The publication of audited Half-Year (H1) 2026 financial statements for top Tier-1 and Tier-2 lenders—notably Access Holdings Plc and Fidelity Bank Plc—remains in limbo as the Central Bank of Nigeria (CBN) steps up oversight of commercial banks’ asset quality, credit provisioning, and foreign currency risk exposures.
Access Holdings Plc, Nigeria’s largest lender by assets, has yet to publish its half-year results, 114 days after the period ended and 23 days into the fourth quarter.
Fidelity Bank Plc is in the same position, meaning that investors are trading both stocks on numbers that are now more than six months old.
Both lenders say their audited accounts for the six months to June 30 are “subject to receipt of regulatory approval” from the Central Bank of Nigeria (CBN).
The CBN’s heightened review reflects a systemic regulatory effort to stress-test bank balance sheets against elevated loan impairments, ongoing capital adequacy requirements, and sovereign restructuring risks across Pan-African subsidiaries before clearing interim audited accounts for public release.
Neither bank has given a new publication date, even as most tier-one peers have already reported Half-Year results including: GTCO, Zenith Bank, Stanbic IBTC and First HoldCo.
Access last reported its financial results in April. First-quarter profit after tax rose 18.5% to N216.54 billion from N182.75 billion, according to its unaudited Q1 2026 statements.
The CBN’s extended review aligns with early balance-sheet signals in Q1 2026. Access Holdings recorded a 239% spike in credit impairment charges to ₦73.81 billion in Q1, and the group reported a capital adequacy ratio of 17.25%.
Fidelity’s first-quarter profit after tax fell 18.2% to N74.47 billion from N91.10 billion. Gross earnings climbed 37.9% to N434.95 billion as rising funding costs and loan impairments squeezed margins.
Waiting on the Regulator
Access’s board approved the half-year accounts on Aug. 27. The Nigerian Exchange then extended the filing deadline to Sept. 30. On Oct. 2 the exchange granted a further extension with no fixed date, MoneyCentral reported.
Access said it “will publish the results promptly upon receipt of the required approval.”
Fidelity got a further extension in a notice dated Oct. 5. Its insider trading window will stay closed until 24 hours after both the half-year and third-quarter accounts are released.
Sources tell MoneyCentral that the central bank has stepped up its review of banks’ asset quality and earnings sustainability, which could be delaying the results release.
This is the first set of audited accounts filed since the industry’s recapitalisation, and it comes ahead of possible interim dividends.
Questions Over Capital
Some market participants doubt the regulator is the only reason for the delay.
“These banks seem to want to blame the CBN for their failure to release their results as at when due. I think it’s time for the CBN to clarify the situation,” said a person familiar with the matter, who asked not to be identified.
“What we hear is that there may be issues regarding capital adequacy or need to raise more capital.”
MoneyCentral found no public statement from either bank saying it needs fresh capital, and no comment from the CBN on the delays.
Access’s last published capital ratio of 17.25% was well above regulatory minimums. Fidelity said it lifted its qualifying capital above the N500 billion threshold for international banks through a private placement.
Both Stocks Stuck in a Range
Without fresh numbers, neither stock has broken out of their set trading range over the past year.
Access has traded mostly between N20 and N30 this year: buyers step in near the bottom of that range and sellers take profits near the top. The shares fell 6.1% to N26.10 on Oct. 21, about 27% below their 52-week high of N36. Fidelity has stayed between N17.10 and N24.25 over the past year and closed at N22 on Oct. 22.
Access trades at about 0.36 times book value, one of the lowest valuations among Nigeria’s large banks, and Fidelity at about 0.8 times, on MoneyCentral calculations. Those ratios use March balance sheets that are now more than six months old.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
