Access Holdings Secures N351 Billion from Rights Issue, Strengthens Banking Subsidiary’s Capital Base

Access Holdings Secures N351 Billion from Rights Issue, Strengthens Banking Subsidiary’s Capital Base

Access Holdings Plc has successfully raised N351 billion through its recently concluded Rights Issue of 17.77 billion Ordinary Shares at N19.75 per share, securing full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

With this milestone, Access Bank Plc, the flagship subsidiary of Access Holdings, becomes the first Nigerian bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorization, well ahead of the March 2026 deadline. The bank’s share capital will now stand at N600 billion, exceeding the regulatory benchmark by N100 billion.

Access Holdings has also set a precedent as the first CBN-licensed financial holding company to execute a fully digital Rights Issue, leveraging the Nigerian Exchange Group's (NGX) E-offer platform. This innovation provided shareholders with a seamless, efficient, and accessible subscription process, removing barriers and enhancing participation in the exercise.

Commenting on the achievement, the Chairman of Access Holdings, Aigboje Aig-Imoukhuede, CFR, stated:

“The Access brand has consistently demonstrated resilience in both local and international capital markets. Since 2004, Access Bank has raised billions of dollars to comply with CBN’s recapitalization directives. This time, we are proud to lead the charge.

The success of this Rights Issue is a testament to the strength of Nigeria’s capital market and reflects the unwavering confidence of our shareholders in the company’s present value and future potential.”

He further expressed gratitude to the CBN and SEC for their pivotal roles in ensuring the integrity of the process and acknowledged the loyalty and support of shareholders who have stood by the Access brand for over two decades.

As Access Holdings looks toward 2024, the strengthened capital base positions the group to deliver enhanced value to stakeholders while driving sustainable growth and innovation in the banking sector.