Access Holdings Plc delivered a profit before tax of N1.007tn, underscoring the strength of its diversified platform and expanding earnings base across key markets. Total assets grew to N51.56tn, with customer deposits increasing strongly, reflecting sustained franchise momentum and deepening customer trust.

This was disclosed at its fourth Annual General Meeting on Wednesday, reaffirming its strategic transition toward long-term value creation, balance sheet resilience, and disciplined growth amid a dynamic operating environment.

Speaking at the AGM, the Chairman, Aigboje Aig-Imoukhuede, emphasised that the defining test of a financial institution was not merely its capacity for growth, but its ability to grow profitably, sustainably, and with discipline over time.

He noted that Access Holdings’ performance in 2025 reflected a deliberate approach to strengthening the institution’s long-term fundamentals while maintaining strong financial results.

However, the chairman stressed that the results must be viewed in context. During the year, the group took a prudent decision to accelerate the recognition of legacy exposures and exit regulatory forbearance positions, resulting in elevated impairment charges.

This, he explained, reflected a clear strategic choice to prioritise balance sheet strength and long-term resilience over short-term earnings optimisation.

“Periods of volatility often reveal more about an institution than periods of uninterrupted growth. Our focus remains on building a business that is not only growing but improving in the quality and sustainability of its earnings,” he stated.

The AGM highlighted the group’s continued evolution beyond traditional banking into a diversified financial services ecosystem, with growing contributions from investment management, insurance, and technology-driven platforms.

While banking remains the core earnings engine, new growth verticals, including Access ARM Pensions, Access Insurance Brokers, Oxygen X Finance, and Hydrogen Payments, are expanding the group’s footprint in digital finance, consumer lending, and payments, strengthening its long-term earnings mix and scalability.

This transformation is further anchored on an “ideas-to-ventures” approach, positioning Access Holdings not only as a financial institution of scale, but as a platform for innovation and future growth engines.

Looking ahead, he stated, “The Strategy, From Scale to Value, reflects the natural evolution of our journey. Scale created opportunity, value creation is how we fully realise it.”

The chairman noted that while the group continued to generate strong returns, closing the gap between returns and cost of equity remained central to unlocking shareholder value. He also acknowledged the existence of significant unrealised value within the group’s international subsidiaries, with a clear emphasis on improving market recognition of this intrinsic value.

The board addressed shareholder concerns regarding dividend payments, clarifying that the non-payment of dividends was driven by regulatory alignment and compliance considerations within the banking subsidiary.

Aig-Imoukhuede reaffirmed that this position did not reflect diminished earnings capacity but rather aligned with supervisory expectations and prudent capital management. He assured shareholders of the board’s commitment to resuming dividend payments as soon as regulatory conditions were satisfied.

“Our approach is clear: capital retained today must translate into value delivered tomorrow and sustainable returns to our shareholders,” he said.

Access Holdings also highlighted continued progress in strengthening governance and leadership continuity. During the year, Innocent Ike was appointed Group Managing Director/Chief Executive Officer, while the board was reinforced with the appointment of Ibironke Adeyemi, an Independent Non-Executive Director.

The chairman noted that leadership transitions were executed with stability and alignment, ensuring continuity of strategy, operational resilience, and stakeholder confidence.

The group reiterated its commitment to sustainability as an integral part of its strategy, advancing financial inclusion, supporting Small and Medium-sized Enterprises, and investing in education, the arts, and the creative economy as drivers of long-term economic and societal value.

Despite continuing macroeconomic uncertainties, Access Holdings expressed confidence in its strategic positioning, underpinned by disciplined execution, a diversified business model, and a strengthened capital base.

Aig-Imoukhuede concluded by reaffirming the group’s long-term commitment, saying, “Our responsibility is to justify the confidence of our shareholders by building an institution that endures, one defined by clarity of purpose, discipline of execution, and sustainable value creation over time.

The Nigerian Exchange Group has reinforced its commitment to environmental sustainability through a community cleanup exercise at Marina, Lagos, to commemorate World Environment Day 2026.

The exercise was held in partnership with the Lagos State Waste Management Authority and the Recyclers Association of Nigeria.

The initiative brought together employee volunteers from NGX Group and representatives of both partner organisations to promote responsible waste management, environmental awareness, and community engagement.

Beyond supporting cleaner public spaces and encouraging proper disposal practices, it provided staff with an opportunity to contribute directly to environmental causes, reflecting the group’s commitment to employee volunteering.

Consistent with NGX Group’s Corporate Social Responsibility framework, the cleanup forms part of the group’s environmental pillar, which promotes recycling, awareness, and sustainability-focused interventions.

Speaking on the initiative, the Head of Group Communications and Partnerships, NGX Group, Clifford Akpolo, said sustainability was fundamental to the group’s vision of creating long-term value.

Akpolo said, “This cleanup exercise reflects our commitment to translating that vision into action by supporting environmental stewardship within the communities where we operate.

“Through our collaboration with LAWMA and RAN, we are helping to promote responsible waste management while demonstrating the value of collective action in addressing environmental challenges.”

He noted that collaboration between the private sector and public agencies played an important role in strengthening waste management and recycling systems.

Quest Merchant Bank delivered a strong financial performance for the 2025 financial year, with gross earnings increasing by 29 per cent year-on-year to N81.5bn, driven by growth in net interest income and stronger asset yields. Profit before tax expanded by 23 per cent, while operating efficiency improved significantly, with the bank’s cost-to-income ratio improving by 2.3 per cent.

The shareholders approved the bank’s audited financial statements for the year ended December 31, 2025, commending the institution for its strong financial performance, successful recapitalisation, and long-term strategic direction.

The approvals were given during the bank’s 11th Annual General Meeting held recently.

The AGM followed the successful acquisition of the bank by Everquest Acquisition LLP, a special purpose vehicle led by Custodian Investments Plc, as well as the attainment of the Central Bank of Nigeria’s N50bn minimum capital requirement ahead of the regulatory dea

The bank also maintained strong liquidity and asset quality indicators while further strengthening its governance, risk management, and compliance frameworks in response to evolving regulatory expectations and market dynamics.

The Acting Managing Director/Chief Executive Officer, Afolabi Olorode, stated that the bank’s performance reflected a deliberate strategy anchored on operational excellence, client-centricity, innovation, and disciplined execution.

He said, “Our strategic focus remains clear: to build a leading merchant bank anchored on strong capital, innovation, execution excellence, and deep client relationships. With our enhanced capital base and the launch of our 2026–2030 strategic plan, Quest Merchant Bank is exceptionally well-positioned to support critical sectors of the economy while delivering superior value to shareholders and stakeholders alike.”

Olorode added that the bank would continue to deepen its capabilities across corporate and investment banking, wealth management, and global markets, while accelerating investments in technology, talent development, and operational resilience.

Shareholders at the AGM also approved key resolutions, including the payment of dividends, election of directors, and amendments to the bank’s memorandum and articles of association.

In line with its commitment to inclusive development and sustainable impact, the bank expanded its corporate social responsibility initiatives during the year through financial literacy programmes, youth empowerment initiatives, healthcare interventions, and inclusive education partnerships.

Looking ahead, Quest Merchant Bank reaffirmed its commitment to strategic expansion, innovation, and sustainable finance while continuing to support Nigeria’s economic transformation agenda through strategic financial intermediation and advisory services.

 

In recent months, Europe has increasingly turned to the Atlantic Basin, including West Africa, to meet jet fuel demand shortfalls caused by reduced supplies from traditional Gulf sources.

Against this backdrop, the Dangote refinery has emerged as one of the notable new entrants reshaping global fuel trade flows.

Recent industry reports show that the refinery has already exported large volumes of aviation fuel to Europe. In one of its strongest export windows, Dangote shipped about 1.1 billion litres of jet fuel to Europe between March and April 2026, while also supplying more than 95 per cent of Nigeria’s domestic Jet A1 demand.

The refinery is also reported to have exported about 615 million litres of aviation fuel in April alone, as part of a broader 1.66 billion litres of refined products shipped during the period, driven by strong international demand and disruptions in global supply chains.

It was observed that the combination of rising geopolitical risks and refinery disruptions in major producing regions is gradually strengthening the role of new large-scale refiners such as Dangote in global aviation fuel trade.

While Russia’s export restriction may not significantly alter global jet fuel volumes on its own, it contributes to a broader tightening environment that supports alternative suppliers with export capacity.

Already, market reports indicate that Dangote is benefiting from strong demand in Europe and other regions seeking reliable non-traditional sources of jet fuel amid uncertainty around Middle East supply routes and refinery outages.

Russia had announced that the restriction was aimed at stabilising domestic fuel supply and ensuring adequate availability for its aviation sector. According to Reuters, the measure applies to jet fuel sold through exchange markets and commercial channels but excludes supplies covered under intergovernmental agreements and fuel already in transit or customs clearance.

The ban marks one of Moscow’s most significant interventions in its refined products market in recent years, coming after a series of earlier restrictions on gasoline exports introduced in April as pressure on its refining system intensifies.

According to reports, Ukrainian drone strikes have repeatedly targeted Russian refineries and export-linked infrastructure over the past year, forcing temporary shutdowns and reducing processing capacity at several major plants. The attacks are part of Kyiv’s strategy to weaken Russia’s energy revenues, which remain central to its war financing.

The Nigeria Customs Service said it recorded about 65 seizures of vegetable oil products in 2025 and another 23 in 2026, with a combined duty-paid value of approximately N1.314bn.

This is even as the service announced that it has intensified efforts to combat the smuggling of vegetable oil into the country, with plans to launch intelligence-driven special operations aimed at protecting local investments, preserving jobs and supporting the growth of the agricultural value chain.

According to a statement on Wednesday, the Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Friday during a meeting with stakeholders in the vegetable oil industry in Abuja.

Adeniyi said the service remains committed to tackling smuggling through strategic enforcement, intelligence gathering and stakeholder collaboration, adding that the NCS and operators in the vegetable oil sector share a common objective of protecting legitimate businesses, encouraging investment and strengthening the national economy

The CGC explained that addressing smuggling requires sustained cooperation between government agencies and the private sector, particularly in sectors that contribute significantly to employment generation and economic development.

He also called on stakeholders to support enforcement efforts by providing credible intelligence on smuggling routes and illicit trade activities. “Fighting smuggling is a continuous process that requires intelligence, policy support, and collaboration. We value constructive engagement with stakeholders and will continue to strengthen our partnership with the private sector,” he stated.

Also speaking, the Deputy Comptroller-General in charge of Enforcement, Inspection and Investigation, Timi Bomodi, highlighted the service’s achievements in curbing the illegal importation of vegetable oil products.

Bomodi disclosed that Customs recorded several seizures across key border corridors and assured stakeholders that surveillance would be intensified in vulnerable locations.

“We recorded about 65 seizures of vegetable oil products in 2025 and another 23 seizures in 2026, with a combined Duty Paid Value of approximately N1.314bn,” he said.

He noted that many of the seizures were made along major smuggling corridors, including Seme and Idiroko, stressing that surveillance would also be strengthened in other identified vulnerable locations.

Leading the industry delegation, the Founder of the Plantation Owners Forum of Nigeria, Dr Fatai Afolabi, commended the NCS for creating a platform for dialogue while drawing attention to the need to clamp down on vegetable oil smuggling into the country.

“Smuggling of vegetable oil will undermine local production, discouraging investment and threatening thousands of jobs across the value chain,” Afolabi stated.

First City Monument Bank Limited has appointed Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors following approval from the Central Bank of Nigeria.

It stated in a statement that the appointment brings one of Nigeria’s leading economists to the board of the lender as it seeks to strengthen its governance and strategic leadership.

Rewane has more than 40 years of experience spanning macroeconomic research, investment banking and strategic management. He is the Managing Director of Financial Derivatives Company Limited, a financial advisory and economic research firm.

A Fellow of the Nigerian Economic Society, Rewane previously held leadership positions at International Merchant Bank Nigeria Limited and First National Bank of Chicago.

He graduated from the University of Ibadan with a degree in Economics and is a Fellow of the Chartered Institute of Bankers of Nigeria as well as an Associate of the Institute of Chartered Bankers of England and Wales.

His boardroom experience includes serving on the boards of several companies, including Guinness Nigeria Plc, British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited and Africa Infrastructure Plus Partners.

Rewane also served as a member of the Presidential Steering Committee for the Resolution of the Global Economic Crisis.

In addition, he has completed executive management programmes at institutions including the Oxford International Capital Markets Programme, the Euromoney Institute of Finance and IMD Lausanne, Switzerland.

Commenting on the appointment, the Board of Directors of First City Monument Bank said it welcomed Rewane and expressed confidence that his experience would support the bank’s growth objectives.

The board stated, “The bank is confident that his expertise in macroeconomics, corporate governance, and strategic management, together with the Bank’s stronger capital base, will strengthen its leadership and help drive the next phase of growth while continuing to deliver value to stakeholders.