Access Holdings has become the first bank to complete its recapitalisation, as the banking group has released the results from its rights issue.
BusinessDay reports that the group recorded a total subscription of ₦371.8 billion on its rights issue, representing an oversubscription of 105.76 per cent.
However, it was constrained to raising ₦351 billion, the intended amount. According to a corporate disclosure on the NGX website, the newly issued 17.773 billion shares will be allotted to shareholders no later than January 10, 2025.
The funds raised will boost Access Holdings’ paid-up share capital to approximately ₦602.8 billion, positioning it as the first bank to complete its ₦500 billion recapitalisation mandated by the CBN.
