Business

Access Holdings Completes Recapitalisation, Exceed targets by 20%

Published

2 years ago

December 25, 2024

523 Views

Access Bank Plc says it has raised N351 billion through rights issue to boost its capital base above the regulatory threshold as it embarks on an expansion plan, according to Bloomberg.

In the report on Wednesday, Bloomberg quoted Access Bank to have said its share capital — at N600 billion — is now 20 percent above the minimum required for banks with an international licence.

Access Bank said the fresh capital inflow has received regulatory approvals from both the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC).

The publication added that the fundraising will help Access Bank to accelerate its expansion into new markets including Morocco, Egypt and the United States (US) and double the share of assets outside Nigeria by 2027.

The rights offer is part of Access Bank’s plan to raise $1.5 billion to help meet its recapitalisation target.

On March 28, CBN announced a recapitalisation exercise for financial institutions, increasing the minimum capital requirements for commercial, merchant and non-interest banks.

CBN adjusted the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

All banks are required to meet the minimum capital requirement within 24 months, from April 1 and March 31, 2026.

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.