Access Holdings Plc has received shareholder approval to raise up to ₦40 billion in fresh capital through a private placement, following resolutions passed at the company’s Extraordinary General Meeting (EGM) held on December 18, 2025.
The meeting, conducted virtually and hosted from the company’s Lagos headquarters, granted the board wide-ranging authority to determine the structure, valuation, timing, and investor composition of the capital raise, subject to regulatory approvals from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Nigerian Exchange Limited (NGX).
Share Capital Expanded to Enable the Raise
As part of the resolutions, shareholders approved an increase in Access Holdings’ issued share capital from ₦26.66 billion to ₦27.65 billion, through the creation of 1.98 billion additional ordinary shares of 50 kobo each. This adjustment lifts the total issued ordinary shares to 55.29 billion, providing the legal headroom required to execute the private placement.
The company secretary has been mandated to reflect the changes at the Corporate Affairs Commission (CAC) and amend the Memorandum and Articles of Association accordingly.
Board Granted Broad Execution Mandate
The EGM resolutions empower the board to:
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Identify and approve prospective investors
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Negotiate valuation, tranche size, and allotment structure
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Appoint professional advisers and execute transaction documentation
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Obtain all required regulatory consents
Shareholders also ratified all steps already taken by the board in preparation for the transaction.
Strategic Context
While Access Holdings did not disclose the specific use of proceeds in the resolutions, the move aligns with a broader trend among Nigerian financial holding companies to strengthen capital buffers amid tighter regulatory oversight, rising risk-weighted assets, and expanding non-bank subsidiaries.
As a CBN-licensed financial holding company with exposure across banking, payments, pensions, and insurance, Access Holdings faces higher consolidated capital and governance expectations. A private placement—rather than a rights issue—allows the group to selectively onboard long-term institutional investors while limiting retail dilution.
What to Watch Next
Key variables now rest with the board, including:
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Final transaction size (up to the ₦40bn ceiling)
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Investor mix (domestic vs foreign institutions)
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Pricing relative to market valuation
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Regulatory timelines
Further disclosures are expected once investor negotiations advance and regulatory filings are made.
