Access Holdings Raises N351.009bn For Banking Recapitalisation

Access Holdings Plc has secured the full regulatory approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) of its closed right issue and has raised the target amount of N351.009 billion.

On July 8, 2024, Access Holdings opened its rights issue, offering 17.77 billion ordinary shares at a price of N19.75 each. The offer, available from July 8 to August 23, 2024, was extended to shareholders who held shares as of June 7, 2024 allowing them to purchase one new share for every two shares they owned.

This development has positioned the company’s flagship subsidiary, Access Bank Plc as the first bank to meet the Central Bank of Nigeria’s N500 billion minimum capital requirements for banks with International Authorisation well ahead of the March 2026 regulatory deadline.

With the success, the bank’s share capital would increase to N600 billion, N100 billion above the regulatory minimum requirement.

Speaking on the successful offer, the chairman of the Holding Company, Aigboje Aig-Imoukhuede said, “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.”

Aig-Imoukhuede stated that, “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.”