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Positions Banking Subsidiary to Exceed Regulatory Minimum Capital
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.
For media inquiries, please contact:
Olakunle Aderinokun
Head, Media Relations
Access Holdings Plc
+2348033204315
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