Access Bank Plc trims Ghana subsidiary stake to comply with Nigeria’s 10% cap on foreign investments
Access Holdings Plc has completed the sale of a 7.44% stake in its Ghanaian subsidiary, Access Bank (Ghana) Plc, in a move analysts widely view as a direct response to the Central Bank of Nigeria’s (CBN) regulatory cap on overseas investments.
The transaction, executed on July 15, 2026, through the Ghana Stock Exchange (GSE), saw the parent company sell 12,085,318 ordinary shares to a diversified pool of investors including pension funds, institutional investors, and high-net-worth individuals. IC Securities (Ghana) Ltd acted as adviser and executing broker.
Prior to the sale, Access Bank Plc held 93.40% of Access Bank Ghana, with the remaining 6.60% already in public hands from the unit’s GSE listing. Following the divestment, the parent company’s stake now stands at approximately 85.96%, while public and other investors hold about 14.04%. Access Holdings retains firm majority control—this is a partial dilution, not an exit.
The sale is anchored to a CBN directive introduced in June 2025, which caps Nigerian banks’ equity investments in foreign subsidiaries at 10% of total shareholders’ funds and provided a 12-month compliance window.
Access Holdings’ exposure to foreign subsidiaries stood at approximately 19.4% as of mid-2025, well above the regulatory threshold. The company had already announced in May 2026 its intention to reduce stakes in certain foreign banking subsidiaries to meet the new requirements.
The legal basis for the restriction stems from the Banks and Other Financial Institutions Act (BOFIA) , which requires Nigerian banks to limit investments in foreign subsidiaries to 10% of shareholders’ funds.
Mr. Abiodun Ogunniyi, Head of Research at GTI Limited, described the move as an “inevitable consequence” of the CBN’s revised HoldCo framework. He noted that similar moves might follow from other Nigerian banks with substantial overseas investments, particularly UBA and GTCO.
Ogunniyi added that the divestment strengthens Access’s capital position and pointed out that the group’s earnings now lean more on Nigeria, the UK, and Europe, with Ghana being a “logical unit to trim for efficiency.” He also disclosed that Access’s UK operation has now overtaken Nigeria in profitability.
Chief Blakey Ijezie, founder of chartered accountancy firm Okwudili Ijezie & Co, described the transaction as “a strategic capital optimisation exercise rather than a withdrawal from Ghana.” He argued the immediate impact on Access Holdings should be limited, since the group retains a strategic presence in Ghana while freeing up proceeds for technology, capital strengthening, and expansion elsewhere on the continent.
Ms. Pearl Nkrumah, Managing Director of Access Bank Ghana, said the transaction “reflects our continued commitment to deepening local ownership and liquidity in our shares, consistent with the strategic priorities. We remain focused on converting the scale we have built into sustained value for all our stakeholders.”
The bank confirmed that all required regulatory approvals were obtained, including a no-objection from the Bank of Ghana.
The Ghana stake sale is part of a broader restructuring effort. Access previously announced plans to reduce equity stakes in selected foreign operations, and has already executed a similar restructuring in its South African operations. The company has also been active in acquisitions, including the purchase of Standard Chartered Bank’s Gambian subsidiary and a 76% stake in Mauritius’ AfrAsia Bank through its UK subsidiary.
Access Bank Ghana shares have performed strongly in 2026, gaining close to 97% since January, making it one of the better performers on the exchange.
