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Access Holdings Plc has recently achieved significant milestones, reinforcing its position in Nigeria’s financial sector. The company successfully concluded a ₦351 billion rights issue, offering 17.77 billion ordinary shares at ₦19.75 each. This capital raise was oversubscribed by 105.76%, reflecting strong investor confidence. The proceeds have elevated Access Bank’s share capital to ₦600 billion, surpassing the Central Bank of Nigeria’s minimum capital requirement of ₦500 billion for banks with international authorization, well ahead of the March 2026 deadline.

Financially, Access Holdings reported robust performance in Q3 2024, with total assets reaching ₦41.1 trillion, marking a 54% year-to-date growth. Gross earnings stood at ₦3.4 trillion, an increase of 114.5% year-on-year, while profit before tax rose to ₦558.2 billion, up by 89.6% compared to the previous year.

Strategically, Access Bank’s acquisition of an 83.4% stake in Kenya’s Sidian Bank Ltd is a significant move to strengthen its presence in East Africa. This acquisition, valued at approximately ₦15 billion, aims to merge Sidian Bank with Access Bank Kenya, creating a more robust institution to serve the Kenyan market.

Despite these advancements, Access Holdings has navigated regulatory challenges, including the disqualification of 41.65 million shares worth ₦822.6 million during the rights issue due to compliance issues identified by the Central Bank of Nigeria. Nonetheless, the company’s proactive approach to capital raising and strategic acquisitions positions it for sustained growth in the African financial landscape.