Access Holdings Plc, the parent company of Nigeria’s largest bank by assets, intends to raise approximately $1.8 billion to fuel its expansion plans over the next four years, aiming to establish itself as one of Africa’s premier financial institutions.

The ambitious fundraising initiative involves raising $1.5 billion or its naira equivalent through the issuance of shares, bonds, or other financial instruments to support a growth strategy spanning five years, initiated last year.

Additionally, Access plans to generate up to 365 billion naira ($257 million) by offering shares to existing investors.

“What we are going into the market right now is for a rights issue,” Bolaji Agbede, acting group chief executive officer, said on the call.

The acting group CEO, Bolaji Agbede, emphasized that the current market activity pertains to a rights issue during an investor conference call held in Lagos, Nigeria’s economic hub.

Access Bank aims to venture into new territories such as Morocco, Egypt, and the United States, aiming to double its assets' share beyond its domestic market by 2027 and secure a position among Africa's top five banks. Presently, the bank operates across 22 countries, including the United Arab Emirates and the UK.

Agbede assumed the role of acting group CEO following the recent passing of co-founder and former CEO, Herbert Wigwe.

In a recent development, Access announced the acquisition of National Bank of Kenya Ltd. from KCB Group Plc, enhancing its presence in East Africa’s largest economy.

Roosevelt Ogbonna, CEO of Access Bank Plc, emphasized the importance of establishing an optimal capital structure to support the organization's strategic objectives over the next five years, focusing on swift execution.

This capital mobilization initiative aligns with a directive from the Central Bank of Nigeria, urging domestic banks to bolster their capital reserves to withstand potential risks arising from the naira's significant depreciation, which has plummeted by 70% over the past year.

Ogbonna highlighted that the additional capital infusion will empower banks to pursue significant initiatives, while also mitigating and managing associated risks effectively.