Access Holdings faces N215bn capital reduction to meet BOFIA requirement

Access Holdings Plc may have to reduce Access Bank’s investments in foreign banking subsidiaries by at least N215 billion to comply with the 10 per cent limit prescribed by the Banks and Other Financial Institutions Act (BOFIA), as the group works towards meeting the Central Bank of Nigeria’s March 2027 deadline.
 
The bank’s investments in subsidiaries stood at N446.6 billion as of September 30, 2026, representing 19.29 per cent of shareholders’ funds, against the statutory limit of 10 per cent under Section 19(8)(c) of BOFIA.
 
To address the gap, management said it had commenced a capital-recall programme across seven markets, alongside plans to sell minority stakes in selected...