The successful N351 billion rights issue through the Nigerian Exchange (NGX) digital capital raising platform known as NGX Invest has excited Access Holdings Plc.
The chairman of the firm, Mr Aigboje Aig-Imuokhuede, said the innovative platform allowed shareholders to acquire additional shares of the organisation without stress.
Access Holdings recently completed the capital raising to enable its banking arm, Access Bank Plc, to meet the new minimum capital requirement for lenders with international operations of N500 billion.
After the bank got N351 billion from the exercise, its capital base rose to N600 billion, surpassing what the Central Bank of Nigeria (CBN) asked for its category.
“By leveraging the NGX’s E-offering platform – NGX Invest, the Company provided its shareholders with a seamless, efficient, and convenient subscriber experience significantly reducing barriers and democratizing participation in the rights issue,” Mr Aig-Imuokhuede said.
In an article published by the World Federation of Exchanges, the chief executive of NGX Group Plc, Mr Temi Popoola, had emphasised that the platform was at the core of NGX Group’s digital strategy, stating that it was designed to streamline the distribution of securities in the Nigerian capital market.
“Its user-friendly interface allows investors to onboard seamlessly and verify their identities through the Nigeria Inter-Bank Settlement System (NIBSS), using their Bank Verification Number (BVN).
“With NGX Invest, the traditionally complex and time-consuming process of investing is reduced to a few clicks, making it easier for investors across Nigeria, including those in underserved areas, to participate in the capital market,” he stated.
The success of Access HoldCo’s capital raise, making it the first bank to officially comply with the CBN’s banking recapitalisation directive, is a key social proof and testament to the robustness of NGX Invest and demonstrates the potential of NGX Group’s platform to support the growth and business goals of its issuers.