In a resounding vote of confidence, shareholders of Access Holdings Plc have approved a N125.29 billion dividend payout for the 2024 financial year, reflecting a robust 67% increase from the N74.6 billion distributed in 2023. The decision, ratified at the company’s 3rd Annual General Meeting (AGM) in Lagos on May 16, 2025, underscores the financial giant’s stellar performance and strategic growth in Nigeria’s banking sector.
The approved dividend translates to N2.50 per share, comprising a final dividend of N2.05 and an interim dividend of N0.45, rewarding the company’s 35.5 million shareholders. Chairman Aigboje Aig-Imoukhuede attributed the success to a landmark N351 billion rights issue, which made Access Bank, a subsidiary, the first Nigerian bank to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement ahead of the 2026 deadline. This boosted the group’s shareholders’ funds to N4.76 trillion, reinforcing its position as Nigeria’s largest bank by assets, valued at N24 trillion.
The 2024 financial year saw Access Holdings achieve a 129.3% gross earnings growth, reaching N2.9 trillion, driven by a 150% surge in interest income and a 110% increase in non-interest income. Profit after tax soared to N159.29 billion in Q1 2024 alone, propelled by digital banking innovations, including a mobile app serving 60 million users and a 200% growth in diaspora remittances. The company expanded its footprint with 50 new branches, bringing its network to 1,900 across 15 countries, and increased its customer base to 65 million, with 40% in rural areas.
Shareholders, including Boniface Okezie of the Progressive Shareholders Association, praised the board’s performance but urged cost reductions, particularly on fees paid to the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC), which consumed 15% of operating costs. Adetutu Shiyanbola, chairperson of the Highly Favoured Shareholders Association, lauded the board’s transparency, noting that the dividend payout reflects a 30% payout ratio, balancing reinvestment and shareholder returns.
Access Holdings’ strategic focus includes a 2027 target to serve 100 million customers and expand into Asia and the Middle East, with $200 million allocated for green financing. Challenges include Nigeria’s 32% inflation rate, which squeezes loan margins, and cybersecurity risks, with 10,000 fraud attempts thwarted in 2024. The company’s adoption of AI-driven fraud detection and a N50 billion cybersecurity fund aims to mitigate these risks. With a share price of N16.85, up 25% from 2023, Access Holdings remains a cornerstone of Nigeria’s financial landscape, though analysts caution that sustaining growth requires navigating economic headwinds.
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