The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have granted Access Holdings Plc full regulatory approval for its recently concluded Right Issue of 17,772,612,811 ordinary shares of 50 kobo each at N19.75 Kobo per share (the “Rights Issue”), raising the target amount to N351,009,103,017.25, the company announced on Tuesday.
This move puts the company’s main subsidiary, Access Bank Plc well ahead of the regulatory deadline in March 2026 and makes it the first bank to achieve the N500 billion minimum capital criteria set by the Central Bank of Nigeria for banks with international authorisation.
The accomplishment would raise the Bank’s share capital to N600 billion, which is N100 billion more than the minimum amount required by law.
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Access Bank’s N351bn rights offer to be used for international expansion
The bank aims to use the N351bn ($228m) capital obtained through the Rights Offer to fund its international expansion. By 2027, the bank hopes to double its asset share outside of Nigeria.
According to Bloomberg, these funds will help Access Bank, a division of Access Holdings, expand into other areas more quickly, such as Morocco, Egypt, and the US.
Access Bank agreed earlier this month to pay R2.8 billion ($158 million) to purchase a 100% equity position in Bidvest Bank in South Africa.
Bidvest Bank provides retail banking products as well as business and corporate banking solutions.
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Access Bank Holdings chairman hails CBN and SEC
Regarding the successful offer, Aigboje AigImoukhuede, CFR, Chairman of the Holding Company, stated, “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.”
“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,” he added.
The company, which is dedicated to leading innovation, is the first Financial Holding Company licensed and regulated by the CBN to complete a wholly digital rights issue, utilising technology to increase access to the equity capital market. The Company greatly reduced obstacles and democratised participation in the Rights Issue by offering its shareholders a smooth, effective, and easy subscriber experience through the use of NGX’s E-offer platform.