CBN Shocks Market By Disqualifying  Million Shares In Access Holdings

CBN Shocks Market By Disqualifying  Million Shares In Access Holdings

In a significant move, the Central Bank of Nigeria (CBN) has disqualified 41.65 million shares, valued at N822.60 million, in Access Holdings Plc’s recently completed rights issue. The shares were linked to five applicants and flagged based on findings in the Capital Verification…CBN Shocks Market By Disqualifying  Million Shares In Access Holdings

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The CBN’s action comes after Access Holdings concluded its rights issue, receiving 24,181 applications for 18.82 billion shares valued at N371.77 billion. Out of these, 18.76 billion shares worth N370.41 billion were verified as valid and accepted, representing 100% of the shares on offer. The issue was oversubscribed by 5.76%, further confirming investor interest in the company.

The breakdown shows that 21,141 shareholders fully accepted their provisional allotments, amounting to 5.59 billion shares worth N110.45 billion. In addition, 10,889 shareholders applied for extra shares, totaling 10.63 billion shares, while 9.64 billion rights were renounced.

Despite the disqualification, the company remains on track to reinforce its capital base, which will help maintain its leadership position in the Nigerian banking sector. The successful rights issue is a testament to Access Holdings’ growing influence, with gross earnings increasing to N3.4 trillion in 2024, up from N1.6 trillion in the previous year.

The rights issue, which offered 17.77 billion shares at N19.75 per share, marks a pivotal moment in Access Holdings’ strategy to expand its financial base and solidify its standing as Nigeria’s top banking group.

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