Access Bank raises $228 million through a rights offer to boost its capital and fund expansion into new markets. The move aligns with regulatory requirements and supports the bank's goal to double assets outside Nigeria by 2027. The bank is also acquiring Bidvest Bank in South Africa.
Access Bank Plc, Nigeria’s largest lender by assets, successfully raised 351 billion naira (about $228 million) through a rights offer. This move aims to strengthen its capital base and surpass a new regulatory capital threshold set for international banks operating in Nigeria. With the additional funds, Access Bank’s total share capital has increased to 600 billion naira, which is 20% higher than the required minimum. The offering, which has received approval from the Central Bank of Nigeria and the Securities and Exchange Commission, will support the bank's expansion strategy.
Access Bank plans to grow its footprint in new markets such as Morocco, Egypt, and the United States, with a target to double its assets outside Nigeria by 2027. This capital raise is part of a broader initiative to meet regulatory requirements, as the Central Bank of Nigeria has mandated major commercial banks to increase their capital to 500 billion naira by March 2026.
The bank’s aggressive expansion into new regions has resulted in operations in 23 countries. Its shares have seen a significant increase, rising by 6.7% in Lagos this year, following a more than 100% increase in 2023. Additionally, Access Bank recently announced the acquisition of Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million), further strengthening its presence in South Africa.
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