Access Holdings Announces US$1.5 Billion Capital Raising Programme

• TargetsN365 billionby way of a Rights Issue as subset of Programme

Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital RaisingProgramme of up to US$1,500,000,000.00 (One Billion, Five Hundred Million United States Dollars) or its equivalent (‘the Programme’). TheProgramme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.

The Programme may be executed through a varietyof methods including public offerings, private placements, rights issues, book building processes, or a combination thereof. The specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated, will be determined by the Board of Directors, contingent upon securing the necessary regulatory approvals.

Drawing from the Programme, the Groupexpects to raise up to N365,000,000,000.00 (Three Hundred and Sixty-Five Billion Naira) specifically via a Rights Issue of ordinary shares.The proceeds of the proposed Rights Issue would be used to support ongoing working capital needs including organic growth funding for its banking and other non-banking subsidiaries.

The plans for the Programme were disclosed in the Group’sNotice of the 2^ndAnnual General Meeting holding on April 19, 2024 which was published on the Nigerian Exchange portal on March 27, 2024.