History of Access Bank

History of Access Bank

Over the past 26 years, Access Bank Plc. has grown from a little-known bank in Nigeria to a world-class African financial institution. Today Access Bank  is one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network; a feat achieved through a powerful, long-term approach to customer solutions – delivering innovative and cohesive advice.

Access Bank has built on its strength and success in corporate banking and is now applying this expertise to the personal and corporate banking platforms it has acquired from The Nigerian Bank for International Trade in 2012. The next two years are dedicated to business integration, infrastructure investment, and product offering. As part of its continued growth strategy, Access Bank focuses on integrating sustainable business practices into its operations. The Bank strives to create sustainable economic growth that is profitable, environmentally friendly and socially appropriate.

 

The Beginning (1988 – 2001)

December 19, 1988:

 

Access Bank has obtained a banking license

 

 

March 24, 1998:

 

Access Bank becomes a limited liability company

 

 

February 8, 1989:

 

Access Bank was established as a private commercial bank

 

 

November 18, 1998:

 

Access Bank has been listed on the Nigerian Stock Exchange

 

 

May 11, 1989:

 

Access Bank has commenced operations at its headquarters in Burma Road, Apapa

 

 

February 5, 2001:

 

Access Bank has received a global banking license from CBN

 

Change

In March 2002, the Board of Directors appointed Aigboje Aig-Imoukhuede as CEO/General Manager and Herbert Wigwe as Deputy CEO. The mission was clear:

Repositioning the bank as one of Nigeria’s leading financial institutions within 5 years (March 2002 to March 2007). Many considered this task impossible due to the reality of the Bank at the time. At the same time, Mr. Gbenga Oyebode, who has brought commendable and useful experience to the Board of Directors obtained from several leading Nigerian companies including MTN Nigeria, Okomu Oil Palm Plc, was also appointed to Administrative Council. The new management team then created a transformation program for Access Bank, which broke through everything that had characterized the Bank in the past and became the bank’s transformation roadmap. into a world-class financial institution.

 

The focus is:

• Build a reliable and highly competent management team
• Introducing a culture of excellence based on professionalism and integrity.
• Ensure human capital development.
• Expand shareholder base. Introduce reasonable procedures and processes to promote the Bank’s day-to-day business.
• Instill a passion for customer service in all employees.
• Establish a low-cost liability generation strategy.
• Expand branch network to cover all clearing areas in Nigeria
• Create a world-class brand

The impact of the transformation program was evident from the first year. The bank expanded its balance sheet 100% and recorded an impressive profit of N1 billion before tax. Profit before tax is higher than the accumulated profit of the bank in the previous 12 years. It also marked the beginning of a six-year record triple-digit growth trend. Similarly, earnings per share rebounded to 21 kobo from negative 2 kobo, leading to the announcement of a 5 kobo dividend to shareholders for the first time in three years.

 

Recognizing the role of a strengthened capital structure, the Bank commenced fundraising in July 2007. The process has been a resounding success, registering oversubscriptions of more than 300%. The public offering included an over-the-counter GDR deposit of US$250 million that was also registered in excess of 700%.The Bank’s shareholder fund is now at more than N240 billion with an expanded shareholder base of over 1,000,000 domestic and foreign investors.

Access Bank is constantly looking to expand its service platform across the African continent. The bank currently operates through a network of approximately 366 branches in major cities and commercial centers in Nigeria, Gambia, Sierra Leone, Zambia, Rwanda and the Democratic Republic of the Congo.

 

The impact of the transformation program was evident from the first year. The bank expanded its balance sheet 100% and recorded an impressive profit of N1 billion before tax. Profit before tax is higher than the accumulated profit of the bank in the previous 12 years. It also marked the beginning of a six-year record triple-digit growth trend. Similarly, earnings per share rebounded to 21 kobo from negative 2 kobo, leading to the announcement of a 5 kobo dividend to shareholders for the first time in three years.

Visit the official website here