Access Holdings Eyes $6.5 Billion Profit by 2027

Access Holdings Plc, founded by Nigerian banker and investor Aigboje Aig-Imoukhuede, aims to earn a profit of N10 trillion ($6.5 billion) by 2027, a critical milestone in its global expansion strategy.

The statement was made during the “Facts Behind the Right Issue Presentation” event in Lagos. Roosevelt Ogbonna, CEO of Access Bank, the holding company’s flagship banking business, described the company’s goal of becoming a worldwide banking leader.

Ogbonna underscored Access Holdings’ ambition to being an internationally recognized banking leader through strong financial performance and ambitious growth initiatives. The company intends to become “Africa’s Gateway to the World,” improving service delivery across three continents and expanding into 22 countries, including the United Arab Emirates and the United Kingdom. Access Holdings expects its customer base to grow to 125 million by 2027, cementing its position as a global leader in the financial services sector.

“Our journey from a handful of branches to a global presence showcases our dedication to sustainable growth,” says Ogbonna. He restated Access Holdings’ objective to be one of the top five banks in the world by 2027, facilitating trade across Africa and offering great customer service.

To support its ambitious expansion ambitions, Access Holdings Chairman Aigboje Imoukhuede announced a rights offering of 17.7 billion shares at N19.75 ($0.0123) each. The earnings from this project will be used to strengthen operational capabilities and expand service offerings throughout its diverse portfolio, which includes banking, asset management, payments, pensions, and insurance.

Under Herbert Wigwe’s leadership, Access Holdings made record-breaking earnings in 2023, increasing by 307 percent year on year to N619.32 billion ($451.7 million) from N152.2 billion ($111 million) in 2022. His legacy continues to fuel the group’s growth trajectory, with Aigboje Aig-Imoukhuede leading the company to long-term success.

In the first quarter of 2024, Access Holdings’ profit increased by 121.85 percent year on year to N159.29 billion ($113.09 million) from N71.80 billion ($46.45 million) in 2023, demonstrating the company’s dedication to growth and profitability. Access Holdings is well-positioned for a bright future on the global financial arena, and it remains committed to achieving its ambitious goals and cementing its position as a worldwide financial powerhouse.

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