Aig-Imoukhuede-led Access Holdings plans $27.7m private placement

Access Holdings Plc, led by Nigerian banker Aigboje Aig-Imoukhuede, will seek shareholders’ approval to raise about N40 billion ($27.7 million) through a private placement as the group moves to strengthen its capital base.

The proposal was disclosed in a filing on the Nigerian Exchange on Thursday, with the company announcing that a virtual Extraordinary General Meeting will be held to vote on the plan.

Capital strengthening efforts

The capital move follows Access Holdings’ December 2024 fundraising, when it secured N351.01 billion ($242.9 million). That funding helped its flagship subsidiary, Access Bank Plc, become the first lender to meet the Central Bank of Nigeria’s N500 billion ($346 million) minimum capital rule for banks with international authorization—well ahead of the March 2026 deadline. 

The filing stated that the company is seeking authorization, in line with the Companies and Allied Matters Act and market regulations, to raise up to N40 billion ($27.7 million) or its equivalent in foreign currency. The move includes increasing the firm’s share capital through the creation of new ordinary shares that will rank equally with existing stock. 

Access Holdings also said it plans to allot the newly created shares at N20.25 ($0.01) per share, or at a price later set by the board. The proposed price is slightly below the N21 ($0.08) at which the stock closed on Thursday.

Group strategy and market position

Based in Lagos, Access Holdings serves more than 60 million customers across 20 countries in Africa, Europe and Asia. Aig-Imoukhuede, who returned to the group’s leadership in 2024, has placed emphasis on capital strength, digital banking and steady income growth. His return has brought renewed discipline and focus, especially around funding and risk management. 

For the first half of 2025, the group reported mixed results. Gross earnings rose 13.8 percent to N2.49 trillion ($1.7 billion) from a year earlier, driven by loan growth and stronger fee income. Profit after tax fell 23.3 percent to N215.9 billion ($147.5 million) due to higher operating costs and lower foreign-exchange gains. 

Employee incentives and development finance

Access Holdings recently granted shares to 689 employees under its long-term incentive plan, part of management’s effort to deepen staff ownership and keep key talent. In September, the IFC approved a $10 million facility for Access Holdings to expand small-business lending in Sierra Leone, with a focus on women-led firms and underserved borrowers.