Access Holdings to Raise N40bn in Foreign Currency as CBN's Recapitalisation Deadline Nears

• Access Holdings plans to raise about N40 billion through a private placement, offering shares at N20.25 each to select investors
• The capital raise supports the group’s strategy to use foreign-currency instruments for expansion and to meet Nigeria’s higher banking capital requirements
• The placement will issue up to 2 billion new shares, increasing total outstanding shares, with the group’s market capitalisation standing at roughly N1.1 trillion

Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.

Access Holdings is preparing to raise fresh capital via a private placement, targeting select investors as part of a plan to secure about N40 billion in foreign-currency funding.

The move follows approval sought at the company’s emergency general meeting held on Thursday, December 18, 2025.

Under the proposal, between one and two investors may subscribe to the new shares at a price of N20.25 per share, subject to final terms that will be agreed later.

According to Premium Times, the group said its board has been empowered to identify and engage potential investors, as well as to agree on the transaction’s structure, valuation, execution process, and timetable.

Before the offer can proceed, Access Holdings must obtain regulatory clearance from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Capital requirements and growth strategy

The plan aligns with the group’s broader strategy of using foreign-currency instruments to support expansion into new markets, an approach it highlighted during the presentation of its medium-term growth roadmap in Lagos last October.

At that briefing, Roosevelt Ogbonna, chief executive of Access Bank’s commercial banking arm, noted that the issuance could be split into two phases—initially targeting development finance institutions, followed by a wider market offering.

The capital raise comes as Nigerian banks race to meet revised minimum capital thresholds set by regulators, with a compliance deadline of March next year. Institutions that fail to raise sufficient funds risk having to pursue less attractive alternatives, including mergers, to remain operational.

Access Bank had already satisfied the N500 billion capital requirement for international banking licences by December, after raising N351 billion through a rights issue. That exercise increased the group’s share capital to N600 billion, according to disclosures on its website.

The proposed private placement will involve the issuance of up to 2 billion new shares, bringing total outstanding shares to about 55.3 billion.

Access Bank acquires another bank

Meanwhile, Legit.ng earlier reported that Access Bank took over another bank. The bank acquired a 76% controlling stake in AfrAsia Bank Limited, based in Mauritius.

Access Bank UK Limited completed the deal through its fully owned company, Access Holdings (Mauritius) Ltd.

AfrAsia Bank confirmed that the purchase has been approved by regulators, including the Bank of Mauritius and the Financial Services Commission.

This acquisition is part of Access Bank’s plan to expand its operations, improve customer service, and strengthen its international connections.