Access Holdings Plc has successfully closed its N351 billion Rights Issue, gaining approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

This accomplishment cements its banking subsidiary, Access Bank Plc, as the first Nigerian bank to exceed the CBN’s N500 billion minimum capital requirement for international banks, ahead of the March 2026 deadline.

The Rights Issue, which offered 17.77 billion ordinary shares at N19.75 per share, was oversubscribed by 5.76 per cent, a clear signal of shareholders’ confidence in the institution’s strategy. The exercise raised Access Bank’s share capital to N600 billion, which is N100 billion above the regulatory threshold.

Lauding the development, Chairman of Access Holdings, Aigboje Aig-Imoukhuede, states: “The Access brand has 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.”

He further acknowledged the critical roles played by regulators and the unwavering support of shareholders, remarking: “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.”

The offering drew applications for 18.82 billion shares valued at N371.77 billion, exceeding the 17.77 billion shares initially offered. After thorough regulatory verification, 18.75 billion shares worth N370.41 billion were validated and allotted.

The strong participation underscored Access Holdings’ innovative approach, as it conducted the first fully digital Rights Issue among CBN-licensed financial holding companies.

Leveraging the Nigerian Exchange’s E-offer platform, the company streamlined the subscription process, enhancing accessibility and efficiency for its shareholders.

With its strengthened capital base, Access Bank is now strategically positioned to deepen its footprint in the financial landscape, deliver innovative products, and drive sustainable growth. Aig-Imoukhuede emphasised the institution’s readiness to capitalise on this momentum, noting: “As we enter into the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

By Farouk Mohammed

Once again, FirstBank has reaffirmed its position as a champion of arts, culture, and entertainment through its annual DecemberIssaVybe initiative. This year, the bank brought music lovers an unforgettable Christmas Eve experience with the Davido Live in Lagos concert, held at the iconic Eko Hotel Convention Centre.

As part of the initiative, the event was a highlight of the festive season, delivering joy, excitement, and unmatched entertainment to thousands of fans.

Delivering Exclusive Experiences

True to its legacy, FirstBank ensured its customers and followers had the chance to enjoy this spectacular event through ticket giveaways across its social media platforms. By engaging with fans on Instagram (@firstbanknigeria) and Facebook (First Bank of Nigeria Limited), the bank seamlessly connected with its audience, creating opportunities for them to witness one of Nigeria’s biggest stars perform live.

Through its First@arts initiatives like these, FirstBank continues to elevate the entertainment experience for its stakeholders, positioning itself as more than just a financial institution but a lifestyle enabler. The bank’s efforts underscore its commitment to bringing premium opportunities to its customers, creating memorable moments for families and individuals alike.

Davido: The Highlight of DecemberIssaVybe

On Christmas Eve, the atmosphere at the Eko Hotel Convention Centre was nothing short of electric as Davido, the Afrobeats superstar, delivered an exhilarating performance. With hits like “Feel,” “Unavailable,” “FUNDS,” and “Dami Duro”, the audience was immersed in a musical journey that celebrated Nigerian creativity and artistry. The energy was infectious, as fans sang along to every lyric, making the concert an unforgettable experience for all in attendance.

For many, this was their first time seeing Davido live, and FirstBank made it possible, proving once again its dedication to supporting the arts and providing access to world-class entertainment.

The Spirit of DecemberIssaVybe

The DecemberIssaVybe initiative is not just about music; it’s about community, homecoming, and shared joy. Designed to resonate with Nigerians, both at home and in the diaspora, the initiative creates opportunities for family bonding and cultural connection during the festive season. Events like Davido’s concert, the Calabar Carnival, and Flytime Fest have all contributed to making the 2024 edition of DecemberIssaVybe truly extraordinary. Through DecemberIssaVybe, FirstBank continues to demonstrate its commitment to enriching the lives of its customers by providing access to premium events and creating platforms that celebrate the essence of Nigerian culture.

More Than Banking: A Commitment to Community

FirstBank’s impact goes beyond providing financial services—it’s about enabling memorable experiences. By supporting events like the Davido Live in Lagos concert, FirstBank strengthens its bond with customers, enhancing its role as a catalyst for joy and togetherness during the festive season.

With its steadfast support for the arts and entertainment industry, FirstBank also contributes to the economic empowerment of the value chain, showcasing its leadership in promoting culture, music, and creativity in Nigeria.

Stay Connected, Stay Vibing

For those who experienced the magic of Davido’s concert and other DecemberIssaVybe events, the memories will remain cherished. For those who missed out, FirstBank offers more opportunities to join the excitement. Stay tuned to its social media platforms—Instagram (@firstbanknigeria), Twitter (@FirstBankngr), and Facebook (First Bank of Nigeria Limited)—for updates, contests, and more exciting opportunities.

Central Bank of Nigeria (CBN) has disqualified 41.65 million shares worth N822.60m in Access Holdings Plc’s recently concluded rights issue, according to a corporate notice filed on the Nigerian Exchange Limited (NGX) on Wednesday.

The disqualified shares, linked to five applicants, were flagged for reasons stated in the Capital Verification Report.

“41,650,447 shares from five applicants among the 24,100 acceptances, valued at N822,596,328.25 were disqualified by the Central Bank of Nigeria for reasons stated in the Capital Verification Report. Therefore, 18,755,158,972 shares valued at N370.41bn were accepted having been confirmed as valid and verified by the CBN,” the statement read.

Despite the disqualification, Access Holdings reported a successful rights issue. Out of 24,181 applications received for 18.82bn shares valued at N371.77bn, 18.76bn shares worth N370.41bn were verified as valid and accepted by the CBN.

“The shares allotted regarding the rights issue represent 100 per cent of the shares on offer,” the company added. The rights issue, which offered 17.77bn shares at N19.75 per share, was oversubscribed by 5.76 per cent,” the allotment notice added.

The company provided a breakdown of the rights issue which showed that 21,141 shareholders fully accepted their provisional allotments, totalling 5.59 billion shares worth N110.45bn.

Additionally, 10,889 shareholders applied for an extra 10.63 billion shares, while 9.64 billion rights were fully renounced.

Furthermore, 2,324 shareholders partially accepted their provisional allotments, taking up 395.65 million shares worth N7.81bn. Meanwhile, 635 subscribers purchased 2.14bn shares through traded rights on the Nigerian Exchange, valued at N42.26bn.

Access Holdings also disclosed that 68.43 million shares worth N1.35bn were invalidated due to non-compliance with the terms of the offer or disqualification by the CBN.

The company emphasised that its rights issue marked a significant milestone in its efforts to strengthen its capital base and maintain its leadership in the Nigerian banking sector.

Access Holdings’ rights issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 per share, based on one new ordinary share for every two Ordinary Shares held as of June 7, 2024, opened on July 8, 2024 and closed on August 23, 2024.