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Report: Access Bank shareholders approve capital hike, final dividend payment

Access BankPlc's board of directors received shareholder approval to raise upto 100 billion Nigerian naira in new debt capital at the lender's April 27annual general meeting, Nigeria's TheNation reported April 28.

The capital hike via the issuance of nonconvertible loans,notes, bonds and any other instruments either as a stand-alone issue or througha debt issuance program, the newspaper noted. The issuancesupports Access Bank's strategic growth plans and prudent risk management, theboard reportedly said.

"This need is underscored by the growing scale ofregulatory headwinds and economic realities which have further put demands oncapital," the board added, noting that from July 1, the capital adequacyratio for systemically important banks will increase to 16% from 15%.

Shareholders also approved a final dividend of 30 kobo pershare for 2015, in addition to an interim dividend of 25 kobo per share, bringingthe total dividend to 55 kobo per share, TheNation reported.

As of April 27, US$1was equivalent to 199.05 Nigerian naira.