Access Holdings Plc has concluded its recapitalization process with 17.77 billion additional shares at the Nigerian Exchange (NGX). This listing boosted the company’s market capitalization to N1.29 trillion, solidifying its position as one of the top players on the Nigerian stock market. The shares were priced at N19.75 each, with the rights issue fully subscribed, bringing the total issued shares to 53.3 billion. The company closed at N24.15 per share, reflecting a 22.3% capital gain over the rights price.
The recapitalisation exceeded the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion, positioning Access Holdings for sustained growth. With the successful rights issue, the company raised N351 billion, increasing its share premium and share capital to N602.8 billion, surpassing regulatory requirements. Access Holdings Chairman Aigboje Aig-Imoukhuede expressed pride in the company’s achievement, noting that it was the first to meet the recapitalisation target and highlighted the strong support of both the CBN and the Securities and Exchange Commission.
Despite the completion of the current capital raising, Access Holdings remains poised for future growth with additional capital raising plans approved by shareholders. The company aims to raise up to $1.5 billion and N365 billion through various instruments, allowing for continued expansion in the financial services sector. The rights issue process was made more accessible to shareholders through the NGX’s E-offer platform, further demonstrating Access Holdings’ commitment to transparency and shareholder engagement.