Access Holdings Announces US$1.5 Billion Capital Raising Programme
- Targets N365 billion by way of a Rights Issue as subset of Programme
Lagos, Nigeria – March 28, 2024: Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of up to US$1,500,000,000.00 (One Billion, Five Hundred Million United States Dollars) or its equivalent (‘the Programme’). The Programme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.
The Programme may be executed through a variety of methods including public offerings, private placements, rights issues, book building processes, or a combination thereof. The specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated, will be determined by the Board of Directors, contingent upon securing the necessary regulatory approvals.
Drawing from the Programme, the Group expects to raise up to N365,000,000,000.00 (Three Hundred and Sixty-Five Billion Naira) specifically via a Rights Issue of ordinary shares. The proceeds of the proposed Rights Issue would be used to support ongoing working capital needs including organic growth funding for its banking and other non-banking subsidiaries.
The plans for the Programme were disclosed in the Group’s Notice of the 2nd Annual General Meeting holding on April 19, 2024 which was published on the Nigerian Exchange portal on March 27, 2024.
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About Access Holdings Plc
Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 21 countries, and 60+ million customers.
Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company. The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets.
Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
