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Access Holdings Reports N2.2trn Revenue in First Half of 2024

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By Gloria Ikibah
 
Access Holdings Plc has announced a revenue of N2.2 trillion in its half-year audited financial results for the period ending June 30, 2024, highlighting the company’s resilience and commitment to sustainable growth. 
 
This performance, showcased across key balance sheet indicators, reflects a solid, diversified financial foundation.
 
The company operates in 22 markets across four continents through its banking franchise, along with non-banking subsidiaries such as Access Pensions, Hydrogen Payments, and Access Insurance Brokers.
 
As of mid-2024, Access Holdings reported total assets of N36.5 trillion and shareholders’ equity of N2.8 trillion, representing year-to-date growth of 37.1% and 29.8%, respectively. Customer deposits grew by 31.3% to N20.1 trillion, while gross loans and advances rose by 37.6% to N12.3 trillion, driven by organic loan growth and foreign currency loans.
 
Access Holdings recorded a significant year-on-year growth in revenue, with gross earnings rising by 133.5% from N940 billion in H1 2023 to N2.2 trillion in H1 2024. This surge was driven by higher interest and non-interest income. Interest income reached N1.47 trillion, a 142% increase, while non-interest income grew by 117% to N723.6 billion.
 
The company’s profit before tax increased by 108.2%, reaching N348.97 billion, while profit after tax grew by 107.7% to N281.3 billion. Earnings per share (EPS) also saw a notable increase of 103%, rising from N3.74 in H1 2023 to N7.58 in H1 2024.
 
Despite inflation and currency devaluation, the cost-to-income ratio remained stable at 60.4%. The company attributed increased operating expenses to IT upgrades, higher AMCON levies, NDIC premiums, inflation adjustments, and higher energy costs.
 
To reward shareholders, Access Holdings declared an interim dividend of 45 kobo per share, a 50% increase from H1 2023.
 
 
Banking Group Performance
 
Access Banking Group saw strong year-on-year growth, with net interest income up by 131% to N536.7 billion. Fees and commissions also grew by 94%, driven by higher transaction volumes on digital platforms. The group’s subsidiaries contributed 55% to the overall Profit Before Tax (PBT), with their PBT growing by 218%.
 
The bank reported successful integration of its operations in Zambia and Tanzania, which expanded its customer base and cross-border banking capabilities. The non-performing loan (NPL) ratio remained low at 2.72%, while the Capital Adequacy Ratio (CAR) stood at a strong 19.8%.
 
 
Non-Banking Subsidiaries
 
Access Pensions saw a 162.1% increase in Assets Under Management (AUM), reaching N2.9 trillion, positioning it among Nigeria’s top two pension administrators. Hydrogen Payments reported an impressive 1,871% growth in revenue, with total payment volumes reaching N13.8 trillion. Access Insurance Brokers also experienced significant growth, with gross premiums up by 83% and commission income rising by 60%.
 
 
Outlook for H2
 
Access Holdings is optimistic about surpassing its first-half growth in the second half of 2024. The company aims to continue scaling its non-banking segments, expand its digital footprint, and strengthen its presence in key markets. The completion of ongoing technology infrastructure upgrades will further enhance operational efficiency and customer experience.
 
Additionally, Access Holdings is awaiting approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its N351 billion rights issue.
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LP Approves Dr Chibuzo Okereke As 2027 Presidential Candidate

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By Kayode Sanni-Arewa

The Labour Party(LP) has formally presented Dr. Chibuzo Okereke as its presidential candidate for the 2027 general election, following what the party described as a broad-based consensus among its members and stakeholders.

The announcement was made in Abuja on Friday, May 30, 2026, with party leaders expressing confidence in Okereke’s capacity to provide the visionary leadership needed to address Nigeria’s governance and development challenges.

National Publicity Secretary of the party, Ken Eluma Asogwa in a statement indicated that Dr. Okereke is a renowned governance expert, policy strategist, and reform advocate whose contributions to public policy, legislative governance, and institutional development have earned him national recognition.

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He currently serves as President of ERGAF-AFRICA Legislative Governance Innovation and Policy Hub, a leading policy and legislative research institution. He is also a legislative consultant to key committees and ranking members of the National Assembly, where he provides expert guidance on governance and public policy matters.

In addition, Dr. Okereke is a Resident Lecturer in the Department of Public Policy and Administration at Miva Open University, Abuja, where he is involved in training future public sector leaders and policy professionals.

A distinguished scholar, Okereke holds a PhD in Legislative Governance Studies, as well as Master’s degrees in Public Administration and Legislative Studies, both obtained with distinction

His expertise in governance, accountability, and national development has made him a respected voice on major national and international media platforms.
Beyond academia and policy advocacy, the Labour Party noted that Dr. Okereke has demonstrated a strong commitment to youth empowerment, educational advancement, and democratic reforms.

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The party described him as a leader whose intellectual capacity, integrity, and dedication to public service align with its vision for a more accountable, competent, and prosperous Nigeria.

The party expressed optimism that his candidacy would inspire Nigerians seeking transformational leadership ahead of the 2027 presidential election.

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Nigerian Catholic priest convicted of sexual assault in US

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A Texas jury has convicted former Roman Catholic priest Anthony Odiong of sexually assaulting women to whom he provided spiritual direction, concluding a closely watched case involving allegations that he abused his position as a clergyman to pursue sexual relationships with vulnerable parishioners.

The jury, comprising eight women and four men, found Odiong, 57, guilty of one count of first-degree sexual assault and two counts of second-degree sexual assault involving two women who testified during the trial in Waco.

Odiong, who pleaded not guilty, now faces a possible life sentence on the first-degree charge. Sentencing proceedings are scheduled to begin Monday before the same jury. The second-degree convictions each carry potential prison terms ranging from two to 20 years, The Guardian reports.

Jurors deliberated for about two hours before returning their verdict.

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The case initially included allegations involving a third woman, but prosecutors Ryan Calvert and Liz Buice dropped that portion of the case after the complainant, described as being in an “extremely emotionally fragile” state, did not appear in court to testify. Prosecutors said they chose not to compel her appearance, citing her “extremely tenuous” emotional condition.

According to courtroom accounts, Odiong showed little visible reaction as Judge Thomas West read the verdict. He reportedly looked straight ahead during the proceedings before lowering his head as deputies escorted him from the courtroom.

The prosecution stemmed from allegations first brought to public attention in February 2024 by a group of women who accused Odiong of sexual coercion, unwanted touching and abusive financial control while serving as a Catholic priest in Texas and later in Louisiana.

One of the complainants, identified by the pseudonym Mary Doe, later presented a copy of a media report detailing the allegations to Waco police and accused Odiong of assaulting her over three years beginning in 2008.

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Investigators subsequently identified a second complainant, known as Jane Doe, who also alleged abuse during the same period while Odiong served in the Waco area. Authorities said additional reports from other women helped establish probable cause for his arrest and prosecution despite the age of the allegations.

During the trial, Mary Doe testified that Odiong initiated a long-term sexual relationship with her while acting as her spiritual adviser as she navigated a difficult divorce and cared for seven children. She and one of her sons told jurors that the child once discovered them having sexual intercourse in her bedroom following a family gathering.

Jane Doe testified that she sought spiritual guidance from Odiong while trapped in an abusive marriage. She alleged that he pressured her to permit sexual acts with her husband that she found painful and then required her to discuss the encounters with him. Prosecutors argued that such conduct constituted sexual assault under Texas law even though Odiong was not directly involved in the sexual activity.

Both women said they met Odiong while he served at St Peter Catholic Center in Waco, a church frequented by students and employees of Baylor University. Their former husbands were Baylor employees, placing them within Odiong’s pastoral reach.

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Jurors also heard evidence that DNA testing established Odiong had fathered a child in 2023 with a woman identified as Presley Jones, whom he had counselled spiritually while serving as pastor of St Anthony of Padua Church in Luling, Louisiana.

Although Odiong was not charged in connection with Jones because Louisiana lacks a law similar to Texas’ clergy sexual assault statute, prosecutors argued that the child demonstrated a pattern of sexual relationships with women he met through his ministerial work.

Expert witnesses told the court that clergy members bear responsibility for maintaining professional and spiritual boundaries with those under their care. Jurors also heard testimony regarding the Catholic Church’s requirement that priests remain celibate.

The defence called only one witness, a former parishioner, who testified about Odiong’s character and recalled attending a 2011 gathering at Mary Doe’s home. Under cross-examination, however, the witness acknowledged that Odiong’s conduct fell short of expectations for a religious leader.

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Odiong, a naturalised United States citizen, was ordained a Catholic priest in 1993 in his native Nigeria. He was transferred to the Austin Diocese region, which includes Waco, in 2006 under then-Bishop Gregory Aymond.

After studying in Rome, Odiong moved to Luling in 2015, by which time Aymond had become Archbishop of New Orleans.

Church officials in Austin later said they suspended Odiong from ministry in 2019 over allegations involving multiple women. The suspension was not publicly announced at the time, though officials said New Orleans church leaders were informed. Archbishop Aymond did not publicly disclose a similar suspension in New Orleans until late 2023.

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‘So much injustice going on in Nigeria’ – British rapper Skepta

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British-Nigerian rapper, Joseph Adenuga, popularly known as Skepta, has expressed deep concern over the worsening injustice in his Nigeria.

Speaking in a video broadcast, the ‘Bad Energy Stay Far Away’ crooner appealed to celebrities and the international community to assist Nigerians in drawing the global attention to the injustices in Nigeria.

He explained that Nigerians are resilient but have been suffering injustice for long.

“There is so much injustice in Nigeria. And whenever I can whether it is at my shows, verbally or images, whatever I can do, we are going to speak up for injustice at all time.

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“Nigerians need help. We need people to speak up for us as well. We need to protect Nigerians. There is so much injustice in Nigeria.

“This is my message to the people; please, I know that we [Nigerians] are resilient and we make everything look good, but we need help, too. Please, help us,” he appealed.

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