Aig-Imoukhuede leads Access Holdings to $400 million profit

Key Points

• Access Holdings posted a $400 million profit in 2024, driven by rising interest income, non-interest revenue growth, and disciplined cost management.
• Assets surged 55.5 percent to $25.85 billion, reinforcing Access Holdings’ lead as Nigeria’s largest bank by assets, outpacing key rivals GTCO and Zenith Bank.
• Under Aigboje Aig-Imoukhuede, the group advanced pan-African growth, securing Kenyan regulatory nod while navigating Nigeria’s pause on new acquisitions.

Access Holdings Plc, the financial services giant chaired by Nigerian banker and investor Aigboje Aig-Imoukhuede, delivered a resilient performance in 2024, posting a profit north of $400 million despite challenging macroeconomic headwinds across its operating markets.

According to its recently published consolidated report, the group’s net profit rose 3.7 percent year-on-year to N642.32 billion ($400.07 million) from N619.32 billion ($385.75 million) reported in 2023. The profit rise stemmed from higher interest income, stronger non-interest revenue, strict cost control, and loan growth — underscoring Access Holdings’ resilience amid currency swings and regulatory shifts

Additionally, total comprehensive income soared 20.02 percent year-on-year from N1.03 trillion($642.53 million) to N1.24 trillion ($771.19 million), buoyed by strong other comprehensive income contributions. Access Holdings maintained solid capital buffers, while its ratio of impaired loans to gross risk assets slightly improved to 2.76 percent, underscoring prudent credit risk management across its lending portfolio.

Access Holdings’ assets surge to $25.85 billion

Access Holdings closed the year with total assets of N41.5 trillion ($25.85 billion), marking a sharp 55.5-percent increase from N26.69 trillion ($16.5 billion) at the end of 2023. The asset expansion reinforced its position as Nigeria’s largest bank by assets, surpassing close rivals Guaranty Trust Holding Company (GTCO) and Zenith Bank.

Shareholders’ equity also posted robust growth, climbing 72.04 percent to N3.76 trillion ($2.34 billion), compared to N2.19 trillion ($1.36 billion) the previous year. Retained earnings swelled by 60.04 percent, reaching N1.14 trillion ($713.14 million), up from N715.13 billion ($443.6 million).

On the back of these strong results, the board proposed a final dividend of N2.05 ($0.00128) per share — a 13.89-percent increase from the N1.80 ($0.0011) declared a year ago — amounting to a total payout of N72.87 billion ($45.39 million).

Strategic expansion under renewed leadership

Access Holdings, now operating in 12 African countries and extending its reach into Europe, is steadily building a more diversified and scalable business. With a focus on strengthening its balance sheet and creating new income streams, the group is cementing its role as one of the more resilient players in Nigeria’s financial sector.

The lender has been navigating a period of change. After the sudden passing of Herbert Wigwe in early 2024, Aigboje Aig-Imoukhuede returned to lead the company, helping to steady the ship during a sensitive leadership transition while continuing to drive its pan-African growth plans.

Access deal stalls pending approval

Just this week, Access Holdings received the green light from Kenya’s Central Bank for a fresh acquisition in East Africa—another step forward in its regional expansion. Still, not everything is moving full steam ahead. The takeover of National Bank of Kenya (NBK)—a deal that would add 77 branches in 28 counties to Access Bank Kenya’s current network of 23—has hit a temporary pause while it awaits final approval from Nigeria’s Central Bank.

As part of the deal, Access has committed to keeping at least 80 percent of NBK’s 1,384 employees, along with all 316 staff members of Access Bank Kenya, for a minimum of one year. It’s a move that highlights the group’s effort to carry out the integration with a sense of social responsibility and care for the people involved.