Kayode Ogunwale


Access Holding Plc, the holding company of Nigeria’s biggest lender, Access Bank, is seeking shareholders’ approval to launch a capital raising program. The program aims to raise $1.5 billion through a share sale or bond offering. The company also plans to ask existing shareholders to raise N365 billion through a rights issue.

In a regulatory filing with the Nigerian Exchange (NGX), the holding company of Access Bank said it plans to seek shareholders’ votes for the capital raising, having expanded its share capital base.

“That the Board of Directors of the Company be and is hereby authorized to establish a capital raising program of up to $1.5 billion, or its equivalent, through the issuance of ordinary shares, preference shares, Alternative Tier 1, convertible and or non-convertible notes, bonds or any other instruments, whether by way of a public offering, private placement, rights issue, book building process or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the Board subject to obtaining the requisite regulatory approvals.

“That the Company be and is hereby authorised to raise capital of up to N365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities,” the company wrote in its regulatory filing.