Access Bank Begins Process Of N68bn Rights Issue

 SOURCE:Leadership 

Access Bank will hold an extraordinary general meeting (EGM) on October 13, 2014, to seek its shareholders authorisation for the board of directors to raise additional equity capital in the sum of N68 billion by way of rights issue, just as the management of Jaiz Bank has announced new innovative products.

Consequently, the Nigerian Stock Exchange (NSE) Monday announced granting anticipatory approval for the shares of Access Bank Plc to be placed on technical suspension. Welcoming this development, Access bank board said it believed that the technical suspension was in the overall interest of its shareholders and would preserve their value on account of the corporate proposal to invite more equity participation from its existing shareholders.

Technical suspension will be lifted on January 27, 2015, and normal trading activities will resume on January 28, 2015, the NSE said.

Meanwhile, trading on the stock market closed on a positive note yesterday as the market capitalisation gained N32 billion to close at N13.462 trillion as against the N13.430 posted on Friday. Similarly, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) went up by 0.24 per cent or 96.06 points to close at 40,769 points from the 40,672.94 achieved on Friday.

ETI emerged the most traded equity with 2.05 billion shares worth N45.82 billion. Transcorp followed with 15.40 million shares valued at N91.23 million while Guaranty Trust Bank traded 12.23 million shares worth N348.42 million.

Seplat led the gainers by N5 to close at N675 per share. It was trailed by Dangote Cement with a gain of N4.89 to close at N219.99, while Wapco appreciated by N1.50 to close at N120.

Conversely, Forte Oil recorded the highest price loss of N11.78 to close at N223.82 per share. Nigeria Breweries lost N1.06 to close at N176.13 while Presco dropped N1 to close at N36 per share.

Due to heavy transaction witnessed in ETI, the total volume traded stood at 47.741 billion, valued at N2.18 billion in 4,084 deals.

Meanwhile, Jaiz Bank Plc has announced a new internet banking application in a bid to get its services to more customers beyond the shores of Nigeria. It has partnered RightClick, an internet website designer, to develop a unique website for it. With the new Jaiz Bank Plc web portal, customers are able to perform and complete their transactions in the bank with ease. The website ensures that the era of on-site banking is a thing of the past.

RightClick was contacted with the task of developing an appealing website that shows the benefits and peculiarities of the non-interest banking sector. Being new to Nigeria at that time, there was a need to ensure that the website captures the needs of its target market and drives the much-needed traffic to the site.

Jaiz Bank now has more customers that are banking with it in Nigeria and beyond. The bank has also been able to record new hits on its website, thereby making Jaiz Bank a force to reckon with, as the website has been able to portray the bank in a new light.

Jaiz Bank was incorporated in 2003 with the aim of delivering non-interest banking to the Nigerian people. With universal banking now accepted in Nigeria, Jaiz has pioneered one of Nigerias fastest-growing non-interest banks with the aim of providing world-class, secure, e-banking services as well as Takaful and Pension Fund Administration.

Its shares are privately held by Nigerian corporate institutions and individuals.