Access Makes Clarifications on CBN’s Directive, Promises June 30 Exit of Forbearance
THECONSCIENCE NG reports that Access Bank Plc has responded to the letter of the Central Bank of Nigeria, directing temporary suspension of dividend payment among other bonuses, saying that the bank was the first to meet and exceed the Central Bank of Nigeria’s authorisation on meeting N500 billion minimum capital requirement.
In the statement signed by the bank’s secretary, Sunday Ekwochi, and made available to the National Association of Online Security News Publishers (NAOSNP), the bank stated it was prepared to comply with the apex bank’s directive on exiting forbearance by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.
The statement in full:
RE: CENTRAL BANK OF NIGERIA’S LETTER ON TEMPORARY SUSPENSION OF DIVIDEND PAYMENT, BONUSES, AND INVESTMENT IN FOREIGN SUBSIDIAIRES
With reference to the Central Bank of Nigeria’s letter, BSD/DIR/COM/LAB/018/008, dated June 13, 2025, concerning regulatory forbearance on Single Obligor Limit and other credit facilities, as well as Chapter 17 of the Nigerian Exchange Rulebook 2015 regarding disclosure of material circumstances, Access Holdings Plc (‘the Company’) wishes to make the following disclosures to the investing public.
As of December 31, 2024, the Company’s banking subsidiary, Access Bank Plc N500 billion minimum capital requirement for commercial banks with international (‘the Bank’) was the first bank to meet and exceed the Central Bank of Nigeria’s authorisation.
In accordance with the Central Bank of Nigeria’s directive mentioned in the requirement as of the date herein and will continue to ensure adherence to this referenced letter, the Bank is currently compliant with the single obligor limit regulation.
Regarding the regulatory forbearance on credit facilities, the Bank will comply with the apex bank’s directive by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.
We assure our esteemed shareholders and stakeholders of our commitment to delivering sustainable value in the immediate and long term and thank them for their trust and support over the years.
