In a landmark financial maneuver, Access Holdings Plc, the parent company of Access Bank, has achieved full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its ambitious Rights Issue.
This move not only underscores the bank’s leadership in Nigeria’s financial sector but also positions it as the first among the FUGAZ (First Bank, UBA, GTBank, Access Bank, and Zenith Bank) to initiate and successfully close a significant rights issue in 2024.
Earlier this year, Access Bank embarked on an ambitious project to raise N351 billion through a rights issue, aiming to increase its share capital to N600 billion.
In a notice to investors, the bank confirmed the successful conclusion of this initiative, exceeding the CBN’s N500 billion minimum capital requirement for banks with international authorization well ahead of the March 2026 deadline.
According to the disclosure, the rights issue involved the sale of 17,772,612,811 Ordinary Shares at a nominal value of 50 Kobo each and a subscription price of N19.75 per share.
The transaction raised Access Bank’s share capital to N600 billion, surpassing the regulatory threshold by an impressive N100 billion.
The NGX E-offer platform played a pivotal role in the success of the transaction. It provided a seamless and efficient experience for shareholders, eliminating barriers to participation and ensuring widespread accessibility.
Aigboje Aig-Imoukhuede, CFR, Chairman of Access Holdings Plc, highlighted the importance of the achievement, stating: “The success of the Rights Issue not only showcases the resilience of Nigeria’s capital market but also reinforces our shareholders’ confidence in the current value and future potential of our company.”
