Access Holdings Secures Full Regulatory Approvals for N351bn Rights Issue
…Banking Subsidiary Exceeds CBN’s Minimum Capital Requirements
Access Holdings Plc has announced the successful completion and full regulatory approval of its recently closed Rights Issue. The offer, which involved 17.77 billion ordinary shares at 50 kobo each, raised a total of ₦351 billion at ₦19.75 per share. Regulatory endorsements from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have solidified the transaction’s standing.
This development positions Access Bank Plc, the Company’s flagship subsidiary, as the first Nigerian bank to surpass the CBN’s ₦500 billion minimum capital requirement for banks with international authorization, achieving this milestone well ahead of the March 2026 deadline. With the successful capital raise, Access Bank’s share capital now stands at ₦600 billion, exceeding the regulatory benchmark by ₦100 billion.
Embracing Technology to Revolutionize Capital Market Access
Access Holdings pioneered the use of digital innovation in executing its Rights Issue, leveraging the NGX’s E-offer platform. This approach provided shareholders with a seamless, efficient, and accessible subscription experience, reducing barriers and democratizing participation in equity capital markets.
Statements from Leadership
Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, CFR, expressed pride in the achievement, stating:
“The Access brand has always resonated strongly with the local and international capital markets. Since 2004, Access Bank has raised billions of dollars to meet successive CBN recapitalization directives. We are pleased to be the first to cross the finish line in this instance.”
He also acknowledged the critical support of regulatory bodies and the unwavering loyalty of shareholders, noting:
“The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces shareholder confidence in the present value and potential of our Company.”
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Poised for Growth in 2024
With an enhanced capital base, Access Holdings Plc is now strategically positioned to deliver sustainable value to stakeholders as it enters a new year. The company’s success underscores its commitment to innovation, financial leadership, and long-term growth.
Source: Access Bank
