How Access Holdings’ Hydrogen, Oxygen X, Pension are minting billions in profits

Access Corporation, the parent company of Nigeria’s largest bank by assets, has achieved significant success across its various subsidiaries. In particular, the company’s fintech, pension, and lending ventures have demonstrated profitability within two years of incorporation.

This uptick indicates the resounding success of Access Corporation’s overall strategy since moving to a holding company structure in 2020 and complying with the Central Bank of Nigeria (CBN) 2014 regulation of Holdcos. 

For the first nine months of 2024, Access Corporation subsidiaries have contributed a combined profit of ₦12.76 billion ($7.65 million) to the group. These contributions have seen the parent company triple its gross earnings to ₦3.41 trillion ($2 billion) as of September 2024 from ₦1.38 trillion ($832 million) in December 2022, when full disclosure commenced regarding the subsidiaries’ financial position.

Last updated: November 20, 2024