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Access Bank Becomes First to Meet CBN’s Minimum Capital Requirement with N351bn Rights Issue

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By Gloria Ikibah

Access Holdings Plc has announced the successful completion of its Rights Issue, raising N351,009,103,017.25 through the issuance of 17,772,612,811 ordinary shares at N19.75 per share.

This achievement follows full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

With this milestone, Access Bank Plc, the flagship subsidiary of Access Holdings, is the first bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorisation, well ahead of the March 2026 deadline. The bank’s share capital now stands at N600 billion, exceeding the regulatory threshold by N100 billion.

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This marks a significant achievement as Access Holdings is the first CBN-licensed financial holding company to execute a fully digital Rights Issue. The process utilised the Nigerian Exchange Group’s E-offer platform to provide shareholders with a seamless and efficient subscription experience, enhancing accessibility and participation.

Speaker on the development, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, highlighted the innovation and leadership demonstrated by the institution. Further details from the statement emphasize the bank’s commitment to leveraging technology to drive growth and improve shareholder value.

He said: “The Access brand has always resonated strongly with local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitaliation directives. We are pleased that this time, we are the first to cross the finish line.
“The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our company.
“We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.
“We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering. As we enter the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”
Access Holdings Plc operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and over 60 million customers.
The company serves its markets through four subsidiaries in banking, payment, pension administration, and insurance sectors: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.
Access Bank Plc serves its markets through three business segments—Corporate and Investment, Commercial, and Retail—and has enjoyed Africa’s most successful banking growth trajectory in the last 22 years.
Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.
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SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate For December 27, 2024

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What is the current exchange rate for the Dollar to Naira in the black market, also known as the parallel market (Aboki fx)?.

Below is the exchange rate for the Dollar to Naira on December 26, 2024. You can exchange your dollars for Naira at these rates.

How much is the Dollar to Naira today in the black market?

Dollar to Naira exchange rate today (black market/Aboki dollar rate):

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At the Lagos Parallel Market (Black Market), as of Thursday, December 26, 2024, players are buying a dollar for N1650 and selling at N1670, according to Bureau De Change (BDC) sources.

Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) and has advised individuals wishing to engage in Forex transactions to go through their respective banks.

Dollar to Naira Black Market Rate Today:

Buying Rate: N1650
Selling Rate: N1670
Dollar to Naira CBN Rate Today:

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Highest Rate: N1545
Lowest Rate: N1532

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Bauchi Gov Mohammed declares tax reform Bills must be thrown overboard

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Bauchi State Governor, Bala Mohammed has declared that taxe reform Bills must be thrown overboard.

The governor made this known when he received the Christian community in Bauchi State, who visited him at the Government House.

Mohammed, who doubles as the chairman of the Peoples Democratic Party, PDP, Governors Forum, said the tax reform bills that are currently before the National Assembly are skewed to favour only one section of the country.

According to him, the President should drop the tax reform bills.

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He noted that the bills are not good for Northern Nigeria because they will not guarantee inflows to pay salaries and build roads.

“That is why the presidency must listen to the cries about tax reform.

“It is not a good policy for northern Nigeria because we are not going to get money to pay your salaries or to do roads.

“They must listen; otherwise, they are calling for anarchy. And that is not good.

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“We voted for the presidency in this state and other states; they must listen to us. They must not come up with policies that favour only one section of the country or even one state in the country.

“It is not about religion; it is not about tribe; it is about national unity; it is about national hegemony, and this is what we are all about: good leadership,” he said.

Recall that President Tinubu, during his first Presidential Media Chat, insisted that the tax reform bills have come to stay.

According to him, the tax reform bills are necessary to retool the country’s economy.

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Recall that Northern governors and the National Economic Council rejected the tax reform bills.

Since its transmission to the National Assembly, the bills have continued to generate mixed reactions.

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Soldiers arrest 20 over Plateau killings

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Troops of Operation Safe Haven have arrested 20 suspects in connection with the Sunday killings in the Tingbwa Gidan Ado community of the Riyom Local Government Area of Plateau State.

The Commander of OPSH, Maj. Gen. Abdulsalam Abubakar, disclosed this during the Christmas luncheon organised for troops of OPSH and the 3 Division of the Nigerian Army on Thursday in Jos.

The News Agency of Nigeria reports that gunmen attacked the community on December 22, killing 15 people.

Abubakar, who also serves as the General Officer Commanding 3 Division, noted that troops had recovered a significant cache of arms and ammunition during the operation.

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“Following hours of sustained night operations, we have apprehended 20 suspects directly and indirectly involved in the last attack on Tingbwa Gidan Ado village in Riyom LGA on Dec. 22.

“We have also recovered a cache of arms and ammunition which has greatly starved criminal elements of the freedom of action to carry out their nefarious activities.

“Let the spirit of Christmas renew our commitment to the values we hold dear; let it inspire us to serve with even greater passion and determination,” he said.

The commander also commended the troops of OPSH and the 3 Division for their dedication to ensuring the relative peace being enjoyed in the state.

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“On this special day, I acknowledge and applaud the sacrifices you have made; many of you are far away from home, unable to celebrate Christmas and the yuletide season with family and loved ones.

“While others enjoy the warmth of family and the comfort of home, you endure the realities of duty.

“Your courage and resilience would never go unnoticed as they embody the highest form of sacrifice.

“However, I charge you all to remain disciplined, loyal, vigilant, and professional in your conduct this season and always,” he urged.

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Abubakar expressed his gratitude to the Chief of Defence Staff, Gen. Christopher Musa; and the Chief of Army Staff, Lt. Gen. Olufemi Oluyede, for their leadership and strategic guidance, which have enabled troops to achieve numerous operational successes using both kinetic and non-kinetic measures.

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