Access Holdings Begins N351bn Rights Issue

Access Holdings Plc has commenced its N351 billion rights issue.

A subset of the Group’s Capital Raising Programme aiming to generate up to $1.5 billion. The rights issue is designed to strengthen the Group’s financial footing and support ongoing working capital needs, including organic growth funding for its banking and non-banking subsidiaries.

Acting Group chief executive officer of Access Holdings, Bolaji Agbede stated that “the commencement of the rights issue subscription is an important step in our growth strategy and capital raising plans, reinforcing our financial strength and accelerating our strategic ambitions.”

She noted this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top five financial institutions in Africa by 2027.

According to Agbede, we are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.

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Access Holdings’ rights issue offers 17.773 billion ordinary shares of N0.50 each at N19.75 per share. The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024.

The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as Registrars to the Offer.

Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services.

Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company.