According to an emailed statement from Access Bank on Wednesday, the bank's share capital now stands at 600 billion naira, which is 20% above the minimum requirement for international banks operating in Nigeria. This new capital influx has received the necessary approvals from both the Central Bank of Nigeria and the Securities and Exchange Commission.
The funds raised will enable Access Bank, which is under the control of Access Holdings Plc, to accelerate its growth into new markets such as Morocco, Egypt, and the United States, with a goal of doubling the proportion of its assets located outside Nigeria by 2027. This rights issue is part of Access Bank's broader initiative to raise $1.5 billion to comply with regulatory requirements, following a directive from the central bank mandating large commercial banks to increase their capital tenfold to 500 billion naira by March 2026.
Currently, Access Bank operates in 23 countries, having pursued an aggressive expansion strategy. The bank's shares have appreciated by 6.7% in Lagos this year, following a more than twofold increase in 2023. Earlier this month, Access Bank announced its agreement to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million) to further its expansion efforts in South Africa.