By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria’s tier one lender,  Access Bank Plc on Monday said it got shareholders approval to raise fresh funds of  68 billion naira  via a Rights Issue  in order shore up its  capital base.

This is coming on the heels of an extraordinary general meeting (EGM) held today in Lagos Nigeria.

The lender at the EGM said it will issue 7.640 million ordinary shares of 50 kobo each at N8.90 kobo per share.

Access Bank had maintained 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.

At the end of trading on the floor of the Nigerian bourse, share price of the bank lost 6 kobo as it opened 8.77 naira and closed 8.71 naira; declining 0.68 percent.