Access Holdings to Sell New Shares in Foreign Currency in Bid to Raise ₦40 Billion
Access Holdings Plc has announced a capital-raising initiative designed to strengthen its balance sheet and support strategic growth, including the possibility of selling new shares denominated in foreign currency as part of a broader effort to raise ₦40 billion in fresh capital. (Premium Times Nigeria)
The plan received shareholder approval at an Extraordinary General Meeting (EGM) held on 18 December 2025, where investors authorised the company’s board to undertake the capital raise via a private placement. (Nigeria Communications Week)
New Shares and Foreign Currency Strategy
Under the approved private placement programme, Access Holdings plans to issue approximately 2 billion new ordinary shares, which will increase its total outstanding shares to around 55.3 billion.
Crucially, the company indicated that it may issue these shares in foreign currency or its equivalent, a strategic move aimed at attracting foreign direct investment and enhancing its ability to balance foreign exchange exposures in an economy where currency volatility remains a key concern.
The board is empowered to determine the pricing, structure, timing, and investor list for the placement, and negotiate terms within regulatory frameworks, including requirements of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigerian Exchange Limited (NGX). (Investors King)
Why This Capital Raise Matters
1. Strengthening the Capital Base
Access Holdings has already undertaken major capital mobilisation efforts in recent years, including a successful rights issue in 2024 that raised over ₦350 billion, helping its flagship subsidiary Access Bank exceed regulatory minimum capital requirements. (Access Holdings PLC)
The current private placement forms part of a broader capital management strategy to support growth across the group’s banking and non-banking subsidiaries and ensure resilience amid macroeconomic challenges.
2. Foreign Currency Component Is Strategic
Issuing shares in foreign currency can:
- Attract international institutional investors;
- Help hedge against naira volatility and FX risk;
- Provide access to hard currency capital without over-relying on domestic funding sources.
In a market where access to stable foreign exchange can be limited, raising capital in foreign currency may give Access Holdings a competitive edge, particularly for cross-border expansion or investment in international operations.
3. Market Confidence Booster
Shareholder approval of this capital raise signals confidence in Access Holdings’ management and long-term prospects. The private placement comes as Nigerian financial markets seek stability amid lingering FX uncertainties and ongoing reforms by monetary authorities.
Next Steps and Outlook
With approvals secured at the EGM, the board will now finalise the investor list, valuation, and timing of the private placement. Regulatory filings and amendments to corporate structures will follow through the Nigerian Exchange and corporate registry processes.
Investors and market watchers will be closely monitoring how the foreign currency component is structured particularly whether it involves U.S. dollars, euros, or other major international currencies — and what impact the raise will have on Access Holdings’ valuation and shareholder returns.
The Bigger Picture: Capital Markets in Focus
Access Holdings’ plans come amidst increased capital market activity in Nigeria, with other major firms in banking and non-banking sectors also exploring equity issuance and fundraising through rights issues, private placements, and international listings. (Business AM Live)
For Access Holdings specifically, strengthening its capital base Especially with hard currency support — could position the group to expand lending capacity, invest in fintech and digital banking initiatives, and navigate the evolving regulatory landscape shaped by the CBN’s ongoing reforms.
