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.”

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.

Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy.

Prince Julius Adelusi-Adeluyi, former Minister of Health and Human Resources; Otunba Adeniyi Adebayo, former Minister of Industry, Trade and Investment of Nigeria; Erelu Angela Adebayo, Chairperson of Greenwich Foundation; Chairman of Greenwich Group, Kayode Falowo; Mrs. Dorothy Falowo; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Former governor of Ekiti State, Kayode Fayemi, at an exclusive dinner to commemorate the 30th Anniversary of Greenwich Group held over the weekend at the Grand Ballroom, Oriental Hotel in Lagos.

The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval-In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of ₦146 billion as of June 30, 2024.

In commemoration of its 30th Anniversary, the Company hosted an exclusive dinner event at the Grand Ballroom, Oriental Hotel in Lagos, to celebrate and appreciate its loyal Clients and Customers who have been part of the journey, as well as express its deep gratitude to the stakeholders, while rewarding 45 Staff members who have been instrumental in the Group’s journey to success. The event was well attended by dignitaries across board.

Amongst the awardees was a posthumous award for leadership, which was awarded to the late (Sir) Remi Omotosho with the sum of ₦50 million. The best Staff across the Greenwich Group, Mrs. Yakashim Shettem, also received the Kayode Falowo Award for Excellence which also went with a cash prize.

In his welcome remarks, Chairman of Greenwich Group, Kayode Falowo, expressed profound gratitude to God, appreciated the Company’s stakeholders, and noted that the dinner is part of the Group’s broader initiative to further appreciate its Clients and recognize the efforts of the Staff for their loyalty as it progresses to its next growth phase.

According to him, the institution is set to unfold a remarkable transformation by launching into new territories of businesses—Insurance, PFA and Fintech, as it has received an Approval-In-Principle from the Central Bank of Nigeria to operate as a holding company.

Speaking of some of the awardees, the Chairman hinted that Greenwich has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the Company while alive. He further explained that the recipient of the Kayode Falowo Award for Excellence, Shettem was honored for epitomizing the core values of integrity, efficiency, innovation, loyalty, and transparency.

The Governor of Ogun State, Dapo Abiodun, a special guest at the event, commended the Chairman of Greenwich for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.

“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is somebody who is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.

In his vote of thanks, the MD of Greenwich Merchant Bank, Benson Ogundeji acknowledged the presence of the stakeholders, other distinguished guests, top executives of other banks, and valued customers. He emphasized the significance of the celebration, attributing the success of the past decade to the unwavering support and guidance of the Chairman which has been instrumental to the growth of the institution, the commitment of the Staff, and the unwavering faith of the esteemed Shareholders in the Company’s vision, as their continued patronage has been fundamental to Greenwich’s success.

Dignitaries who attended the event included the Ooni of Ife, Oba Adeyeye Ogunwusi; Governor of Ogun State, Dapo Abiodun; Phillip Ikeazor, Deputy Governor, Financial System Stability of the CBN; President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Kayode Fayemi – Former Governor Ekiti State; Haruna Jalo Waziri, MD/CEO, CSCS Plc and Dr Emomotimi Agama, DG, SEC. Other dignitaries who attended the event included Mrs. Olufunke Agagu, the wife of a former Governor of Ondo State; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Ray Atelly, Chairman, Nigerian-British Chamber of Commerce (NBCC) and many others.