Access Holdings Plc has disclosed that five companies that supply it with services are linked to its chairman, Aigboje Aig-Imoukhuede. The interim accounts, released after a long delay, do not say how much Access paid any of them.
In the half-year 2026 statements, Aig-Imoukhuede is shown as either a director and shareholder or a shareholder in each of the five, according to the “Directors’ interest in contracts” section of the interim financial statements for the six months to June 30.
The disclosure is required under Section 303 of the Companies and Allied Matters Act 2020, which obliges directors to declare any interest in contracts with the company.
The listed vendors are Coronation Group Limited and its subsidiaries, where Aig-Imoukhuede is listed as a Director/Shareholder, Central Securities Clearing System (CSCS) Plc (listed as shareholder), Trium Limited (listed as shareholder), Cloud Services Limited (listed as shareholder), and Chapel Hill Denham Limited (listed as shareholder).
Aig-Imoukhuede chairs Coronation Group, which he founded, and co-founded the Tengen Family Office, according to Coronation, while Trium is a Coronation affiliate.
Coronation Group is the most significant name on the list of vendors, because it includes a merchant bank, an insurer, a life assurer, a registrar and an asset manager.
Coronation Links Across the Board
The Coronation connections go beyond the chairman. The same disclosure also shows the following:
- Olusegun Ogbonnewo, a non-executive director, is a director and shareholder of Coronation Insurance Plc. He also sits on the boards of Trium Limited and Coronation Registrars Limited.
- Ojinika Olaghere, also a non-executive director, is a director of Coronation Life Assurance Ltd.
- Coronation Registrars Limited is Access Holdings’ own registrar, according to the corporate information section.
In total, three of the board’s nine members, including the chairman, are directors or shareholders of Coronation-related companies that provide services to Access.
The Chairman’s Stake
Aig-Imoukhuede is also one of the largest individual shareholders in the Access Holdings Group. He held 178.85 million shares directly and 5.00 billion indirectly at June 30, a total of 5.18 billion shares. That is 9.53% of the 54.38 billion shares in issue, on MoneyCentral calculations.
The indirect holding is held through four companies: Coronation Trustees Limited: 1.97 billion shares, Trust and Capital Limited: 1.15 billion shares, United Alliance Company of Nigeria Limited: 1.06 billion shares, Tengen Holdings Limited: 826.2 million shares, up from 641.0 million at December 31, 2025.
What the Accounts Do and Do Not Show
Disclosures on director-related lending shows that of the N90.1 million owed by directors at June 30, the chairman Aig-Imoukhuede owed N5.5 million on a credit card backed by cash collateral.
The CEO, Innocent Ike, owed N78.7 million across a term loan and a mortgage. All of these loans were performing.
The notes do not disclose amounts paid to Coronation, Trium, Cloud Services or Chapel Hill Denham.
Access Chairman was paid N293 million for the six months as Directors pay, compared with N164 million for the whole of 2025, up 78.7%. Allowances to non-executive directors rose to N1.23 billion from N251 million for all of 2025.
Disclosure Without Numbers
Listing the names may meet the legal requirement of the Companies Act, but it gives shareholders little to judge the deals by, as Access Holdings did not volunteer the figures.
For a group whose half-year accounts were held up for months by a Central Bank of Nigeria review, the gap matters. Banking governance rules generally expect related-party dealings to be on arm’s-length terms and approved by the board.
Investors cannot tell from these accounts whether payments to Coronation companies are small or large, or how they were awarded.
The chairman stated in June 2024 that “the acquisition era is over. Now comes the returns.”
Shareholders would be in a better position to judge returns if they knew how much of the group’s costs go to companies its chairman partly owns.
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