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ACCESS HOLDINGS
Access Holdings, Nigeria’s largest financial services company, is enlisting the services of social media influencers to promote its substantial N350 billion rights issue.
Nigeria's leading commercial banks recorded significant FX revaluation gains, estimated at a combined total of N3.37 trillion in 2023 and Q1 2024, primarily due to the devaluation of the Naira last year.
Three major Nigerian banks—GTCO, Access Holdings, and Fidelity Bank—are set to allocate a total of N186 billion ($244 million) from their recent public offerings to bolster their IT infrastructure.
Access Holdings has since blown past competing with Nigerian banks and has now set its sights on the continent. This time, they want to be among the top 5 banks in Africa (the bank was not clear by what measure).
In 2023, eleven Nigerian banks incurred a total of N575.168 billion in taxes, marking a significant 175% increase compared to the N209.608 billion incurred in 2022.
Managing Director of Access Bank, Mr. Roosevelt Ogbonna has said that Access Bank UK, a wholly owned subsidiary of Access Bank, is well-positioned to become one of the top 20 banks in the UK, with an annual profit target of approximately $1 billion.
At the close of trading on June 9, 2024, Access Holdings' share price stood at N19.35, which is 2% lower than the N19.75 price set for the bank's ongoing rights issue.
Access Holdings Plc has held a formal signing ceremony as part of the arrangements to raise a total of N351 billion by way of a rights issue to existing shareholders.
After an impressive financial performance in 2023, banks have continued to record impressive figures in the first quarter of the year.
Commercial banks spent a total of N799.8 billion on staff salaries in 2023, representing a 44.3% increase when compared to the N554.2 billion spent in the previous year.
Nigerian tier-1 banks raked in N392 billion from electronic business in 2023 as more Nigerians embrace cashless transactions.
The NGX All-Share Index recorded a modest decrease, shedding 43.92 points to settle at 104,518.14 points compared to the previous close of 104,562.06 points.