Access Holdings Plc has called an Extraordinary General Meeting (EGM) for 18 December 2025, asking shareholders to approve a fresh capital raise of up to ₦40 billion via private placement.
Capital Raise and Share Expansion
The company is seeking shareholder approval to raise as much as ₦40,000,000,000 through a private placement structure, with the Board empowered to determine the exact amount, valuation, investor mix, and transaction timeline.
To support the new equity issuance, the notice proposes an increase in Access Holdings’ issued share capital from:
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₦26,658,919,216.50 to
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₦27,646,573,537,
through the creation of 1,975,308,641 new ordinary shares of 50 kobo each, ranking pari passu with existing shares.
Pricing and Allotment
The Board is requesting authorization to allot the new shares to selected private-placement investors at a price of ₦20.25 per share (or as otherwise determined appropriate at the time of execution).
The directors will also have the mandate to:
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Finalise the structure and valuation terms of the deal,
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Approve the list of investors,
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Appoint all necessary professional advisers,
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Secure all regulatory approvals required for the transaction.
Regulatory and Governance Requirements
Access Holdings noted that the planned raise aligns with the Companies and Allied Matters Act (CAMA 2020), the Investments and Securities Act 2025, CBN regulations applicable to financial holding companies, and NGX Rulebook guidelines.
Shareholders are also being asked to ratify all steps already taken by the Board in connection with the capital-raising programme.
Virtual Meeting and Shareholder Rights
The meeting will be held virtually, consistent with the Business Facilitation Act 2022, which allows public companies to host electronic general meetings.
The livestream link will be provided on the company’s website. Shareholders may submit questions ahead of the meeting, appoint proxies to vote on their behalf, and review the full notice and explanatory notes online.
How this Compares with Recent Capital Moves by Access Bank
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In December 2024, Access Bank Plc — the flagship commercial-bank subsidiary of Access Holdings — successfully raised ₦351 billion (≈ US$228 million) via a rights offer. The rights issue was structured as 17.77 billion ordinary shares at ₦19.75 per share, offered at the ratio of one new share for every two existing shares.
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The proceeds from that raise helped boost Access Bank’s share capital to ₦600 billion, placing it about 20% above the new minimum capital requirement for internationally licensed banks under CBN regulations.
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According to the bank, much of the capital was deployed to support its regional expansion and investments — including acquisitions across Africa and major improvements in IT infrastructure.
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The 2024 rights issue also marked the largest equity raise by a Nigerian bank in that period, and the first such offer to be fully executed through the digital NGX E-Offer platform by a major financial group.
Implication
The new ₦40 billion private placement proposed by Access Holdings may be viewed as a top-up or supplementary raise, building on the robust capital base established by Access Bank’s ₦351 billion rights issue.
It signals that the holding company continues to see incremental capital as necessary — potentially to support further acquisitions, non-banking subsidiaries, or to maintain strong capital buffers amid Nigeria’s evolving macroeconomic environment.
