Business
Access Holdings Records ₦3.9trn Gross Earnings In Nine Months
A statement by its Company Secretary, Sunday Ekwochi, said the performance was driven by sustained growth in both interest and fees and commission, reflecting the strength of the Group’s diversified earnings base, and improved performance from core operations across its banking and non-banking businesses.
Maintaining the same momentum, gross earnings rose by 56.2% quarter-on-quarter from ₦2.5trillion as at Half Year (H1) 2025.
Interest income rose by 21.1% year-on-year to ₦2.9 trillion in Q3 2025, compared to ₦2.4 trillion in Q3 2024. Net interest income also increased by 48.9% to ₦1.3 trillion from ₦845 billion in the same period.
The performance was driven by loan book expansion, reflecting our disciplined risk management approach and a strategic focus towards higher-yielding, quality assets to strengthen portfolio returns.
On a quarter-on-quarter basis, interest income and net interest income grew by 42.1% and 27.8%, respectively, from ₦2.0 trillion and ₦984 billion in H1 2025.
There was 44.3% growth in net fee and commission to N476billion in Q3 2025 from N330billion in Q3 2024, reflecting higher transaction volumes and increased customer activity across digital and payment channels across both periods.
On a quarter-on-quarter basis, net fee and commission income also increased by 100.8% from N237billion in H1 2025.
While total non-interest income declined marginally by 8.1% to ₦872 billion in Q3 2025 from ₦984trillion in Q3 2024, the Group’s growth momentum from core operations continues to support overall earnings trajectory.
Operating income rose 18.8% to ₦2.13 trillion in Q3 2025 from ₦1.8trillion in Q3 2024.
Impairment on loans increased by 141.5% to N350billion as of Q3 2025 from ₦145billion in Q3 2024.
Operating expenses increased marginally by 6.7% in Q3 2025 to N1.2trillion from N1.1trillion in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% in Q3 2024, as revenue growth outpaced operating expenses. We expect the cost-to-income ratio to stay moderated from ongoing efficiency initiatives, cost optimisation measures, and stronger revenue across the Group.
Profit before tax (PBT) increased by 10.4% to N616billion in Q3 2025 from N558billion in Q3 2024. Profit after tax moderated to ₦447billion in Q3 2025 from ₦ 458 billion in Q3 2024.
Compared to H1 2025 performance, profitability demonstrated resilience, as profit before tax (PBT) increased by 91.9% from ₦321billion in H1 2025 YTD to ₦616 billion in Q3 2025. Profit after tax (PAT) also showed improvement in the period, with a 107.9% increase to ₦447billion in Q3 2025 from ₦215 billion as at H1 2025 YTD.
The Group’s balance sheet increased with total assets growing by 25.8% to ₦52.0trillion in Q3 2025 from ₦ 41.5 trillion in FY 2024.
The growth in the balance sheet was supported by customer deposits, which grew by 47.0% to ₦33.1trillion in Q3 2025 from ₦ 22.5 trillion in FY 2024.
Loans and advances increased by 19.7% to ₦15.6trillion in Q3 2025 from ₦ 13.0 trillion in Q3 2024. The Group is positioned to unlock revenue synergies, enhance cross-border collaboration, and drive sustainable earnings growth.
The Group’s strong performance was largely driven by its non-Nigerian subsidiaries, which together contributed over 50% of consolidated results.
These subsidiaries continued to deliver strong growth across key metrics, reflecting the benefits of diversification and deepening franchise strength across our African markets.
In comparison, the Nigerian operations experienced underperformance during the period, attributable to changing macroeconomic conditions, inflationary pressures, and continued regulatory adjustments.
The return on average equity (ROAE) stood at 15.4% in Q3 2025, down from 22.2% in Q3 2024, while return on average assets (ROAA) also moderated to 1.3% in Q3 2025 from 1.8% in Q3 2024. The cost-to-income ratio (CIR) improved to 54.6% in Q3 2025 from 60.8% in Q3 2024.
Looking ahead, Access Holdings said it will continue to strengthen its franchise across all its markets and businesses, deepen operational resilience, and create sustainable value for all our stakeholders.
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Business
‘Grok Can Hallucinate,’ INEC Dismisses Pro-APC X Post Allegedly Linked To Amupitan
The Independent National Electoral Commission(INEC) has said that despite claims alleging that the Chairman, Joash Amupitan, made a partisan post on X, no verified forensic evidence links him to the said post.
The Director of Information and Communication Technology , Lawrence Bayode, stated this during an interview on Channels Television’s, The Morning Brief on Monday.
“Even though we are seeing that some guys have carried out a forensic investigation on that account, as we speak, there is no verified forensic evidence linking the chairman to the post,” he said.
His comment follows the alleged post of the INEC chairman, allegedly expressing support for the All Progressive Congress (APC) during the 2023 general elections.
The director, however, stated that the matter would not be swept under the rug; rather, it had been referred to security agencies for further investigations.
“We are taking this further even though we have referred this to security agencies, and as I said, we rely on evidence. We are also going to be engaging a third-party forensic expert to help look at this.
“We are also looking at it in-house. I will not base my judgment on the screenshot; I will not allow that to guide my conclusion.
“I know that the commission will engage a third-party expert to also look at this, and that will guide the conclusion of the commission,” Bayode said.
Speaking further, the INEC tech chief said Grok could hallucinate.
“Grok honestly can hallucinate just like any modern artificial intelligence system, and I think the key is to verify important information, especially for decision or public communication.
“So any AI system can hallucinate, and so Grok can also hallucinate,” he stated.
Bayode also noted that a social media account could be opened using someone else’s email address.
“If people can hack into your system if it’s not well protected, if not for a time like this where our social media platforms are protected by two-factor authentication,” he added.
The ICT director also explained that the issue appeared to be more than it seemed, suggesting that it could be a case of digital impersonation.
“That account was renamed; the content there, maybe, would have been manipulated again.
He also spoke about how digital impersonation and content manipulation can ‘mislead the public.’
“I think all these are in the public domain, so anyone who wants to create havoc can use all of this information and use it as they will, Bayode added.
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Business
UBA equips youth to drive Africa to excellence
With Over 5,000 Alumni, Initiative Seals UBA’s Pan-African Leadership Pipeline
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reinforced its commitment towards tackling youth unemployment across the continent with the successful employment of over 700 young professionals under its Graduate Management Acceleration Programme (GMAP).
Since inception, the bank’s GMAP initiative has empowered more than 5,000 young graduates across Africa, providing them with world-class training, hands-on experience, and a platform to thrive in the financial services industry.
The graduation ceremony, which was held in a grand ceremony held at the Landmark Events Centre, Lagos on Thursday, was graced by esteemed guests, led by the UBA’s top management, faculty members, mentors, and the graduating class, as it highlighted the culmination of an intensive journey towards leadership excellence.
Executive Director, Finance, Ugo Nwaghodoh, Group Chairman, United Bank for Africa, Tony Elumelu; Group Managing Director, UBA, Oliver Alawuba, Executive Director; Deputy Managing Director, Chukwuma Nweke and Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala, flanked by graduands of the 2026 Graduate Management Accelerated Programme(GMAP) during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.
While welcoming and addressing the fresh intake, UBA’s Group Chairman, Tony Elumelu, reiterated the importance of ambition, discipline, and institutional pride, describing the gathering as living proof that Africa’s future belongs to its youth.
“I am so happy to see smiling, young faces. You know, they say the future of Africa belongs to our youth, and as I see all of you, I see that in action. Welcome to UBA Group. Congratulations on being part of our family,” he stated.
Elumelu challenged the graduates, to take personal ownership of their performance and to exhibit the discipline that distinguishes great institutions from average ones.
“Selecting the right people, training them, developing them, nurturing them, and getting them to align with the vision is not easy. But it is critical for sustained success. What we must do is institutionalise our approach, to build an organisation that can deliver and create systems that endure, so that perpetuity is achieved,” Elumelu said.
The milestone induction, which welcomed Cohorts 19 and 20 into the bank’s dynamic workforce, underscores the bank’s strategic focus on nurturing Africa’s next generation of high-performing talent equipped to drive innovation and sustainable growth.
Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala; Group Executive, Treasury and Financial Institution, Samuel Ocheo; Executive Director, Finance and Risk Management, Ugo Nwaghodoh; Executive Director, Corporate Banking, Tosin Adewuyi; Group Managing Director, UBA, Oliver Alawuba, Executive Director; Deputy Managing Director, Chukwuma Nweke; Company Secretary, Bili Odum and Executive Director, Digital Banking, Emmanuel Lamptey flanked by prize winners of the 2026 Graduate Management Accelerated Programme(GMAP) during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.
Group Managing Director/CEO, Oliver Alawuba, who went down memory lane, took the youth on his personal journey from a young professional to Group CEO, and reminded the graduates that the path from entry-level to leadership is not reserved for a privileged few.
“Our young Africans are equipped to drive Africa into excellence. Your current role is not your final destination. If we could rise, you can rise too, because the journey is not reserved for a special class of people. It is reserved for people who decide to grow and then do the work,” he said.

Group Chairman, United Bank for Africa, Tony Elumelu (6th left); Group Managing Director, UBA, Oliver Alawuba, (5th Left) and Group Head, Human Resources, Modupe Akindele, flanked by some of the graduands of the 2026 Graduate Management Accelerated Programme(GMAP) class of UBA Academy, during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.
Alawuba anchored his address in UBA’s corporate ethos, the 3Es of Excellence, Enterprise, and Execution, and the SRG persona of Simplicity, Responsiveness, and Goal-orientation, challenging each new hire to make these values visible in their daily conduct
With the new cohort of 720 trainees, 435 of whom are women and account for over 60% of the intake, this stands as a powerful testament to the bank’s unwavering commitment towards women’s empowerment.
UBA continues to position itself as a leading institution in youth development, intentionally grooming “achievers who perform” while contributing meaningfully to reducing unemployment and unlocking the immense potential of Africa’s youthful population.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
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Business
‘Fake’, CBN Dismisses Polaris Bank Liquidation Claim
The Central Bank of Nigeria has debunked rumours suggesting that Polaris Bank is undergoing liquidation.
The apex bank disclosed this in a post on X, assuring the public that the country’s banking system remains stable and secure.
The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.
It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.
Sharing a screenshot of a viral claim, however, the apex bank flagged it as “fake content.”
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, and added that the rumour did not reflect the current state of the Nigerian banking sector.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.
A total of N4.65 trillion was raised during the 24-month exercise, pushing capital adequacy ratios across the sector above global Basel benchmarks and enhancing banks’ resilience, according to the apex bank.
However, it noted that “a limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.”
As part of efforts to reinforce oversight and stability in the sector, in January 2024, the Bank dissolved the boards and management of Polaris Bank, alongside Union Bank and Keystone Bank.
In 2022, the bank was also at the centre of controversy following claims that a higher bid was submitted during its sale process than the one eventually accepted.
At the time, reports indicated that the House of Representatives directed the apex bank to suspend the sale.
Again, a Federal High Court in Lagos, on March 25, reportedly reversed the sack of the board and management of Union Bank of Nigeria.
However, the CBN had, in a response, while maintaining that the bank’s regulatory status remains unchanged, stated that it would review the judgment.
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