Access Holdings Secures CBN, SEC Approvals For Rights Issue
2 years ago 2 min read
Share:
Access Holdings Plc has announced the completion of its Rights Issue, receiving full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) seen by THE WHISTLER.
The recently concluded offer comprised 17,772,612,811 ordinary shares at 50 Kobo each, priced at N19.75 per share, raising a total of N351,009,103,017.25.
This development positions Access Bank Plc as the first financial institution to meet the CBN’s new N500bn minimum capital requirement for banks with international authorization, well ahead of the March 2026 regulatory deadline.
Following this development, the bank’s share capital will increase to N600bn, surpassing the minimum requirement by N100bn.
In a demonstration of its commitment to innovation and digital transformation, Access Holdings has become the first CBN-licensed financial holding company to execute a fully digital Rights Issue.
Leveraging the NGX E-offer platform, the initiative provided shareholders with a seamless and efficient subscription process, enhancing accessibility and democratizing participation in the equity capital market.
“Speaking on the offer, the Holding Company’s Chairman, Aigboje AigImoukhuede, 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 recapitalization 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”.
