Access Bank Plc has successfully raised N351 billion through a rights issue to strengthen its capital base and support its ambitious expansion plans. The funds will facilitate entry into new markets and double the bank's assets outside Nigeria by 2027.
Access Bank Plc has raised N351 billion through a rights issue to bolster its capital base beyond the regulatory threshold as it launches an expansion plan. In a statement to Bloomberg on Wednesday, Access Bank stated that its share capital — at N600 billion — now exceeds the minimum required for banks with an international license by 20 percent.
Access Bank confirmed that the new capital inflow has received regulatory approvals from both the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC). The publication added that the fundraising will enable Access Bank to accelerate its expansion into new markets, including Morocco, Egypt, and the United States (US), and double its share of assets outside Nigeria by 2027. The rights offer is part of Access Bank's plan to raise $1.5 billion to help meet its recapitalization target. This exercise for financial institutions increases the minimum capital requirements for commercial, merchant, and non-interest banks. The CBN adjusted the capital base for commercial banks with international licenses to N500 billion, while national and regional financial institutions' capital bases were set at N200 billion and N50 billion, respectively. All banks are required to meet the minimum capital requirement within 24 months, from April 1, 2023, and March 31, 2026
Access Bank Expansion Rights Issue Capital Raising Nigeria
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