Dangote, Edun, Others Laud Access Bank Offer
Investment
By Ayodele Aminu
Prominent Nigerians and investors have lauded the offer for subscription of Access Bank Plc, which opened yesterday, expressing optimism that it would be oversubscribed.
Speaking at the investor's forum of the bank, which was held in Lagos yesterday, Chairman, Dangote Group of Companies, Alhaji Aliko Dangote who was represented the Group Managing Director/ Chief Operating Officer, Mr. Knut Uluman, declared that he's absolutely sure that Access Bank IPO would be over-subscribed.
"I have no doubt that at the end of the day, Access Bank's offer will be over-subscribed. The management has been tried, tested and proven that they have ability to maximize shareholder value.
"I am not a shareholder of Access Bank but I am definitely going to buy more and more of Access Bank shares," he said.
The Dangote boss stressed that Access Bank is a bank that has proven itself over the years, describing the banks' shares as "an offer that can't be resisted."
He recommended the bank's shares to investors, and commended the management for bringing Access Bank from the 65th to15th position in the industry within the last two years after they came on board.
Former Commissioner of Finance for Lagos, Mr. Olawale Edun also spoke glowingly about the bank.
"It is very clear that this (Access Bank shares) is a good investment. The main issue in banking is the quality of management. The management team of Access Bank is successful, brilliant, innovative, hardworking and they are very good examples of the best this country has to offer.
"Besides, they are trust worthy and they enjoy the support of all stakeholders - the Central Bank of Nigeria, Securities and Exchange Commission, Nigeria Stock Exchange, their customers and colleagues. These sterling qualities are definitely another added advantage for Access Bank, so any body buying their shares is investing to reap bountifully at a later date," he assured.
The Managing Director of Accenture - a management-consulting firm, Mr. Adedotun Sulaiman also endorsed Access Bank's offer, saying its management team is worth banking on.
"We have come a long way. I have known Aigboje Aig - Imoukhuede (Access Bank MD) and Herbert Wigwe (Deputy MD) for quite a while. They have a good track record and they are people to watch. They are worth banking on and I can bank on them, " he stressed.
The Managing Director/ Chief Executive Officer of Investment Banking and Trust Company (IBTC), Mr. Atedo Peterside who described Access Bank offer as "a bank of the future", expressed similar view.
"Access Bank is a bank of the future. The management team is young and dynamic and this reminds me of when we began IBTC when I was in my 30's. Any offer that IBTC touches are an investment grade. We don't put our hands into any offer that is below investment grade.
"Any offer that we put our hands on can be recommended to our own family. Many banks have approached as to help them raise funds but we declined because their shares are below investment grade.
" We have handled three other offers (Standard Trust, Zenith Bank and Oceanic Banks) this year and they have all been a tremendous success," he declared.
Just within two years after the current management team came on board, Access Bank has recorded a lot of achievements.
The first year after the duo came in, the bank made a profit of N1 billion which was more than the cumulative profits made by the bank in its 12 previous years of existence.
Access Bank which was also the second bank in the world and first in Africa to implement Flexcube Universal Banking Solution (UBS) Version 6.2, recently scored 'A' Credit rating from Global Credit Rating Company and was nominated 'Bank of the Year 2003' by This Day newspapers.
The bank which was also awarded third best website overall in the banking industry by Web jurist emerged as the bank with the highest cumulative net credit clearing
position of all clearing banks for the first half of this year. It also clinched the AFREXIM Bank 'SILVER' award for exceptional contribution to Africa's growth and development.
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