A 2025 Financial Statement filed with the Nigerian Exchange (NGX) reveals deep cracks in Access Bank Plc under the leadership of Aigboje Aig-Imoukhuede, leaving everyone missing late banking wizard, Herbert Wigwe.
Access Holdings Plc may have stunned the Nigerian banking industry after posting a historic profit before-tax figure of approximately ₦1.05 trillion for the 2025 financial year, representing one of the strongest earnings performances in the Nigerian banking sector. Gross earnings also climbed aggressively to over ₦4.8 trillion, while total assets surged beyond ₦41 trillion, but analysis conducted by ENigeria Newspaper finance journalist reveals that behind the celebratory headlines and glossy investor presentations paraded by the Aigboje Aig-Imoukuede led bank, lies a troubling financial reality deep cracks that analysts and shareholders are beginning to scrutinize more aggressively.
For instance, a closer examination of Access Bank 2025 Financial Statement (audited financial statements) filed with the Nigerian Exchange Group (NGX), reveals several weak spots hidden beneath the massive profit announcement bandied around by the lender, including surging impairment losses, mounting pressure on asset quality, declining earnings efficiency, concerns around dividend decisions, and growing questions over the sustainability of the bank’s aggressive expansion strategy.
ENigeria Newspaper reports that the banking group announced that Profit Before Tax rose above ₦1 trillion in 2025, a milestone it also described as evidence of “value-driven growth” and stronger optimization of its balance sheet.
However, financial analysts examining the details say the numbers tell a more complicated story.
One of the biggest red flags in the report was the sharp rise in impairment charges and credit-loss exposure. Earlier investor presentations released during the 2025 financial year already hinted at the pressure building within the bank’s loan portfolio. In the Access Bank 2025 Financial Statement – the lender admitted that year-on-year profit performance during parts of 2025 was negatively affected by “higher impairment charges and lower fair value gains.”
Consequently, by the final quarter, the situation had become harder to ignore.
Bad-loan impairment costs reportedly more than doubled compared to previous reporting periods, raising fresh concerns over the quality of loans sitting on the bank’s balance sheet.
For a bank pretending to aggressively expand across Africa and pushing deeper into corporate and retail lending markets, rising impairments often suggest increasing repayment stress among borrowers, especially in an economy battling inflation, currency depreciation, high interest rates, and weakening consumer purchasing power.
Industry observers who spoke to ENigeria Newspaper warn that while Access Holdings remains profitable, rapidly rising impairment charges could eventually begin eroding future earnings if macroeconomic conditions worsen.
Another area that drew attention was Access Bank Plc’s controversial dividend stance.
Despite announcing record profitability, Access Holdings shocked many retail investors after clarifying the rationale behind its non-payment of dividend for the 2025 financial year.
For many shareholders, the decision appeared contradictory.
“How does a company announce over ₦1 trillion in profit and still explain why dividends cannot be paid comfortably?” one Lagos-based retail investor asked during post-results market discussions.
The clarification from the company has since triggered debates within investment circles, especially among small investors who depend heavily on annual dividend income.
Some pundits believe the move may indicate that management is becoming increasingly cautious about capital preservation amid regulatory pressures and future expansion obligations.
Others argue it may reflect underlying liquidity and capital management concerns not immediately obvious from headline profit figures.
Access Bank’s earnings quality also came under renewed scrutiny.
While gross earnings and non-interest income grew strongly in 2025, portions of the growth were significantly supported by foreign exchange-related gains and volatile market-driven income streams rather than purely sustainable core lending operations.
Financial experts say this trend exposes Nigerian banks to potential instability whenever foreign exchange conditions normalize or market volatility reduces.
Furthermore, financial analysts argue that heavy dependence on FX revaluation gains can create “paper profitability” that looks impressive on annual reports but may not translate into long-term operational strength.
Another germane concern was raised in the area cost pressures and expansion sustainability.
Access Holdings continued its aggressive pan-African expansion strategy throughout 2025, with management repeatedly emphasizing long-term growth ambitions and international scaling plans.
But expansion comes with consequences.
The group’s operational structure continues becoming more expensive to maintain, especially across multiple African jurisdictions with varying regulatory environments, currency pressures, and economic instability.
While its total assets climbed above ₦41 trillion in 2025, compared to significantly lower levels in previous years, the financial statements showed rising operational expenses, higher amortization costs, and growing intangible asset exposure linked partly to acquisitions and expansion-related activities.
Some sections of the report also revealed increased amortization expenses and growing intangible asset exposure tied partly to acquisitions and expansion-related activities.
ENigeria Newspaper analysts notes that although expansion can strengthen future market dominance, it also exposes the bank to issues like, rising compliance costs, regulatory risks, currency translation volatility, higher operational overhead, among other things capable of hurting future earnings.
Corporate governance changes within the institution also attracted attention during the year.
The report confirmed multiple board-level resignations in Access Holdings Plc, and Access Bank and executive changes during 2025, including exits involving senior figures within the group.
Although leadership transitions are not unusual in large financial institutions, frequent high-level changes sometimes trigger investor concerns regarding strategic continuity and internal governance stability.
Meanwhile, insider-related credit exposure also rose significantly.
According to disclosures within the financial statements, insider-related credit outstanding rose from about ₦11.8 million in 2024 to roughly ₦131.8 million in 2025.
Even though the bank stated the facilities were performing, the increase may still attract regulatory and investor attention given the sensitivity around insider lending practices within the Nigerian banking sector.
Despite these concerns, Access Holdings Plc remains one of the strongest financial institutions in Nigeria by assets, continental presence, and earnings scale.
Its balance sheet continued growing aggressively during 2025, with total assets rising sharply compared to previous periods.
Its total assets climbed above ₦41 trillion in 2025, compared to significantly lower levels in previous years, reflecting the scale of its expansion drive. Still, market analysts insist that investors should look beyond headline trillion-naira profits and pay closer attention to the quality and sustainability of earnings.
“The real question is not whether Access Bank made ₦1 trillion,” one market analyst told ENigeria Newspaper. “The question is whether the bank can maintain those earnings without rising loan stress, weakening capital buffers, or dependence on volatile market conditions.”
For now, Access Holdings under the leadership of Aigboje Aig-Imoukhuede appears determined to project confidence. But beneath the trillion-naira celebration lies a financial institution navigating mounting economic pressure, rising credit risk, shareholder anxiety, and growing questions about whether its rapid continental expansion may eventually come at a heavier cost than investors currently realize. However, ways, many within the group are already missing the magic touch of late Herbet Wigwe.
