Access Holdings shareholders commend performance, expansion drive

Shareholders of Access Holdings Plc have commended the board of directors and management of the group for the impressive financial results presented for the year 2024, as well as the company’s expansion drive.

At the Annual General Meeting (AGM) of Access Holdings on Thursday in Lagos, shareholders noted that the financial results were a product of the management’s hard work and tenacity.

In his comments, Muktar Muktar, Chairman of the Trusted Shareholders Association of Nigeria, noted that the 2024 financial results were achieved through hard work, strategic planning, optimization, risk assessment, prevention, and mitigation.

He recalled that years ago, the bank aspired to reach the one trillion naira threshold, but as of today, the balance sheet stands at N41.2 trillion, despite global fiscal challenges and domestic policies affecting the company’s operations.

Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, applauded the company’s expansion drive and highlighted the impressive contributions of its subsidiaries to the group’s overall performance.

Boniface Okezie, National Coordinator of the Pragmatic Shareholders Association (PSAN), stated that the board deserves accolades for being the first to meet the recapitalization targets.

“Roosevelt, I commend you and your team. You are doing very well. Our earnings are among the greatest of the companies listed on the Exchange. By all indices, you have done well,” he said, affirming that investment in the company is solid and will yield good returns.

Earlier in his remarks, Aigboje Aig-Imoukhuede, Chairman of Access Holdings, noted that the financial performance in 2024 underscores the underlying strength of the balance sheet and the resilience of the group.

“Central to this success was our landmark capital-raising programme, through which we raised N351 billion via a rights issue. This strategic initiative made Access Bank the first Nigerian bank to meet the new N500 billion minimum capital requirement set by the Central Bank of Nigeria, well ahead of the 2026 deadline. The rights issue significantly bolstered our capital base, increasing shareholders’ funds to N3.76 trillion,” he said.

“These results collectively reinforce that Access Holdings is not only a well-capitalized financial group but also structurally positioned to scale sustainably, adapt to policy dynamics, and continue delivering long-term value to you, our shareholders.”

He, however, noted that as Nigeria’s largest deposit taker and a significant player across multiple African markets, Access Bank faced the dual challenges of high foreign costs and a constrained naira liquidity environment, which exerted downward pressure on net margins.

“Consequently, despite our balance sheet expanding to N41.5 trillion, cementing our position as Nigeria’s largest financial institution, we were unable to fully harness the earnings potential that such growth typically affords.”

The Acting Group CEO, Bolaji Agbede, in her comments, stated that Access Holdings Plc grew across major key balance sheet indicators and continues to maintain a well-structured, healthy, and diversified financial position.

She noted that this was evident in the performance of the banking franchise operating in twenty-two markets across four continents, as well as the non-banking subsidiaries in the investment management and technology segments.

“Despite a challenging operating environment and tight monetary policy stance, Access Banking Group, operating across 22 markets on four continents and serving a network of over 60 million customers, delivered strong year-on-year growth across all key performance metrics.

“Subsidiaries of the Banking Group delivered strong double-digit growth, contributing 51 percent to the segment’s Profit Before Tax (PBT), highlighting their rising strategic importance and increasing contribution to overall profitability. Year-on-year PBT and PAT from the subsidiaries grew by 131.1 percent and 151.7 percent, respectively, increasing to N460.6 billion and N307.0 billion in 2024.”

She expressed confidence that the Group is strategically positioned to capture new growth opportunities across the global financial services ecosystem, supported by a strong balance sheet, cutting-edge technology, and a high-performing team.

“We will continue to invest prudently, manage risks effectively, and build deeper relationships with all stakeholders to ensure consistent value delivery,” she said.

At the AGM, shareholders approved the proposed final dividend of N2.05 for the year 2024, bringing the total dividend for 2024 to N2.50 per share. This amounts to a total dividend payout of N125.295 billion.