Business
Access Bank raises N351bn through rights issue to meet CBN’s minimum capital requirement
Access Bank Plc says it has raised N351 billion through rights issue to boost its capital base above the regulatory threshold as it embarks on an expansion plan.
In a statement to Bloomberg on Wednesday, Access Bank said its share capital — 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).
The publication added that 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.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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