[NIGERIA] Herbert Wigwe’s Access Holdings achieves record $500 million comprehensive income

 Herbert Wigwe’s Access Holdings achieves record $500 million comprehensive income

Access Holdings Plc, the leading financial services group in Lagos, led by Nigerian banker Herbert Wigwe, has surpassed market expectations with its impressive 2022 fiscal year financial results. Despite a marginal dip in its profit from N160.1 billion ($348.3 million) in 2021 to N152.9 billion ($332.7 million), the group’s recently published financial report reveals a remarkable increase in total comprehensive income.

Thanks to the changes in both the allowance and fair value of its debt instruments, the comprehensive income has surged from N125.5 billion ($273.1 million) in 2021 to a whopping N233.2 billion ($507.4 million), an indication of Access Holdings’ sound financial management and foresight.

Access Holdings’ remarkable financial performance is attributed to its sustained growth in loans and advances to customers, which rose from N4.16 trillion ($9.05 billion) to N5.1 trillion ($11.1 billion). Additionally, deposits from customers and financial institutions also increased significantly, from N8.65 trillion ($18.8 billion) in 2021 to an impressive N11.25 trillion ($24.48 billion) at the close of the 2022 fiscal year.

Access Holdings is a leading financial services group in Nigeria, boasting one of the largest market caps on the Nigerian Exchange. With operations spanning 12 African countries, the company is actively expanding its presence in Europe, including the consolidation of its existing operations in London and the launch of a new unit in France.

Nigerian multimillionaire banker Herbert Wigwe, who ranks as one of the country’s leading executives and played a pivotal role in Access Holdings’ growth and expansion, holds a 4.51 percent stake in the financial services group.

As a result of its impressive financial performance, the Herbert Wigwe-led group solidified its position as the largest bank in Nigeria by total assets, with its assets rising from N11.73 trillion ($25.5 billion) in 2021 to N14.99 trillion ($32.6 billion). The group’s retained earnings also grew, from N397.27 billion ($864.4 million) to N408.7 billion ($889.3 million).

The group’s board of directors, buoyed by these impressive results, proposed a final dividend payout of N1.3 ($0.0028) per share to its shareholders. This translates to a total payout of N46.2 billion ($100.53 million), a testament to the group’s commitment to shareholder value creation.