Access Holdings Plc has announced its plans to commence a Capital Raising Programme with a target of US$1,500,000,000.00 or its equivalent.

The Programme as it is tagged is aimed at enhancing the bank’s financial base, including through the issuance of financial instruments. The instruments include ordinary shares, preference shares, alternative tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.

A statement from the bank boted that “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.”