Victor EzejaAccess Holdings Plc has announced that it has raised a target of N351 billion through its rights issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 Kobo per share.
The company said it has secured a full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its Rights Issue concluded recently.
Join our WhatsApp ChannelAccording to a statement released by the Company Secretary, Sunday Ekwochi, the financial institution’s subsidiary, Access Bank, has by this development, emerged as the first bank to meet the CBN’s N500 billion minimum capital requirements for Banks with International Authorisation more than one year ahead of the March 2026 regulatory deadline.
Prime Business Africa recalls that the CBN had in March this year, set a two-year deadline for banks on different categories to increase their minimum capital as part of efforts to strengthen them to have a formidable capital base to support the Nigerian economy, especially as the Bola Tinubu administration targets achieving a N1 trillion economy. Banks with international authorisation were required to raise their capital floor to a minimum of N500 billion.
According to the statement, the latest capital raise would make Access Bank’s share capital increase to N600 billion, which is N100 billion above the regulatory minimum requirement.
Ekwochi said: “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.
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“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 democratizing participation in the Rights Issue.”
Commenting on the successful offer, the Holding Company’s Chairman, Aigboje AigImoukhuede, said the bank has since 2004 raised billions of dollars in capital to meet successive CBN recapitalization mandates.
AigImoukhuede expressed delight that the bank is the first to achieve such a feat. “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,” he remarked.
He acknowledged the support of the Central Bank of Nigeria and the Securities and Exchange Commission and their critical role 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,” he added.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
