Access Holdings Plc Secures Full Regulatory Approvals for Recently Closed Rights Issue of Ordinary Shares

Access Holdings Plc Secures Full Regulatory Approvals for Recently Closed Rights Issue of Ordinary Shares 

Positions Banking Subsidiary to Exceed Regulatory Minimum Capital

Lagos, Nigeria – December 24, 2024: Access Holdings Plc (‘the Company’) today announces that it has secured the full regulatory approvals of the Central Bank of Nigeria and the Securities and Exchange Commission of its recently closed Right Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 Kobo per share (‘the Rights Issue’) and has raised the target amount of N351,009,103,017.25.

This development has positioned 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 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, CFR, 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.”

About Access Holdings Plc 

Access Holdings Plc (‘the Company’) 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 various markets through four subsidiaries across the banking, payment, pension administration and insurance sectors through four operating companies, viz: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited. 

Access Bank Plc serves its various markets through three business segments-   Corporate and Investment, Commercial and Retail and has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty-two 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 the Nigeria's largest bank by total assets. 

Hydrogen Payment Services Company Limited, the payment company, leverages the strong suite of the Bank’s existing assets and customer base, creating a super fintech that will be Africa’s most powerful business services network. Hydrogen being a company of African heritage has a clear understanding of the unique payment challenges across the continent and is positioned to address these challenges with its offerings. Its range of products and services, such as InstantPay, Payment gateway, POS services, Card and Switch processing are gaining traction in the marketplace and addressing the unique needs of customers. 

Access ARM Pensions Limited, formerly Access Pensions Limited, is one of Nigeria’s largest Pension Funds Administrator (‘PFA’) by customer base and Assets Under Management, with nearly ₦3 trillion in assets under management and serving over 2 million Retirement Savings Account holders. 

Access ARM Pensions Limited is the product of several separate entities. The erstwhile Access Pensions Limited first became a subsidiary of Access Holdings following the acquisitions of the former First Guarantee Pension Limited and Sigma Pensions Limited and their subsequent merger. Subsequently, Access Pensions Limited merged with ARM Pensions Managers Limited to then form Access ARM Pensions Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions Limited will leverage key relationships and Access’ growing ecosystem across Africa to unlock greater opportunities for customers. 

Access Insurance Brokers Limited is a company licensed by the National Insurance Commission that provides intelligent solutions that mitigate the unique risks faced by individuals and business in an ever-changing world using leading risk management tools and governance standards.

Access Holdings Plc strives to invest in businesses that are committed to sustainable practices and have a positive impact on the environment.