Access Bank says it is on track to fully meet outstanding regulatory forbearance conditions by the end of June 2025.
In a corporate filing on Wednesday, the financial institution addressed the June 14 circular of the Central Bank of Nigeria (CBN), which outlined updated prudential measures for banks operating under regulatory forbearance.
In the circular, the CBN had directed banks to temporarily suspend dividend payments to shareholders, bonuses to directors and senior management staff, and halt investments in foreign subsidiaries or new offshore ventures.
The regulator had said the measures were to enhance capital buffers and provisioning adequacy for their forbearance exposure and the single obligor limit (SOL).
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Following the directive, Renaissance Capital named Access Holdings as one of six financial firms affected by the CBN’s instruction.
Speaking on the issue, Sunday Ekwochi, company secretary, confirmed the bank’s resolve to fully comply with the SOL regulation.
Access Bank assured shareholders that it would align with all outstanding CBN directives, including those related to forbearance on certain credit facilities by June 30.
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“In accordance with the Central Bank of Nigeria’s directive mentioned in the referenced letter, the Bank is currently compliant with the single obligor limit requirement as of the date herein and will continue to ensure adherence to this regulation,” the bank said.
“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.”
Access also said it was the first institution to meet the new capital requirement as of December 31, 2024, ahead of the March 2026 deadline.
The bank said it remains committed to delivering long-term value to shareholders and ensuring adherence to all applicable prudential guidelines.
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