Access Holdings Plans $1.5bn Capital Raising Programme, Targets N365bn Rights Issue

Access Holdings Plc has unveiled plans to establish a Capital Raising Programme of up to US$1.5bn. The Programme aims to enhance the Group’s financial strength by issuing 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 various 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 N365bn specifically through a Rights Issue. The proceeds of the proposed Rights Offer would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries. 

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.