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.”
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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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