Access Holdings Plc on Tuesday signed N17.77 billion rights issue ordinary shares of N0.50 each at N19.75 pr share, in line with its capital raising drive.

The Central Bank of Nigeria (CBN) recently raised the minimum capital base for banks with international authorisation at N500 billion.

Speaking at the official signing ceremony at a board meeting in Lagos, Aigboje Aig-Imoukhuede, group chairman said the proceeds will be used for the group’s expansion drive across Africa and beyond.

He said the fund will also be channeled to non-banking business like pension and fintech.

The apex bank also increased the minimum capital base for commercial banks holding national authorization to N200 billion, and for those with regional authorization to N50 billion. Merchant banks now have a minimum capital requirement of N50 billion, while non-interest banks holding national and regional authorizations must adhere to new minimum requirements of N20 billion and N10 billion, respectively.