Access Holdings targets N10tn profit by 2027

Access Holdings Plc has set an ambitious target to reach a profit milestone of N10 trillion by the year 2027.

Roosevelt Ogbonna, CEO of Access Bank, revealed this information during a presentation titled ‘Facts Behind the Right Issue’ by Access Holdings Plc, held in Lagos on Tuesday”.

He emphasized that this ambitious projection reflects the company’s unwavering dedication to achieving excellence as a leading global banking institution.

Highlighting the bank’s vision of transforming into Africa’s gateway to the world, he said, “We are positioning ourselves to be one of the most respected banks globally, focusing on superior service across three continents and spanning 22 countries, including the UAE and the UK.”

According to Ogbonna, the bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership.

He noted that the bank’s focus on strategic market entry and consolidation efforts aimed to build a strong franchise across Africa.

“Our journey from a handful of branches to a global presence showcases our dedication to sustainable growth.

“By 2027, we aim to be one of the top five banks globally, powering trade across the continent and providing superior services to our customers,” Ogbonna reiterated.

Aigboje Imoukhuede, Chairman of Access Holdings, announced that the company is issuing 17.7 billion shares, priced at N19.75 per share, as part of a rights issue aimed at raising capital to support its ambitious growth strategy and expansion plans.

He further explained that the primary objective of this rights issue is to secure significant funding, which will be strategically utilized to expand the bank’s operational scope.