… Nigeria’s largest financial services group posts N1.01trn pre-tax profit as investors endorse strategic pivot from scale to sustainable value
Rashidat O. Okunlade Writes
Shareholders of Access Holdings Plc have thrown their full weight behind the group’s long-term value creation strategy, expressing strong confidence in the earnings trajectory of Nigeria’s premier financial services institution as it executes a deliberate plan to transform pan-African and global investments into sustainable shareholder returns.
The endorsement came during the group’s annual general meeting in Lagos, where investors across multiple shareholder associations praised the holding company’s performance and strategic direction, even as they accepted the board’s decision to forgo dividend declaration for the 2025 financial year in compliance with regulatory requirements.
With a shareholder base approaching one million, one of the largest across Africa, and retail minority investors accounting for over 75 per cent of that figure, the collective vote of confidence carries significant weight. Domestic minority retail shareholders typically drive nearly half of all transactions on the Nigerian stock market, making their sentiment a critical barometer of market confidence.
Shareholders Speak: ‘No Cause for Worry’
Sir Sunny Nwosu, Founding Coordinator and Leader of the Independent Shareholders Association of Nigeria (ISAN), dismissed any apprehension about the group’s future, pointing to its remarkable evolution from a mid-tier bank to Nigeria’s largest financial institution by multiple metrics.
“Shareholders have witnessed this transformation firsthand,” Nwosu said. “The understanding we’ve shown regarding the non-declaration of dividends for 2025 is rooted in both past performance and future expectations.”
Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), echoed this sentiment, describing Access Holdings as having “endeared itself to shareholders through consistent performance over time.”
“We’ve no cause to worry about Access Holdings,” Umar stated. “True, dividends are important to us shareholders, but when you take everything together, it’s like keeping your money in a compounding interest account, you’re going to get the bumper return at the end.”
The Dividend Dilemma: Regulatory Compliance Takes Precedence
The 2025 financial year saw the group post earnings per share of N13.48, yet shareholders approved management’s decision to prioritise structural realignment of foreign investments over dividend distribution, a move necessitated by Central Bank of Nigeria regulatory requirements.
Mr. Patrick Ajudua, National Chairman of New Dimension Shareholders Association, acknowledged the group’s commendable growth trajectory, citing gross earnings of N5.53 trillion and total assets exceeding N51.53 trillion.
“As shareholders, we express our satisfaction with the company’s overall performance, particularly in light of the decision not to distribute dividends this year,” Ajudua said. “This decision was clarified as a necessary step to ensure compliance with CBN regulations.”
However, shareholders also identified areas requiring management’s sustained attention, including impairment charges on financial assets and cost optimisation, concerns Ajudua said were raised during the AGM deliberations.
Performance Metrics That Tell the Story
Access Holdings delivered robust financial performance in 2025, underscoring the fundamental strength that underpins shareholder confidence:
Pre-tax profit: N1.01 trillion (16.2% year-on-year growth)
Gross earnings: N5.53 trillion (up from N4.88 trillion in 2024)
Total assets: N51.56 trillion (expanding to N54.44 trillion by Q1 2026)
Operating income: N3.17 trillion (23.9% growth)
Net fees and commission income: N585 billion (41% increase)
Core banking interest income: N1.36 trillion
Shareholders’ funds: N4.33 trillion (improving to N4.4 trillion by March 2026)
Return on Average Equity (ROAE): 18.4%
Cost-to-income ratio: Improved from 56.7% to 51.7%
The momentum has continued into 2026, with first-quarter pre-tax profit reaching N272.1 billion, up from N222.78 billion in the comparable period of 2025, positioning the group to potentially surpass its N1 trillion profit milestone.
The ‘From Scale to Value’ Philosophy
Chairman Aigboje Aig-Imoukhuede, addressing the AGM, framed the group’s strategic transition as a natural evolution rather than a departure from its growth trajectory.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth,” Aig-Imoukhuede said. “Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings.”
He elaborated on the group’s strategic pivot: “Our strategy, ‘From Scale to Value,’ reflects the natural evolution of our journey. Scale created opportunity; value creation is how we fully realise it.”
The Chairman acknowledged the significant unrealised value embedded within the group’s international subsidiaries and reiterated management’s commitment to improving market recognition of that intrinsic value over time.
“Our approach is clear: capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders,” Aig-Imoukhuede stated. “Our responsibility is to justify the confidence of our shareholders by building an institution that endures, one defined by clarity of purpose, discipline of execution, and sustainable value creation over time.”
A Call for Interim Dividend
While shareholders broadly supported the board’s strategic direction, Mr. Boniface Okezie, Chairman of the Progressive Shareholders Association of Nigeria, urged the board to consider an interim dividend by September 2026 to mitigate the impact of the current non-payment.
“With earnings per share so impressive at N13.48, the company is certainly capable of rewarding its shareholders for even as much as N5 per share,” Okezie noted. “We know it’s CBN’s rules that posed challenges for dividend disbursement.”
He further appealed to regulators to consider the impact of their policies on investors, emphasising that dividends remain a critical reflection of corporate success.
“When a company performs well, fulfilling dividend expectations becomes crucial for maintaining investors’ satisfaction, especially for those who have supported the bank during challenging times,” Okezie added.
Outlook: Robust and Well-Structured
Mr. Moses Igbrude, National Coordinator of ISAN, expressed unwavering confidence in Access Holdings’ earnings outlook, describing the institution as “a robust and well-structured financial institution poised to provide substantial value to its shareholders.”
“We are confident the management team possesses the necessary skills and expertise to effectively leverage the group’s assets and resources, ensuring they meet their projections and fulfill the commitments made to investors,” Igbrude said.
Analyst Perspective
The shareholder endorsement comes at a pivotal moment for Access Holdings as it navigates a dynamic operating environment while executing its ambitious pan-African expansion strategy. With total assets now exceeding N54 trillion and a clear strategic roadmap anchored in value creation, the group appears well-positioned to deliver on its promise of sustainable long-term returns.
Industry observers note that the board’s disciplined approach to capital allocation, prioritising regulatory compliance and structural realignment over short-term dividend payouts, may prove prescient as the group consolidates its position as Africa’s gateway to the global financial system.
For further information, contact:
ROTAMediaNews Editorial Desk
Rashidat Olushola Okunlade
rotamedianews@gmail.com businessechomag@gmail.com
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