Would you like to receive notifications on latest updates of the following headlines?

CBN disqualifies 41.65m Access Holdings shares

POSTED ON December 26, 2024 •   Business      BY Abiodun Saheed Omodara
Governor of Central Bank of Nigeria, Yemi Cardoso

The Central Bank of Nigeria has disqualified 41.65 million shares worth N822.60m in Access Holdings Plc’s recently concluded rights issue.

In a corporate notice filed on the Nigerian Exchange Limited on Wednesday, the disqualified shares, linked to five applicants, were flagged for reasons stated in the Capital Verification Report.

“41,650,447 shares from five applicants among the 24,100 acceptances, valued at N822,596,328.25 were disqualified by the Central Bank of Nigeria for reasons stated in the Capital Verification Report. Therefore, 18,755,158,972 shares valued at N370.41bn were accepted having been confirmed as valid and verified by the CBN,” the statement read.

Despite the disqualification, Access Holdings reported a successful rights issue. Out of 24,181 applications received for 18.82bn shares valued at N371.77bn, 18.76bn shares worth N370.41bn were verified as valid and accepted by the CBN.

“The shares allotted regarding the rights issue represent 100 per cent of the shares on offer,” the company added. The rights issue, which offered 17.77bn shares at N19.75 per share, was oversubscribed by 5.76 per cent,” the allotment notice added.

The company provided a breakdown of the rights issue which showed that 21,141 shareholders fully accepted their provisional allotments, totalling 5.59 billion shares worth N110.45bn.

Additionally, 10,889 shareholders applied for an extra 10.63 billion shares, while 9.64 billion rights were fully renounced.

Furthermore, 2,324 shareholders partially accepted their provisional allotments, taking up 395.65 million shares worth N7.81bn. Meanwhile, 635 subscribers purchased 2.14bn shares through traded rights on the Nigerian Exchange, valued at N42.26bn.

Access Holdings also disclosed that 68.43 million shares worth N1.35bn were invalidated due to non-compliance with the terms of the offer or disqualification by the CBN.

The company emphasised that its rights issue marked a significant milestone in its efforts to strengthen its capital base and maintain its leadership in the Nigerian banking sector.

Access Holdings Plc’s gross earnings increased to N3.4tn in the first nine months of this year, driven by a rise in interest income.

Access Holdings’ rights issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 per share, based on one new ordinary share for every two Ordinary Shares held as of June 7, 2024, opened on July 8, 2024 and closed on August 23, 2024.

In the nine months under review, Access Holdings, which is the parent company of Nigeria’s largest bank by asset, Access Bank, revealed that its gross revenue rose by 114.5 per cent year-on-year from N1.6tn in 2023 to N3.4tn in 2024.

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

READ ALSO
Nigeria's 2024 Budget Capital Extension Draws Criticism from Economists
BY Abiodun Saheed Omodara June 25, 2025 0

The Senate and House of Representatives have once again prolonged the implementation of the capital...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 23, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...

READ ALSO
Palm Oil Trade Boosting Bilateral Ties with Nigeria - Malaysia’s Envoy
BY Abiodun Saheed Omodara June 23, 2025 0

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, has reveal that  the thriving pa...

READ ALSO
African Energy Chamber Urges World Bank to Lift Ban on Upstream Oil and Gas Financing
BY Abiodun Saheed Omodara June 19, 2025 0

The African Energy Chamber (AEC) has called on the World Bank to lift its ban on financing upstream...

OUR CHANNELS:

Nigeria's 2024 Budget Capital Extension Draws Criticism from Economists
BY Abiodun Saheed Omodara June 26, 2025 0

The Senate and House of Representatives have once again prolonged the implementation of the capital...


Chelsea Advances to Last 16 of Club World Cup with 3-0 Win Over Esperance
BY Abiodun Saheed Omodara June 26, 2025 0

Liam Delap netted his first goal for Chelsea during a 3-0 victory over Tunisian champions Esperance...


IPOB Rejects Tinubu's Cattle Ranch Proposal as a Disguise for Land Grabbing
BY Abiodun Saheed Omodara June 26, 2025 0

ABUJA, Nigeria - The Indigenous People of Biafra (IPOB) has expressed its disapproval of President B...


Police Unveils New Strategies to Combat Gunmen and Restore Public Confidence
BY Abiodun Saheed Omodara June 26, 2025 0

ANAMBRA, Nigeria - In its continued efforts to boost security and regain public trust, the Anambra S...


Nigeria's Gemstone Potential: A Deep Dive into 10 Rare Minerals and Their Regions of Origin
BY Abiodun Saheed Omodara June 26, 2025 0

Nigeria is making waves with a revolutionary $400 million Foreign Direct Investment dedicated to cre...


IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 26, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...


EFCC Charges Businessman, Company with $75,000 Fraud
BY Abiodun Saheed Omodara June 26, 2025 0

A businessman, Peter Otomewu, along with his company, Pebeto Enerji Limited, was brought before the...


Osimhen Willing to Join Manchester United for Under £200,000 a Week
BY Abiodun Saheed Omodara June 26, 2025 0

Victor Osimhen is reportedly willing to accept a weekly wage of just under £200,000 at Manches...


Trump Announces Iran-Israel Ceasefire Deal, Tehran Denies Formal Agreement
BY Abiodun Saheed Omodara June 26, 2025 0

Former U.S. President Donald Trump has announced that Iran and Israel have agreed to a “comple...


French Police Arrest 12 over Alleged Drugging of Women at Music Festival
BY Abiodun Saheed Omodara June 26, 2025 0

French police have arrested 12 individuals suspected of drugging female festivalgoers during the ann...


More Articles

Load more...

Menu