ACCESS BANK PLC MAKES HISTORY, EXCEEDS CBN’S N500BN REGULATORY THRESHOLD

In a groundbreaking achievement, Access Bank Plc has become the first Nigerian bank to exceed the Central Bank of Nigeria’s (CBN) N500 billion minimum regulatory capital requirement. This milestone was attained after Access Holdings Plc successfully closed its N351 billion Rights Issue, gaining approvals from the CBN and the Securities and Exchange Commission (SEC).

The Rights Issue, which offered 17.77 billion ordinary shares at N19.75 per share, was oversubscribed by 5.76%. This brings Access Bank’s share capital to N600 billion, surpassing the regulatory minimum requirement by N100 billion.

Aigboje Aig-Imoukhuede, Chairman of Access Holdings, expressed his delight at the achievement, stating that the success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces shareholders’ confidence in the company.

“We are thrilled to have achieved this significant milestone, which is a testament to the strength and stability of our institution,” Aig-Imoukhuede said. “This achievement would not have been possible without the support of our shareholders, and we are grateful for their trust and confidence in our vision.”

The successful completion of the Rights Issue is expected to further strengthen Access Bank’s capital base, enabling it to deepen its footprint in the financial landscape, deliver innovative products, and drive sustainable growth.

ACCESS BANK’S GROWTH STRATEGY

Access Bank’s growth strategy is focused on expanding its retail banking business, enhancing its digital banking capabilities, and strengthening its corporate and investment banking offerings. The bank has also been investing heavily in its technology infrastructure, with a focus on delivering innovative and customer-centric solutions.

With its increased capital base, Access Bank is well-positioned to take advantage of emerging opportunities in the Nigerian banking sector, while also enhancing its competitiveness and delivering long-term value to its shareholders.

REACTIONS FROM THE MARKET

The news of Access Bank’s achievement has been met with positive reactions from the market, with analysts praising the bank’s ability to exceed the regulatory minimum capital requirement.

“Access Bank’s achievement is a significant milestone for the Nigerian banking sector,” said one analyst. “It demonstrates the bank’s commitment to strengthening its capital base and positioning itself for sustainable growth.”

Another analyst noted that Access Bank’s increased capital base would enable it to take on more risk and expand its lending activities, which could have a positive impact on the broader economy.

Access Bank’s achievement is a significant milestone for the Nigerian banking sector, demonstrating the bank’s commitment to strengthening its capital base and positioning itself for sustainable growth. With its increased capital base, Access Bank is well-positioned to take advantage of emerging opportunities in the Nigerian banking sector, while also enhancing its competitiveness and delivering long-term value to its shareholders.