Access Holdings Plc has received a significant endorsement from its shareholders, who have approved a plan to raise up to N40 billion in fresh equity capital through a private placement. This crucial decision, announced via a corporate filing with the Nigerian Exchange (NGX) on Thursday, December 18, 2025, empowers the company to bolster its financial standing.

The approval was formally granted during an Extraordinary General Meeting (EGM) held virtually. Shareholders overwhelmingly supported a series of resolutions designed to facilitate the capital injection, which may also involve the restructuring of the company’s existing share capital. The board now has the mandate to engage with selected investors to execute this strategic financial manoeuvre.

At the core of the shareholder resolutions is the authorization for Access Holdings to pursue a private placement targeting a sum of N40 billion, or its foreign currency equivalent. The board has been granted considerable flexibility to determine the final size, optimal structure, precise timing, and the selection of investors for this transaction, pending all necessary regulatory approvals.

Under the approved framework, the board is empowered to issue newly created ordinary shares at a price of N20.25 per share, or any other price it deems appropriate, potentially in multiple tranches. This pricing flexibility is intended to align the placement with current market dynamics and the strategic interests of potential investors.

To facilitate this capital infusion, shareholders also sanctioned an increase in the company’s issued share capital, moving from N26.66 billion to N27.65 billion. This adjustment involves the creation of approximately 1.98 billion new ordinary shares, each valued at 50 kobo. Consequently, the total number of outstanding ordinary shares will rise from around 53.32 billion to approximately 55.29 billion.

These newly issued shares will possess the same rights and privileges as existing ones, meaning current shareholders may experience a degree of dilution depending on the final scale and composition of the capital raise. The board retains the authority to cancel any unallotted shares or further expand the share capital if deemed necessary to complete the fundraising programme.

Beyond the capital raise, the board has been vested with broad powers to negotiate terms with prospective investors, establish valuations, appoint financial and legal advisors, and finalize all requisite agreements. This includes obtaining approvals from key regulatory bodies such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Limited (NGX).

The timing of this capital strengthening initiative is noteworthy, occurring amid mounting pressures on Nigerian financial institutions to enhance their capital buffers. Factors such as currency volatility, evolving regulatory requirements, and increasing funding demands across various financial services sectors are driving this need for robust capitalisation.

By opting for a private placement, Access Holdings appears to be strategically targeting institutional or sophisticated investors capable of providing not only capital but also long-term stability to its shareholder base. This approach differs from a public offer, suggesting a desire for more controlled and potentially strategic partnerships.

This move follows a substantial rights issue earlier in the year, through which Access Holdings raised N351 billion, significantly boosting its capitalisation and positioning it as one of the first Nigerian banks to surpass the N500 billion regulatory benchmark. The current N40 billion raise will further enhance its balance sheet, supporting its growth ambitions, which include acquisitions both domestically and internationally.

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Keywords: Access Holdings, N40 billion capital raise, private placement, Nigerian Exchange, shareholder approval, equity capital, financial institutions, banking sector