Access Holdings Plc has told shareholders they will receive no dividend for the 2025 financial year — and the Central Bank of Nigeria is at the centre of it.
The announcement came at the group's 4th Annual General Meeting in Lagos, where Chairman Aigboje Aig-Imoukhuede confirmed the decision was driven entirely by regulatory alignment with the CBN.
The Core Reason
The group accelerated the recognition of legacy exposures and exited regulatory forbearance positions.
That move triggered elevated impairment charges — and directly impacted the dividend decision.
"This reflects a clear strategic choice to prioritise balance sheet strength and long-term resilience over short-term earnings optimisation," Aig-Imoukhuede stated at the AGM.
The Numbers Tell a Different Story
Despite the dividend freeze, Access Holdings posted some of its strongest financial results to date.
| Metric | 2024 | 2025 |
|---|---|---|
| Profit Before Tax | N867.02bn | N1.01 trillion |
| Total Assets | N41.5 trillion | N51.56 trillion |
Customer deposits also grew strongly year-on-year, reflecting what the group called "deepening customer trust."
Why Retain Capital Instead of Paying Out?
Aig-Imoukhuede was direct: capital retained today must translate into shareholder value tomorrow.
The board clarified that the non-payment does not signal a drop in earnings capacity — it signals strict adherence to supervisory expectations.
Shareholders were assured that dividend payments will resume as soon as regulatory conditions are satisfied.
Macroeconomic Optimism From the Chairman
On the broader economy, Aig-Imoukhuede publicly praised the Tinubu administration's economic reforms — though he was careful to frame it as an investor's assessment, not a political endorsement.
"The first and most important thing for any investor, domestic or international, is macroeconomic stability," he said.
He pointed to the stabilisation of the foreign exchange market as particularly significant — noting that quarterly price movements of 20–30 per cent prior to 24 months ago made business planning near-impossible.
The chairman did, however, flag insecurity as a major unresolved concern that continues to hold back Nigeria's full economic potential.
Leadership and Governance Updates
The AGM also confirmed key governance changes at the group level.
Innocent C. Ike was appointed Group Managing Director/CEO, while Ibironke Adeyemi joined the board as an Independent Non-Executive Director.
Aig-Imoukhuede described the transition as seamless — executed with stability and full alignment with the group's long-term strategy.
What Comes Next
Access Holdings has reframed its growth narrative around a strategy it calls "From Scale to Value."
The group acknowledged a gap between current returns and cost of equity — and said closing that gap is now central to unlocking shareholder value going forward.
International subsidiaries were also highlighted as holding significant unrealised value, with management committing to improving market recognition of that intrinsic worth.
For investors tracking the Nigerian financial sector and looking to understand where capital flows in this environment, the Sterling Bank Nigeria investment guide offers useful context. And for those monitoring how AI is reshaping financial strategy across the continent, the AI investment tools Nigeria guide is worth reading alongside this story.
The Bottom Line
Access Holdings is profitable, growing, and strategically disciplined.
But shareholders will have to wait — and the CBN's requirements will determine exactly how long.
Sources: Access Holdings 4th AGM proceedings, Lagos, June 2026 — reported statements by Chairman Aigboje Aig-Imoukhuede. Financial data sourced from the group's 2025 audited results as presented at the AGM. Additional context via BusinessDay Nigeria and Nairametrics.
Reported by the WealthBlueprint NewsDesk — delivering institutional-grade financial intelligence for the modern investor.