In a significant move underscoring its robust financial performance and commitment to shareholder value, Access Holdings Plc, the parent company of Nigeria’s largest bank by assets, Access Bank, has announced a total dividend payout of N125.29 billion for the 2024 financial year.
This represents a substantial 67% increase from the N74.6 billion distributed in 2023, signaling a strong vote of confidence in the company’s growth trajectory and operational resilience.
The announcement was made during the company’s 3rd Annual General Meeting (AGM) held in Lagos, as detailed in a filing with the Nigerian Exchange Group (NGX). Shareholders approved a final dividend of N2.05 per ordinary share of 50 kobo each for the year ended December 31, 2024, bringing the total dividend for the year to N2.50 per share when combined with an interim dividend.
This payout reflects Access Holdings’ ability to navigate Nigeria’s challenging economic landscape, marked by policy shifts and regulatory changes, while delivering enhanced returns to its investors.
Group Chairman Aigboje Aig-Imoukhuede, a veteran in Nigeria’s financial sector, highlighted the company’s stellar performance in 2024, emphasizing its strategic positioning for sustainable growth. “The 2024 financial year performance collectively reinforces that Access Holdings is positioned to scale sustainably, adapt to policy dynamics, and continue delivering long-term value to shareholders,” he stated during the AGM.
He attributed the company’s success to the strength of its balance sheet and the resilience of its diversified operations across banking, fintech, and other financial services.
A key milestone for Access Holdings in 2024 was its successful capital-raising program, which saw the company raise N351 billion through a rights issue. This capital injection was critical in meeting the Central Bank of Nigeria’s (CBN) revised minimum capital requirement of N500 billion for commercial banks with international authorization.
The rights issue significantly bolstered the company’s financial foundation, increasing its shareholders’ funds to an impressive N4.76 trillion. This enhanced capital base not only ensures compliance with regulatory mandates but also positions Access Holdings to pursue ambitious growth opportunities in Nigeria and beyond.
Acting Group Chief Executive Officer Bolaji Agbede expressed gratitude to shareholders for their overwhelming support during the rights issue, which was critical in strengthening the company’s capital position.
Agbede also outlined plans to deliver a N1.00 interim dividend later in 2025, reinforcing the company’s commitment to consistent shareholder returns. “We are counting on you to sell the Access brand to generate the revenue needed,” she urged shareholders, emphasizing the collaborative effort required to sustain the company’s growth momentum.
She also highlighted Access Holdings’ broader impact, particularly in the area of sustainability. She noted that the company’s social initiatives have reached over 15,000 individuals, with significant contributions extending beyond Nigeria’s South-West region to the northern parts of the country. These efforts align with Access Holdings’ strategic focus on creating shared value for its stakeholders while addressing pressing societal needs.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, echoed these sentiments, underscoring the strength of the company’s business model. “The 2024 performance reflects the resilience of our operations and our unwavering focus on long-term value creation for shareholders,” Ogbonna said.
He pointed to the bank’s ability to maintain operational efficiency and deliver strong earnings despite macroeconomic headwinds, including currency volatility and inflationary pressures.
WHAT YOU SHOULD KNOW
The significant dividend increase, successful capital raise, and robust financial performance in 2024 position Access Holdings as a formidable player in Nigeria’s financial services sector.
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