Access Bank Announces Another N30b Bond

• Access Bank Announces Another N30b Bond

Access Bank has announced plans to borrow another N30 billion from the public.

The lender revealed it would list N30 billion Tier II bonds on the Nigerian Stock Exchange (NSE) soon.

In a statement released through the NSE, the bank said it has perfected “the process of the issuance of its N30 billion Tier II bond, following the approvals of the Securities and Exchange Commission and the Central Bank of Nigeria.” According to the bank, the bond would mature in 2026.

“The bank has obtained the Central Bank of Nigeria’s ‘No Objection’ to the bond issuance as well as the Securities and Exchange Commission’s approval,” the statement read.

“Access Bank will undertake a listing of the bond on the Nigerian Stock Exchange imminently.”

In July, Access Bank issued N30 billion bond to strengthen operations and up its financial position. A week later, the bank is raising another N30 billion via the NSE.

The bank, however, stated that the market would be updated with additional information in due course.