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Access Holdings is the year’s worst performing bank stock as investors begin to doubt that its expensive expansion across Africa will bring value, despite billions of naira spent on such acquisitions.
Access Holdings stock has returned just 6.92% year-to-date, dead last among 12 publicly traded bank stocks on the NGX, tracked by MoneyCentral.
The financial services holding company has yet to report second quarter (Q2) 2025 results a few days to the end of the third quarter.
Delays by the Central Bank of Nigeria (CBN) in certifying Access Holdings results could be due to inadequate loan provisions or issues with ex-Nigeria consolidation, and this is one of the reasons for the share price underperformance, sources tell MoneyCentral.
“The stock is screaming cheap on the surface, but concerns remain over the reporting and ex-Nigeria investments, which is considered to be a dissipation of value,” an economist and investment analyst with a Lagos based trading house told MoneyCentral.
“For instance, I don’t see them harvesting any reasonable Return On Equity (RoE) from South Africa just as I think some of their other offshore African operations (except Ghana) are a waste of scarce resources.”
Access Holdings stock performance trails stellar performance from the likes of Wema Bank which is up 105% this year, Stanbic IBTC Holdings which is up 82.29% and Guaranty Trust Holding Company (GTCO) up 62.8% YTD (See chart).
Access is also underperforming the broad market index, represented by the NGX ASI which is up 38.09% year-to-date.
Access Holding recently extended the date for the publication of its Interim Audited Financial Statements for the Half Year period that ended June 30, 2025, to October 22, 2025.
It blamed the complexity of post-completion audit activities of newly acquired sub-subsidiaries within the Group for delaying its Q2 results.
On 12 December 2024 Access Bank Plc agreed to acquire 100% of the share capital and claims in Bidvest Bank Holdings Limited, subject to regulatory approvals for R2.8 billion.
The 2.8 billion South African Rands is approximately 159.6 million US Dollars or N245 billion.
Access Bank forecasts expansion to 26 countries through mergers and acquisitions, by the end of 2027, according to a presentation posted on the Nigerian Exchange.
Access expects revenue from its home market (Nigeria) to decline to 52% by 2027, down from 82% in September 2022, because of its proposed geographical expansion while the share of profit before tax (PBT) from Nigeria is forecast to drop to 33% from 63%, it said in five-year strategy presentation posted on the website of the Nigerian Exchange.
Access Holdings reported disappointing Full Year 2024 results with profit up a mere 1% to N618.6 billion as higher expenses hit the bottom-line.
Access Holdings recent acquisitions
Angola
Access Bank Plc recently acquired Finibanco Bank in Angola on the 30th of June 2023 as agreed between both parties. The bank however obtained control of the entity on 5th September 2023 by virtue of its ability to meet the control requirement of ownership of up to 66% as stipulated in the agreement.
The acquisition involved the Bank acquiring 99.2% of the issued share capital of Finibanco in exchange for cash of N31,546,835,859 (Thirty-one billion, five hundred and forty-six million, eight hundred and thirty-five thousand, eight hundred and fifty-nine naira) used to pay off the shareholders of former Finibanco.
Uganda
On the 17th of January 2024, Access Bank entered into a definitive agreement with Finance Trust Bank Uganda to acquire 80.88% shareholding in the Ugandan entity.
Kenya
On 20 March 2024, Access Bank Plc entered into a binding agreement with Kenyan-based KCB Group Plc (“KCB”) for the acquisition of the entire issued share capital of National Bank of Kenya Limited (“NBK”) from KCB. KCB is also the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.
Zambia
On the 5 of Jan 2024, Access Bank Zambia, a subsidiary of Access Bank Plc, completed the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia. Atlas Mara Zambia is now a wholly owned subsidiary of Access Zambia.
Access Could learn from Ecobank struggles
Ecobank operates in over 30 African countries but has struggled with political instability, economic volatility, and regulatory fragmentation across markets.
The bank experienced declining profits in key regions like Nigeria and Ghana due to commodity price slumps and sluggish loan growth. This forced it to reconsider its pan-African expansion strategy.
Ecobank has segmented its operations into “pockets” based on market potential, choosing to focus on high-potential countries (Nigeria, Kenya, Rwanda) while potentially exiting less promising markets.
Ecobank Transnational Incorporated (ETI) announced on Friday September 26, 2025 that it had completed the sale of its stake in Ecobank Mozambique S.A. to FDH Bank Plc, concluding the strategic transaction announced on August 5th, 2025.
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