Corporate Social Responsibility Report 2008 As ... - Access Bank

efficient and sustainable financial market development.
The participants welcomed the very positive leadership
role being played by Access Bank Plc. They also noted the
growth of all indices of performance of the asset classes
listed on the Nigerian Stock Exchange in spite of the
global financial crisis. The participants were keen to see an
increase in the number of debt offerings by corporate
issuers and state governments.
Ebenezer Olufowose of Access Bank at the 2008 FX Seminar
Ebenezer Olufowose of Access Bank. Discussants of the
papers presented were drawn from various institutions
including Deutsche Bank, Bank of New York, ING, Allen &
Overy, Central Bank of Nigeria, the Securities and
Exchange Commission, the Nigerian Stock Exchange,
KPMG and Chapel Hill Advisory Partners Limited.
The presentations at the Conference centred on the need
for Nigerian institutions to undertake new and innovative
approaches to capital raising. The presenters noted the
appropriateness and timeliness of the theme of the
conference and called on all stakeholders to work
together in steering the industry in a direction that seeks
to create an enabling environment, conducive for viable,
After exhaustive and fruitful deliberations, the following
recommendations were made:
(a) That the capital market regulators should encourage
the book-building approach for capital market issues
rather than insisting on firm underwriting of offers,
particularly as such underwriting can be
accommodated on a standby basis. This has the
potential of reducing the cost of capital raisings and
diversifying the issuer base.
(b) That the tax authorities should work at ensuring tax
neutrality within all asset classes.
(c) That the Nigerian Statements of Accounting
Standards be overhauled to take cognizance of the
increasing complexity of transactions and balance
sheets of banks and other financial institutions
Group Deputy Managing Director with participants at the 2008 FX Seminar
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