Access Holdings rights issue oversubscribed by 105.76%

Access Holdings Plc has announced 105.76 per cent rights issue oversubscription and it has secured the full regulatory approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) of its recently closed Right Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 Kobo per share and has raised the target amount of N351.01 billion.

The Holdings in notice on Nigerian Exchange Limited (NGX) disclosed that total of 24,181 Applications for 18,823,585,235 Ordinary Shares valued at N371.77 billion were received in respect of the Rights Issue.

According the Holdings, “24,100 Acceptances for 18,796,809,419 Ordinary Shares valued at N371.24 billion were processed successfully in connection with the Rights Issue; having been confirmed as valid. 41,650,447 shares from 5 Applicants among the 24,100 Acceptances, valued at N822,596,328.25 were disqualified by the CBN for reasons stated in the Capital Verification Report.

“Therefore, 18,755,158,972 shares valued at N370,414,389,697.00 were accepted having been confirmed as valid and verified by the CBN.

“81 Applications for 26,775,816 shares, valued at N528,822,366.00 were found to be invalid and were therefore rejected. Consequently, a total of 68,426,263 shares, valued at N1,351,418,694.25 were found to be invalid and therefore rejected having not complied with the terms of the Offer and/or being disqualified by the CBN following Capital Verification.”

This development has positioned the Company’s flagship subsidiary, Access Bank Plc as the first bank to meet the Central Bank of Nigeria’s N500 billion minimum capital requirements for Banks with International Authorisation well ahead of the March 2026 regulatory deadline. With the success, the Bank’s share capital would increase to N600 billion, N100 billion above the regulatory minimum requirement.

Committed to innovation leadership, 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. 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 democratising 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 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.

“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.”