Access Holdings’ London Birthday Celebration Highlights Shareholder Concerns Over Returns

Rema’s performance at Access Holdings Chairman Aigboje Aig-Imoukhuede’s 60th birthday celebration in London has drawn attention to a different concern among investors: the bank’s share performance and valuation relative to its major rivals. Access Holdings shares returned 15% over the past year, compared with stronger gains reported by FirstHoldCo, Zenith Bank and GTCO. Despite being Nigeria’s largest bank by assets, Access trades at about 0.42 times book value, a discount that may reflect investor concerns about returns, asset quality, capital needs and execution risks. Management previously told shareholders that the group’s expansion phase was nearing completion and that stronger dividends could follow. However, investors are still awaiting clearer evidence of improved payouts and a sustained re-rating of the stock. The company also disclosed a further extension for filing its audited interim financial statements for the half-year ended June 30, 2026. For shareholders, the key issues remain earnings growth, dividends, return on equity and how effectively Access converts its scale into value.

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