Access Holdings Plc has announced its audited financial results for the full year ended December 31, 2024.

The Group delivered 88 per cent year-on-year growth in gross earnings, rising from N2.594trn in 2023 to N4.878trn in 2024.

According to the group’s financial results, the performance was driven by diversified income streams, with interest income growing by 110 per cent to N3.48tn and non-interest income increasing by 47.8 per cent to N1.397tn, supported by retail banking activities, digital expansion, and trading strategy.

Profit before tax (PBT) increased by 19 per cent to N867.0bn, while profit after tax (PAT) rose to N642.2bn, despite inflationary and macroeconomic challenges.

Total assets grew by 55.5 per cent to N41.498tn, and customer deposits rose by 47 per cent to N22.525tn. Shareholders’ funds also increased by 72 per cent, reaching N3.76tn.

The financial services group’s net interest income grew by 82 per cent year on year to N1.268tn in 2024 on the back of a high interest rate environment that pushed the value of the loan book; from N695.36bn reported in 2023.

Access Plc recorded N415.241bn in net fees and commission, up by 100 per cent year on year from N207.782bn in the comparable year in 2023.

Gains from asset revaluation and foreign currency assets declined to N415.804bn in 2024 from N628.931bn.

Due to an increase in tax expenses, profit after tax settled at N642.217bn at the end of 2024, growing by less than 4 per cent year-on-year from N619.324bn in 2023

A subsidiary of Nigeria’s Access Holdings PLC, Access Bank PLC, has secured approvals from the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning for the acquisition of 100% shareholding of the National Bank of Kenya (NBK).

According to a statement issued by the CBK on Monday, Access Bank is acquiring NBK through the purchase of NBK shares from KCB Group PLC, which had held full ownership of the bank since 2019.

The apex bank granted its approval for the transaction on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning gave additional approval on April 10, 2025, pursuant to Section 9 of the same Act.

As part of the acquisition process, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. Both the CBK and the Cabinet Secretary have approved this transfer.

The acquisition and transfer of NBK assets and liabilities will take effect upon the full completion of the transaction, in line with the agreement between Access Bank and KCB Group.

Founded in 1968, the National Bank of Kenya was initially created as a fully government-owned institution aimed at providing credit access to Kenyans and promoting indigenous economic control in the post-independence era.

In September 2019, NBK was acquired by KCB Group, which has since operated it as a subsidiary, alongside other financial services businesses like NBK Bancassurance Intermediary Limited.

Access Bank and KCB Group had signed a binding agreement to acquire 100% shareholding in National Bank of Kenya Limited in March 2024.

Access Bank PLC, which now owns NBK in full, is part of Access Holdings PLC, a financial conglomerate headquartered in Nigeria. The group has aggressively expanded its footprint across Africa and beyond in recent years.

The bank now operates in over a dozen African countries, including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa, and maintains a presence in the UK, UAE and representative offices in China, Lebanon, and India.

With the acquisition of NBK, Access Bank strengthens its position in Kenya’s competitive banking landscape, adding to its operations in the country and reinforcing its East African expansion strategy.

The Central Bank of Kenya has welcomed the acquisition, citing its potential to enhance the resilience and stability of the Kenyan banking sector.

The regulator emphasised that the transaction aligns with its broader mandate to support sound financial sector development while protecting the interests of depositors and inves

By Augustine Akhilomen

The Central Bank of Nigeria, CBN, has debunked reports circulating in the media that the apex bank have introduced new N5,000 and N10,000 notes.

The alleged circular, which had been widely shared on WhatsApp, was clarified as false in a statement from the apex bank via its official handle on X (formerly Twitter).

Some of the reports attributed the introduction of the new notes to a supposed Deputy Governor, Dr Ibrahim Tahir Jr.

It was reported that the new notes would be released from May 1, 2025.

The viral circular falsely attributed to the CBN stated, “The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management.”

However, the apex bank refuted the claims, urging the public to verify information through its official website.

“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the CBN stated, emphasizing its commitment to transparency and accurate communication..