THURSDAY 20TH DECEMBER 2018

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Access Bank Secures $250m Fresh Tier II Capital Kunle Aderinokun, Obinna Chima and Goddy Egene Following its business combination agreement with Diamond Bank Plc, Access Bank Plc yesterday disclosed that it had finalised terms and

obtained regulatory approvals for it to raise a fresh $250 million tier II capital. Group Managing Director/ Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, who disclosed this during a media briefing in Lagos yesterday,

said the fund would be available for drawdown in January 2019. Wigwe also confirmed that Access Bank has obtained a “no objection” from the Central Bank of Nigeria (CBN) to undertake a rights issue to

raise up to N75 billion ($207 million) before the end of first quarter of 2019. He, however, pointed out that shareholder approvals and other regulatory approvals would be obtained before the offer opens.

This, he said would accelerate the capital management plan of the combined entity to support retail growth, previously set out in Access Bank’s five-year strategy. He said, “Let me let you know we have actually

concluded with some of our partners to raise tier II capital. That would be ready for drawdown before the end of January and that is about $250 million. Continued on page 6

NBS: Unemployment Rate Rises to 23.1%, 20.9m Nigerians Jobless … Page 50 Thursday 20 December, 2018 Vol 23. No 8646. Price: N250

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Lagos Pipeline Fire Guts 100 shops, 50 vehicles … Page 11

Buhari Votes N305bn for Petrol Subsidy in N8.83tn 2019 Budget Says technical committee to advise on minimum wage APC, PDP trade words over heckling of president Deji Elumoye, Onyebuchi Ezigbo, Shola Oyeyipo, Adedayo Akinwale, Mercy Apollos in Abuja and Nume Ekeghe in Lagos The vexed issue of subsidy for petrol was a significant part of President Muhammadu Buhari’s presentation of 2019 financial estimates to the National

Assembly yesterday, with the president earmarking N305 billion, out of his proposed N8.83 trillion spending plan, for the essential commodity. The president told the 469-member National Assembly at the House of Representatives Chambers that government Continued on page 6

Fish out Badeh’s Killers, Buhari Orders Security Agents DHQ to probe killing Omololu Ogunmade and Kingsley Nwezeh in Abuja President Muhammadu Buhari yesterday in Abuja ordered security agencies to fish out the killers of Air Chief Marshall Alex Badeh (rtd), the 15th Chief of

Defence Staff, and bring them to justice. The president who tasked the security agencies to ensure that the perpetrators face the full force of the law, also challenged Continued on page 10

Atiku in Aba, Vows to Revive Businesses, Manufacturing Sector… Page 6

ESTIMATES FOR 2019… L-R: President Muhammadu Buhari; Senate President, Dr. Bukola Saraki; and Speaker, House of Representatives, Hon. Yakubu Dogara, during the president’s presentation of the financial estimates for 2019 at the National Assembly, Abuja ...yesterday GODWIN OMOIGUI


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