To formalize the approval of Access Bank’s N15 Billion Green Bond issuance by the Securities and Exchange Commission (SEC), the most respected African Bank held a signing ceremony at its Head Office in Victoria Island on Monday, March 18, 2019.
The 5-year Fixed Rate Senior Unsecured Green Bond has been awarded an Aa- rating by Agusto & Co,
the underlying framework verified by PwC (UK) and the Bonds certified by the Climate Bonds Initiative
as having met the global Climate Bonds Standard. The offer for the Green Bonds was achieved by way
of a Book Build which was fully subscribed. The Bonds priced at a coupon of 15.5%, with participation
from a wide range of asset managers and pension fund administrators.
The management of Access Bank had, in anticipation of the Issuance, launched the Nigerian Green
Bond Market Development Programme in June 2018, in partnership with FMDQ OTC Securities
Exchange and the Securities & Exchange Commission.
Access Bank supports the global climate change mitigation and adaptation agenda and seeks to
promote responsible green lending globally. The Green Bond Issuance demonstrates the Bank’s
commitment to sustainable operational practices and being a pioneer operator, both in domestic and
international capital markets, Access Bank views the global drive for responsible and sustainable green
financing as an opportunity to raise capital for the creation of assets through climate change financing.
The Bank has a strong track record in deploying environmental and social risk management tools,
partnering with local and international agencies to deliver a greener outcome from investing activities.
Over the last five years, the Bank has pioneered various resource conservation programmes in water
usage, energy consumption and waste recycling, aimed at reducing carbon emissions. It is worthy to
note that all the Bank’s sustainability efforts are well aligned with the Federal Government’s Nationally
Determined Contributions (NDCs), the UN Sustainable Development Goals (SDGs), the Economic
Recovery and Growth Plan (ERGP) and Vision 2020:20.
The quality of the Bank’s contributions to sustainable financial practices is also evident in the increasing
local and international awards and accolades received, which include – Karlsruhe Sustainable Finance
Award for Outstanding Business Sustainability & Outstanding Sustainability Leader (2018); Euromoney
Award for Africa’s Best Bank for Corporate Social Responsibility (2018); Global Finance Awards for Most
Sustainable Bank in Nigeria (2018) and Central Bank of Nigeria Sustainability Award(s) for Sustainable
Bank of the Year (2017).
Speaking on this landmark Issue, the Bank’s Group Managing Director, Mr. Herbert Wigwe said:
“With our pace-setting experience in the mainstreaming of sustainability in our business operations,
we are confident that this issue with further help in supporting environmentally friendly investors to
meet their investment objectives whilst simultaneously supporting the Bank’s customer towards
realizing growth opportunities in fast-developing low carbon economy”
The new funding will be directed towards financing new loans and refinancing existing loans in
accordance with the Bank’s Green Bond Framework, and support projects directed at Flood Defense,
Solar Generation facilities and Agriculture.
Chapel Hill Denham was the Lead Issuing House on the Green Bond Issuance, whilst the Joint Issuing
House was Coronation Merchant Bank.