July 31, 2024/Access Bank Plc

Futureview Securities Limited is pleased to inform you that Access Holdings Plc (“Access Holdings” or “Access Corporation” or “the Corporation”) Rights Issue of 17,772,612,811 ordinary shares at 50 kobo each, priced at N19.75 per share, available on the basis of 1 new ordinary share for every 2 existing shares held as of the close of business on Friday, June 7, 2024. The offer is scheduled to close on Wednesday, August 14, 2024.

Access Holdings Plc (“Access Corporation”), the leading bank-led multinational financial services holding company in Nigeria that offers commercial banking, asset management, payments, consumer lending, payments, and insurance brokerage services. The Corporation comprises a portfolio of five operating companies – Access Bank, Access Pensions, Hydrogen Payment Services Company, Oxygen and Access Insurance Brokers. The Corporation operates over 700 branches and service outlets across 3 continents, 22 countries, and 3 representative offices, serving approximately 60 million customers.

• Access Bank: The largest bank in Nigeria by total assets and Africa by customer count, offering services across Nigeria and 14 African subsidiaries, as well as in the UK, Europe, and Asia.
• Access Pensions: The second-largest pension fund administrator in Nigeria by assets under management (AUMs) and retirement savings accounts (RSAs), with circa N3 trillion in AUMs and over 2 million RSAs.
• Hydrogen Payment Services Company: a financial technology (fin-tech) platform processing over N11 trillion in transactions in 2023, providing payment and switching services domestically, regionally, and globally. Hydrogen’s product offerings are strategically positioned to drive financial inclusion and aid the growth of SMEs.
• Oxygen X Finance Company: A CBN-licensed digital consumer lending business serving individuals and SMEs.
• Access Insurance Brokers: An insurance intermediation platform offering life, general, health, and employee benefits insurance. The company provides professional insurance services for individuals, corporations, and government agencies leveraging the footprint of the banking subsidiary.

Access Holdings Plc is well positioned to become a Top 5 banking group in Africa by 2027, supported by a robust management team. As of December 31, 2023, the Corporation’s financial highlights include total assets of N26.68 trillion, N8.9 trillion in loans and advances, N15.3 trillion in customer deposits, N2.19 trillion in shareholders’ funds, and a capital adequacy ratio of 19.01%. The Corporation achieved N2.59 trillion in gross earnings with a return on average equity (ROAE) of 36.2%.

Shares that are not subscribed by the date on which the Acceptance Lists close will be allotted on a pro-rata (proportional) basis in line with SEC Rules and Regulations, to Shareholders who have applied and paid for additional shares over and above their provisional allotment.

For more information, please refer to the documents listed below, which can be accessed via the  Access Holdings 2024 Rights Issue link.

1.     Access Holdings Rights Circular

2.     Access Holdings Application Form