THE Central Bank of Nigeria (CBN) has accepted N370.41 billion capital raising for Access Holdings Plc but rejected N822.596 million in offers.

The bank, on July 8, 2024, opened its rights issue to existing shareholders and closed it on August 23.

The offer was 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share, setting a condition for purchase based on one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.

In its latest notification to the investing public, Access Holdings said N371.77 billion were received in respect of the offer, while N371.24 billion were confirmed as valid and successfully processed in connection with the offer.

However, CBN disqualified N822.596 million for not meeting up with the capital verification report.

“Therefore, 18,755,158,972 shares valued at N370,414,389,697.00 were accepted having been confirmed as valid and verified by the CBN,” the bank disclosed.

The N370.41 rights issue accepted by the apex bank is aimed at strengthening the lender’s capital base beyond a new regulatory requirement as part of its expansion strategy.

The lender’s share capital — at N600 billion naira — is now 20 per cent above the minimum required for banks with international operating licences.

The fresh capital inflow has received the Securities Exchange Commission (SEC), it stated.

The ICIR reports that the rights offer is part of the bank’s plan to raise $1.5 billion to help meet CBN’s mandate of N500 billion minimum capital for internationally licensed banks.

The apex bank had set a 24-month period, which started in April 2024 and will end in March 2026, for all banks to be recapitalised.

In March, it issued a guideline to banks as it hopes to reposition the country’s banking system and position it towards the federal government’s dream of achieving a $1 trillion economy by 2030.