Access Holdings Plc Signs N17.77 Billion Rights Issue to Boost Capital Base

Date:

Access Holdings Plc on Tuesday signed a N17.77 billion rights issue for ordinary shares of N0.50 each at N19.75 per share, as part of its capital raising initiative. This move comes in response to the Central Bank of Nigeria (CBN) raising the minimum capital base for banks with international authorization to N500 billion.

Thank you for reading this post, don't forget to subscribe!

At the official signing ceremony held during a board meeting in Lagos, Aigboje Aig-Imoukhuede, the group chairman, announced that the proceeds would support the group’s expansion across Africa and beyond. Additionally, the funds will be invested in non-banking sectors such as pensions and fintech.

The CBN also increased the minimum capital base for other types of banks: commercial banks with national authorization to N200 billion, those with regional authorization to N50 billion, merchant banks to N50 billion, and non-interest banks with national and regional authorizations to N20 billion and N10 billion, respectively.

Share post:

Subscribe

Popular

More like this
Related

Data Shows N1,117/Litre Landing Costs Push Nigeria’s Secret Subsidy Bill Higher

Rising landing costs for petrol are set to significantly...

Russian Employment Agencies Recruiting African Specialists

By Kestér Kenn Klomegâh With thousands conscripted into...

Nigeria’s Cyber Space Not Affected by Global IT Outage, ngCERT Reports

Lagos, July 19, 2024 (Naija247news) - The Nigeria Computer...
× How can I help you?