Access Holding, Nigeria’s biggest bank reported N729 billion in profit before tax for the entire year ending December 31, 2023, this represents a notable increase of roughly 335 percent over the N167.68 billion reported in 2022.

It final fiscal year under the leadership of the late Group CEO, Dr. Herbert Wigwe, the group of the Nigerian Exchange Limited (NGX) reported a profit of N619.3 billion

When compared to the N152.2 billion reported in 2022, this indicated a 307 percent increase. The Central Bank of Nigeria’s (CBN) unification of foreign exchange was a major factor in the notable increase in profits.

The Group reported a foreign exchange gain of N628.93 billion for the 2023 financial year, an increase of 87.44 percent over the N335.55 billion reported for the 2022 fiscal year.

Fair value gains on non-hedging derivatives, equity investments, and fixed-income securities brought in an additional N512.3 billion for Access Holdings, which also saw growth at its net interest income of N555.8 billion and net fee income of N207.7 billion revenue lines. In 2023, its Earnings Per Share (EPS) increased to N17.23 from N4.29 in 2022.

For each ordinary share valued at N0.50, Access Holdings proposed to pay a final dividend of N1.80 kobo, subject to the applicable withholding tax.

Access Holdings also reported N26.7 trillion in total assets in 2023, a 78% increase from the N14.99 trillion reported in 2022, according to the balance sheet position. Key drivers included N8.04 trillion in loans and advances to banks in 2023, up 58% from N5.1 trillion reported in 2022, and N15.3 trillion in customer deposits in 2023, up 65.6% from N9.25 trillion in 2022.

In addition to his wife Chizoba, son Chizi, and Bimbo Ogunbanjo, 61, former president of the National Council of the NGX Group Plc in California, USA, Wigwe passed away on February 9th in a helicopter accident.

Following Wigwe’s untimely death, the Board of Directors of Access Holdings recently announced on February 13 that Ms. Bolaji Agbede had been appointed as the Acting Group Chief Executive Officer.

Mr. Aigboje Aig-Imoukhuede, the Pioneer Group Managing Director/CEO of Access Bank Plc., was recently named Chairman of Access Holdings.

As of the end of 2023, Wigwe had 2.58 billion direct and indirect shares in Access Holdings, or 7.27 percent of the bank.