DailySun
Access Bank Plc, Nigeria’s largest bank by assets, has secured 351 billion naira ($228 million) through a rights issue designed to surpass a new regulatory capital requirement as part of its growth strategy.
The bank’s share capital is now 600 billion naira, which exceeds the minimum standard for international banks in West Africa by 20%, as stated in an email from Access Bank on Wednesday.
Read: Nigeria’s Access Bank aims to enter ranks of biggest in Africa
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This capital influx has received approval from both the Central Bank of Nigeria and the Securities and Exchange Commission, according to the bank.
The capital increase will allow Access Bank, under the management of Access Holdings Plc, to expedite its expansion into new markets such as Morocco, Egypt, and the United States, with ambitions to double the share of its assets located outside Nigeria by 2027.
The rights offering is part of Access Bank’s larger aim to raise $1.5 billion to meet regulatory requirements after the central bank instructed major commercial banks to raise their capital tenfold to 500 billion naira by March 2026.
The bank currently operates in 23 countries, following an aggressive push into new markets.
Access Bank’s shares have risen by 6.7% in Lagos this year, after more than doubling in value in 2023. Earlier this month, the bank moved to acquire Bidvest Bank Holdings for around R2.8 billion ($159 million) to enhance its footprint in South Africa.
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