Access Bank First in Nigeria to Exceed CBN’s N500bn Regulatory Threshold

Access Holdings Plc, the parent company of Access Bank Plc, has announced securing full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its recently concluded Rights Issue.

This was announced in a press statement released on Wednesday by the company secretary, Sunday Ekwochi.
The issue, comprising 17.7 billion ordinary shares at ₦19.75 per share, successfully raised ₦351 billion.

This milestone makes Access Bank Plc the first Nigerian bank to exceed the CBN’s ₦500 billion minimum capital requirement for banks with international authorisation, well ahead of the March 2026 deadline.

The Chairman of the Holding Company, Aigboje Aig-Imoukhuede, while speaking on the successful offer, said, “The Access brand hos 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.”

With the successful capital raise, Access Bank’s share capital now stands at ₦600 billion—₦100 billion above the regulatory minimum—further solidifying its position as Nigeria’s largest bank by assets.

Access Holdings recently concluded its rights issue, which offered 17.77 billion ordinary shares at ₦19.75 each between July 8 and August 23, 2024. The offer was extended to shareholders who held shares as of June 7, allowing them to purchase one new share for every two shares owned.

The company received an overwhelming 24,181 applications, amounting to 18.82 billion shares valued at approximately ₦371.77 billion—reflecting an oversubscription rate of 105.76%.
Following the review by the Central Bank of Nigeria (CBN), 24,100 applications for 18.79 billion shares, worth ₦371.24 billion, were approved.

This significant achievement further solidifies Access Holdings’ position as a leading financial institution in Nigeria.

Ozioma Samuel-Ugwuezi

Follow us on: