Access Bank Plc has raised N351 billion through rights issue to boost its capital base above the regulatory threshold.
Gatekeepers News reports that the bank, in a statement to Bloomberg on Wednesday, said its share capital, which is at N600 billion, is now 20 percent above the minimum required for banks with an international licence
Access Bank said the fresh capital inflow has received regulatory approvals from both the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC).
According to the publication; the fundraising will help Access Bank to accelerate its expansion into new markets including Morocco, Egypt, and the United States (US), and double the 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 recapitalisation target.
Before this, CBN had, on March 28, announced a recapitalisation exercise for financial institutions. It increased minimum capital requirements for commercial, merchant, and non-interest banks.
The apex bank adjusted the capital base for commercial banks with international licenses to N500 billion, while national and regional financial institutions’ capital bases remained at N200 billion and N50 billion, respectively.
CBN instructed all banks to meet the minimum capital requirement between April 1 and March 31, 2026.
