Access Holdings thrives Post-Wigwe: A year of strategic expansion and resilience
By Seun Ibiyemi
Following the untimely passing of Herbert Wigwe in February 2024, Access Holdings Plc has demonstrated exceptional resilience and growth under the leadership of Acting Group CEO Bolaji Agbede.
The financial institution has not only maintained its stability but has also achieved significant milestones in the past year.
Recall that Herbert Wigwe, former group CEO of Access Holdings Plc, tragically passed away in a helicopter crash on February 9, 2024, alongside his wife, son, and three others in California, United States.
Today, his indelible legacy lives on, celebrated by those who remember his transformative impact on the banking industry and beyond.
Financial Performance Highlights
In the third quarter 2024 after the death of the former CEO, Herbert Wigwe, Access Holdings reported a pre-tax profit of ¦ 209.2 billion, marking a 65.01% increase from ¦ 126.8 billion in the same period the previous year.
Cumulatively, for the nine months ending September 30, 2024, the pre-tax profit reached ¦ 558.1 billion, reflecting an 89.59% rise year-on-year.
While in the second quarter 2024, the institution posted a pre-tax profit of ¦ 146.1 billion, contributing to a half-year pre-tax profit of ¦ 348.9 billion, which is a 108% increase from ¦ 167.6 billion in H1 2023. Total assets surged to ¦ 36.6 trillion, up from ¦ 26.7 trillion at the start of the year.
Key Drivers of Growth
There was a 116 per cent year-on-year growth in interest income, totaling ¦ 1.29 trillion during the half-year, compared to ¦ 596 billion in H1 2023.
The bank recorded a net interest income of ¦ 513.4 billion, marking a 129 per cent growth from ¦ 224.2 billion in H1 2023.
A 101 per cent growth was observed in Fee and Commission Income, with income reaching ¦ 251 billion, up from ¦ 125 billion in the same period the previous year.
Staff Remuneration
Dr. Herbert Wigwe was known for his strong commitment to staff welfare, ensuring that employees were well-compensated while also implementing strategic cost-saving measures during economic downturns.
Under his leadership, Access Bank was proactive in managing operational costs, sometimes making difficult decisions such as salary adjustments to prevent large-scale job losses.
One year after his passing, Access Bank Plc has continued to uphold a structured remuneration system that aligns with its financial health and market conditions.
The bank has maintained competitive salary packages, performance-based incentives, and comprehensive employee benefits to retain top talent and drive productivity. While no significant salary restructuring has been publicly disclosed, industry reports indicate that Access Bank remains committed to employee well-being, balancing profitability with staff motivation and retention.
Additionally, the institution has sustained its investment in training and career development programs, ensuring that employees are well-equipped for the evolving banking landscape.
The bank’s approach to remuneration and staff welfare reflects its ongoing commitment to fostering a motivated and high-performing workforce, even in the wake of leadership transitions.
Strategic Initiatives
Under Agbede’s leadership, Access Holdings has continued to expand its investment securities portfolio, now valued at approximately ¦ 10.1 trillion, an 88 per cent growth from ¦ 5.34 trillion at the beginning of the year.
The loan portfolio also grew to ¦ 10.8 trillion during the half-year, up from ¦ 8 trillion at the start of the year.
Access Bank has continued its strategic expansion across Africa. In January 2024, the bank committed to acquiring an 80% stake in Finance Trust Bank, a Ugandan commercial bank specializing in lending to women customers and women-led businesses.
Furthermore, in December 2024, Access Bank signed agreements to acquire 100% shareholding in South Africa’s Bidvest Bank for $159 million, with the deal expected to close by June 2025, pending regulatory approvals.
Conclusion
One year after the loss of Herbert Wigwe, Access Holdings has not only upheld his legacy but has also propelled the institution to new heights.
The impressive financial performance and strategic growth initiatives underscore the bank’s resilience and commitment to excellence under its current leadership.
