Access Bank emerges first Nigerian bank to exceed CBN’s N500bn capital target
- Secures CBN, SEC approvals for recently closed Rights Issue of ordinary shares worth N351bn
- Share capital hits N600bn
Onome Amuge
Aigboje Aig-Imoukhuede, Access Holdings chairman
Access Bank, the banking subsidiary of Access Holdings has emerged the first bank to meet the N500 billion minimum regulatory capital requirements set by the Central Bank of Nigeria for Nigerian banks with international authorisation, well ahead of the March 2026 regulatory deadline.
The milestone was achieved after Access Holdings Plc, a prominent player in Africa’s financial services sector received approval from both the CBN and the Securities and Exchange Commission (SEC) for its Right Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each, priced at N19.75 Kobo per share. The Right Issue has successfully raised the target amount of N351,009,103,017.25.
Notably, the development marks a key step forward for Access Holdings Plc, as the company’s share capital will now increase to N600 billion, surpassing the regulatory minimum requirement by N100 billion.
In keeping with its dedication to innovation and leadership, Access Holdings Plc has made history by being the first company licensed and regulated by the CBN to successfully execute a fully digital Rights Issue, harnessing the power of technology to improve access to the equity capital market.
The Company further acknowledged that it utilised the NGX’s E-offer platform, providing its shareholders with a seamless, efficient, and convenient subscriber experience.
Commenting on the successful offer, Aigboje Aig-Imoukhuede, Access Holdings Chairman, 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 Access Holdings looks ahead to a new year of growth and progress, Aig-Imoukhuede expressed confidence that the company’s strengthened capital base will enable it to deliver sustainable value for its stakeholders.