Access Holdings Chairman, Aig-Imoukhuede Says Acquisition Phase Over, Focus Shifts to Shareholder Returns

BY FUNSHO AROGUNDADE

Access Holdings Plc Chairman Aigboje Aig-Imoukhuede said the group has completed 20 acquisitions over 20 years and will now focus on delivering returns to shareholders.

Speaking at the company’s fourth Annual General Meeting in Lagos on Wednesday, June 10, Aig-Imoukhuede outlined the next phase for the lender.

He addressed shareholders after the group reported a pre-tax profit of ₦1.007 trillion and total assets of ₦51.56 trillion.

The Chairman reaffirmed Access Holdings’ commitment to long-term value creation, financial resilience, and disciplined growth.

He said the institution’s measure of success goes beyond growth to include profitability, sustainability, and discipline over time.

“The acquisition era is over. Now comes the returns,” Aig-Imoukhuede told journalists after the AGM. “Our ambition was not for you to see our performance in the lens of Access is a great bank and compare us to GTCO or Zenith. Our ambition was for you to see us as Access a great bank, compare us to Standard Bank of Africa.”

Aig-Imoukhuede led the original acquisition of Access Bank in 2002, when it was a minor regional player with 10,000 customers, limited branch coverage and no meaningful national presence.

By the time he stepped down as CEO in December 2013, the bank had 6.5 million customers, more than 20,000 employees and assets of approximately $12 billion.

His successor Herbert Wigwe continued the inorganic strategy, executing the transformational merger with Diamond Bank in 2019, which made Access the largest bank in Nigeria by customer count overnight, and extending the group’s footprint through acquisitions in Kenya, South Africa, Botswana and multiple other African markets.

2025 performance and strategy

Access Holdings said its 2025 results reflect a strategy to strengthen long-term fundamentals while maintaining financial performance.

The group reported ₦1.007 trillion in profit before tax, supported by a diversified business model and earnings across key markets. Total assets rose to ₦51.56 trillion, with customer deposits also recording growth.

The Chairman said results should be viewed alongside risk management decisions made during the year.

The group accelerated provisions on legacy and regulatory forbearance credit exposures, leading to higher impairment charges.

He described this as a deliberate step to reinforce the balance sheet and improve long-term resilience.

“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.”

Business diversification

The AGM highlighted Access Holdings’ expansion beyond traditional banking into financial services. While banking remains the main earnings driver, businesses in investment management, pensions, insurance, consumer finance, and digital payments contributed more to overall performance.

The group’s platforms including Access ARM Pensions, Access Insurance Brokers, Oxygen X Finance, and Hydrogen Payments continue to expand across retirement services, consumer lending, and digital finance.“

From Scale to Value” Phase

Aig-Imoukhuede said the group’s next development phase is anchored on a “From Scale to Value” strategy. “Scale created opportunity; value creation is how we fully realise it,” he said.

He added that while the group generates strong returns, the long-term objective is to ensure earnings per share consistently exceed the cost of capital and to unlock value in its international subsidiaries.

Dividends and governance
On dividends, the board explained that a temporary suspension resulted from regulatory compliance requirements, not from a weakening financial position. Aig-Imoukhuede assured shareholders that earnings capacity remains strong and that the board is committed to resuming dividend payments once regulatory conditions are met.

“Capital retained today must translate into greater value tomorrow and sustainable returns for our shareholders,” he said.

The AGM also noted leadership changes. Innocent Ike was appointed Group Managing Director and Chief Executive Officer, and Ibironke Adeyemi joined the board as an Independent Non-Executive Director.

Shareholders commended Bolaji Agbede, Executive Director, Business Development, for her leadership as Acting Group CEO before Ike’s appointment.

The Chairman said the transition ensured strategic continuity and operational stability.

Despite macroeconomic uncertainties, Access Holdings said it remains confident based on disciplined execution, a diversified model, a strengthened capital base, and a focus on sustainable value creation.

“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,” Aig-Imoukhuede said.