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The Company Secretary, Access Holdings, Sunday Ekwochi in a
signed statement said the proceeds will supplement the capital needs of its
African expansion strategy.
He stated that over the years, the Bank has made significant
strides towards attaining strong market presence in the key trade and payments
corridors across the African continent.
According to him, the Investment takes the form of a Tier 1
capital qualifying Mandatory Convertible Instrument and is expected to improve
the Bank’s shareholders’ funds and total capital ratios.
“The Central Bank of Nigeria has approved the Investment,”
he added.
Commenting on the transaction, Group Chief Executive of
Access Holdings, Dr. Herbert Wigwe, in a statement said, “As a leading
financial institution in the continent, we remain foresighted in our approach
to our growth and capitalization needs.
“This investment is a capstone initiative following the $500
million Additional Tier 1 capital raised by the Bank in 2021 and advances its
vision to be the World’s Most Respected African Bank.
“Access Holdings benefits from this non-dilutive approach to
raising growth capital as we continue to invest in initiatives geared towards
delivering our vision of building a globally connected community and ecosystem
inspired by Africa for the World through disciplined growth and
diversification.”
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