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Access Bank Plc Offer for Subscription - Prospectus
1
 O
FFER FOR
S
UBSCRIPTION OF
4,721,839,130
 
O
RDINARY
S
HARES OF
50
KOBO EACH AT AN
O
FFER
P
RICE OF
N14.90,
 
P
AYABLEIN
F
ULL ON
A
PPLICATION
.
 
A
PPLICATION
L
IST
O
PENS
 J
ULY
23,
 
2007 
AND CLOSES
A
UGUST
29,
 
2007.
This Prospectus relates to an Offer for shares by Access Bank Plc (“Access Bank” or “the Bank”), of 4,721,839,130
 
ordinaryshares of 50 kobo each (“the Shares”) in the capital of Access Bank at an Offer price of N14.90 per share (“the Offer”).The Shares have been cleared and registered with the Securities & Exchange Commission (“the SEC” or “the Commission”).It is expected that admission of the Shares will become effective November 8, 2007 and that unconditional dealings in theShares on the Nigerian Stock Exchange (“NSE” or “the Exchange”) will commence immediately thereafter. This date issubject to change. The Shares sold in Nigeria will only be tradable on the NSE upon listing on the Exchange (see Summaryof Offer). Under the Offer, 2,200,000,000 shares may be offered to certain identified institutional investors. These identifiedinstitutional investors may thereafter decide to convert their respective allotted portion to GDRs under the Bank’s GlobalDepository Receipt programme dated Monday July 9, 2007 managed by the Bank of New York acting as Depository.The Bank accepts responsibility for the information contained in this Prospectus. To the best of the knowledge and belief ofthe Bank (which has taken all reasonable care to ensure that such is the case) the information contained in this Prospectus isin accordance with the facts and contains no omission likely to affect its import. Chapel Hill Advisory Partners Limited,IBTC Chartered Bank Plc, FBN Capital Limited, Intercontinental Capital Markets Limited, FCMB Capital Markets Limited,Sterling Capital Markets Limited, BGL Securities Limited, Greenwich Trust Limited and ICMG Securities Limited (“the JointIssuing Houses”), all of whom are registered with the SEC in Nigeria, are acting exclusively for the Bank and no-one else inconnection with the Offer for Subscription and will not be responsible to any other person for providing the protectionsafforded to their respective clients or for providing advice in relation to the Offer.This document comprises a Prospectus relating to the bank in respect of the Offer for Subscription prepared in accordancewith the Rules and Regulations of the SEC.The Joint Issuing Houses and any of their affiliates, acting as investors for their own accounts, may take up shares in theOffer and in that capacity may retain, purchase, sell, offer to sell or otherwise deal in for their own account such securitiesand any other securities of the Bank or related investments and may offer or sell such securities or other investments otherthan in connection with the Offer. Accordingly, references in this Prospectus to the Offer being issued, offered subscribed,acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, dealingor placing by, the Joint Issuing Houses and any of their affiliates acting as investors for their own account. The Joint IssuingHouses do not intend to disclose the extent of any such investments or transactions other than in accordance with any legalor regulatory obligation to do so.The Shares will rank pari passu in all respects with all other existing shares issued by the Bank, including the right toreceive dividends or other distributions declared, made or paid on the Shares after Admission. Investors should rely only onthe information in this Prospectus and then only to the extent applicable. No person has been authorised to give anyinformation or make any representations other than those contained in this Prospectus and if given or made, suchinformation or representations must not be relied on as having been authorised by the Bank and/or any of the Joint IssuingHouses or any affiliate of any thereof. Without prejudice to any obligation of the Bank to publish a prospectus in line withrules of the SEC, neither the delivery of this Prospectus nor any purchase made under this Prospectus shall under anycircumstances, create any implication that there has been no change in the affairs of the bank and its subsidiaries since, orthat the information contained herein is correct as of any time subsequent to the date of this Prospectus.None of the Joint Issuing Houses is making any representation to any offeree or purchaser of the Shares regarding thelegality of an investment by such offeree or purchaser. The information contained in this Prospectus has been provided bythe Bank and other sources identified herein. None of the Joint Issuing Houses makes any representation, express orimplied, or accepts any responsibility, with respect to the accuracy or completeness of any the information in thisProspectus. Each potential investor in the Offer should read this Prospectus in its entirety and determine for itself therelevance of the information contained herein and its subscription of the Offer should be based upon such investigation as itdeems necessary. In making an investment decision, prospective investors must rely upon their own examination of theBank and the terms of this Prospectus, including the risks involved.The distribution of this Prospectus and the Offer of the Shares in certain jurisdictions may be restricted by law. No actionhas been taken by the Bank or the Joint Issuing Houses that would permit a Public Offer of shares or possession, publicationor distribution of this Prospectus (or any other offer or publicity material or application form relating to the Offer) in any jurisdiction where action for the purpose is required, other than in Nigeria. Persons into whose possession this Prospectuscomes should inform themselves about and observe such restrictions. Any failure to comply with these restrictions mayconstitute a violation of the securities laws of any such jurisdiction. This Prospectus does not constitute an offer of, or aninvitation to subscribe or purchase, any shares being offered in any jurisdiction in which such an offer would be unlawful.
 
 
 Access Bank Plc Offer for Subscription - Prospectus
2
C
ONTENTS
 
1. D
EFINITIONS
.....................................................................................................................................................................................32. I
NDICATIVE
A
BRIDGED
T
IMETABLE
..................................................................................................................................................43. T
HE
O
FFER
........................................................................................................................................................................................54. C
ORPORATE
D
IRECTORY
...................................................................................................................................................................65. S
UMMARY OF THE
O
FFER
..................................................................................................................................................................76. D
IRECTORS
,
 
C
OMPANY
S
ECRETARY AND
O
THER
P
ARTIES TO THE
O
FFER
......................................................................................127. C
HAIRMAN
’
S
L
ETTER
......................................................................................................................................................................158. A
CCESS
B
ANK
P
LC
..........................................................................................................................................................................188.1 H
ISTORY AND
B
USINESS OF THE
B
ANK
........................................................................................................................................188.2 P
RODUCTS AND
S
ERVICES
...........................................................................................................................................................198.4 P
EOPLE AND
C
ULTURE
................................................................................................................................................................258.5 D
IRECTORS OF THE
B
ANK
............................................................................................................................................................258.6 K
EY
M
ANAGEMENT
S
TAFF
..........................................................................................................................................................288.7 R
ESEARCH AND
D
EVELOPMENT
..................................................................................................................................................328.8 C
OMPLIANCE WITH THE
C
ODE OF
C
ORPORATE
G
OVERNANCE
..................................................................................................338.9 C
ORPORATE
S
OCIAL
R
ESPONSIBILITY
-
 
I
NVESTING
I
N
O
UR
C
OMMUNITIES
................................................................................349. T
HE
R
EGULATORY
E
NVIRONMENT
.................................................................................................................................................3810. R
ISK
M
ANAGEMENT
.......................................................................................................................................................................4010.1 P
OTENTIAL
R
ISKS AND
M
ITIGATING
F
ACTORS
...........................................................................................................................4011. F
INANCIAL
F
ORECASTS
...................................................................................................................................................................4311.1 L
ETTER FROM THE
R
EPORTING
A
CCOUNTANT
............................................................................................................................4311.2 L
ETTER FROM THE
R
EPORTING
A
CCOUNTANTS IN RESPECT OF THE
G
OING
C
ONCERN
S
TATUS
.................................................4411.3 F
ORECAST
P
ROFIT AND
L
OSS
A
CCOUNT
.....................................................................................................................................4511.4 A
SSUMPTIONS
U
NDERLYING THE
F
ORECAST
F
INANCIAL
S
TATEMENTS
......................................................................................4711.5 L
ETTER FROM THE
 J
OINT
I
SSUING
H
OUSES
..................................................................................................................................4912. F
IVE
Y
EAR
F
INANCIAL
S
UMMARY
...................................................................................................................................................5112.1 R
EPORTING
A
CCOUNTANTS
R
EPORT
..........................................................................................................................................51Yours faithfully,..................................................................................................................................................................................5212.2 S
TATEMENT OF
S
IGNIFICANT
A
CCOUNTING
P
OLICIES
................................................................................................................5312.2 B
ALANCE
S
HEET
.........................................................................................................................................................................5712.3 P
ROFIT
&
 
L
OSS
A
CCOUNT
...........................................................................................................................................................5812.4 S
TATEMENT OF
C
ASH FLOWS
......................................................................................................................................................5912.5 N
OTES TO THE
F
INANCIAL
S
TATEMENTS
....................................................................................................................................6013. S
TATUTORY AND GENERAL
I
NFORMATION
.....................................................................................................................................7213.1 I
NCORPORATION AND
S
HARE
C
APITAL
H
ISTORY
.......................................................................................................................7213.2 S
HAREHOLDING
S
TRUCTURE
......................................................................................................................................................7213.3 D
IRECTORS
’
 
I
NTERESTS
...............................................................................................................................................................7313.5 S
UBSIDIARIES
,
 
A
SSOCIATED
C
OMPANIES
&
 
E
QUITY
I
NVESTMENTS
............................................................................................7413.4 S
TATEMENT OF
I
NDEBTEDNESS
...................................................................................................................................................7413.5 E
XTRACTS FROM THE
M
EMORANDUM AND
A
RTICLES OF
A
SSOCIATION OF
A
CCESS
B
ANK
P
LC
................................................7413.6 U
NCLAIMED
D
IVIDENDS
.............................................................................................................................................................7813.7 M
ERGERS AND
T
AKEOVERS
.........................................................................................................................................................7913.8 C
LAIMS AND
L
ITIGATION
............................................................................................................................................................7913.9 M
ATERIAL
C
ONTRACTS
..............................................................................................................................................................7913.10 T
RAINING
....................................................................................................................................................................................8013.11 R
ESEARCH AND
D
EVELOPMENT
..................................................................................................................................................8013.12 D
ECLARATION
............................................................................................................................................................................8013.13 C
OSTS AND
E
XPENSES
.................................................................................................................................................................8113.14 C
ONSENTS
...................................................................................................................................................................................8113.15 D
OCUMENTS
A
VAILABLE FOR
I
NSPECTION
.................................................................................................................................8213.16 R
ELATIONSHIP BETWEEN THE
B
ANK AND ITS
A
DVISERS
.............................................................................................................8214. P
ROCEDURE FOR
A
PPLICATION AND
A
LLOTMENT
.........................................................................................................................8315. R
ECEIVING
A
GENTS
........................................................................................................................................................................8416. A
PPLICATION
F
ORM
........................................................................................................................................................................85
 
 
 
Access Bank Plc Offer for Subscription - Prospectus
3
1.
 
D
EFINITIONS
 
The following definitions apply throughout this document except where otherwise stated:“Access Bank” or “The Bank” - Access Bank Plc.“Allotment Date“ - The date after the Offer Closing Date when the securitiesare allotted to subscribers.“ASI” - All Share Index of the Nigerian Stock Exchange.“ATM” - Automated Teller Machine“BGL” - BGL Securities Limited.“Brokerage Commission” - Fees payable to Receiving Agents in respect of returnsbearing their stamps and duly allotted.“Business Day” - Any day other than a Saturday, Sunday or Official PublicHoliday as specified by the FGN.“CAC” - The Corporate Affairs Commission.“CBN” - The Central Bank of Nigeria.“Chapel Hill” - Chapel Hill Advisory Partners Limited.“CSCS” - Central Security Clearing System“DPS” - Dividend Per Share.“EPS” - Earnings Per Share.“Exchange Rate” - The applicable USD/NGN currency exchange rate shallbe the applicable Central Bank of Nigeria exchange rateon the Offer allotment date.“FBN Capital” - FBN Capital Limited.“FGN” - The Federal Government of Nigeria.“FCMB” - FCMB Capital Markets Limited“GDR” - Global Depository Receipts.“GTL” - Greenwich Trust Limited“IBTC” - IBTC Chartered Bank Plc.“ICMG” - ICMG Securities Limited.“ICML” - Intercontinental Capital Markets Limited.“ICT” - Information and Communications Technology“ISA” - Investment and Securities Act Cap I24 LFN 2004.“LFN” - Laws of the Federation of Nigeria“Joint Issuing Houses” or “JIH” - Chapel Hill Advisory Partners Limited, FBN CapitalLimited, IBTC Chartered Bank Plc, IntercontinentalCapital Markets Limited, FCMB Capital Markets Limited,Sterling Capital Markets Limited, BGL Securities Limited,Greenwich Trust Limited and ICMG Securities Limited.“The NSE” or “The Exchange” - The Nigerian Stock Exchange.“The Offer” or “Offer for Subscription” - Offer for Subscription of
4,721,839,130
 
Ordinary Shares of50 kobo each in Access Bank Plc at N14.90 per share“PAT” - Profit After Taxation.“PBT” - Profit Before Taxation.“Prospectus” - This legal document offering the securities to the public.“Receiving Agents” - Market Operators authorised to receive applications andmonies from investors.“Receiving Banks” or “Receiving Banker” - First Bank of Nigeria Plc, First City Monument Bank Plc,IBTC Chartered Bank Plc, Intercontinental Bank Plc andSterling Bank.“Registrars” - Wema Registrars Limited.“SCML” - Sterling Capital Markets Limited“The SEC” or “The Commission” - The Securities & Exchange Commission.
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