Access Holdings Shareholders Endorse Long-Term Value Creation Strategy, Express Confidence in Future Returns
LAGOS — Shareholders of Access Holdings Plc have expressed strong confidence in the company's long-term value creation strategy, backing the financial services group's decision to prioritize sustainable growth and regulatory compliance over immediate dividend payouts.
The endorsement followed the company's Annual General Meeting (AGM), where investors reaffirmed their trust in the board and management's ability to deliver superior returns through a strategic transition from expansion-focused investments to sustainable value creation.
With nearly one million shareholders, Access Holdings maintains one of the largest shareholder bases in Africa, with retail investors accounting for more than three-quarters of its ownership structure. Shareholders at the meeting noted that the group's recent performance demonstrated strong fundamentals capable of driving long-term shareholder value.
Founder and Leader of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said investors remain optimistic about the future of Access Holdings, citing its remarkable transformation from a mid-tier bank into one of Nigeria's largest financial institutions.
According to Nwosu, shareholders understood the rationale behind the non-payment of dividends for the 2025 financial year, given the company's past performance and future growth prospects.
Similarly, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said Access Holdings had consistently delivered value to investors over the years, making shareholders willing to support the group's long-term strategy.
"Dividend is important to shareholders, but when you look at the bigger picture, it is like keeping your money in a compounding interest account. The returns will be much greater in the future," Umar stated.
National Chairman of the New Dimension Shareholders Association, Mr. Patrick Ajudua, described the group's 2025 financial performance as commendable, highlighting gross earnings of N5.53 trillion and total assets exceeding N51.5 trillion.
He noted that shareholders accepted the decision not to declare dividends after management explained that it was necessary to comply with regulatory requirements set by the Central Bank of Nigeria (CBN).
Ajudua, however, urged management to continue addressing impairment charges on financial assets and pursue greater cost optimization to improve profitability.
Chairman of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, also commended the company's performance, emphasizing that dividend payment should not be the sole measure of corporate success.
He acknowledged that Access Holdings recorded an earnings per share of N13.48, indicating its capacity to reward investors, but explained that regulatory constraints affecting the banking subsidiary ultimately limited dividend distribution at the holding company level.
Okezie called on regulators to consider the impact of policy decisions on investors and suggested that the board consider declaring an interim dividend later in the year to reassure shareholders and align investor interests with corporate performance.
Also speaking, National Coordinator of ISAN, Mr. Moses Igbrude, expressed confidence in the company's earnings outlook, describing Access Holdings as a strong and well-structured institution capable of delivering substantial value to investors.
According to him, the management team possesses the expertise required to maximize the group's extensive assets and resources while meeting performance projections.
Financial results presented at the AGM showed that Access Holdings recorded a 16.2 per cent increase in profit before tax, rising to N1.01 trillion in 2025. The growth was driven by strong performance in core banking operations, with interest income reaching N1.36 trillion and net fee and commission income increasing by 41 per cent to N585 billion.
Operating income grew by 23.9 per cent to N3.17 trillion, while gross earnings rose from N4.88 trillion in 2024 to N5.53 trillion in 2025.
The group's total assets expanded to N51.56 trillion, while shareholders' funds increased to N4.33 trillion by the end of December 2025. Cost-to-income ratio improved from 56.7 per cent to 51.7 per cent, while Return on Average Equity (ROAE) remained strong at 18.4 per cent.
Despite the robust financial performance, shareholders approved the board's recommendation to retain earnings and focus on restructuring foreign investments in line with regulatory requirements, resulting in the non-declaration of dividends for the 2025 financial year.
The company also reported a strong start to 2026, posting a pre-tax profit of N272.1 billion in the first quarter, compared to N222.78 billion in the corresponding period of 2025. Total assets rose further to N54.44 trillion, while total equity increased to N4.4 trillion as of March 2026.
Speaking at the AGM in Lagos, Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede reaffirmed the group's commitment to sustainable growth, balance sheet resilience and long-term shareholder value.
He said the company's strategy, themed "From Scale to Value," represents the next phase of its evolution, focusing on converting its expansive footprint and investments into higher-quality earnings and sustainable returns.
"Scale created opportunity; value creation is how we fully realise it," Aig-Imoukhuede said.
He added that while Access Holdings continues to generate strong returns, management remains focused on ensuring that earnings per share consistently exceed the cost of capital, thereby unlocking greater value for shareholders.
The chairman also highlighted the significant unrealised value within the group's international subsidiaries and expressed confidence that ongoing efforts would improve market recognition of those assets over time.
"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," he said.
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