Access Holding eyes $1.5bn share sale

Nigeria's Access Holding Plc plans to seek a shareholders vote next month for approval to launch a capital raising programme of $1.5 billion via a share sale or bond offering, it said in a notice ahead of the vote.

The holding company, which owns Access Bank, Nigeria's biggest lender, said it will also ask existing shareholders to raise N365 billion ($257.93 million) through a rights issue at a meeting set for April 19.

A recapitalisation is looming for the banking sector in Africa's biggest economy and most populous nation after central bank governor Olayemi Cardoso said lenders need to play a bigger role in boosting economic growth.