Access Holdings Plumps Losses, Stock Price Hits 52-Week Low Amidst Financial Warnings
Access Holdings Plc, the parent company of Access Bank, has been under pressure on the Nigerian Stock Exchange (NGX) with its stock price plummeting by 14.1% year-to-date, ranking 132nd on the NGX in terms of year-to-date performance. The company’s stock price has been on a downward trend, closing at NGN 20.50 on November 21, 2025, a 2.4% drop from its previous closing price of NGN 21.00.
The stock’s woes are not limited to the short term, with a 10.9% decline over the past week, 18% decline over the past 4 weeks, and a 25.3% decline over the past 3 months. The company’s market capitalization has also taken a hit, with investors growing increasingly concerned about its financial health and prospects.
| Period | Performance |
|---|---|
| 1 Week | -10.9% |
| 4 Weeks | -18% |
| 3 Months | -25.3% |
| 6 Months | -4.65% |
| 1 Year | -17.2% |
| Year-to-Date (YTD) | -14.1% |
Despite being the second most traded stock on the NGX over the past three months, Access Holdings has failed to inspire confidence among investors. The stock has traded a total volume of 2.65 billion shares, valued at NGN 63.8 billion, over the period, with an average of 42 million traded shares per session.
A closer look at the company’s trading activity reveals a concerning trend. The stock’s price has been volatile, with significant price swings and a lack of direction. The 10-day trading data shows that the stock has been unable to sustain any gains, with prices dropping on most trading days.
| Date | Volume | Close | Change | Change% |
|---|---|---|---|---|
| 2025-11-21 | 128,687,289 | 20.50 | -0.50 | -2.38% |
| 2025-11-20 | 17,936,363 | 21.00 | -0.65 | -3.00% |
| 2025-11-19 | 488,361,173 | 21.65 | -0.35 | -1.59% |
| 2025-11-18 | 15,467,563 | 22.00 | -0.25 | -1.12% |
| 2025-11-17 | 8,803,217 | 22.25 | -0.75 | -3.26% |
| 2025-11-14 | 132,615,479 | 23.00 | ||
| 2025-11-13 | 50,886,902 | 23.00 | +1.00 | +4.55% |
| 2025-11-12 | 35,931,231 | 22.00 | +2.00 | +10.00% |
| 2025-11-11 | 56,282,468 | 20.00 | -1.80 | -8.26% |
| 2025-11-10 | 22,809,385 | 21.80 |
The company’s financial performance has been underwhelming, with high debt levels, low dividend payouts, and operational inefficiencies weighing on its stock price. Investors are growing increasingly concerned about the company’s ability to drive growth and generate returns, leading to a decline in its stock price and valuation.
Access Holdings Plc is facing significant challenges, and its stock price is reflecting these concerns. Investors are advised to exercise caution when considering the stock, as its financial performance and prospects remain uncertain
As at September 2025 , the company’s stock was the worst performer among 12 publicly traded bank stocks on the Nigerian Stock Exchange (NGX) year-to-date, with a meager 6.92% return.Comparative Performance:
| Bank | Year-to-Date Return |
|---|---|
| Wema Bank | 105% |
| Stanbic IBTC Holdings | 82.29% |
| Guaranty Trust Holding Company (GTCO) | 62.8% |
| Access Holdings | 6.92% |
Access Holdings Plc, a leading financial services provider in Nigeria, is facing several challenges that have impacted its key statistics and valuation relative to its peers. One of the major concerns is the company’s high debt levels, with over N3.1 trillion in debt securities and interest-bearing debts. This has raised concerns about its financial health and ability to service its debt obligations, potentially impacting its credit rating and increasing its borrowing costs.
Another issue affecting Access Holdings is its low dividend payouts, with an average 23% dividend payout ratio over 5 years. This trails behind its peers in terms of shareholder returns, making the stock less attractive to income-seeking investors. The company’s operational inefficiencies are also a concern, with a return on equity (ROE) of 11.4% in H1 2025, significantly lower than its peers. This indicates inefficient use of equity, which can impact the company’s ability to generate profits and drive growth.
Furthermore, Access Holdings’ increased leverage is a worrying trend, with a rising debt-to-equity ratio indicating higher risk exposure. This makes the company more vulnerable to changes in interest rates and asset quality has a significant impact. The company’s weaker profitability is also a concern, with a profit margin of 13.2% in 2024, the weakest among its peers. This suggests that Access Holdings’ expansion strategy is impacting its profitability, and the company needs to reassess its growth plans to ensure they are aligned with its financial capabilities.
The cumulative effect of these challenges has led to a decline in Access Holdings’ stock price and a low valuation relative to its peers. The company’s Price-to-Earnings (P/E) ratio of 1x is significantly lower than its peers, indicating that investors have lost confidence in the company’s ability to drive growth and generate returns. To regain investor confidence, Access Holdings needs to address its debt levels, improve its operational efficiency, and focus on driving profitability and shareholder returns.
Despite investing billions of naira in acquisitions across the continent, Access Holdings’ stock price has been battered, with a 14.1% decline year-to-date. The company’s expansion strategy, which aims to take its presence to 26 countries by 2027, has raised concerns among investors about the dissipation of value.
“We are seeing a lot of skepticism about Access Holdings’ ability to generate returns from its African investments,” said an economist and investment analyst with a Lagos-based trading house. “The stock is screaming cheap on the surface, but concerns remain over the reporting and ex-Nigeria investments, which is considered to be a dissipation of value.”
Access Holdings’ recent acquisitions, including Finibanco Bank in Angola, Finance Trust Bank Uganda, National Bank of Kenya, and African Banking Corporation Zambia, have yet to yield significant returns. The company’s revenue from Nigeria is expected to decline to 52% by 2027, down from 82% in September 2022, as its international operations grow.
However, the road to profitability has been rocky. Access Holdings reported a disappointing 1% increase in profit to N618.6 billion in 2024, as higher expenses hit the bottom line. The company’s delayed Q2 2025 results have also raised eyebrows, with sources attributing the delay to inadequate loan provisions or issues with ex-Nigeria consolidation.
The Central Bank of Nigeria’s (CBN) delay in certifying Access Holdings’ results has added to the uncertainty. The company’s recent extension of the publication date for its interim audited financial statements to October 22, 2025, has further eroded investor confidence.
Access Holdings’ struggles are reminiscent of Ecobank’s challenges in its pan-African expansion. Ecobank has struggled with political instability, economic volatility, and regulatory fragmentation across markets, forcing it to reconsider its strategy.
As Access Holdings navigates the complex African landscape, investors are voting with their feet. The company’s stock price has been under pressure, and analysts are questioning its ability to generate returns from its international investments. With the likes of Wema Bank, Stanbic IBTC Holdings, and Guaranty Trust Holding Company (GTCO) outperforming Access Holdings, the pressure is on for the banking giant to deliver.
