By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s top tier lender, Access Bank Plc said on Monday its seeking approval this month from shareholders of the Bank to raise up to N100 billion ($505 million) fresh capital, according to a Reuters report.

The report says Access Bank may raise the fund through a public offering or a private placement and the shareholder meeting on the proposed debt sale has been scheduled for April 27, 2016.

The lender in 2015 raised N41.7 billion via rights issue for expansion of its branch network and lending, the amount raised was less than the N52.6 billion targeted, with analysts citing difficult market conditions.

Also, Herbert Wigwe, the chief executive officer (CEO) of the Bank had said then devaluation of Nigerian’s local currency, the naira and falling oil prices would negatively affect the fund raiser.

“The naira devaluation will probably dampen foreign investor demand for Access Bank’s N68 billion ($385 million) rights issue. Falling oil prices would hurt appetite for the issue too,” he said.

Shares of Access Bank at the close of today’s session on the Nigerian bourse climbed up 0.75 percent to N4.01 from N398 traded the previous session; gaining 0.03 percent.