The CBN has flagged 41.65m shares worth N822.6 million in the just concluded Access Holding Rights IssueDespite this, the Right Issues remain valid, as the verified shares still account for 100 per cent of the shares offeredAccess Bank has now surpassed the minimum capital requirement set by the Central Bank, earlier in 2024
Henzodaily.ng journalist Ruth Okwumbu has over a decade of experience and a deep understanding of Nigeria’s corporate sector and emerging trends in the fintech space.
The Central Bank of Nigeria (CBN) has disqualified 41.65 million shares valued at N822.6 million in the Access Holding Plc right issues.
With the disqualification of these shares, the allotted shares now account for 100% of the shares offered in the Rights Issue.
CBN Cancels Shares Worth N822.6 Million in Access Holdings’ Rights Issue
Source: UGC
Of the 24,181 applications received for 18.82 billion shares valued at N371.77 billion, the CBN verified and allocated 18.76 billion shares valued at N370.41 billion.
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The apex bank stated the reasons for the disqualification of 41.65 million shares in the Capital Verification Report, and the Corporate Notice filed on the Nigerian Exchange Limited, linked the said shares to five applicants.
The notice read:
“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.”
Share breakdown of the rights issue
The allotment notice added that the allotted shares now account for 100 per cent of the shares offered in the Rights Issue, with 21,141 shareholders fully accepting the provisional allotments of 5.59 billion shares worth N110.45 billion.
The PUNCH reported that 2,324 shareholders partially accepted the provisional allotments of 395.65 million shares valued at N7.81bn. Also, 635 subscribers purchased 2.14 billion shares through traded rights on the Nigerian Exchange, valued at N42.26 billion.
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These exclude 68.43 million shares invalidated by the CBN due to non-compliance to the terms.
Recall that Henzodaily.ng earlier reported Access Bank as one of the Nigerian banks that have jump-started moves to meet the new capital requirements fixed by the CBN.
Access Bank smashes CBN minimum requirement
In related news, Henzodaily.ng reported that Access Bank recently smashed the CBN minimum capital requirement through the rights issue, which was oversubscribed by 5.76%.
Access Bank Holdings offered 17.77 billion shares at N19.75 per share, and an additional 10,889 shareholders applied for 10.63 billion shares.
Access Bank, now the largest Nigerian bank in terms of assets, has 20% more capital than the minimum requirement for foreign banks doing business in Nigeria.
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Source: Henzodaily.ng