Access Holdings Plc (“the Company”) has obtained full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its recently concluded Rights Issue of 17.77 billion Ordinary Shares at 50 Kobo each, priced at N19.75 per share.
The successful exercise raised N351.01 billion, achieving the target amount.
The milestone positions its flagship subsidiary, Access Bank Plc (“the Bank”), as the first financial institution to exceed the CBN’s N500 billion minimum capital requirement for banks with international authorisation, three years ahead of the March 2026 deadline.
The Bank’s share capital now stands at N600 billion, surpassing the regulatory benchmark by N100 billion.
As a trailblazer in digital innovation, Access Holdings executed the industry’s first fully digital Rights Issue, utilising the Nigerian Exchange Group’s (NGX) E-offer platform.
This technology-driven approach enhanced accessibility, efficiency and shareholder participation, setting a new standard for equity capital market transactions.
Aigboje Aig-Imoukhuede, chairman of Access Holdings, stated: “The Access brand has always resonated strongly with the local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitalisation directives. We are pleased that this time we are the first to breast the tape. The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders confidence in the present value and potential of our Company.
“We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.
“We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering.
As we enter into the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”
Access Holdings Plc (‘the Company’) operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries and over 60 million customers. The Company serves its various markets through four subsidiaries across the banking, payment, pension administration and insurance sectors through four operating companies, viz: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited. (Sun)
