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Access Holdings Plc Reports Strong FY2023 Financial Performance, Grows PBT By 335%, Earnings To N2.59 Trillion

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Access Holdings Plc (“The Group”) has announced its audited Consolidated and Separate Financial Statements for the year ended
December 31, 2023. In the year under review, the Group recorded a robust growth in its Profits Before Tax, posting a healthy N729 billion, representing 335% year-on-year (YoY) increase from 2022.

Access Holdings’ Gross Earnings also surged by 87% YoY to N2.59 trillion, up from N1.38 trillion in 2022. This remarkable growth was primarily driven by a 100% increase in interest income and a 67.9% growth in non-interest income. The Group’s Net Interest Income also demonstrated strong performance, soaring by 93.5% YoY to N695.4 billion, compared to N359.6 billion in the previous year. The yield on earning assets also rose remarkably from 9.2% in 2022 to 12.8%.

Access Holdings’ Loans & Advances expanded by 60.5% YoY to N8.9 trillion, accompanied by an improvement in the Non-Performing Loan Ratio, which decreased to 2.8% from 3.2% in 2022. The Group closed the year with N2.18 trillion in Shareholders’ Funds, marking a significant 77.5% growth from N1.23 trillion in FY 2022.

Commenting on the performance, Bolaji Agbede, Acting Group Chief Executive Officer, Access Holdings Plc, said: “The Group’s strong performance in 2023 reflects our commitment to delivering value to our shareholders and stakeholders amidst challenging operating environments.

The significant growth in our earnings is a testament to the resilience, strategic focus, and efficiency of our team, and reflects the diversity of our offering across banking, pension, insurance, and payments driven by robust risk management, best-in-class corporate governance, and cutting-edge technology. As we look ahead, we remain committed to driving sustainable growth, consolidating our footprint, and accelerating the attainment of our 2027 strategic objectives.”

Access Holdings’ regulatory ratios strengthened in 2023 as Capital Adequacy Ratios for the Group, and its flagship subsidiary, Access Bank, stood at 19.01% and 21.09%, respectively. The Liquidity Ratio remained robust at 51.8%, well above the regulatory threshold. Roosevelt Ogbonna, Managing Director/CEO, Access Bank remarked on the Bank’s accomplishments, saying: “As we reflect on the results of 2023, characterised by robust growth, strategic acquisitions, and expansion into key trade hubs, I am excited about the
prospects for Access Bank. Our relentless focus on customer-centricity, digital www.accessbankplc.com innovation, and operational excellence has positioned us strongly to capitalise on emerging opportunities. As we enter the consolidation and efficiency phase of our Africa and international expansion strategy, we remain committed to driving sustainable growth, enhancing shareholder value, and delivering exceptional banking experiences to our customers across Africa and beyond.”

Access Holdings’ other subsidiaries also posted strong results, as Access Pensions Limited recorded a 75% growth in gross revenues, amounting to N12.3 billion, while Hydrogen Payment services posted an operating income of N2.1 billion and a PBT of
N161 million.

Access Holdings Plc acquired Megatech Insurance Brokers Ltd. (now known as Access Insurance Brokers Ltd.) and successfully completed a US$300million capital injection into Access Banking Group, which acquired several entities including Finibanco Angola
S.A., and select Standard Chartered Bank operations in Africa.

Access Bank’s UK subsidiary also opened a branch in Paris and received regulatory approval to commence operations in Hong Kong.
The Group has proposed a final dividend of N1.80 kobo per share for the 2023 financial year, bringing the total dividend payment to N2.10 kobo per share with a total value of N74.6 billion.

Reiterating his confidence in the organisation’s resilience, Aigboje Aig-Imoukhuede, Chairman, Access Holdings, said: “As we navigate this transformative period, we remain confident in the leadership of the Group to continue this upward trend and set the standard for financial service groups in the continent. Access Holdings has a rich history of excellence, and we will continue to deliver unparalleled value to our stakeholders.”

Commencing in the second half of 2024, the Group’s Africa and international expansion strategy will enter the consolidation and efficiency phase, aligning with the institution’s five-year plan to accelerate the attainment of its 2027 strategic objectives. www.accessbankplc.com

Access Holdings Plc

Access Holdings Plc (‘the Company’) operates through a network of more than 700 branches and service outlets, spanning three continents, 21 countries and serving over 60 million customers. The Company serves its various markets through four subsidiaries across the banking, payment, pension administration and insurance sectors through four operating companies, viz: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited and Access Insurance Brokers Limited.

Access Bank Plc serves its various markets through four business segments – Retail Business, Commercial and Corporate, and has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty years. Following its merger with Diamond
Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and the Nigeria’s largest bank by total assets.

Hydrogen, the payment company, leverages the strong suite of the Bank’s existing assets and customer base, creating a super fintech that will be Africa’s most powerful business services network. Hydrogen being a company of African heritage has a clear understanding of the unique payment challenges across the continent and is positioned to address these challenges with its offerings. Its range of products and services, such as InstantPay, Payment gateway, POS services, Card and Switch processing are gaining traction in the marketplace while addressing the unique needs of customers.

Access Pensions Limited became a subsidiary of Access Holdings following the acquisitions of the former First Guarantee Pension Limited and Sigma Pensions Limited and their subsequent merger. The merger created the fourth largest Pension Fund Administrator in Nigeria by total assets with over 1million customers. As one of Nigeria’s leading Pension Fund Administrators (PFA), Access Pensions Limited will leverage key relationships and a growing ecosystem across Africa to unlock greater opportunities for the more than 60 million retail customers.

Access Insurance Brokers Limited is a company licensed by the National Insurance Commission which provides intelligent solutions that mitigate the unique risks faced by individuals and business in an ever-changing world using leading risk management tools and governance standards. Access Holdings Plc strives to invest in businesses that are committed to sustainable practices and have a positive impact on the environment.

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BIG STORY

JUST IN: Warri Refinery Has Resumed Operations — NNPCL

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Barely a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery, the Nigerian National Petroleum Company Limited has announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Warri, Delta State, is now operational.

This was disclosed by the NNPCL Group Chief Executive Officer, Mele Kyari, during a tour of the facility on Monday.

A video posted by Channels TV on Monday showed Kyari addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

Before the tour commenced, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

According to him, although the repairs on the facility are not yet 100 per cent complete, operations have commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

Located in Ekpan, Uwvie, and Ubeji, Warri, the petrochemical plant produces 13,000 metric tonnes per annum (MTA) of polypropylene and 18,000 MTA of carbon black.

Commissioned in 1978 and managed by NNPCL, the WRPC was built to supply markets in the southern and southwestern regions of Nigeria.

The mechanical completion of the facility was initially scheduled for the first quarter of 2024, according to the NNPCL spokesperson, Olufemi Soneye.

“Warri should be done by Q1 (first quarter) 2024,” Soneye stated.

The WRPC is one of Nigeria’s four refineries, alongside the old and new Port Harcourt Refining Company in Rivers State and the Kaduna Refining and Petrochemical Company in Kaduna State.

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BIG STORY

Wike Slams Peter Odili, Says I Brought You Back To Life Politically

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The Minister of the Federal Capital Territory, Nyesom Wike, on Sunday, strongly criticized ex-Rivers State Governor, Peter Odili, calling him a rent seeker and an ingrate for supporting the current Governor, Siminalayi Fubara.

Wike was responding to Odili’s recent statement that Fubara stopped him (Wike) from turning Rivers into his personal estate.

According to a statement on Sunday from his media aide, Leke Olayinka, Wike made his remarks at a Special Thanksgiving Service organized by the factional Speaker of the Rivers State House of Assembly, Martin Amaewhule, at the Church of Nigeria (Anglican Communion), Oro-Igwe/Eliogbolo Archdeaconry Church of the Holy Spirit, Eliozu Parish, Port Harcourt.

Wike, who labeled Odili an ingrate, recounted how he built a house for the former governor and mentioned that Odili also had some of his family members in government positions, turning Rivers into his private estate.

“Must you be a trader all the time? As governor for eight years, what else are you looking for? You know, I didn’t want to say anything. But somebody called me last night, and told me what someone said in the social media. I said until I read it myself. This morning, I read in the newspapers, what our former Governor, Sir Dr Peter Odili said.”

“What did he say? He said that the present governor has been able to stop one man who wanted to convert Rivers State to his personal estate. Between him and myself, who has turned Rivers State to his personal estate? His wife is a Chairman of Governing Council, his daughter is a commissioner, his other daughter is a judge and he is the general overseer. Who has now turned Rivers State to his private estate? I am sure if care is not taken, if there is a chance, he can even arrange a marriage for the governor.”

“In 2007 after he left office, he couldn’t come near power in the State because Amaechi was the governor then. He was gone! Like somebody said that God will use someone to lift up someone. When I came in as governor in 2015, I won’t use the word resurrected, but I brought him back to life,” Wike said.

The Minister also mentioned that Odili had previously praised him as being better than past governors in the state, asserting that the former Governor had reduced himself to a laughingstock.

“All of you here remember when I was governor, this same Odili praised me to high heaven. In fact, he said then that all past governors in Rivers State combined did not do better than me. Now, because you have organized a Christmas Carol for the governor, I didn’t say you should not do your Christmas Carol. But why reduce yourself to such a laughing stock? People will still see it on television how he was telling the whole world then how God used me to bring him back to life politically.”

“The governor that all of us made has not spent one year in office and the same Odili was already saying that the governor has beaten the records of all the past governors of Rivers State. When I was there, he said I had surpassed the records of all the past governors, including himself. What can he even show that he did in his eight years as governor? But a governor has not spent one year, you are saying he has done more than all the past governors.”

The Minister further emphasized that the former Governor had no significant accomplishments during his eight years in office. He added that Odili failed in his Presidential bid and opposed Fubara’s emergence as Governor of Rivers State.

“You spent eight years as governor and someone who hasn’t spent one year has surpassed your records, what manner of elder talks like that? Is that what an elder statesman should be known for?”

“When I was plotting who will be governor after me, was he (Odili) there? Then, he was complaining about this governor, saying that he couldn’t stand before the public to talk. But today, he is organizing Christmas Carol for the same governor he was against then.”

“He has forgotten all that he said in the past. I named this after you, I named that after your wife. What have I not done? This is a man who wanted to run for President then, he didn’t have the balls, he chickened out. Simply because Obasanjo said no, he will not contest, he ran away. Because of him, I never invited Obasanjo to Rivers State to inaugurate projects. I felt it would humiliate him,” Wike said.

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BIG STORY

Customs To Auction Seized Petrol At N400 Per Litre [PHOTOS]

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The Nigeria Customs Service (NCS) says it will auction 15,325 litres of seized premium motor spirit (PMS), popularly called petrol, to ease transportation during the festive period.

Hussein Ejibunu, national coordinator of the service’s Operation Whirlwind, made the announcement on Saturday at a press briefing held at the Customs Training College, Ikeja, Lagos State.

Ejibunu said the product, valued at N27.5 million, was seized during operations in Lagos and Ogun states.

He said Adewale Adeniyi, the Comptroller-General of Customs, has directed that the products be auctioned at the rate of N10,000 per 25 litres.

The coordinator further said a court condemnation order and all legal processes have been finalised by the office of the legal adviser to facilitate the auctioning.

“This operation has been on since 27 May 2024 and has yielded positive results, as the CGC has urged the operatives to continue sustaining the tempo until the activities of these economic saboteurs are stamped out of this country,” Ejibunu said.

“On this note, the CGC has directed Auctions of the seized product to members of the public at the rate of N10,000 per 25 litres. This will ease the transportation hardship during this festive period.”

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