Abuja, (EPICSTORIAN) – Access Bank Plc, Nigeria’s largest lender by assets, has successfully raised 351 billion naira (approximately $228 million) through a rights offer, significantly boosting its capital base to 600 billion naira.
This increase positions the bank 20% above the Central Bank of Nigeria’s (CBN) minimum capital requirement for international banks operating in the country.
Access Bank Plans Strategic Expansion
The newly acquired capital is earmarked to accelerate Access Bank’s expansion into new markets, including Morocco, Egypt, and the United States. The bank aims to double the proportion of its assets outside Nigeria by 2027, aligning with its strategic growth objectives.
Regulatory Approvals and Digital Innovation
The rights offer has received full regulatory approvals from both the Central Bank of Nigeria and the Securities and Exchange Commission.
Notably, Access Bank executed this rights issue entirely through digital platforms, leveraging the Nigerian Exchange Group’s E-offer platform to provide shareholders with a seamless and efficient subscription experience.
This approach underscores the bank’s commitment to innovation and accessibility in the financial sector.
Financial Performance and Market Position
Access Bank’s shares have demonstrated robust performance, rising 6.7% in Lagos this year, following a more than doubling of shares in 2023. Earlier this month, the bank agreed to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million), further expanding its footprint in South Africa.
Leadership’s Perspective
Aigboje Aig-Imoukhuede, Chairman of Access Holdings Plc, expressed confidence in the bank’s future, stating, “We are pleased that this time we are the first to breast the tape. The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our Company.”
Future Outlook
With the successful completion of this rights offer, Access Bank is well-positioned to leverage its enhanced capital base to pursue sustainable growth and deliver value to its stakeholders.
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The bank’s strategic initiatives indicates a forward-looking approach, aiming to strengthen its market position both within Nigeria and across the African continent.
