Access bank shareholders permit additional N100 billion capital

On Wednesday, the Access Bank shareholders permitted the raise of additional N100 billion capital for investment and development through the capital market. This approval was made by the shareholders during the bank's 27th Annual General Meeting which was held in Lagos. According to Premium Times, the president, the Progressive Shareholders Association of Nigeria( PSAN), Mr Boniface Okezie, made a suggestion for the capital to be raised through the sell of bonds in order to avoid over bloating of the bank's share capital. Mr Okezie advised the bank not to think of raising the capital through right issue or public offering as the bank has already done that in 2015. The bank's Chairman, Mosun Belo- Olusoga stated that the capital raise would go along way in allowing the bank to maintain a big and fat Capital Adequacy Ratio and to withstand the regulatory tough actions.