Nigeria’s biggest bank plans to raise $1.8bn for expansion
TLDR
- Access Holdings Plc plans to raise $1.8 billion for expansion, aiming to be a top African financial institution.
- The capital raise involves obtaining $1.5 billion through shares, bonds, or other financial instruments and raising an additional 365 billion naira ($257 million) from existing investors.
- Access seeks to diversify into new markets like Morocco, Egypt, and the US, intending to double its assets outside its domestic market by 2027.
Access Holdings Plc, the parent company of Nigeria’s leading bank by assets, is gearing up to raise around $1.8 billion to fuel its expansion plans over the next four years, with aspirations to emerge as one of the continent’s premier financial institutions.
The capital raise initiative involves securing $1.5 billion or its naira equivalent through the issuance of shares, bonds, or alternative financial instruments. Additionally, Access intends to generate up to 365 billion naira ($257 million) by offering shares to existing investors.
With a five-year growth strategy initiated in the preceding year, Access aims to diversify its footprint into new markets such as Morocco, Egypt, and the United States. As part of this trajectory, the bank aims to double the proportion of assets held outside its domestic market by 2027, ultimately positioning itself among Africa’s top five banks. Presently, Access operates in 22 countries, including the United Arab Emirates and the United Kingdom.
Points clés à retenir
Bolaji Agbede, who assumed the role of acting group chief executive officer following the passing of co-founder and former CEO Herbert Wigwe, has been leading Access Holdings Plc through a period of transition. Recently, the company unveiled a significant move to bolster its presence in East Africa by acquiring National Bank of Kenya Ltd. from KCB Group Plc, marking a strategic expansion into the region's largest economy. This capital-raising initiative aligns with a directive from the Central Bank of Nigeria urging lenders in the West African nation to fortify their capital reserves. The aim is to safeguard against potential risks stemming from the considerable depreciation of the naira, which has plummeted by 70% in value over the past year. The group reported a profit after tax of N612.4 billion up 300% from the year before and the largest profit ever posted by the company.
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