Access Holdings Plc has declared the end of its aggressive expansion phase, with the group now shifting its focus towards value creation, profitability, and improved returns for shareholders.
The Group Chairman of Access Holdings, Aigboje Aig-Imoukhuede, disclosed this during a media interaction with financial journalists following the company’s 4th Annual General Meeting (AGM) held in Lagos on Wednesday.
Addressing concerns about the group’s share price performance relative to industry peers and its long-term strategic direction, Aig-Imoukhuede said Access Holdings has completed the scale-building phase of its growth journey and is now concentrating on extracting value from the platform it has built.
According to him, the group’s N1.007 trillion profit and balance sheet exceeding N51.56 trillion demonstrate the strength of a strategy focused on sustainable growth and long-term value creation.
Aig-Imoukhuede explained that Access Holdings’ valuation discount compared to some competitors is closely linked to its long-standing inorganic growth strategy, which relied heavily on mergers and acquisitions to expand across Africa.
“Our ambition was not for you to see our performance in the lens of Access is a great bank and compare us to GTCO or Zenith. Our ambition was for you to see us as Access is a great bank, compare us to Standard Bank of Africa,” he said.
He noted that Standard Bank built its extensive African footprint over approximately 170 years, while Access Holdings pursued a similar objective within about 30 years through an aggressive acquisition strategy.
According to the chairman, the group executed about 20 mergers and acquisitions between 2002 and 2025 to achieve the scale necessary to compete with Africa’s leading financial institutions.
“We’ve done the scale stage of the evolution. Now we’re doing the value part of it,” he stated.
Going forward, he said the group’s performance benchmarks would include metrics such as return on equity, earnings per share, and cost of risk, areas in which Standard Bank has consistently excelled.
Aig-Imoukhuede acknowledged that the scale-building strategy came with trade-offs for shareholders, particularly in terms of share price appreciation and dividend growth.
He explained that repeated capital raises required to fund acquisitions diluted earnings per share and affected return on equity, both of which are key indicators that influence market valuation.
The chairman cited the group’s recently announced acquisition of a Mauritius-based bank as an example of a strategic transaction that may temporarily affect returns but ultimately strengthens Access Holdings’ long-term position in international financial markets.
According to him, the acquisition provides access to strategic business corridors that are largely unavailable to many sub-Saharan African banks outside South Africa.
He, however, stressed that the acquisition phase has effectively come to an end as the organisation turns its attention to maximising returns from its existing footprint.
“This is that time for us,” he said. “I want you, over the next three or four years, to come back and say, Access, we are tired of this high performance, we want to start acquiring again. That’s what I want you to say. Then we will consider expansion of that nature.”
Aig-Imoukhuede emphasised that the true measure of a financial institution lies not only in its ability to grow but also in its capacity to deliver sustainable and profitable growth over time.
He noted that Access Holdings remains committed to improving the quality, resilience, and sustainability of its earnings while delivering greater value to shareholders.
For the 2025 financial year, Access Holdings reported gross earnings of N5.529 trillion, total assets exceeding N55.56 trillion, and profit before tax of more than N1 trillion, underscoring the scale of its operations.
The chairman also addressed the possibility of share reconstruction, noting that while the group is familiar with such corporate actions, timing remains critical.
He explained that undertaking a share reconstruction immediately after raising capital through equity would not be appropriate, adding that the option remains available for future consideration if necessary.
Aig-Imoukhuede said the next phase of Access Holdings’ journey will be defined by disciplined execution, improved efficiency, stronger shareholder returns, and sustained profitability as the group seeks to establish itself among Africa’s most valuable financial institutions.
Standard Bank, often regarded as Africa’s largest bank by assets, remains one of the continent’s leading financial institutions, with operations across more than 20 African countries and major international financial centres. Its strong return on equity, diversified earnings base, and leadership in trade and cross-border banking continue to serve as a benchmark for Access Holdings’ long-term ambitions.
