BREAKING: Access Holdings Announces A $1.5bn Capital Raising Program

Published

2 years ago

March 29, 2024

thecloudngr

BREAKING: Access Holdings Announces A $1.5bn Capital Raising Program—-Access Holdings Plc has unveiled plans to establish a capital raising programme of up to $1.5 billion or its equivalent.

The corporation disclosed this in a statement on Friday in Lagos.

The corporation said that, drawing from the programme, the Group expected to raise up to N365 billion, specifically via rights issue of ordinary shares.

It said the proceeds of the proposed rights issue would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

“The programme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares and preference shares.

“Also, alternative Tier-one capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.

“The programme may be executed through a variety of methods, including public offerings, private placements, rights issues, book building processes, or a combination thereof,” it said.

According to the Holdings, the specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated will be determined by the Board of Directors.

The corporation said this is contingent upon securing the necessary regulatory approvals.

Access Holdings Plc is a multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services.

thecloudngr

0Shares

Related Topics:Access Holdings Announces A $1.5bn Capital Raising Program BREAKING

Up Next

BREAKING: Police Arrest 8 Over Murder Of Officers In Delta

Don't Miss

Oronsanye Report: Dont Scrap NSSEC, Association Begs FG

Click to comment

World

JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude

Published

6 days ago

March 2, 2026

thecloudngr

JUST IN: Dangote Refinery Increases Petrol Price as Middle East Tensions Put Upward Pressure on Crude—Dangote Refinery has increased its Premium Motor Spirit gantry price.
The 650,000-barrel-per-day refinery increased its petrol price to N874 per litre, up from N799.

This means that the African’s largest refinery adjusted its petrol price by N75 per litre on Monday.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed Dangote Refinery’s price hike to Newsmen exclusively on Monday.

According to him, the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in the past three days.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told Newsmen.

According to him, the development would trigger a retail fuel price hike nationwide.

The Genius Media Nigeria reports that on Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.

Recall that on January 27, Dangote Refinery had hiked its petrol price by N100 per litre to 799 per liter.

thecloudngr

0Shares

Business

FirstBank Reaches ₦500bn Capital Threshold Before CBN Deadline

Published

2 months ago

January 7, 2026

thecloudngr

FirstBank Reaches ₦500bn Capital Threshold Before CBN Deadline—-First HoldCo Plc says its commercial banking subsidiary, First Bank of Nigeria Ltd., has met the Central Bank of Nigeria’s N500 billion minimum capital requirement.

The disclosure was made in a statement on Wednesday by Mr Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, FirstBank.

Ijabiyi said the milestone followed strategic capital initiatives, including a Rights Issue, Private Placement and proceeds from divesting the group’s merchant banking subsidiary.

He said the successful capitalisation reflected strong market confidence in FirstHoldCo’s business model, long-term vision and growth prospects.

“With a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion and deliver innovative, digitally driven customer experiences,” Ijabiyi said.

He added that the recapitalisation strengthens financial resilience and provides a platform for earnings growth through expansion, technology and new opportunities.

In March 2024, the CBN directed commercial banks to raise minimum capital to N500 billion within 24 months to strengthen sector stability.

Ijabiyi said FirstBank had fulfilled the requirement well ahead of the regulatory deadline.

He said FirstHoldCo plans to raise fresh funding in 2026 to inject additional capital into subsidiaries and new business adjacencies.

According to him, the move aims to enhance service offerings and support strategic expansion.

Commenting, Chairman, Mr Femi Otedola, thanked shareholders for their trust and support throughout the capitalisation programme.

“Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said, appreciating guidance from the CBN and SEC.

Group Managing Director, Mr Wale Oyedeji, said the capital raise strengthens execution of strategic priorities and delivery of lasting value to stakeholders.

thecloudngr