Access Holdings Debunks Fake Access Bank Shutdown Rumour, Threatens Legal Action

Access Holdings Plc has dismissed as false a viral social media publication claiming that its subsidiary, Access Bank, is set to cease banking operations, assuring customers and investors that the bank remains fully operational and financially sound.

In a statement issued to the Nigerian Exchange (NGX), shareholders, and the investing public, the company described the publication as completely fabricated, stressing that it was neither issued nor authorised by Access Holdings or Access Bank.

The company reaffirmed that Access Bank continues to operate normally and remains adequately capitalised.

"Access Bank Plc remains fully operational, safe, well-capitalised and continues to serve its customers. There has been no change to the operations or financial condition of Access Bank Plc or Access Holdings Plc," the statement said.

Access Holdings disclosed that the matter has been reported to regulatory agencies, security authorities, and law enforcement bodies, adding that investigations are underway to identify and prosecute those responsible for originating and circulating the false information.

The company urged customers, shareholders, and the general public to disregard the misleading publication and rely only on official communications from Access Holdings, Access Bank, and the Nigerian Exchange for verified information.

The company warned that false reports suggesting the closure of a major financial institution could trigger unnecessary panic, undermine public confidence, and disrupt the stability of the financial system.

Given Access Bank's position as one of Nigeria's largest commercial banks, with operations across Africa and other international markets, the company noted that such misinformation has the potential to cause widespread confusion and financial anxiety among customers and investors.

Access Holdings also cautioned that individuals responsible for spreading false information capable of causing panic about a financial institution could face prosecution under relevant Nigerian laws, including the Cybercrimes Act, as regulators regard such actions as threats to the country's financial system.