The Securities and Exchange Commission has granted an extension to Access Holdings Plc’s rights issue, with the new deadline set for August 23rd.

In a statement released by the financial institution, it was announced that the N351 billion rights issue, initially scheduled for Wednesday, has been postponed due to the impact of the ongoing hunger protests across the nation.

Access Holdings has issued 17.772 billion ordinary shares at a price of N19.75 each, based on the allotment of one new share for every two shares held as of June 7th, 2024.

On Tuesday, the Group’s Company Secretary, Sunday Ekwochi, issued a statement that read as follows, “The decision is in response to the recent nationwide protest that disrupted operations of businesses and individuals across Nigeria and to provide shareholders with ample opportunity to subscribe to their rights.

“During the extended period of the issue, dealings by the company’s insiders on the company’s shares will continue to be strictly limited to participation in the Rights Issue as earlier approved by the Exchange in respect of the Non-Dealing Period on the Company’s Audited Interim Financial Statements for the Period Ended June 30, 2024, until 24 hours after the publication of the Interim Financial Statements.”

Earlier, the Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, stated that the offer for subscription will further augment the group’s expansion strategies and financial robustness.

“The commencement of the Rights Issue subscription is an important step in our growth strategy and capital-raising plans, reinforcing our financial strength and accelerating our strategic ambitions. However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top 5 financial institutions in Africa by 2027,” she said.