The bank is planning to double its asset share outside Nigeria by 2027. Credit: Access Bank PLC.

Nigeria’s Access Bank has garnered N351bn ($228m) through a ‘rights offer’ to fund international expansion.

This capital increase is aimed at strengthening the bank’s position above the new regulatory capital requirements as it pursues an expansion strategy.

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The bank’s share capital now stands at N600bn, which is 20% above the minimum required for international banks in Nigeria.

Access Bank said that the rights issue of 17,772,612,811 ordinary shares at N19.75 per share has received full regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.

These funds will enable Access Bank, a subsidiary of Access Holdings, to accelerate its growth into new markets, including Morocco, Egypt, and the US, reported Bloomberg.

The bank aims to double its asset share outside Nigeria by 2027.

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This ‘rights offer’ forms part of a broader plan by Access Bank to raise $1.5bn. The initiative comes in response to the Central Bank of Nigeria’s directive that large commercial banks increase their capital by ten times to N500bn by March 2026.

Access Holdings chairman Aigboje Aig-Imoukhuede said: “Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitalisation directives. We are pleased that this time we are the first to breast the tape.

“The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders confidence in the present value and potential of our Company.

“As we enter into the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

Earlier this month, Access Bank agreed to acquire a 100% equity stake in South Africa’s Bidvest Bank for R2.8bn ($158m).

Bidvest Bank offers corporate, business banking solutions, and retail banking products.