Access Holdings Plc has revealed plans to raise its paid-up share capital to N27.65 billion from N26.659 billion to meet regulatory compliance before the year-end.
The bank is also seeking shareholders’ approval to raise an additional N40 billion, or its equivalent in foreign currency, through a private placement.
The tier-1 bank announced this in a statement on Thursday, November 27, signed by its Company Secretary, Sunday Ekwochi.
The approval is to be given at an Extraordinary General Meeting (EGM) of the bank’s shareholders scheduled to be held virtually on December 18, 2025.
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The statement reads: “The Company is hereby authorised to raise additional capital of up to N40,000,000,000.00 (Forty Billion Naira) or such other amount or their equivalent in foreign currencies as the Board of Directors may determine, through a private placement.
“That the issued share capital of the Company be and is hereby increased from N26,658,919,216.50 divided into 53,317,838,433 ordinary shares of N0.50 each to N27,646,573,537 divided into 55,293,147,074 ordinary shares of N0.50 each by the creation and addition of 1,975,308,641 ordinary shares of N0.50 each ranking pari-passu with the existing ordinary shares of the Company, and that the Board (where it deems appropriate) be authorised to take the necessary steps to cancel any unallotted shares of the Company or to further increase the share capital of the Company to an amount sufficient to accommodate any transaction undertaken by the Company to raise additional equity capital pursuant to the foregoing resolution or pursuant to the capital raising programme of the Company.”
Check by Pinnacle Daily shows a N10.99 billion shortfall in Access Holdings’ paid-up share capital.
“The subsidiaries will restructure their paid-up Share Capital to enable Access Holdings to achieve compliance with the paid-up Share Capital requirement by 31 December 2025,” the bank stated in its third-quarter 2025 financial statements.
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As of September 30, 2025, Access Bank’s combined share capital and share premium stood at N594.903 billion, clarifying that the bank has successfully met the apex bank recapitalisation requirements.
Also to be transacted as the business of the day at the EGM includes the request for its board of directors to be authorised to allot the new ordinary shares created in connection with the private placement, at a price of N20.25.
The bank wants the board to be authorised to consider, negotiate, approve, and finalise the list of potential private placement investors and determine the structure, valuation, modalities, and timeline for the private placement.
It is also demanding that the board be authorised to appoint all professional parties and execute, sign, or enter into all agreements, documents, deeds, undertakings, or instruments necessary for the successful implementation of the private placement.
Access Holdings further stated that it wants shareholders to approve “That the Board of Directors be and is hereby authorised to take such further actions and do such further things as may be required to give effect to the above resolutions, including but not limited to obtaining the approvals of the relevant regulatory authorities, including the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Exchange Limited, as well as complying with the directive(s) of any relevant regulatory authority.
“That the Company Secretary be and is hereby authorised to take requisite steps to reflect the changes in the share capital structure of the Company at the Corporate Affairs Commission, including but not limited to effecting the necessary amendment to the Company’s memorandum of association and Articles of association to reflect the increase in the Company’s share capital pursuant to the foregoing resolutions.”
The bank added that it wants its shareholders to ratify and adopt all steps already taken by the board in connection with the proposed capital raise through private placement.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
