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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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Nigerian Varsity LAUTECH Hikes Tuition Fees, Fresh Students To Pay About N400k Per Session

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By Kayode Sanni-Arewa

The management of the Ladoke Akintola University of Technology (LAUTECH) Ogbomoso, Oyo State, has reportedly increased fees for undergraduate students in the institution.

This was contained in a document posted ny the school authorities on Saturday, noting that LAUTECH had increased tuition fees for 2024/2025 fresh students.

The management of the Ladoke Akintola University of Technology (LAUTECH) Ogbomoso, Oyo State, has reportedly increased fees for undergraduate students in the institution.

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This was contained in a document posted ny the school authorities on Saturday, noting that LAUTECH had increased tuition fees for 2024/2025 fresh students.

It added that it ranged from N372,000 to N782,000, depending on faculties and state of origin.

“LAUTECH increases tuition fees for 2024/2025 fresh students, ranges from 372k to 782k, depending on faculties and state of origin,” a Facebook user, who shared the document, wrote.

A student of the University who confirmed the development to SaharaReporters recalled that the students of the institution previously paid fees which ranged from N261,000 to N283, 000.

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The student explained that the management has now fixed new fees at N372, 000 to N782,000, stating that students studying medicine are now paying N782,000.

“Our fees in 2023/2024 session ranged from N261,000 to N283, 000, but the management has now fixed new fees at N372, 000 to N782, 000 for 2024/25 session.

“The students studying medicine are now to pay N782, 000,” the student added.

Before the recent alarming increment, the Oyo State government had announced 25 per cent reduction in the tuition of students of LAUTECH.

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Governor Seyi Makinde made this known in 2021 while paying a visit to the students of the institution.

Makinde had said the reduction was done despite the fact that the LAUTECH tuition was the lowest in the entire South-West.

He added that the reduction would cut across the board.

He said he had fulfilled the promises he had made to the students during electioneering having fixed the Under G Road and actualised the sole ownership of LAUTECH for Oyo state.

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“Let me tell you, the LAUTECH fee is still the lowest in the entire South-West. Having said that, I will reduce your fee across the board; whether indigenes or non-indigenes, even new students. There will be a reduction of 25 per cent across board,” the governor had said.

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Kano Police arrest 82 persons for alleged kidnapping, theft and assault

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By Kayode Sanni-Arewa

The Kano State Command of the Nigeria Police Force has arrested a total of 82 suspects on suspicion of various crimes committed in the state between November 1 and 14 this year.

Crimes allegedly committed by the suspects include kidnappingarmed robberies, violence, telephone theft and drug trafficking.

Revealing details of the arrest during a press conference at the command headquarters, Bompai, Kano, the Police Public Relations Officer, Abdullahi Kiyawa, said the arrests were the result of a crime-fighting strategy adopted by the command.

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“The implementation of these strategies has yielded positive results as they have led to the crackdown on criminal networks such as curtailing Remnants of Violent Activities (Daba) within Kano Metropolis.

Others include dismantling armed robbery syndicates along Jigawa-Kano and Bauchi-Kano borders and foiling kidnapping incidents along Kaduna-Kano and Katsina-Kano borders.

“These operations conducted resulted in the arrest of a total of 82 suspects and the recovery of firearms, dangerous weapons, illegal drugs and stolen property.

“Items recovered from the criminals included an AK-47 rifle and three locally made weapons, 13 machetes and 16 knives.

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“Others include: three motorcycles, a tricycle, 50 bags of diazepam tablets, 42 bags of tramadol tablets, 24 packets, 175 wrappers of dried leaves suspected to be hemp and 10 mobile phones,” he said.

Kiyawa, representing the state Commissioner of Police, Salman Dogo, expressed that the achievements are a reflection of the command’s commitment to maintaining law and order.

He emphasized that the command would persevere in strengthening its various strategies, including community policing and strategic communications aimed at raising public awareness on security issues.

In addition, he emphasized the importance of intelligence-led policing and targeted clearance operations that have successfully disrupted criminal networks, especially in local government border areas.

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He expressed gratitude to Governor Abba Yusuf for donating 78 patrol vehicles to the command, which will significantly strengthen its operational capabilities and response times, thereby improving service delivery to the citizens of the state.

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Ribadu hands over 58 abductees including children to Kaduna govt

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By Kayode Sanni-Arewa

No fewer than 58 people rescued by the Nigerian security agencies in joint operations have been handed over to the Kaduna State government.

It was gathered that the victims comprised 35 males, 23 females, children and toodlers were kidnapped by suspected armed bandits under the command of a notorious bandit called Janbros.

The victims were said to have made to trek for hundreds of Kilometers through the thick forest of Birnin Gwari during the kidnap.

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The National Security Adviser (NSA), Mallam Nuhu Ribadu, on Saturday, handed over the victims to the Chief of Defence Staff (CDS), Gen. Christopher Musa, who would hand them over to the government.

Musa who affirmed that no money was paid for their rescue, presented the victims to the representative of the state government and Chief of Staff to the Governor, Sani Kila.

He stated that all Nigerians must take ownership of the operation for the security agencies to succeed.

”The rescue is as a result of combined efforts of the military and other security services. The operation was both kinetic and non-kinetic which requires efforts by all and not just the military kinetic efforts.

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“What we are seeing out of this, is the success of the collaboration right from the top. From the presidency, to the Office of the National Security Adviser, Ministry of Defence to all agencies working together, including the Kaduna State government.

“The governor has been very supportive and very helpful and it is this collaborative effort that has made it possible for us to be able to rescue these individuals.

“It is a joint effort and we were able to do that through non-kinetic means of getting across. No penny was paid for these individuals.”

“Now, I want Nigerians to understand that if we do not work together, it will be extremely difficult for us to succeed.

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“The success depends on all of us working together because it is a whole-of-society approach,” he said.

Musa said that certain individuals had been trying to make it impossible for the government to succeed by sabotaging the efforts of the government.

He added that the security agencies were working round the lock tirelessly to make sure Nigerians feel safe and protected.

“Today is Saturday, many people would have wanted to be home, relaxing, but we are working. Saturday, Sunday, day and night and all Nigerians have keyed up, and everybody is contributing to the success we are seeing.

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“I want to also inform Nigerians that we will continue to work hard together and will not leave any stone unturned until every Nigerian that is in captivity is freed and Nigerians are free to move about within the country, both day and night, as it used to be before.

“We assure Nigerians that we are getting all the support to ensure that we work, and we assure Mr. President that we will do everything possible, and including Nigerians, until we succeed, we’ll continue to push,” he added.

The defence chief clarified that contrary to the believes of many, not all persons involved in banditry were willing tools, adding that some were conscripted.

He said the military would continue to go after the perpetrators, adding that “they will not be let free for the innocent blood they have shed.”

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Meanwhile, the National Coordinator National Counter Terrorism Centre (NCTC), Maj Gen Adamu Laka, said the victims were kidnapped from their homes and farmlands in Gayam, Sabon layi and Kwaga villages of Dan Musa Local Government Area of Katsina State.

Laka said that troops of 1 Division, on November 14, at about 1500hrs successfully led a joint operations leading to their rescue.

He noted that the victims comprised 35 males and 23 females.

According to the him, preliminary investigation revealed that the victims were kidnapped by suspected armed bandits under the command of a notorious bandit called Janbros.

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“During the kidnap, the victims were made to trek for hundreds of Kilometers through the thick forest of Birnin Gwari.

“Upon their rescue, the government provided them with all the necessary assistance required to stabilise them for subsequent handing over to ONSA for rehabilitation and immediate medical checkups, where they have been examined and six were admitted.

“The six admitted victims have recovered and joined us for subsequent handing over to their respective families,” he said.

The Chief of Staff to Kaduna Governor, Sani Limankila thanked the security agencies and called on all Nigerians to team up with security agencies to end kidnapping.

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