Access Holdings Posts ₦1 Trillion Profit Despite Surge in Impairment Charges
Nigerian financial services giant Access Holdings Plc has reported a profit before tax of ₦1.007 trillion for the 2025 financial year, even as the group absorbed significantly higher impairment charges stemming from a deliberate drive to fortify its balance sheet against future risks.
The disclosure came at the company’s fourth Annual General Meeting (AGM) held in Lagos, where Chairman Aigboje Aig-Imoukhuede told shareholders that the group had consciously prioritised financial resilience and regulatory compliance over short-term earnings, a strategic choice he said would underpin sustainable long-term growth.
Aig-Imoukhuede explained that the elevated impairment charges were the direct result of accelerated provisions on legacy credit exposures and regulatory forbearance positions — a proactive measure that weighed on reported earnings but meaningfully strengthened the institution’s balance sheet.
“Periods of economic uncertainty often reveal more about an institution than periods of uninterrupted growth,” the chairman said. “Our focus remains on building a business that is not only growing, but improving in the quality, resilience, and sustainability of its earnings.”
Balance Sheet Expands Sharply
Despite the increased provisioning, Access Holdings reported robust growth across several key financial metrics. Total assets climbed to ₦51.56 trillion, whilst customer deposits expanded strongly — a performance the chairman attributed to enduring customer confidence and the breadth of the group’s franchise across its operating markets.
The Group’s earnings capacity, Aig-Imoukhuede stressed, remained fundamentally sound, with the board committed to prudent capital management and strict adherence to regulatory expectations.
In a development likely to disappoint some investors, the chairman confirmed that dividend payments remain suspended for the time being.
He assured shareholders, however, that distributions would resume as soon as all relevant regulatory conditions had been satisfied, framing the decision as a reflection of the board’s commitment to balancing shareholder returns with long-term financial stability.
Aig-Imoukhuede used the AGM to outline the strategic philosophy guiding the group’s next phase of development, describing a pivot he termed the “From Scale to Value” agenda.
The approach signals a transition away from geographic and operational expansion towards maximising shareholder value — with management focused on ensuring that earnings per share consistently exceed the cost of capital, widely regarded as a fundamental measure of genuine value creation.
The chairman also pointed to what he characterised as substantial unrealised value locked within Access Holdings’ international subsidiaries, noting that efforts are actively underway to improve market recognition of the intrinsic worth of those businesses.
On the matter of corporate governance, Aig-Imoukhuede commended Executive Director for Business Development, Bolaji Agbede, who steered the management team as Acting Group Chief Executive Officer ahead of the appointment of a substantive CEO.
He described the transition as having been executed smoothly, with no disruption to operational stability, strategic direction, or stakeholder confidence.
Closing his address, the chairman reiterated the board’s overarching commitment to building a resilient institution capable of delivering enduring value — one defined, in his words, by disciplined execution, sound governance, and sustainable profitability.
Access Holdings Plc is one of Nigeria’s largest financial services groups, with operations spanning retail banking, lending, insurance, and payments across multiple African markets and beyond.
