Access Bank raises new N351b that adds to initial N251.81b. Total N602.7b
By Jeph Ajobaju, Chief Copy Editor
Access Holdings has raised another N350.96 billion which adds to an initial N251.81 billion and becomes a total N602.7 billion that surpasses the new minimum capital requirement of N500 billion stipulated for banks by the Central Bank of Nigeria (CBN).
The company disclosed in a filing at the Nigerian Exchange (NGX) that it secured full regulatory approvals from the CBN and the Securities and Exchange Commission (CBN) for its recently concluded rights issue of 17.77 billion ordinary shares of 50 Kobo each at N19.75 per share, raising the target amount of N351 billion.
In the third quarter of the year (Q3 2024), Access Holdings had share premium and share capital of N251.81 billion. With the new equity funds, it now has share premium and share capital of N602.7 billion, which is N102.7 billion above N500 billion stipulated by the CBN under the latest recapitalisation exercise.
Access Holdings Chairman Aigboje Aig-Imoukhuede reiterated that the “Access brand” has always resonated strongly with local and international capital markets.
“Since 2004,” he said, “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 cross the finish line.
“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 the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”
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