Access Bank Raises $228 Million in Rights Offer, Reports Bloomberg
Access Bank Plc, Nigeria’s biggest lender by assets, raised 351 billion naira ($228 million) in a rights offer to boost its capital above a new regulatory threshold as it embarks on an expansion plan.
Access Bank Raises Capital to Accelerate Global Expansion
Access Bank has announced an increase in its share capital to 600 billion naira, surpassing the minimum requirement for international banks operating in Nigeria by 20%, according to a statement released on Wednesday. The bank confirmed that the new capital has received regulatory approvals from both the Central Bank of Nigeria and the Securities and Exchange Commission.
This fresh inflow of capital will support Access Bank, controlled by Access Holdings Plc, in its strategic expansion into new markets, including Morocco, Egypt, and the United States. The bank aims to double its share of assets outside Nigeria by 2027.
The rights issue is part of Access Bank’s broader plan to raise $1.5 billion to meet new regulatory requirements, after the central bank mandated large commercial lenders to increase their capital tenfold, reaching 500 billion naira by March 2026.
Following its aggressive market expansion, Access Bank now operates in 23 countries.
Access Bank’s shares have risen by 6.7% in Lagos this year, building on a remarkable 2023 in which they more than doubled. Earlier this month, the bank also agreed to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million) to strengthen its presence in South Africa.
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