and their professional advisers yesterday signed off on a N351.01 billion rights issue, paving the way for the offer to open for subscription.
Shareholders of the group had at their annual general meeting in April 2024 unanimously mandated the company to raise $1.5 billion and N365 billion in a multi-tranche, multi-currency and multi-instrument capital raising exercise. She added that the offer was part of the group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.
Chairman, Access Holdings Plc, Mr Aigboje Aig-Imoukhuede, in a media chat with journalists after the annual general meeting, had said the group was focused on two major issues of banking sector recapitalisation and continuous good returns on investment to shareholders.He said the new banking recapitalisation is a “sensible prudential regulation” necessary to ensure that banks are in good position to withstand dynamics of their business environment.
“So, we endorsed the policy by CBN and it is good and sensible prudential regulation. It is not the first time CBN has come up with such policy. In 2004, when Access Bank had about N3 billion capital and it was increased to N25 billion. He said the group also has a very unique relationship with capital markets in Nigeria and international, thus the focus of its capital raising exercise.