By Chukwuma Umeorah
Access Holdings Plc has declared a total dividend payout of N125.29 billion to its shareholders for the 2024 financial year, marking a 67 per cent increase compared to the N74.6 billion which was paid in 2023.
The announcement was made by the Group Chairman, Aigboje Aig-Imoukhuede, during the company’s third Annual General Meeting (AGM) held in Lagos on Thursday. Providing an overview of the group’s financial performance, Aig-Imoukhuede revealed that gross earnings surged by 251 per cent year-on-year, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024.
Profit Before Tax (PBT) also grew 417 per cent from N729 billion to N867 billion despite inflationary pressures and exchange rate volatility.
“Considering our strong earnings performance and continued growth, the Board of Directors has proposed a final dividend per share of N2.05 for the year 2024,” he said. “This brings the total dividend for 2024 to N2.50 per share. With this, the dividend payout for the year amounts to N125.29 billion.
“These results collectively reinforce that Access Holdings is not only a well-capitalised financial group but also one that is structurally positioned to scale sustainably, adapt to policy dynamics, and continue delivering long-term value to you, our shareholders,” Aig-Imoukhuede added.
He chairman credited the company’s capital raising initiative, a rights issue that brought in N351 billion, as a critical component of its financial strength. With the move, Access Bank became the first Nigerian bank to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement ahead of the 2026 deadline.
He said the success of the rights issue boosted shareholders’ funds to N4.76 trillion, while total assets stood at N14.498 trillion as of the end of 2024, representing a 55.5 per cent growth over the previous year.
“This strength in our balance sheet serves as the foundation upon which we are executing our ambitious long-term growth strategy,” Aig-Imoukhuede stated.
He outlined key strategic pillars for the group’s next phase of growth, including geographical consolidation, cost efficiency, innovation-driven new ventures, and investment management.
In her remarks, Acting Group Chief Executive Officer, Bolaji Agbede, expressed gratitude to shareholders for their participation in the capital raising exercise and reaffirmed the company’s commitment to delivering returns.
“We will look into delivering a N1 interim dividend in the course of the year, and we are counting on you to sell the Access brand to generate the revenue needed,” Agbede said.
She also highlighted the group’s focus on sustainability and cybersecurity. “We will also continue to do a lot on sustainability. I also want to clarify that our contributions are not solely in the South-West; over 15,000 people have been impacted in the North.
“Our sustainability project is not only in Nigeria but everywhere we have our presence. We will also continue to work on cybersecurity by investing in the right technology.”
During the AGM, stakeholders commended the board and management for the impressive results. Financial analyst, Nona Awoh, called on the board to preserve the legacy of the late Herbert Wigwe and remain committed to shareholders’ interests. Boniface Okezie, Chairman of the Progressive Shareholders Association, lauded the company’s financial performance but urged it to review operational costs, particularly payments to Asset Management Corporation of Nigeria (AMCON) and Nigerian Deposit Insurance Corporation (NDIC).
On her part, Adetutu Shiyanbola, who leads the Highly Favoured Shareholders Association, praised the company’s financial disclosure and its Corporate Social Responsibility (CSR) efforts in areas such as health, education, and community development.