Access Holdings, a tier-one Nigerian lender closed trading in the first week of January 2024 at around N26.55 per share. On August 12, 2026 the stock traded at N27.40 a share, meaning it has gone nowhere over the past two and a half years.
To make matters worse for investors, Access Holdings has not paid a dividend since the 2024 fiscal year.
It was not supposed to be like this for what has become Nigeria’s largest bank by assets but its smallest by market capitalization among the top-5 FUGAZ or tier one banks.
Access Holdings N1.49 trillion market capitalization, compares to United Bank for Africa (UBAs) at N2 trillion, Guaranty Trust Holding Company (GTCO) at N4.697 trillion, Zenith Bank at N5.126 trillion and FirstHoldCo at N6.36 trillion, according to data compiled by MoneyCentral.
FirstHoldCo, Nigeria’s largest bank by market capitalization now dwarfs Access Holdings, and is now more than four-times larger by market capitalization.
Access Holdings meanwhile has an asset base of N53.4 trillion, compared to N30.6 trillion for FirstHoldCo, N32 trillion for Zenith Bank, N33.13 trillion for UBA and N18.74 trillion for GTCO.
Access Holdings Valuation shows investor skepticism
Access Holdings currently trades at a Price to Book ratio of 0.37 times. In essence investors are not willing to pay for the value of net assets on its book.
This may indicate that investors expect low profitability, fear hidden bad loans, or distrust the accuracy of the bank’s balance sheet.
Analysts say Access Bank, the Holding Company’s Bank subsidiary is exposed to cross border execution risk for its numerous acquisitions in Africa and beyond as it sought to strengthen its franchise with geographic diversification, over the past 5 years.
Access led Nigeria’s post-2016 recession push abroad, snapping up assets from Standard Chartered Plc, Atlas Mara Ltd., and KCB Group Plc,, among others to counter naira weakness and non-performing loans. It is trying to integrate holdings in what it calls a “consolidation phase.”
“Access Bank has a record of integrating domestic acquisitions, but the large number of cross border acquisitions creates execution risks and may pressure financial metrics,” said Fitch Ratings.
Regulatory action Hits Access Hard, From Selling Stakes to Potential Huge Capital Raises
Access Holdings Plc plans to sell down equity in select overseas subsidiaries to meet new Central Bank of Nigeria (CBN) rules capping foreign investments at 10% of shareholders’ funds, Access Bank CEO Roosevelt Ogbonna said on a recent investor call.
The lender, with banking operations in 24 countries, currently holds 19.4% in foreign units—exceeding the limit.
“We’re looking at divestments” but will retain control and strong value creation, Ogbonna said on May 2026, with a 12-month compliance window.
More damaging for Access is the Central Bank of Nigeria’s (CBN) proposed regulatory overhaul for financial holding companies, which could trigger a massive ₦971.8 billion ($704 million) equity capital raising round for the country’s top banking groups.
Access Holdings faces the steepest hurdle by far among the tier-one banks, and may be required to raise ₦656.04 billion, according to a July 16, research report published by Renaissance Capital Africa.
“This massive requirement, representing 48.9% of its market capitalization, reflects Access’s aggressive, asset-heavy pan-African and international expansion,” Renaissance Capital Africa said.
Access Holding Balance Sheet Clean-up Still Unfolding
Access Holdings Plc reported full-year 2025 profit growth of 15.6% even as bad-loan impairments more than doubled and total comprehensive income plunged 58%, prompting the group to skip its dividend payout.
Profit after tax climbed to ₦743 billion from ₦642 billion, supported by interest income of ₦3.27 trillion (up 5.4%) and net fee gains of ₦585 billion (up 40.9%).
Impairment charges on financial assets ballooned 113% to ₦523.55 billion from ₦245 billion, slashing net interest income after provisions by 18.4% to ₦833 billion.
Impairment charge for impairment on loans and advance to customers jumped 209% to ₦287.3 billion, while Impairment charge on impairment on financial assets in other assets rose by 463% to ₦258.8 billion.
Total comprehensive income cratered to ₦459 billion from ₦1.01 trillion, dragged by a ₦272 billion foreign-currency translation loss and ₦137 billion fair-value hit on debt securities.
In the first quarter (Q1) of 2026, Access Holdings Plc’s profit after tax rose 18.5% to ₦216.53 billion from ₦182.75 billion, tempered by soaring bad-loan charges amid Nigeria’s lending pressures.
A 239% surge in net impairment charges on financial assets (from ₦21.77 billion to ₦73.8 billion) absorbed a significant portion of the operating revenue. Specific provisions on loans and advances to customers rose by 116% to ₦23.3 billion.
Any Hope for Access Holdings Paying Dividends in 2026?
At a fact behind the Rights Issue Presentation in July 2024, on the floor of the Nigerian Exchange (NGX) where Access is listed, Roosevelt Ogbonna, CEO of Access Holdings banking unit told investors that Access was close to finishing its growth and investment phase and by the first quarter (Q1) 2025, it will be consolidating for the future and there will be more dividend payout for shareholders.
Ogbonna outlined plans for expansion into new markets such as Morocco, Egypt and the US as part of a strategy to double the share of assets outside its home market by 2027 and rank among Africa’s five biggest banks.
“We are very selective about the markets we are going to, and we are chasing the money. We are focused on where the money is. If you split the African continent from an economic power and banking profit basis, it’s in Southern Africa, followed by East Africa, then North Africa, West Africa, then Central Africa,” Ogbonna said.
Those plans now look like pipe-dreams with hindsight given the CBN’s crackdown on Nigerian Banks overzealous expansion overseas.
Access Bank Plc recently offloaded a 25% plus one-share stake in its South African subsidiary to a Black Economic Empowerment (B-BBEE) consortium, complying with local ownership mandates.
The new CBN’s rules capping Nigerian Banks foreign investments at 10% of shareholders’ funds, would also mean overseas retrenchment for Access Holdings and not expansion.
At the facts behind the Rights Issue Presentation in 2024, many shareholders asked the Access Holdings Directors about the need for the share price to keep growing, and to maintain and increase dividend payments.
“The earnings forecast for Access Holdings is about N17 a share annually. This is not a bank that needs further re-investment to make that money, so its not going to be seeking additional capital that will dilute those earnings. We did a rights issue because it will be sad if our shareholders have gotten us so far, stayed with us through the thick and thin, through the times of investing, blood, sweat and tears, and then this money-making machine is about to start dropping money and then you are not a part of it. Don’t make that mistake,” Aigboje Aig Imoukhuede, the Chairman of Access Holdings Plc , said at the event.
The investors and shareholders that listened to Mr. Aig Imoukhuede then, are still waiting for the Access money-making machine to reward their long-suffering, some 2 plus years later.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
