Market News

*As Access Holdings secures full regulatory approval for N351bn oversubscribed rights issue

BY  Nume Ekeghe

Access Holdings Plc has successfully closed its N351 billion Rights Issue, gaining approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). This accomplishment cements its banking subsidiary, Access Bank Plc, as the first Nigerian bank to exceed the CBN’s N500 billion minimum capital requirement for international banks, ahead of the March 2026 deadline. The Rights Issue, which offered 17.77 billion ordinary shares at N19.75 per share, was oversubscribed by 5.76 per cent, a clear signal of shareholders’ confidence in the institution’s strategy. 

The exercise raised Access Bank’s share capital to N600 billion, which is N100 billion above the regulatory threshold. 

Lauding the development, Chairman of Access Holdings, Aigboje Aig-Imoukhuede, states: “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.” 

He further acknowledged the critical roles played by regulators and the unwavering support of shareholders, remarking: “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.” 

The offering drew applications for 18.82 billion shares valued at N371.77 billion, exceeding the 17.77 billion shares initially offered. 

After thorough regulatory verification, 18.75 billion shares worth N370.41 billion were validated and allotted. The strong participation underscored Access Holdings’ innovative approach, as it conducted the first fully digital Rights Issue among CBN-licensed financial holding companies. 

Leveraging the Nigerian Exchange’s E-offer platform, the company streamlined the subscription process, enhancing accessibility and efficiency for its shareholders. With its strengthened capital base, Access Bank is now strategically positioned to deepen its footprint in the financial landscape, deliver innovative products, and drive sustainable growth. 

Aig-Imoukhuede emphasised the institution’s readiness to capitalise on this momentum, noting: “As we enter into the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”