Access Holdings PLC Announces $1.5bn Capital Raising Programme in Response to Nigeria's New Capital Requirements for Banks

Access Holdings Plc has announced plans to establish a $1.5 billion capital raising programme in response to the Central Bank of Nigeria's (CBN) new policy requiring banks to increase their minimum capital. The capital raising programme will aim to enhance the financial strength of the group and may involve the issuance of various financial instruments such as ordinary shares, preference shares, convertible debt, bonds, or other funding instruments. Access Holdings expects to raise up to N365 billion ($1.1 billion) specifically through a rights issue of ordinary shares, with the proceeds to be used for ongoing working capital needs and organic growth funding.

The move to increase capital requirements for Nigerian banks has received mixed reactions. Some financial market analysts, economists, and bankers welcome the recapitalisation exercise, seeing it as a necessary step to strengthen the financial institutions. They predict that the exercise will lead to mergers and acquisitions within the banking sector. However, some analysts fault the exclusion of retained earnings from the regulatory capital composition, arguing that it would prevent banks from tapping into their reserves to meet the new requirements.

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The CBN has stated that it will closely monitor the recapitalisation exercise to prevent the influx of illicit financing into the sector. It will collaborate with law enforcement agencies to enforce anti-money laundering regulations and conduct fit and proper checks for shareholders and directors. The CBN will also enhance its monitoring and supervisory oversight over the banks and ensure the protection of depositors' interests.

Overall, the increase in capital requirements for Nigerian banks is seen as a positive step towards strengthening the banking sector. While there are concerns about the exclusion of retained earnings, analysts believe that the exercise will lead to safer and more resilient banks in line with international standards.

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FG apologizes for given false information on the news that went viral about president tinubu being the first president to ring the NASDAQ Bell.

find other interesting articles via a click. The Federal Government has offered an apology for its erroneous claim that President Bola Ahmed Tinubu was the first African leader to ring the closing bell of NASDAQ. Tinubu had rung the bell on Wednesday alongside other business leaders, including Abdul Samad Rabiu, the chairman of BUA Group. In a statement issued by Tinubu’s spokesperson, Ajuri Ngelale, he admitted that the error was made based on information provided by a third-party event organiser. The presidency expressed regret for the mistake and apologised for misleading the public. KINDLY find the ERROR message here as shared in his Twitter account page. pic.twitter.com/GUVajv3baG — Ajuri Ngelale (@AjuriNgelale) September 22, 2023 Ajuri Obari Ngelale Ajuri Ngelale is a Nigerian broadcast journalist and politician currently serving as presidential spokesm...

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The Executive team of Otu Oka-iwu Abuja paid courtesy visit to one of the founding fathers of Otu-Okaiwu Abuja, Chief Ikechukwu Ezechukwu SAN, attended by some Stakeholders of Otu Oka-iwu Abuja, for His Contributions to the growth of Igbo Lawyers in Abuja.

k The executive team of Otu-Okaiwu Abuja led by Chief Chidi Udekwe Esq, on Friday, 21st of June, 2024 paid a courtesy visit to one of their founding fathers and expressed their heartfelt appreciation for Chief Ikechukwu Ezechukwu SAN , for his invaluable contributions and unwavering support towards the growth and development of Otu-Okaiwu Abuja. The executive team commended Chief Ezechukwu's role as a guiding light, emphasizing his wisdom and guidance in shaping the organization. During the meeting, the president of otu-okaiwu Abuja, Chief Chidi Udekwe, addressed various concerns and challenges faced by Igbo lawyers in Abuja. In his remarks, Chidi Udekwe highlighted crucial issues, including: hosting of meeting, young lawyers' welfare, and the need for enhanced career opportunities for members. At the meeting, Exco and stakeholders present were astonished by the comments of Learned Silk, Chief Ikechukwu Ezechfukwu SAN, on the history, reason and how the ...

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COPA Lagos beach soccer tournament thrills with potpourri of shows

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Public and private schools in Lagos State to resume on Monday, 18th of January, 2021.

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Welcome everyone to this beautiful season of Christmas  . My prayer is that the good lord will continue to protect us in all our efforts in life and may our expectations never be cut short. Happy New Year to you my dear. May you have a blissful and fruitful new year. I want to appreciate you for making out time to read this post. Lets talk on the principle and legal implication of a third party practice in Nigeria. Who is a third party? A third party is a person who is responsible to another persons act in tort or liable to a damage caused by another . Example a: Where Mr A. Insures his car against accident and Mr A causes damage to the car owned by Mr B. Mr B will hold mr A for the act but because Mr A. Insured his car against accident, he will hold the insurance company to indemnify Mr B. Example b: Where an employee of a banks does a wrong to a customer, the bank will be held liable for the act of the employee . * What are the circumstances that ...

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Otu-Okaiwu Abuja Executive Pays Courtesy Visit to Dr. Sam Amadi

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Vicarious liability refers to a situation where someone is held responsible for the actions or omissions of another person. In a workplace context, an employer can be liable for the acts or omissions of its employees, provided it can be shown that they took place in the course of their employment. Vicarious liability is a form of a strict , secondary liability that arises under the common law doctrine yof agency , respondeat superior , the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator. It can be distinguished from contributory liability , another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability.The law ...

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The Executive team of Otu Oka-iwu Abuja paid courtesy visit to one of the founding fathers of Otu-Okaiwu Abuja, Chief Ikechukwu Ezechukwu SAN, attended by some Stakeholders of Otu Oka-iwu Abuja, for His Contributions to the growth of Igbo Lawyers in Abuja.

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