The Remarkable Journey of Access Holdings: A Chronicle of Transformative Growth
This year marks 22 years since Aigboje Aig-Imoukhuede and Herbert Wigwe, two young Nigerian bankers, acquired a modest bank and transformed it into one of the largest financial institutions on the Africa, with a presence in Europe and Asia. On March 22, 2002, they assumed control of the bank, which then had its corporate headquarters at Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos. The acquisition process spanned two years, involving rigorous negotiations and extensive documentation, marking one of the boldest takeovers in Nigeria’s financial history.
Following the takeover, Access Bank embarked on a five-year transformation agenda. The Central Bank of Nigeria CBN announced a N25 billion capitalization deadline for the end of December 2005, prompting the management to raise the required capital and explore opportunities for mergers and acquisitions. The bank raised N15 billion via a public offer, acquired Capital Bank Ltd. and Marina International Bank Ltd., and convinced FMO, the Dutch development finance company, to become an institutional investor through the conversion of a $15 million term loan.
By 2007, Access Bank had raised a local bond issue of N11.9 billion and N136 billion through public offerings, including an oversubscribed global depository receipt, GDR. The establishment of Access Bank UK marked the beginning of its second five-year transformation plan in June 2008. Between 2009 and 2011, the bank successfully passed CBN’s special audit on governance, liquidity, and capital adequacy, and achieved three major milestones: it was awarded IFC Sustainable Bank of the Year, acquired Intercontinental Bank, and became Nigeria’s fourth largest bank.
The merger with Intercontinental Bank in 2012 propelled Access Bank to new heights, making it an attractive workplace for bankers from other institutions. The same year, the bank raised $350 million through a Eurobond and divested from non-banking subsidiaries, earning recognition as a significant financial institution by the CBN. This designation highlighted the bank’s critical role in the economy, the integrity of its leaders, and its systemic importance.
In January 2014, Herbert Wigwe became Group Managing Director and CEO, succeeding Aigboje Aig-Imoukhuede. Under Wigwe’s leadership, Access Bank continued to grow, raising N42 billion through a rights issue in 2017 and issuing another $300 million subordinated note. The 2018 merger with Diamond Bank catapulted Access Bank to the top in terms of assets and retail business, boasting 646 branches, 38 million cards, 3,000 ATMs, and 34,000 POS terminals. In 2019, Access Bank issued Nigeria’s first green bond and expanded its African footprint to Kenya, Mozambique, and South Africa in 2020.
In 2022, Access Bank concluded its previous five-year strategy, successfully growing to serve over 52 million customers across 17 markets worldwide. The restructuring into a Holding Company – Access Holdings – marked a new chapter, enabling the group to leverage synergies across various businesses and expand its product offerings in payments, insurance, consumer finance, and pensions. In 2023, Access Holdings launched operations in Paris, setting the stage for further expansion across the Northern Hemisphere.
Access Holdings’ strategic ventures have driven economic development in various sectors, including finance, banking, agriculture, technology, and healthcare. By supporting SMEs, investing in local businesses, and providing tailored financial solutions, the company has fostered job creation and entrepreneurship across its markets. Recognizing Africa’s diverse economies, Access Holdings adapts its business model to address the unique challenges and opportunities of each region.
As the second half of 2024 approaches, Access Holdings’ Africa and international expansion strategy will enter a phase of consolidation and efficiency, aligning with its five-year plan to achieve its 2027 strategic objectives. This phase aims to solidify the group’s presence and maximize its impact across the continent and beyond.
