Access Holdings secures CBN, SEC nod for $228 million rights issue completion

Timilehin Adejumobi -
Key Points
  • Access Holdings secures CBN and SEC approval for its $228 million rights issue, ensuring compliance ahead of 2026.
  • Fully digital rights issue via NGX E-offer sets new tech benchmark in Nigeria’s equity capital markets.
  • Access Holdings posts 114.5% Q3 revenue growth, solidifying investor confidence in strategic growth trajectory.

Access Holdings, a financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, has secured approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its $228 million rights issue, a move that positions the group ahead of the 2026 regulatory deadline.

The completion of this offering underscores Access Holdings’ strategic resilience and its ability to meet the evolving demands of Nigeria’s financial sector.

The rights issue, which involves the issuance of 17.773 billion shares at N19.75 ($0.0128) per share, not only strengthens Access Bank Plc's capital base but also elevates the bank as the first financial institution to surpass the CBN’s N500 billion ($324 million) minimum capital requirement for banks with international authorization.

Revolutionizing capital market engagement

The success of this offering marks a significant milestone in the Nigerian financial landscape. With its share capital now set to rise to N600 billion ($389 million), Access Bank exceeds the regulatory threshold by N100 billion ($64.8 million).

Access Holdings has demonstrated its pioneering spirit by executing Nigeria’s first fully digital rights issue, utilizing the NGX E-offer platform. This tech-forward approach has not only streamlined the subscription process but also created a more inclusive and accessible environment for shareholders, setting a new standard in equity capital market participation.

Commenting on the achievement, Aig-Imoukhuede said, “The Access brand has always resonated strongly with local and international capital markets, and this success underscores the confidence our shareholders have in our present value and future potential.”

Strategic expansion and robust financial performance

Access Holdings operates as a diversified financial services powerhouse, spanning 12 African countries and select European markets. Its portfolio includes banking, asset management, payments, pensions, and insurance. Under Aig-Imoukhuede, the group has continued to demonstrate remarkable growth and strategic agility.

Recently, the holding company announced a transformative merger in its pension administration segment, combining Access Pension Limited with ARM Pension Managers Limited to form Access ARM Pensions Limited (AAPL). 

The group’s financial performance in Q3 2024 is equally impressive, with gross revenue surging 114.5 percent year-on-year to N3.4 trillion ($2.2 billion), compared to N1.6 trillion ($1 billion) in the same period in 2023. This remarkable growth highlights the resilience of Nigeria’s capital markets and reinforces investor confidence in Access Holdings’ long-term strategic vision.