Access Holdings Plc has announced that it has obtained full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission for its recently concluded rights issue of 17,772,612,811 ordinary shares of 50 Kobo each at N19.75 per share, successfully raising the target amount of N351,009,103,017.25.
This development positions 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 requirement for internationally chartered banks, much earlier of the March 2026 regulatory deadline.
With this success, the Bank's share capital will increase to N600 billion, exceeding the minimum regulatory requirement by N100 billion.
Committed to innovation and leadership, the company is the first CBN-licensed and regulated financial holding company to successfully execute a fully digital rights issue, leveraging technology to improve access to the equity capital market.
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A statement from the bank noted that by utilizing NGX's electronic offering platform, the company provided its shareholders with a seamless, efficient and convenient underwriting experience, significantly reducing barriers and democratizing participation in the Rights Issue.
Speaking on the successful bid, the holding company's chairman, Aigboje Aig-Imoukhuede, said:
“The Access brand has always had a strong resonance in local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitalization directives. We are happy that this time we are the first to cross the finish line.
“The success of the rights issue demonstrates the resilience of the Nigerian capital market and reinforces our shareholders' confidence in the current 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 played crucial roles in ensuring the integrity and effectiveness of our Rights Issues exercise.
“We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for more than 22 years has been most inspiring and unwavering. As we enter the new year, we are well positioned to leverage our enhanced capital base to deliver sustainable value to our stakeholders.”
Access Holdings Plc operates through a network of more than 700 branches and service points, spanning three continents, 23 countries and more than 60 million customers.
The company serves its markets through four subsidiaries in the banking, payments, pension administration and insurance sectors: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited and Access Insurance Brokers Limited.
Access Bank Plc serves its markets through three business segments (corporate and investment, commercial and retail) and has enjoyed the most successful banking growth trajectory in Africa over the past 22 years.
Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa's largest retail banks by customer base and Nigeria's largest bank by total assets.
Hydrogen Payment Services Company Limited leverages the Bank's strong set of assets and existing customer base, creating a super fintech poised to be Africa's most powerful business services network.
Hydrogen, an African heritage company, has a clear understanding of the unique payment challenges across the continent and addresses them with products such as InstantPay, Payment Gateway, POS services and card processing and switches, which are gaining traction in the market.
Access ARM Pensions Limited, formerly Access Pensions Limited, is one of the largest pension fund administrators (PFAs) in Nigeria by client base and assets under management (AUM), managing almost N3 trillion in assets and serving more of 2 million retirement savings account holders.
Access ARM Pensions Limited emerged from the merger of several entities, including the former First Guarantee Pension Limited, Sigma Pensions Limited and ARM Pensions Managers Limited, eventually forming the current entity under Access Holdings.
NIGERIAN TRIBUNE