion, gender or physical condition.
We believe diversity and inclusiveness are powerful drivers of competitive advantage in developing and understanding of our customers' needs and creatively addressing them.
(a) Composition of employees by gender
Total number of female employees 23
Total number of male employees 25
(b) Board Composition By Gender
Total number of female on the Board
Female
Male
6
3
3
Total number of men on the Board 6
( c) Top Management (Executive Director To GCEO) Composition By Gender
Total number of female in Executive Management position Total number of men in Executive Management position
(d) Top Management (AGM To GM) Composition By Gender
Total number of female in Top Management position
Female | Male |
3 | |
2 | 2 |
Total number of men in Top Management position
(ii) Employment of disabled persons
The Company has a non-discriminatory policy on the consideration of applications for employment, including those received from disabled persons. All employees are given equal opportunities to develop themselves. The Company's policy is that the highest qualified and most experienced persons are recruited for appropriate job levels irrespective of an applicant's state of origin, ethnicity, religion or physical condition.
As at December 31, 2023, the Company had no person with physical disability on the staff list.
(iii) Health, safety and welfare of employees
The Company maintains business premises designed with a view to guaranteeing the safety and healthy living conditions of its employees and customers alike. Employees are adequately insured against occupational and other hazards. In addition, the Company retains top-class hospitals where medical facilities are provided for its employees and their immediate families at its expense.
Fire prevention and fire-fighting equipment are installed in strategic locations within the Company's premises.
The Company operates Group Personal Accident and the Workmen's Compensation Insurance covers for the benefit of its employees. It also operates a contributory pension plan in line with the Pension Reform Act 2014 as Amended and other benefit schemes for its employees.
(iv) Employee involvement and training
The Company encourages participation of employees in arriving at decisions in respect of matters affecting their wellbeing. Towards this end, the Company provides opportunities where employees deliberate on issues affecting the Company and its employees' interests, with a view to making inputs to decisions thereon. The Company places a high premium on the development of its manpower. Consequently, the Company sponsors its employees for various training courses, both locally and overseas.
(v) Statement of commitment to maintain positive work environment
The Company shall strive to maintain a positive work environment that is consistent with best practice to ensure that business is conducted in a positive and professional manner and to ensure that equal opportunity is given to all qualified members of the Group's operating environment.
(vi) Events after reporting period
Transition of Dr Herbert Wigwe
Access Holdings announces the passing of Dr. Herbert Wigwe, CFR, the Company's founding Group Chief Executive Officer. Dr. Wigwe died on Friday, 9 February 2024 in a helicopter accident in the United States of America.
Appointment of Acting Group Chief Executive Officer
The Board of Directors of Access Holdings Plc announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024. The appointment is subject to the approval of the Central Bank of Nigeria.
(vii) Audit committee
Pursuant to Section 404(3) of the Companies and Allied Matters Act of Nigeria, the Company's Audit Committee for the 2023 FY comprised Directors and shareholders as follows:
1
2
Mr. Henry Omatsola Aragho Mr. Idaere Gogo Ogan
- Shareholder Chairman
`
- Shareholder
3
Mr. Akindele Gbogboade
- Shareholder
4
5
*Mr. Abubakar Aribidesi Jimoh Mrs. Ojinika Nkechinyelu Olaghere
- Director
- DirectorMember Member Member Member
*Mr. Abubakar Aribidesi Jimoh was appointed as the Chairman of the Board of Directors of the Company on December 19, 2023 The functions of the Audit Committee are as provided in Section 404(7) of the Companies and Allied Matters Act of Nigeria.
Auditors:
KPMG has been approved as the new external Auditors by Shareholders at the Holding's Annual General Meeting on May 24, 2023.
BY ORDER OF THE BOARD
Sunday Ekwochi
Company Secretary
FRC/2013/NBA/00000005528
FREE FLOATATION
Units | Units | |||
Issued Share Capital | 35,545,225,622 | 100.00% | 35,545,225,622 | 100.00% |
Details of Substantial Shareholdings (5% and above) | ||||
Name(s) of Shareholders | ||||
Stanbic Nominees Limited | 3,717,802,280 | 10.46% | 3,912,841,010 | 11.01% |
*Coronation Trustees Tengen Mauritius | 2,528,528,411 | 7.11% | 0 | 0.00% |
Total Substantial Shareholdings | 6,246,330,691 | 17.57% | 3,912,841,010 | 11.01% |
Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests | ||||
[Name(s) of Directors] | ||||
*H. O. Wigwe | 1,323,022,911 | 3.72% | 1,755,600,729 | 4.94% |
R. C. Ogbonna | 44,883,087 | 0.13% | 44,883,087 | 0.13% |
O. Kumapayi | 34,239,373 | 0.10% | 28,931,432 | 0.08% |
B.O. Agbede | 25,475,406 | 0.07% | 20,275,086 | 0.06% |
S. Ogbonnewo | 7,519,297 | 0.02% | 7,519,297 | 0.02% |
**B.O. Osunkoya | 1,565,002 | 0.00% | 1,565,002 | 0.00% |
O.N. Olaghere | 16,398,695 | 0.05% | 16,398,695 | 0.05% |
O.B. Bamisebi | 1,194,639 | 0.00% | 759 | 0.00% |
Total Directors' Shareholdings | 1,454,298,410 | 4.09% | 1,875,174,087 | 5.28% |
Details of Other Influential Shareholdings, if any (E.g Government, Promoters) | ||||
[Name(s) of Entities/Government] | ||||
Restricted Share Performance Plan (RSPP) | 1,006,587,542 | 2.83% | 1,121,778,957 | 3.16% |
Federal Ministry of Finance Incorporated | 30,907,094 | 0.09% | 38,560,666 | 0.11% |
Bauchi Local Government Council | 2,204,991 | 0.01% | 2,204,991 | 0.01% |
Abia State Government Council | - | 0.00% | - | 0.00% |
Toro Local Government Council | 1,976,888 | 0.01% | 1,976,888 | 0.01% |
Dambam Local Government Council | 1,064,478 | 0.00% | 1,064,478 | 0.00% |
Ningi Local Govt. Council | 1,672,751 | 0.00% | 1,672,751 | 0.00% |
Misau Local Govt. Council | 1,292,580 | 0.00% | 1,952,683 | 0.01% |
Kirfi Local Govt. Council | 1,225,670 | 0.00% | 1,140,512 | 0.00% |
Katsina State Govt Ministry of Finance Incorporated | 20,000,000 | 0.06% | 20,000,000 | 0.06% |
Ekiti State Govt College of Medicine | 1,397,128 | 0.00% | 1,397,128 | 0.00% |
Total of Other Influential Shareholdings | 1,068,329,122 | 3.01% | 1,191,749,054 | 3.35% |
Free Float in Unit and Percentage | ||||
[Issued Share Capital (%) - (Total Substantial Shareholdings (%) + Total Directors' Shareholdings (%) + Total of | ||||
Other Influential Shareholdings (%))] | 26,776,267,400 | 75.33% | 28,565,461,471 | 80.36% |
Share Price | ||||
Free Float in Value | ||||
[Free Float Unit x Share Price] | 619,870,590,298.43 | |||
Declaration: |
23.15
December 31, 2023 | December 31, 2022 |
Percentage (In relation to | Percentage (In relation |
Issued Share Capital) | to Issued Share Capital) |
8.50
242,806,422,503.50
(A) Access Holdings PLC with a free float percentage of 75.33% as at 31 December 2023, is compliant with the Exchange's free float requirements for companies listed on the Premium Board
(B) Access Holdings PLC with a free float value of N26,776,267,298.43 as at 31 December 2023, is compliant with the Exchange's free float requirements for companies listed on the Premium Board
*(C) The change from 1,755,600,729 (Dec. 2022) to 1,323,022,911 (Dec. 2023) is recognised in H.O Wigwe's indirect interest in Coronation Trustees Tengen Mauritius.
*(D) Deceased February 9, 2024
10
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Access Bank plc published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 08:06:02 UTC.
