Access Holdings delays HY results due to subsidiaries audit

By Abubakar Yunusa

The board of Access Holdings Plc has announced that it is awaiting approval from CBN to release its Half-Year (HY) financial results for the period ended 30th June 2023 after completion of the audit of its subsidiaries.

This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

This medium gathered that Access Holdings’ initial delay in releasing its results was due to ongoing audit activities of the newly acquired sub-subsidiaries of the banking group.

Following the completion of its audit activities, it is now seeking final approval from the apex bank before publishing its results to the investing public.

According to the statement signed by the Company Secretary, Sunday Ekwochi, the results would be filed on or before September 30, 2023,

Here’s what the statement reads:

Access Holdings Plc (the Company) wishes to notify the investing public and the Nigerian Exchange Limited (NGX*)) of a potential delay in the publication of the Company’s Audited Interim Financial Statements for the Half Year ended June 30, 2023 (the Results’).

The Company had, on August 14, 2023, requested and obtained the approval of NGX for the Results to be filed on or before September 15, 2023, subject to the approval of the Central Bank of Nigeria (CBN’), due to post-audit completion matters. In line with NGX’s approval, the Company had submitted the Results to the CBN for its approval.

However, given the time estimated for the CBN to review the submitted Results, it is envisaged that the Company may be unable to meet the September 15, 2023 timeline for publication of the Results.

Based on the foregoing, the Company has sought and obtained an extension of time to file the Results on or before September 30, 2023, subject to CBN’s approval of the Results.

What You Should Know

In mid-July, Nairametrics reported that Access Holdings completed its acquisition of a majority stake in Finibanco Angola after receiving necessary regulatory approvals from CBN and Angola’s apex bank.

The group noted that the bank had signed necessary agreements with minority shareholders of Finibanco Angola S.A. who expressed interest in selling their shares.

With the completion of the acquisition, Access Holdings now owns more than 51% stake in Finibanco Angola S.A.

Also, Access Bank Plc (flagship subsidiary of Access Holdings) reached an agreement to acquire the sub-saharan subsidiaries of Standard Chartered Bank.

In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania.