....Bank's Share Capital Now 600bn, Feat Achieved in Less Than 9 months.Access Holdings Plc , the owners of Access Bank PLC announced Tuesday that it has secured the full regulatory approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) of its recently closed Right Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 Kobo per share (‘the Rights Issue’) and has raised the target amount of N351,009,103,017.25.
This development has positioned the Company’s flagship subsidiary, Access Bank Plc (‘the Bank’) 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.
It is noteworthy that the Bank achieved this feat in less than 9 months as the recapitalisation window opened March 28, 2024 and is to end on March 31, 2026. This means the bank has ßucceeded in breasting the tape 15 months ahead of deadline.
Committed to innovation leadership, the Company is the first CBN licensed and regulated Financial Holding Company to successfully execute a fully digital Rights Issue embracing the power of technology to improve access to equity capital market. By leveraging the NGX’s E-offer platform, the Company provided its shareholders with a seamless, efficient, and convenient subscriber experience significantly reducing barriers and democratising participation in the Rights Issue.
Speaking on the successful offer, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, CFR, 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.
“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 holding 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.