Access Bank Plc is a Nigerian commercial bank offering retail, business, corporate, private and digital banking services. Its products include savings and current accounts, loans, payment cards, international transfers, trade finance, treasury services, agency banking, investment services and digital payments.

Access Bank is licensed by the Central Bank of Nigeria and operates as the flagship banking subsidiary of Access Holdings Plc. Following the group’s 2022 restructuring, Access Holdings became the publicly listed parent company, while Access Bank continued as the regulated banking institution.

Full history of Access Bank Plc

1988–1989: Establishment and commencement of operations

Access Bank received its banking licence on 19 December 1988.

It was incorporated as a privately owned commercial bank on 8 February 1989 and commenced operations on 11 May 1989 from its original head office on Burma Road, Apapa, Lagos.

During its early years, the Bank concentrated mainly on commercial and corporate banking.

1998: Conversion to a public company

Access Bank became a public limited-liability company on 24 March 1998.

Its shares were subsequently listed on the Nigerian Stock Exchange, now the Nigerian Exchange Limited, on 18 November 1998.

2001: Universal banking licence

On 5 February 2001, Access Bank obtained a universal banking licence from the Central Bank of Nigeria.

This allowed the Bank to expand its activities beyond conventional commercial banking and offer a broader range of corporate, retail and investment-related financial services.

2002: Beginning of the transformation programme

In March 2002, the Board appointed:

• Aigboje Aig-Imoukhuede as Managing Director and Chief Executive Officer
• Herbert Wigwe as Deputy Managing Director

The management team received a mandate to reposition Access Bank from a relatively small Nigerian bank into one of the country’s leading financial institutions within five years.

The transformation programme focused on:

• Building a high-quality management team
• Improving corporate governance
• Establishing a culture of professionalism and integrity
• Developing employees
• Expanding the Bank’s shareholder base
• Strengthening operational processes
• Improving customer service
• Expanding the branch network
• Building a recognisable African financial-services brand

During the first year of the programme, the Bank reportedly doubled its balance sheet and recorded approximately ₦1 billion in profit before tax—more than its cumulative profit over the preceding 12 years. Official Access Bank history

2004–2005: Capital raising and banking consolidation

In 2004, Access Bank conducted a public offer that raised more than ₦14.5 billion and reportedly recorded a 133% subscription rate.

During Nigeria’s banking consolidation programme in 2005, Access Bank acquired Capital Bank and Marina Bank through mergers by absorption. The institutions were integrated into Access Bank within a relatively short period.

These transactions increased the Bank’s customer base, assets, branch network and market presence.

2007: Major capital expansion

Access Bank conducted another capital-raising exercise in 2007. Its public offer was reportedly oversubscribed by more than 300%.

The capital exercise included a US$250 million Global Depositary Receipt placement, which the Bank stated was significantly oversubscribed.

The capital raised supported branch expansion, technological development and the Bank’s growing regional ambitions.

2011–2012: Acquisition of Intercontinental Bank

Access Bank acquired Intercontinental Bank in 2011 following the Central Bank of Nigeria’s intervention in distressed banks.

The merger substantially increased Access Bank’s:

• Customer base
• Total assets
• Deposit base
• Retail-banking operations
• Branch network
• National market presence

The enlarged institution became one of Nigeria’s largest banks. In 2012, the Access Bank–Intercontinental Bank transaction was recognised as a major African merger and acquisition deal.

Access Bank also issued a US$350 million Eurobond and obtained a listing on the London Stock Exchange during this period.

2013–2017: Integration, sustainability and regional growth

Following the Intercontinental Bank acquisition, Access Bank concentrated on completing the integration, strengthening risk-management practices and improving its technology infrastructure.

The Bank also established itself as a prominent advocate of sustainable banking. Its activities included:

• Supporting the development of sustainable-banking principles
• Financing small and medium-sized enterprises
• Promoting women’s financial inclusion through the “W” Initiative
• Supporting health, education and community-development programmes
• Introducing environmental and social risk-management practices
• Organising the Access Bank Lagos City Marathon from 2016

In 2017, Access Bank launched a new five-year strategy built around the ambition to become Africa’s Gateway to the World.

2018–2019: Merger with Diamond Bank

Access Bank announced its proposed merger with Diamond Bank in December 2018.

The merger was completed in March 2019, with Access Bank continuing as the surviving institution. The transaction combined Access Bank’s strength in corporate banking with Diamond Bank’s substantial retail and digital-banking customer base.

Following the merger, the Bank introduced a refreshed corporate identity incorporating elements of both Access Bank and Diamond Bank.

The transaction significantly expanded the Bank’s:

• Retail-customer base
• Digital-banking capabilities
• Agency-banking network
• Deposit base
• Branch coverage
• Mobile-banking operations

In 2019, Access Bank also issued what it described as Africa’s first fully certified corporate green bond, listed on the Nigerian Stock Exchange and the FMDQ platform.

2020–2021: African expansion

Access Bank accelerated its African expansion by acquiring or investing in banking operations in several markets.

The expansion included transactions and operations in countries such as:

• Kenya
• Mozambique
• South Africa
• Zambia
• Botswana
• Cameroon
• Angola
• Ghana
• Rwanda
• Sierra Leone
• The Gambia
• Democratic Republic of Congo

The Bank’s international strategy was designed to establish a broad African banking network connected to major global financial centres.

2022: Creation of Access Holdings Plc

In 2022, the Access group transitioned to a holding-company structure.

Under the restructuring:

• Access Holdings Plc became the parent company.
• Access Holdings replaced Access Bank as the company listed on the Nigerian Exchange.
• Access Bank Plc became the group’s principal commercial-banking subsidiary.
• The holding structure allowed the group to expand into payments, consumer lending, insurance brokerage and pension-fund administration.

Access Bank therefore remains a public limited company by legal form, but its shares are no longer separately traded on the Nigerian Exchange.

Roosevelt Ogbonna was appointed Managing Director and Chief Executive Officer of Access Bank, while Victor Etuokwu and Chizoma Okoli were appointed Deputy Managing Directors.

2023 onward: International expansion and banking growth

In 2023, Access Bank completed a US$300 million Additional Tier 1 capital issue and announced transactions involving Standard Chartered’s banking subsidiaries in selected African markets, including Angola, Cameroon, Sierra Leone and The Gambia.

The Bank has continued to expand its African and international banking footprint through acquisitions, new subsidiaries and strategic investments.

Its current strategy positions Access Bank as a pan-African institution connecting African businesses and consumers with international financial markets.