Shareholders of Access Holdings Plc have approved plans by the financial services group to raise ₦40 billion in fresh capital, reinforcing its balance sheet and supporting long-term growth objectives.

The approval was granted at an Extraordinary General Meeting (EGM) held on Wednesday, December 18, where investors unanimously endorsed the proposed capital raise to be executed through a private placement. The resolution empowers the company’s board to determine the structure, pricing, timing and investor mix for the transaction, subject to relevant regulatory approvals.

As part of the approval, shareholders also authorised an increase in the company’s issued share capital through the creation of additional ordinary shares, which will rank pari passu with existing shares.

Access Holdings said the capital injection will be used to strengthen its capital base, support expansion across its banking and non-banking subsidiaries, and ensure compliance with evolving regulatory and capital adequacy requirements within Nigeria’s financial services industry.

The move comes amid wider recapitalisation efforts in the Nigerian banking sector, as lenders position themselves to remain resilient and competitive in a challenging economic environment. Visit www.jocomms.com for more news.