Nigeria’s Access Bank raises $228m in rights offer

Access Bank Plc, Nigeria’s largest lender by assets, successfully raised 351 billion naira ($228 million) in rights offer to increase its capital to meet new regulatory requirements as part of its growth strategy.

Access Bank stated in an email on Wednesday that the lender’s share capital of 600 billion naira now exceeds the minimum requirement for international banks operating in the West African country by 20 per cent.

The fundraising will support Access Bank in expanding into new markets such as Morocco, Egypt, and the US, and aims to double its assets outside its home market by 2027, the report added.

Access Bank plans to raise $1.5 billion through the rights offer to meet regulatory requirements. The central bank has mandated large commercial lenders to increase their capital to 500 billion naira by March 2026.

Attribution: Bloomberg

Subediting: M. S. Salama