Business

Access Holdings posts N642bn profit after tax, 88% gross earnings growth

Published

2 months ago

April 17, 2025

AccessBank

Access Holdings Plc says it recorded N642 billion as profit after tax in the full year of 2024, up from the N619.32 billion earned at the end of 2023.

In its audited financial statement for the year ended December 31, 2024, Access Holdings said the figure represents a 3.7 percent increase in profit after tax.

The group said its gross earnings grew by 88 percent year-on-year, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024.

“The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy,” Access Holdings said.

“Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges.”

According to the statement, the bank’s total assets grew by 55.5 percent to N41.498 trillion and customer deposits rose by 47 percent to N22.525 trillion.

The financial institution said shareholders’ funds also increased by 72 percent, reaching N3.76 trillion.

In terms of economic sustainability, the statement noted that the bank recorded strong strides through its economic, social and governance (ESG) programmes.

“It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan,” the statement further reads.

“The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses.

“Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.”

The statement also noted that the bank posted significant gains across all performance metrics, “with interest income growing by 110% and fees and commissions rising by 81%”.

The organisation said international subsidiaries contributed 48.5 percent to the “banking segment’s PBT, demonstrating strong execution across key markets”.

In 2024, Access Holdings said it also became the first institution to comply with the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue.

The group also said it paid N1.243 billion in penalties to regulatory authorities in 2024 for various infractions

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Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

Published

4 days ago

June 13, 2025

Ekwutos Blog

The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

Business

Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

Published

5 days ago

June 12, 2025

Ekwutos Blog

Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

Business

‘No deal collapsed’ – Nigerian Govt breaks silence on forward crude oil sale

Published

6 days ago

June 12, 2025

Ekwutos Blog

The Federal Government has debunked reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited, NNPCL.

This was as the government stated that no final decision has been made on the matter.

According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, on Wednesday in Abuja, the government said it was aware of recent media speculation surrounding the deal, stressing that such commentary is premature and inaccurate.

“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government.

“Commentary suggesting the collapse of any such initiative is unfounded,” the statement read.

The statement maintained that the forward sale of crude oil-an arrangement often used to secure financing by pledging future oil production-remains under consideration as part of a broader strategy to stabilise Nigeria’s economy.

“The government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability,” Manga said.

The Federal Government expresssed its commitment to deploying innovative, transparent, and fiscally responsible financing strategies to optimize Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.

The move is said to be part of the government’s ongoing economic reforms aimed at promoting economic growth and development.

The Finance Ministry also reassured stakeholders that any decisions regarding forward crude oil sales will be made with careful consideration and transparency.