Access Holdings, led by Aigboje Aig-Imoukhuede, takes over Gambian bank

Key Points

• Access Holdings has finalized its acquisition of Standard Chartered Bank Gambia, marking a major step in its expansion across Africa.
• The deal ends Standard Chartered’s 130-year presence in The Gambia and follows the bank’s retreat from underperforming markets in Africa and the Middle East.
• Under Aig-Imoukhuede, Access Holdings is scaling aggressively across Africa, bolstered by strong financial performance and a robust asset base topping $25 billion.

Access Holdings Plc, a leading African financial services group led by Nigerian banker and investor Aigboje Aig-Imoukhuede, has completed the acquisition of Standard Chartered Bank Gambia, deepening its West African footprint and consolidating its status as the region’s most aggressive banking acquirer.

The landmark transaction, which marks the end of Standard Chartered’s 130-year presence in the country, forms part of a wider strategic retreat by the British banking giant from seven African and Middle Eastern markets where revenues have been tepid. In a statement on its website, Standard Chartered said the move was designed to sharpen its focus on high-growth markets and streamline its global operations.

“This exit is not a withdrawal from Africa, but a strategic repositioning,” the bank noted, while confirming its commitment to corporate banking in Tanzania and Côte d’Ivoire, where it will scale down retail operations. 

A new chapter for The Gambia’s financial landscape

At a press briefing in Banjul, the Governor of the Central Bank of The Gambia, Buah Saidy, confirmed that Access Bank Limited has officially taken over Standard Chartered’s operations in the country. He praised the process as smooth and transparent. “The buyer is Access Bank Limited. Standard Chartered will cease operations as of Friday, June 13, and we will request the return of its banking licence,” he said.

Governor Saidy noted that the central bank worked closely with both institutions to make the handover as straightforward as possible for customers and employees alike. “We’ve made sure Standard Chartered staff are integrated into Access Bank without disruption. Our goal has been to maintain confidence and continuity in the banking sector,” he added.

He described Access Bank as a well-capitalized institution and expressed confidence in its ability to contribute to The Gambia’s economy. “Access is a big bank with strong financial backing. We believe it’s well positioned to expand financial services and support growth across the country,” he said.

Continental ambitions under Aig-Imoukhuede

The acquisition aligns with Access Holdings’ larger continental playbook, which aims to build a network of cross-border financial services that power trade, payments, and commerce across Africa. Under Aig-Imoukhuede’s revitalized leadership, the group is driving inorganic growth through strategic acquisitions in core African markets.

Following its entry into Tanzania earlier this year and its continued expansion into Francophone and Anglophone West Africa, Access Holdings now boasts presence in more than a dozen African countries, with additional footprints in the UK, France, and other global trade hubs.

Strong financial backbone

Access Holdings capped off 2024 with a resilient performance, growing group profit by 3.7 percent year-on-year to N642.32 billion ($400.07 million). Total comprehensive income surged 20.02 percent to N1.24 trillion ($771.19 million), backed by gains in other comprehensive income and prudent credit risk management.

The group’s total assets rose sharply by 55.5 percent to N41.5 trillion ($25.85 billion), reinforcing its position as Nigeria’s largest bank by assets. Shareholders’ equity climbed by an impressive 72.04 percent, hitting N3.76 trillion ($2.34 billion), while retained earnings jumped by 60.04 percent to N1.14 trillion ($713.14 million).

With the Gambia deal finalized and further expansion in the pipeline, Access Holdings under Aig-Imoukhuede is solidifying its transformation into a truly pan-African financial services champion.