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Access Holdings: Imprints of a Thriving Banking Powerhouse

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Access Holdings: Imprints of a Thriving Banking Powerhouse, By Bolaji Israel

Access Holdings has continued to evolve and reinforce its corporate stature as a formidable force in Nigeria’s financial sector, demonstrating capacity for relentless growth, resilience and ambition through strategic expansion and innovative approaches. The entity owes its significant bulk to the Access Bank Group, supported by other allied services firms.

Also known as Access Corporation, the group has grown over the last 35 years to emerge as Nigeria’s largest financial holding company, offering services such as commercial banking, lending, payment, insurance, and asset management.

Though Access started off as a corporate bank, it swiftly expanded into personal and business banking in 2012, solidifying its role as a well rounded financial solutions provider.

In his memoir, ‘Leaving the Tarmac: Buying a Bank in Africa, ‘ Aigboje Aig-Imoukhuede detailed how himself and his partner, Herbert Wigwe walked the delicate path of buying Access Bank and never looked back since.

The bank’s acquisition in March 2022 by the maverick duo of Aig-Imoukhuede and Wigwe, which changed its entire growth, profit and branding trajectory as well as its merger with Diamond Bank in 2019 which shot up its customer base to over 42 million, granting it a status of the largest bank in Africa by customer base and the largest in Nigeria by assets, form a part of its remarkable and turnaround milestone.

With a keen focus on digitisation-driven growth and customer satisfaction, it has not only solidified its status in Nigeria but has also set its sights on becoming a formidable player in the international banking arena.

The group’s growth and expansion drive has been marked by a series of strategic acquisitions and mergers aimed at enhancing its market presence and delivering value to customers. In 2021, Access Bank acquired African Banking Corporation (ABC Holdings), a move that significantly bolstered its operations in Southern Africa. This acquisition allowed Access Bank to enter markets such as Botswana, Mozambique, and Zambia, thereby enhancing its regional footprint and customer base.

In addition to its African ventures, Access Holding has been eyeing opportunities in Europe and Asia. Recent announcements highlight the bank’s interest in potential partnerships and acquisitions that could facilitate its entry into these lucrative markets. The bank’s management has stated, “We are committed to diversifying our operations and exploring new markets that align with our growth strategy.”

The results of the expansion efforts have been promising. For the year ending 2023, Access Holding reported a staggering 300 percent growth in profit after tax to N612.4 billion, from N204.1 billion in 2022. This represents the largest profit ever recorded by the company, under the leadership of its late co-founder, Herbert Wigwe.

It revenue soared by 80% to N2.6 trillion, from N1.4 trillion in 2022 while assets rose by 78% to N26.7 trillion, from N14.99 trillion in 2022, marking a significant growth trajectory that positions Access Holding as one of Nigeria’s largest and most influential banks.

Leading Force in Financial Sector

Access Holding’s influence in the financial sector extends beyond its impressive growth metrics. The bank has taken on a leading role in advocating for financial inclusion and economic empowerment across Nigeria and Africa. Through various initiatives, Access Holdings is committed to providing access to banking services for underserved populations, thereby contributing to the broader goal of economic development.

The bank’s emphasis on technology and innovation has positioned it as a leader in the digital banking space, setting benchmarks for other financial institutions to follow. By continuously enhancing its service offerings and embracing new technologies, Access Holding is shaping the future of banking in Nigeria and beyond.

Innovations and Technological Advancements

Access has prioritized innovation as a cornerstone of its growth strategy. Over the past two years, the bank has invested heavily in upgrading its technology infrastructure to provide customers with seamless and efficient banking experiences. The launch of a robust digital banking platform is a clear testament to this commitment. The improved platform allows customers to perform a wide range of transactions, from fund transfers to bill payments, all from the convenience of their mobile devices.

The bank’s mobile banking app has also seen significant upgrades, incorporating features such as biometric authentication, personalized financial insights, and enhanced security protocols. These innovations have resulted in a marked increase in user engagement, with over 10 million active users reported in 2024.

Moreover, Access has revitalized its Point of Sale (POS) services to cater to the growing demand for cashless transactions. The bank has deployed thousands of POS terminals across Nigeria, facilitating secure and efficient payment solutions for businesses and consumers alike.

Leadership and Succession

The unfortunate demise of Dr Herbert Wigwe, CFR, the Company’s founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary, Access Bank Plc on Friday, February 9, 2024, in a helicopter accident in the United States of America, would have constituted a permanent clog for any company without a formidable structure.

Access Holdings has however been able to rise above the dark moment and steadied the ship with the return of Aigboje Aig-Imoukhuede as Chairman and emergence of Bolaji Agbede as GCEO. The swift realignment is a clear testament to the group’s ability to deftly manage succession.

Growth Outlook and Ambition

Access growth results and targets highlight its ambitious nature. The banking group aims to achieve a market capitalization of ₦10 trillion by 2025, with plans to expand its customer base to over 50 million across its operational territories. This ambition is supported by strategic partnerships and potential mergers, not only within Nigeria but globally.

Analysts have noted that Access Holdings is well-positioned to capitalise on the growing demand for financial services across Africa and beyond. With a solid foundation and an eye on expansion, the bank is poised to become a leading financial institution on the global stage.

The landscape of mergers and acquisitions in the banking sector has been vibrant, and Access Holdings is keen on exploring potential opportunities. In Nigeria, the banking industry has witnessed a wave of consolidation, with several banks seeking to enhance their market positions through strategic mergers. Access has expressed interest in potential acquisitions that align with its growth strategy, particularly in the areas of technology and customer service.

Globally, the banking group is also exploring partnerships that can facilitate its entry into new markets. The management has indicated that Access Holding is open to collaborating with fintech companies and other financial institutions that can complement its service offerings and enhance customer value.

Awards and Commendations

Access Corp’s commitment to excellence and innovation has earned it numerous accolades over the past year. The bank was recognized as the “Best Bank in Nigeria” at the Global Finance Awards, a prestigious honour that underscores its leadership position in the industry. Additionally, the bank received the “Most Innovative Bank” award at the African Banking Awards, highlighting its commitment to embracing technology and improving customer experiences.

These awards reflect a solid dedication to maintaining high standards of service and its ability to adapt to the rapidly changing financial landscape.

Access Holdings trajeectory stands as a testament to what can be achieved through strategic expansion, innovation, and effective leadership. With its aggressive growth strategy, commitment to technological advancement, and dedication to customer satisfaction, it is firmly establishing itself as a thriving banking conglomerate.

Business

Nothing Is Impossible, Dangote Tells Harvard Scholars

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…Dangote, an Entrepreneurial Genius, Providing Innovative Solutions’

 

The President/Chief ExecutiveDangote Industries Limited, Aliko Dangote, has urged young entrepreneurs and scholars to rise above limitations and push their ambitions to help transform the world into a better place.

 

The prominent industrialist made this call on Wednesday when a delegation of Harvard Kennedy School scholars visited the Dangote Petroleum Refinery & Petrochemicals complex and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.

 

Addressing the 50 scholars, representing 18 different nationalities from across the globe, Dangote emphasised the importance of being driven by ambition and a ‘can-do’ spirit, as exemplified by the Dangote Group in constructing the world’s largest single-train refinery.

 

He stressed that ambition should be paired with a desire to create a legacy and make an impact, not simply for profit. 

“Life is not worth living without ambition. In this life, nothing is impossible. Don’t allow fear to hold you back. Be knowledgeable about the business you want to pursue. I am not an engineer, but I don’t engage in any business I don’t understand,” he said.

 

Dangote, who spent over 40 minutes answering questions from the scholars, recalled being advised against building the refinery, as many argued that such mega projects were only feasible for sovereign nations, not individuals. He shared that, during the COVID-19 pandemic, the company had to find ways to sustain the project. He also noted that the ingenuity involved in constructing a world-class refinery, which meets global best practices, produces Euro V products, and is capable of processing over 100 different types of crude oil, has kept it running despite shortage of Nigerian crude oil.

 

Vice President, Oil & Gas, Dangote Group, Edwin Devakumar,  explained that building the 650,000-barrel-per-day refinery was a monumental feat that required immense courage, vision, and determination. He pointed out that the group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the project – a refinery with a capacity of 650,000 barrels per day – a feat that had never been attempted before.

 

“Our Group President has a plaque in his office that reads, ‘nothing is impossible.’ This is the mindset he instilled in us when faced with challenges. He does not accept impossibilities and always aims for excellence. This approach was the same when we revolutionised the cement industry in Nigeria. We turned the country from one of the largest importers of cement into a net exporter. Today, after decades of depending on imported refined products, we now have the capacity to meet all of Nigeria’s refined product demands, with surplus supplies of jet A1, gasoline, and diesel for export. Other products from the refinery include polypropylene, carbon black feedstock, and sulphur,” he said.

 

Devakumar highlighted the significant investments made to realise the project, including dredging 65 million cubic metres of sand to raise the height of the site by 1.5 metres to safeguard against potential sea level rises due to global warming. The group also procured 330 cranes and lifting equipment due to the lack of local capacity, built the world’s largest granite quarry to supply materials such as coarse aggregates, stone columns, and stone dust, and constructed the refinery on 250,000 piles – potentially the largest number ever used for a single project.

 

The scholars, who toured the magnificent complexes, were in awe and praised Dangote for his ambitious vision, which seeks to address global needs. They commended him as an inspiration and entrepreneurial genius, with many describing the visit to the refinery as the highlight of their tour, which also included stops in Ghana and Abuja.

 

Sheffy Kolade, leader of the Harvard Kennedy School student-led Nigeria-Ghana Trek and global advisor for the Women for Prosperity project with the Atlantic Council’s Freedom and Prosperity Center, said that the Dangote Group symbolises Nigeria’s resilience and economic transformation.

 

“I want to start by saying that the Dangote Group is not just a business. It is a symbol of Nigeria’s resilience. It is a symbol of the bright future that lies ahead for us. It represents the extraordinary achievements possible when we put our minds to something. I am happy that we are here to witness the economic progress happening in Nigeria. We’ve seen the largest single-train refinery in the world, and we’ve visited a fertiliser plant that exports to South America and the US,” she said.

 

A social entrepreneur and a member of the Forbes Business Council, Kolade added, “From where we are standing, thousands of people earn their daily livelihood. This business has created numerous jobs and energy security for our country. It has reduced our reliance on imported petroleum products, and, of course, it is increasing our foreign reserves. I want to thank you, sir, for everything you’re doing for our country and for Africa. We appreciate it. It’s truly inspiring for us.”

 

Speaking about her team and their mission at the refinery, Kolade noted, “My team consists of 50 people from 18 different nationalities. We have people from nearly every continent. We are a blend of policy, business, sustainability, and development-minded individuals, most of whom are from the Harvard Kennedy School. There’s one from the Harvard Business School, one from Harvard Public Health, and others pursuing joint degrees with Harvard, Stanford, and MIT. We are all curious-minded people who value impact, sustainability, and progress.”

 

Another member of the team, Darrow Merton, a Foreign Service Officer with the United States, described Dangote’s vision and resilience as an inspiration to entrepreneurs. He praised Dangote for not only breaking barriers to build the refinery but also for his ability to provide innovative solutions in the face of adversity.

 

Nothing Is Impossible, Dangote Tells Harvard Scholars

 

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Heirs Holdings Partners with GIVO Africa to Tackle Plastic Waste for a Sustainable Future

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Heirs Holdings deepens commitment to sustainability, environmental stewardship, and community engagement.

Lagos, March 21, 2025 – Heirs Holdings, a leading pan-African investment company with a portfolio spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, has announced its strategic partnership with GIVO Africa, a climate technology and recycling company, reinforcing the company’s deep commitment to driving initiatives that deliver meaningful impact.
This initiative will advance Heirs Holdings’ efforts in promoting a circular economy in Africa; fostering sustainable practices that minimise waste and maximise resource efficiency.
Over the past 15 years, Heirs Holdings’ impact-driven approach has been instrumental in shaping Africa’s business landscape, underscoring its commitment to long-term, sustainable development. Guided by its Africapitalism philosophy, Heirs Holdings has championed inclusive growth by investing in businesses that drive economic transformation, generate employment, and uplift communities across the continent.
Speaking on the partnership, Group Sustainability Officer at Heirs Holdings, Clari Green said: “At Heirs Holdings, we believe in a shared destiny with our local communities—businesses have a responsibility to drive sustainable solutions that create lasting economic and environmental impact. This initiative reinforces our commitment improving lives and driving meaningful transformation across our continent.”
Similarly, CEO of GIVO Africa, Victor Boyle-Komolafe remarked: “We are excited to join forces with Heirs Holdings in tackling plastic waste and promoting a circular economy in Africa. By leveraging our expertise in climate technology and community engagement, we are confident that this partnership will contribute significantly to environmental conservation while fostering economic opportunities.”
Heirs Holdings continues to lead in sustainable business practices, integrating sustainability into its corporate strategy to tackle environmental challenges while fostering meaningful social impact.

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U.S. Visa Interview Rules Get Stricter – Avoid This Critical Error

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U.S. Visa Interview Rules Get Stricter – Avoid This Critical Error

New U.S. Visa Rule Could Derail Travel Plans in 2025

If you’re planning to apply for a U.S. visa in 2025, brace yourself for a major policy shift that could make or break your travel plans. The U.S. Department of State has unveiled significant changes to the visa interview process, set to take effect in April 2025. This sweeping reform impacts all visa categories, including student, work, tourist, and immigrant visas.

Stricter DS-160 Barcode Requirement One of the most critical modifications is the strict enforcement of barcode verification on the DS-160 visa application form. According to the new guidelines, applicants must ensure that the barcode number on their DS-160 matches the one used to schedule their visa appointment. Failure to comply with this requirement will lead to immediate denial of entry into the U.S. Embassy or Consulate for their visa interview.

Previously, applicants could make modifications to their DS-160 form even after securing an interview appointment. However, as of March 18, 2025, this will no longer be permitted. Under the new rules:

  • The visa appointment must be scheduled using the same barcode number on the DS-160 form.
  • If the barcode numbers do not match, applicants will be refused entry to the Embassy or Consulate.
  • To correct a mismatch, applicants must reschedule their appointment using a DS-160 form with the correct barcode number.

Increased Scrutiny and Responsibility on Applicants While these measures are designed to streamline the visa process and minimize errors, they place a heavier burden on applicants to ensure accuracy from the outset. Mistakes that may have previously been rectified with minor adjustments could now result in serious delays, affecting travel, work, and study plans.

How to Avoid Delays and Denials To navigate these stricter requirements, visa applicants must take proactive steps, including:

  • Double-checking that the DS-160 barcode number matches the one used to schedule the interview.
  • Printing and bringing the correct DS-160 confirmation page to the interview.
  • Rescheduling immediately via the official U.S. Visa Appointment website if any barcode mismatch is detected.

Consequences of a Barcode Mismatch A mismatched barcode is not a trivial issue. In countries with already lengthy visa interview wait times, this error could push appointments back by weeks or even months. This could lead to students missing enrollment deadlines, workers losing job opportunities, and tourists having to rethink their travel plans.

With these new requirements looming, prospective U.S. visa applicants are urged to be meticulous in their applications. Ensuring that all details match precisely could mean the difference between a smooth approval process and a frustrating delay.

 

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