Access Bank raises N351bn, to meet CBN minimum capital requirement

Access Holdings Plc has announced that it has secured full regulatory approvals 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 banks with international authorization, well ahead of the March 2026 regulatory deadline.

With this success, the Bank’s share capital will increase to N600 billion, surpassing the regulatory minimum 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 the NGX’s E-offer platform, the company provided its shareholders with a seamless, efficient, and convenient subscription experience, significantly reducing barriers and democratizing participation in the Rights Issue.

Speaking on the successful offer, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, said:
“The Access brand has always resonated strongly with 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 cross the finish line.

“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 the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

Access Holdings Plc 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 markets through four subsidiaries in banking, payment, 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 Africa’s most successful banking growth trajectory in the last 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 strong suite of the Bank’s existing assets and customer base, creating a super fintech poised to be Africa’s most powerful business services network.

Hydrogen, a company of African heritage, has a clear understanding of the unique payment challenges across the continent and addresses these challenges with products like InstantPay, Payment Gateway, POS services, and Card and Switch processing, which are gaining traction in the marketplace.

Access ARM Pensions Limited, formerly Access Pensions Limited, is one of Nigeria’s largest Pension Fund Administrators (PFA) by customer base and Assets Under Management (AUM), managing nearly N3 trillion in assets and serving over 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, ultimately forming the current entity under Access Holdings.

 

NIGERIAN TRIBUNE