Herbert Wigwe, posts over $320 million profit in 9M 2023

Access Holdings, a pan-African financial services conglomerate led by Nigerian banking tycoon Herbert Wigwe, has achieved a remarkable financial milestone, reporting a profit of more than $320 million at the conclusion of the first nine months of its 2023 fiscal year.

According to the financial results, Access Holdings’ profit for the first nine months of the 2023 fiscal year soared from N136.77 billion ($178.2 million) in 2022 to N250.44 billion ($327.1 million) in 2023, cementing its position as one of Nigeria’s most profitable lenders.

This substantial growth was attributed to the uptick in both interest and non-interest incomes, along with the surge in net foreign exchange gains, which skyrocketed from N184.12 billion ($240.8 million) in the same period last year to N314.6 billion ($411.48 million) this year.

The conglomerate’s comprehensive income surged from N33.63 billion ($44 million) to N490.95 billion ($642.1 million).

Access Holdings sees key growth and expansion with Herbert Wigwe at the helm

Access Holdings, a key player in Nigeria’s financial services sector, maintains active operations across 12 African nations and has diligently extended its presence in Africa and Europe. Notably, the conglomerate recently announced plans to acquire the Sub-Saharan African subsidiaries of the UK-based multinational bank Standard Chartered Bank.

Wigwe, the Nigerian multimillionaire banker who serves as the group managing director and CEO of Access Holdings, owns a substantial 7.14-percent stake in the financial giant, equivalent to 2,536,687,116 ordinary shares as of June 30, 2023.

Under his leadership, Access Holdings witnessed a surge in total deposits, increasing from N11.26 trillion ($15.23 billion) at the start of the year to N16.17 trillion ($20.2 billion) as of Sept. 30, 2023. Total loans and advances to banks and customers also grew from N5.56 trillion ($7.27 billion) to N7.46 trillion ($9.75 billion) during the same period.

As a result of its impressive financial performance, the lender’s total assets rose from N14.99 trillion ($20.3 billion) on Dec. 31, 2022, to N21.41 trillion ($28.21 billion) as of Sept. 30, 2023. Furthermore, retained earnings showed a modest increase, rising from N408.7 billion ($534.5 million) to N531.72 billion ($695.4 million).