Nigeria’s biggest bank plans to raise $1.8bn for expansion

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.