Remarkable Journey of Access Holdings: From Humble Beginnings to a Pan-African Powerhouse
This year marks 22 years since two young Nigerian bankers, Aigboje Aig-Imoukhuede and Herbert Wigwe, embarked on a transformative journey that reshaped the financial landscape of Nigeria and beyond. On March 22, 2002, they took control of a small, unremarkable bank, housed in Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos. Today, that institution has evolved into Access Holdings, a financial behemoth with a significant footprint across Africa, Europe, and Asia.
The acquisition process was anything but simple. It took two years of rigorous negotiations and extensive documentation to finalize the takeover, making it one of the most audacious in Nigeria’s financial history. Shortly after assuming control, Access Bank initiated a five-year transformation plan. Midway through this plan, the Central Bank of Nigeria (CBN) announced a N25 billion capitalization requirement by December 2005. Rising to the challenge, Access Bank raised N15 billion via a public offer, acquired Capital Bank Ltd. and Marina International Bank Ltd., and secured investment from FMO, the Netherlands' development finance company.
Surpassing the N25 billion capitalization threshold, Access Bank accelerated its growth, raising N11.9 billion through a local bond issue and N136 billion via public offerings, including an oversubscribed global depository receipt. The bank's expansion continued with the establishment of Access Bank UK in 2007. By June 2008, Access Bank was firmly on its way to becoming one of Nigeria's top financial institutions.
Between 2009 and 2011, Access Bank passed CBN’s stringent audits and achieved significant milestones, including being awarded IFC Sustainable Bank of the Year and acquiring Intercontinental Bank. This acquisition propelled Access Bank into the ranks of Nigeria’s top four banks. The bank's dynamic work environment and ambitious vision attracted top talent from across the industry, solidifying its reputation as a desirable workplace.
In 2012, Access Bank raised $350 million through Eurobond and was recognized as a significant financial institution by the CBN, reflecting its critical role in the economy. Further solidifying its position, the bank issued a $400 million subordinated note in 2014 and transitioned into a large, diversified banking institution.
Herbert Wigwe took over as Group Managing Director & CEO in January 2014, leading the bank through continued growth. By 2017, Access Bank had raised N42 billion through rights issues and issued another $300 million subordinated note. The merger with Diamond Bank in 2018 catapulted Access Bank to the forefront of the industry, making it the leader in assets and retail banking.
Access Bank continued its innovative streak, issuing Nigeria’s first green bond in 2019 and expanding into Kenya, Mozambique, and South Africa in 2020. By 2022, Access Bank restructured into Access Holdings, expanding its services into payments, insurance, consumer finance, and pensions.
In 2023, Access Holdings launched operations in Paris, furthering its pan-African vision. The group has strategically entered new markets, contributing to economic development through job creation, SME support, and tailored financial solutions.
As Access Holdings enters the second half of 2024, it is poised to consolidate its gains and drive efficiency, aligning with its ambitious five-year plan towards achieving its 2027 strategic objectives. This remarkable journey from a modest bank to a global financial powerhouse exemplifies Access Holdings' commitment to innovation, resilience, and sustainable development across Africa and beyond.
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