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Access Holdings Plc, led by Nigerian banker and investor Aigboje Aig-Imoukhuede, continues its impressive financial streak into the first quarter of 2024, recording a staggering 121.85-percent year-on-year surge in profit to N159.29 billion ($113.09 million). This demonstrates its unwavering commitment to sustained growth and profitability.
This record Q1 financial performance follows a record-breaking 2023 that solidified Access Holdings’ position as a dominant force in Africa’s financial services industry. The group’s Q1 2024 results, released recently, paint a picture of robust financial health across key metrics.
The triple-digit surge in the group’s profit was driven by a substantial uptick in both its interest and non-interest incomes, in addition to a significant increase of 129.3 percent in gross earnings from N 424.92 billion ($305.28 million) to N974.24 billion ($699.94 million).
Leadership and strategic focus drive growth
Access Holdings, a pan-African financial powerhouse has continued its strategic expansion across Africa’s financial landscape, boasting a presence in 12 African nations and venturing into European markets. The conglomerate operates as a holding company for various financial entities, encompassing banking, asset management, payments, pensions, and insurance.
The group functions as a holding company for a diverse range of financial entities, including banking, asset management, payments, pensions, and insurance. This diversified structure finds renewed support with the return of Aigboje Aig-Imoukhuede, a business and philanthropic leader, to the helm following the passing of banking titan Herbert Wigwe.
Assets surge under new leadership
Under Aig-Imoukhuede’s leadership, Access Holdings is poised to become a global financial force. Total assets expanded by 22.04 percent, from N26.69 trillion ($19.18 billion) as of Dec. 31, 2023 to N32.57 trillion ($23.41 billion) by March 31, 2024.
Shareholders’ equity and retained earnings also rose, climbing from N2.19 trillion ($1.57 billion) and N715.13 billion ($513.90 million) to N2.55 trillion ($1.83 billion) and N884.94 billion ($635.83 million) respectively during the same period.
