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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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Gov. Abiodun commiserates with Ondo gov. over death of SSG

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Ogun State Governor and Chairman of the Southern Governors’ Forum, Prince Dapo Abiodun, has commiserated with the Governor and the people of Ondo State over the passing of the Secretary to the State Government (SSG), Tayo Oluwatuyi.

Oluwatuyi reportedly died on Saturday at a hospital in the state from the injuries he sustained in an accident while traveling from Akure to Ibadan, Oyo State, on December 17.

Abiodun, in a condolence letter he sent to Governor Lucky Aiyedatiwa, described Oluwatuyi’s death as a great loss to the government and the state at large as he prayed for the repose of his soul.

He said: “I am deeply saddened by the news of the demise of Mr. Tayo Oluwatuyi, a consummate public servant, thoroughbred professional, and highly conscientious individual whose imprints and strides in and out of the government in Ondo State have been nothing short of phenomenal.

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“The news of his death came as a rude shock, but, as in all situations, we recognize that whatever deep affection and love we had for him pales into insignificance when placed side by side with the love of Almighty God, who has chosen this Yuletide period to call him into His bosom, and whose will remains inviolate.

“He was a brilliant administrator and sagacious politician. He was an embodiment of virtues and a strong bridge between the political class and the career officers. His stabilizing role in government will be missed by all.

“On behalf of the Southern States’ governors, I want to sympathize with His Excellency, Governor Lucky Aiyedatiwa, and the entire good people of Ondo State over the sudden demise of Oluwatuyi.

“I urge my brother, the State Executive Council, and the family and friends of the deceased to take consolation in the fact that the deceased lived a life of service for which he will be remembered for a long time to come.

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“May God repose his soul and grant his immediate family the requisite fortitude to bear the irreplaceable loss.”

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Gunmen abduct Nigerian Professor, Demand N10m Ransom

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By Kayode Sanni-Arewa

Gunmen suspected to be kidnappers have abducted Professor John Ebeh, a senior lecturer in the Department of Philosophy at Prince Abubakar Audu University (PAAU), Anyigba, Kogi State.

The assailants are reportedly demanding a N10 million ransom for his release.

Eyewitness accounts revealed that the attackers invaded the professor’s residence in Agbeji, a suburb of Anyigba, in Dekina Local Government Area, at about 7 p.m. on Thursday.

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According to a neighbor who identified himself as Akpai, “The hoodlums operated in a commando manner. It was swift. We noticed a car trailing him furiously; we took it as one of his friends or colleagues, not until we started hearing gunshots around his gate.”

A family source disclosed that the professor was abducted just as he was about to enter his compound.

“Professor Ebeh was almost at the gate of his house at Agbeji, on his way from the town when the incident happened.

“He had even given out a signal to his people to open the gate of his house when some people emerged suddenly from their hideout and started shooting sporadically.

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“Amidst the confusion, someone drove in furiously and blocked his car.

“Some masked people alighted from the vehicle and whisked him away at gunpoint.

“His abductors called the family on Friday night, demanding N10 million,” the source recounted.

University officials have yet to issue an official statement regarding the incident.

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However, one of Professor Ebeh’s colleagues expressed shock at the development, saying, “The kidnapping (of the professor) came to us as a shock. I have just visited his family to sympathize with them.”

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Sad: Ondo SSG Is Dead

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By Kayode Sanni-Arewa

The Secretary to the Ondo State Government, Tayo Oluwatuyi, on Saturday died in an auto crash.

The SSG died in the crash which occurred while he was traveling from Akure, Ondo State capital, to Ibadan in Oyo State.

Confirming the incident, Ondo State Commissioner for Information, Wale Akinlosotu, stated that Oluwatuyi was hospitalised before he gave up the ghost.

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“Hon. Oluwatuyi was a dedicated public servant whose unwavering commitment to administrative coordination, policy advisory, and implementation had a significant impact on Ondo State.

“Further details regarding memorial arrangements will be shared as they become available,” he added.

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