Table of Contents
Key Point
- Access Holdings targets N10 trillion ($6.5 billion) profit by 2027, aiming for global banking leadership and expanding to 22 countries.
- Access Bank CEO Ogbonna outlines vision to become “Africa’s Gateway to the World,” boosting customer base to 125 million by 2027.
- Rights issue of 17.7 billion shares to enhance operational capabilities, supporting diverse portfolio growth across financial services.
Access Holdings Plc, led by Nigerian banker and investor Aigboje Aig-Imoukhuede, has set forth bold plans to achieve a N10 trillion ($6.5 billion) profit milestone by 2027, marking a significant step in its global expansion strategy.
The announcement was made during the “Facts Behind the Right Issue Presentation” held in Lagos. Roosevelt Ogbonna, CEO of Access Bank, the holding company’s flagship banking unit, outlined the company’s vision of becoming a leading global banking entity.
Access Holdings aims for global banking leadership
Ogbonna emphasized Access Holdings’ commitment to becoming a globally respected leader in banking through robust financial performance and expansive growth initiatives. The company aims to transform into “Africa’s Gateway to the World,” enhancing service delivery across three continents and expanding its presence to 22 countries, including the United Arab Emirates and the United Kingdom. Anticipating a surge in its customer base to 125 million by 2027, Access Holdings seeks to solidify its position as a market leader in the financial services sector.
“Our journey from a handful of branches to a global presence showcases our dedication to sustainable growth,” remarked Ogbonna. He reiterated Access Holdings’ ambition to rank among the top five banks globally by 2027, facilitating trade across Africa and providing exceptional customer service.
To support its ambitious growth plans, Access Holdings Chairman Aigboje Imoukhuede announced a rights issue offering 17.7 billion shares at N19.75 ($0.0123) each. The proceeds from this initiative are earmarked to bolster operational capabilities and enhance service offerings across its diversified portfolio, which includes banking, asset management, payments, pensions, and insurance.
Aig-Imoukhuede steers future growth
Under the late Herbert Wigwe’s leadership, Access Holdings achieved record-breaking profits in 2023, with a 307 percent year-on-year surge to N619.32 billion ($451.7 million), compared to N152.2 billion ($111 million) in 2022. His legacy continues to drive the group’s growth trajectory, with Aigboje Aig-Imoukhuede steering the company towards sustained success.
Access Holdings’ performance in the first quarter of 2024 underscores its unwavering commitment to growth and profitability, with a stellar 121.85 percent year-on-year profit increase to N159.29 billion ($113.09 million) from N71.80 billion ($46.45 million) in 2023. Positioned for a bright future on the global financial stage, Access Holdings remains focused on achieving its ambitious milestones and solidifying its role as a global financial powerhouse.
