Access Holdings sees Standard Bank as North Star, as 20-year aggressive expansion ends

Access Holdings Plc, Nigeria’s largest lender by assets, is done with acquisitions and now focused on entering a consolidation phase, marking the second stage of its ambitious five-year strategy aimed at becoming Africa’s most respected bank. This is coming after completing 20 acquisition deals between 2002 and 2025 that saw the financial services group aggressively expand its footprint across the continent and beyond through a series of mergers and acquisitions.

Aigboje Aig-Imoukhuede, chairman of the financial conglomerate, told investors and shareholders in a meeting that he wants the group to be compared to South Africa’s Standard Bank rather than Nigerian rivals. He admitted that years of expansion diluted earnings per share and weighed on returns despite rapid growth.

“Our ambition was not for you to see our performance through the lens of Access is a great bank and compare us to GTCO or Zenith,” Aig-Imoukhuede told journalists after Access Holdings’ fourth annual general meeting in Lagos, Nigeria.

“Our ambition was for you to see us as Access is a great bank, compare us to Standard Bank of Africa.”

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With a market capitalisation of N1.35 trillion, Access Holdings is now focused on integrating its recent acquisitions and extracting value from the synergies created. This strategic pivot is intended to address concerns among some shareholders and analysts who, despite the bank’s significant expansion, have deemed its stock undervalued.

Aig-Imoukhuede acknowledged that repeated capital raises used to fund expansion diluted earnings per share and weighed on return on equity, contributing to a valuation discount relative to some competitors.

“We’ve done the scale stage of the evolution,” he said. “Now we’re doing the value part of it.”

Access Holdings comparison with Standard Bank is deliberate. Standard Bank is Africa’s largest bank by assets and one of the continent’s most profitable financial institutions, with operations spanning more than 20 African countries and major global financial centres.

For decades, it has been regarded as the benchmark for scale, profitability and cross-border banking on the continent. Now, Aig-Imoukhuede wants that same standard for his group.

Access Bank, which commenced operations in 2002, has structured its business into three core categories: global financial centres, global trade hubs, and African markets. This structure underpins its expansion strategy.

To successfully navigate the consolidation phase and prepare for the subsequent optimisation stage starting in 2026, Access Holdings plans to prioritise investment in talent, technology, and compliance. In 2024, the holding company demonstrated this commitment by investing a substantial $120.5 million in technology infrastructure and electronic business, a figure higher than the technology spend of competitors like Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, and Zenith Bank Plc in 2023.

Efficient capital and liquidity management will also be a key focus during this phase. Furthermore, the group aims to leverage global opportunities across its operational regions. Access currently holds a presence in major global financial centres including London, New York, Paris and Hong Kong, with plans to add Tokyo in the coming years. The bank is also active in key trade hubs such as London, Malta, Mauritius, and China.