By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s tier one lender, Access Bank Plc will (tomorrow) Monday October 13, 2014 hold an extraordinary general meeting (EGM) to seek shareholders approval on its proposed 68 billion naira Rights Issue.

At the EGM, the lender will seek shareholders approval by way of a vote on a Rights Issue.

Access Bank says the proposed capital raiser is at N8.90 kobo per share and it will issue 7.640 million ordinary shares of 50 kobo each.

According to the tier one lender, the Rights will be on the basis of one (1) ordinary share for every three (3) fully paid ordinary shares held by shareholders of the bank.

Obinna Nwosu, group deputy managing director (GDMD) in late September told journalists that funds to be raised from the proposed Rights will be used for expansion purposes.

“Now to talk specifically, the money that would be raised will be used for the bank’s expansion. Some will be used as working capital and then in keeping with our international bank and African strategy, we will also continue to expand,’’ he said.

The Nigerian tier one lender, said it will open its China unit mid-October; as it’s seeks expansion to the Middle East and Asia.

Similarly, the lender affirmed it will expand further to Africa targeting viable economies like Kenya and Angola.