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Nigeria’s largest bank holding company to go fully digital for N365bn rights issue
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Aims to fortify capital base, support expansion, and seize emerging opportunities
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Also pursuing combined $1.5bn capital raise via equity, quasi-equity, and debt issuances
Eko Hot Blog reports that Access Holdings, the parent company of Access Bank, Nigeria’s largest lender, has announced plans to fully leverage digital technology in its upcoming N365 billion rights issue.
The holding company is seeking to raise the substantial capital to fortify its capital base, support expansion efforts, and position itself to capitalize on emerging opportunities in the financial sector.
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In a notice filed with the Nigerian Exchange Limited (NGX), Access Holdings disclosed its intention to raise N365 billion through a rights issue, as well as a combined capital raise of up to $1.5 billion via equity, quasi-equity, and debt issuances.
Speaking at the company’s second Annual General Meeting, Chairman Aigboje Aig-Imoukhuede revealed that digital technology would play a pivotal role in the bank’s capital-raising efforts.
“This time around, we have digital technology that we are going to deploy fully. There have been public offers that have leveraged digital technology, but using Access Bank’s capacity and the NGX’s digital capacity, we are going to do some interesting things. This rights issue, we have shareholders, and each of them would be able to make that investment decision just by touching their phones,” Aig-Imoukhuede said.
He emphasized the company’s commitment to ensuring that all shareholders, regardless of size, have the opportunity to participate in the rights issue, reflecting the group’s unique relationship with the capital market locally and internationally.
The Group Chief Executive Officer of Access Holdings, Bolaji Agbede, shed light on the utilization of the proceeds from the rights issue, stating that the banking subsidiary would receive a significant portion to meet the regulatory requirements of the Central Bank of Nigeria (CBN).
“In terms of the proceeds from the rights issue, which we are hoping to get about N365bn, we will be giving the bulk of it to the banking group to enable them to meet the CBN’s capital requirement,” Agbede said.
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Access Holdings’ ambitious capital-raising plans come as the Nigerian banking sector grapples with regulatory pressures and the need to strengthen balance sheets in the face of challenging economic conditions.
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