Access Holdings has become the first Nigerian bank to finalise its recapitalisation process following the release of results from its rights issue.

This was disclosed by the Nigerian Exchange Group (NGX) via its corporate disclosures on December 25, 2024.

The group announced a total subscription of N371.8 billion during its rights issue, representing an oversubscription of 105.76 per cent. Despite this, the amount raised was constrained to N351 billion, which was the target for the offer.

According to the NGX, the newly issued 17.773 billion shares would be allotted to shareholders no later than 10 January 2025. The proceeds from the rights issue will increase Access Holdings’ paid-up share capital to approximately N602.8 billion, making it the first bank to meet the Central Bank of Nigeria’s N500 billion recapitalisation mandate.

The group received a total of 24,181 applications for shares, of which 24,180 were successfully processed. Following the disqualification and other rejections, 18,755,158,972 shares, valued at N370.4 billion, were accepted as valid and verified by the CBN.

With the rights issue, Access Holdings’ total issued shares will increase to approximately 53.318 billion. At the group’s share price of N24.7 as of 24 December 2024, this positions its market capitalisation at N1.32 trillion on the Nigerian Exchange (NGX).