Access Bank is currently faceing fresh scrutiny over delayed financial results amid aggressive expansion.
NewsOnline Nigeria reports that Access Holdings Plc, parent company of Access Bank, has once again failed to meet its reporting deadline, announcing yet another extension for the release of its interim audited financial statements for the half-year ended June 30, 2025.
In a filing with the Nigerian Exchange (NGX) on September 22, the company revealed that the results which were originally expected on September 29 will now not be available until October 22, pending approval from the Central Bank of Nigeria (CBN).
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This delay underscores growing concerns about Access Bank’s governance and operational stability, especially as it remains the only member of the FUGAZ tier-1 banks yet to publish its interim results. Rivals such as GTCO have already released their figures on schedule, casting Access Bank in an unflattering light.
The company attributed the setback to “post-completion audit complexities” stemming from its flurry of recent acquisitions. However, this explanation mirrors an earlier excuse issued in August, raising questions over whether the bank’s rapid expansion has outpaced its capacity to properly consolidate and manage its financial reporting obligations.
Over the past year, Access Bank has aggressively pursued acquisitions across Africa, from Kenya and Tanzania to Mauritius, Angola, and Sierra Leone. While these moves were touted as evidence of its continental ambitions, analysts warn that the bank may be overstretched, struggling to integrate new assets while maintaining transparency and timely disclosures.
The red flags are particularly notable given that Access Bank has previously trumpeted its growth story. Its Q1 2025 results showed a pre-tax profit of ₦222.78 billion, supported by soaring interest income and non-interest revenue streams. But those gains were accompanied by a sharp drop in total assets, down 5.81% to ₦39.09 trillion; signaling weakening balance sheet quality despite headline profits.
Rising funding costs have also eaten into net interest income, with interest on deposits ballooning by more than 80%, further squeezing margins.
For investors, the persistent delays and opacity threaten confidence in Access Bank’s reporting discipline and overall financial health. As it continues to acquire new subsidiaries while deferring transparency, questions remain whether the institution can maintain its image as a stable market leader or if cracks are beginning to show beneath its aggressive growth strategy.
