Access Holdings Plc has bowed to mounting shareholder pressure, pledging a significant 122% increase in its interim dividend to ₦1 per share for 2025—up from 45 kobo paid the previous year.
The announcement came during the Group’s 3rd Annual General Meeting (AGM) held on May 15, 2025, where shareholders voiced frustration over what they saw as underwhelming returns despite the bank's solid 2024 performance and expanding international operations.
Shareholder Revolt Drives Record Dividend Promise
Acting Group CEO Bolaji Agbede made the bold commitment in response to growing demands for higher payouts.
“We will be able to do ₦1 interim dividend, and we will go the extra mile in delivering,” Agbede said, citing the Group’s robust earnings across Africa and other international markets.
If honored, the ₦1 interim dividend would be the highest in Access Holdings’ history and bring it on par with other top-tier Nigerian banks like Zenith Bank, GTCO, and UBA—all of which delivered stronger earnings per share (EPS) in 2024.
Earnings Snapshot (2024):
Access Holdings EPS: ₦16.71
Zenith Bank EPS: ₦32.87
GTCO EPS: ₦35.44
UBA EPS: ₦21.73
While Access lags in EPS, it now appears ready to compete through more generous dividend payouts, especially as many banks leveraged currency devaluation gains to boost returns to investors.
Final Dividend Approved Amid Leadership Scrutiny
At the AGM, shareholders also approved a final dividend of ₦2.05 per share, bringing the total 2024 dividend to ₦2.50. This represents a yield of approximately 11.36% at current share prices. The final payout alone amounted to ₦109.3 billion, underlining the Group’s commitment to appease investor concerns.
However, tensions surfaced during board elections. A proposed single-motion vote to re-elect directors was rejected by shareholders, who demanded individual accountability. The vote was split to allow scrutiny of each board member’s performance.
Key Dividend and Performance Metrics:
Total 2024 Dividend: ₦2.50 per share
Total Dividend Payout Over 5 Years: ₦317.2 billion
5-Year Dividend CAGR: 44.9%
Q1 2025 Profit: ₦182.75 billion (+14.7% YoY)
2024 Full-Year Profit: ₦642.2 billion (+3.7% YoY)
Bottom Line:
Access Holdings' dividend hike may be historic, but it reflects a broader shift driven by shareholder activism and rising investor expectations in Nigeria’s increasingly competitive banking sector. For Access, the move marks not just a financial decision, but a strategic concession in the face of growing calls for greater accountability and value creation.
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