Access Holdings becomes first bank to complete recapitalisation

Access Holdings has become the first bank to complete its recapitalisation, as the banking group has released the results from its rights issue.

The group recorded a total subscription of N371.8 billion on its rights issue, representing an oversubscription of 105.76 percent.

However, it was constrained to raising N351 billion, the intended amount. According to a corporate disclosure on the NGX website, the newly issued 17.773 billion shares will be allotted to shareholders no later than January 10, 2025.

The funds raised will boost Access Holdings’ paid-up share capital to approximately N602.8 billion, positioning it as the first bank to complete its ₦500 billion recapitalization mandated by the CBN.

The rights issue will also expand Access Holdings’ total issued shares to around 53.318 billion. At the group’s share price of N24.7 as of December 24, this translates to a market capitalisation of N1.32 trillion on the Nigerian Exchange (NGX).

It was noted that the group received about 24,181 applications, out of which 24,180 applications were successfully processed.

However, 41,650,447 shares from five applicants among the 24,100 acceptances, valued at N822.6 million, were disqualified by the CBN based on reasons stated in the Capital Verification Report. Consequently, 18,755,158,972 shares, valued at ₦370.4 billion, were accepted, having been confirmed as valid and verified by the CBN.

Additionally, 81 applications for 26,775,816 shares, valued at N528.8 million, were found to be invalid and rejected. In total, 68,426,263 shares, valued at N1.35 billion were deemed invalid and rejected for non-compliance with the terms of the offer and/or disqualification by the CBN following capital verification.