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Tuesday, October 12th, 2004 HOME | Previous Page Dangote, others invest in Access Bank as offer opens By Mojeed Jamiu Finance Editor   Access Bank opened its Public Offer on Monday with a significant investment of millions of naira by Aliko Dangote, President of Dangote Group, who praised the bank for showing total commitment to his business. Dangote Group Managing Director Knut Ulumoen, who represented the conglomerate at the bank�s investors� forum held in Lagos, applauded Access Bank team for its commitment to standards in the financial system and urged other investors to buy the shares. Dangote's investment is a strong signal to the public that the Public Offer is "an offer you can't refuse". The bank is offering for subscription three billion ordinary shares of 50 kobo each at 2.90 kobo per share, something analysts described attractive. Access Bank has recorded tremendous achievements over the past two years since the coming of the new management team led by Aig Aig-lmoukhuede as Managing Director and Chief Executive Officer and Herbert Wigwe as his Deputy. Accenture Country Manager Adedotun Sulaiman said in an interview that the bank�s success story has come a long way and that Aig-Imoukhuede and Wigwe are good managers to watch in the financial system. �I think we can see in these two guys another Fola Adeola and Tayo Aderinokun team and that is an endorsement of the Access Bank brand�, Sulaiman said. The new management  pushed the bank�s share price from N1.30 to over N5 before settling currently at N3.00.  However, this reduction in value has been attributed to the flogging which banks� shares are receiving as a result of the scare raised by the Central Bank of Nigeria (CBN�s) directive that banks should recapitalise to N25 billion by 2005 year end. In his brief remarks at the event on Monday, Aig-Imoukhuede said the bank intends to utilise the proceeds to boost its capital base and to increase  branch network. Access Bank hopes to become one of the five top banks in the country by 2007, after consolidation. By December 2004, it is expected to have a shareholders� fund of at least N11 billion which would enable it conclude merger arrangements with its intended partner.       Copyright� 2004. All Rights Reserved. Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected] Designed By Powered By DNet.

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