Aluko & Oyebode is delighted to have advised Access Bank Plc (“Access Bank” or “Bank”), one of Africa’s largest retail banks, on its restructuring into a non-operating financial holding company. The restructuring, which has culminated in Access Holdings Plc (“Access HoldCo”) becoming the listed parent entity of Access Bank, its subsidiaries and related group companies (“Group”), was effected through a Scheme of Arrangement (“Scheme”). Upon the Scheme becoming effective, each existing shareholder of the Bank received one share in Access HoldCo credited as fully paid, in exchange for each share held in the Bank.
Pursuant to the Scheme, the shares of the Bank have been delisted from the Official List of Nigerian Exchange Limited (“NGX”), while the shares of Access HoldCo have been listed on the Official List of NGX.
The Bank will continue to be subject to the full suite of Central Bank of Nigeria (“CBN“) banking regulations and Access HoldCo, which falls within the purview of other financial institutions, will also be regulated by the CBN.
The restructuring is expected to facilitate the growth and expansion of the Group’s business into underpenetrated regions in Nigeria, Africa and beyond in furtherance of the Group’s vision of being Africa’s gateway to the world. It will also enhance the Group’s ability to diversify its business portfolios into new permissible areas within the financial services industry.
The Firm’s transaction team was led by Senior Partners, Olubunmi Fayokun, Adeniyi Adegbonmire, SAN and Capital Markets Partner, Ayodeji Oyetunde, who were assisted by Associates, Chiderah Azodoh and Kareemat Ijaiya.