A notable shift has emerged in Access Holdings Plc’s earnings architecture, with its United Kingdom subsidiary now contributing more to group profit than its Nigerian operations for the first time.
The development, drawn from BrandIconImage analysis of the group’s first-quarter 2026 financial statements, marks a symbolic reordering for a lender historically anchored in Nigeria. Access Bank UK Limited, established in 2008, has steadily evolved from an offshore unit into a core earnings driver within the group.
Profit Breakdown Shows UK Pulling Ahead
The numbers highlight a widening divergence between both markets.
Profit after tax from the UK business surged by 73.5 percent to N83.8 billion in Q1 2026, compared to N48.3 billion in the same period of 2025. This growth was driven by a sharp increase in operating income, which rose to N175.5 billion from N87.4 billion.
By contrast, the Nigerian operation recorded a decline in profitability, with profit after tax falling to N52 billion from N79.9 billion in the prior-year period.
At group level, net profit rose to N216.5 billion from N182.8 billion. Within that total, the UK contributed 38.7 percent, ahead of Nigeria’s 24 percent share.
“Not a Weakness, But a Rebalancing Strategy”
Analysts say the shift reflects deliberate strategic positioning rather than domestic underperformance.
“If you look at Access’ strategy, it is aimed at reducing the country’s contribution to the group’s overall earnings – not because the Nigerian business is weakening, but because the group wants to grow its other subsidiaries faster so that earnings are more balanced across markets, said Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto & Co.
He added that the UK unit has become structurally central to the group’s cross-border operations.
“Access UK is not just a standalone entity; it operates more like a regional trade hub within the group. Expanding the contribution of subsidiaries outside Nigeria has been part of Access’ long- term strategy to reduce the dominance of the Nigerian business.”
Trade Finance Becomes the Core Growth Engine
A major catalyst behind the UK subsidiary’s rise is the expansion of trade finance activities, particularly as global lenders continue scaling back exposure in parts of Africa.
Across the continent, banks such as Access Bank, First Bank, and NEXIM Bank have increased focus on structured trade finance, FX solutions, guarantees, and cross-border settlements.
The African Development Bank Group estimates that trade finance contributes nearly 15 percent of total banking income across Africa, underscoring its importance in the sector.
For Access Holdings, the UK arm has become a critical hub for facilitating these flows, especially as Nigeria–UK trade volumes expand and currency volatility increases demand for hedging and settlement services.
UK–Nigeria Trade Hits Record Levels
Trade between both countries has continued to strengthen significantly.
Latest data from the UK Department for Business and Trade showed total trade reached £8.1 billion in the four quarters to the end of Q3 2025, an 11.4 percent increase and the highest level in a decade.
Nigeria remains the UK’s largest export destination in Africa. During the period, UK exports to Nigeria rose 14.2 percent to £5.7 billion, while imports from Nigeria increased 5.1 percent to £2.4 billion, leaving the UK with a £3.4 billion trade surplus.
Key sectors driving the relationship include energy, infrastructure, technology, and financial services, supported by the UK–Nigeria Enhanced Trade and Investment Partnership.
Olubunmi explained Access Bank UK’s positioning within this ecosystem:
“Access UK has become significant largely because of strong trade inflows as the bank has been very aggressive in trade finance and is involved in transactions across major ports, not only in Nigeria but also in several african countries” he said.
“If you look at the broader story, the group is trying to fill the gap being left by foreign banks exiting or scaling back operations in parts of Africa. What they are using to drive this expansion is their trade solutions platform, with Access UK playing a central role. So, it is not surprising that the UK operation is becoming this large”
Nigeria’s Contribution to Group Earnings Continues to Fall
The latest results reinforce a longer-term decline in Nigeria’s dominance within the group.
In the first nine months of 2025, Nigeria accounted for 37 percent of group pre-tax profit, down from 61 percent in the same period of 2023—its lowest level in at least three years.
During the same period, African subsidiaries contributed 35 percent, while international operations, including the UK, accounted for 28 percent.
The shift is also visible on the balance sheet. Africa’s share of total assets rose to 21 percent from 12 percent, international assets increased to 32 percent from 13 percent, while Nigeria’s share declined sharply to 47 percent from 75 percent.
Capital Requirements Driving Expansion Strategy
The restructuring is unfolding alongside tighter regulatory requirements from the Central Bank of Nigeria (CBN), which raised minimum capital thresholds for international banks to N500 billion, to be met by March 2026.
Access Holdings became the first bank to meet the new requirement after raising N351 billion in December 2024.
“Expansion outside Nigeria is primarily a diversification strategy” said Gloria Fadipe, head of research at CSL Stockbrokers. “The Nigerian banking market is deeply regulated, which can limit performance”
Subsidiaries Emerging as New Profit Centres
Access Holdings’ 16 banking subsidiaries are increasingly contributing to group performance.
In Q1 2026, the Gambia subsidiary recorded the strongest growth, with profit rising 192 percent to N1.13 billion. Tanzania and Guinea followed with increases of 169.2 percent and 133.6 percent respectively. Mozambique and South Africa also returned to profitability, posting N1.47 billion and N10.8 billion respectively. Kenya reduced losses significantly to N1.09 billion from N3.33 billion a year earlier.
Only Nigeria, Ghana, and Botswana recorded declines, with profits falling by 20.3 percent and 32.7 percent respectively.
Managing Director Roosevelt Ogbonna previously highlighted the scale of investment behind the expansion, noting:
“We are creating real value and long-term wealth through our subsidiary operations, Ogbonna told investors in April of last year.
He added that the group has invested about $1.2 billion across subsidiaries.
Regulatory Scrutiny and Planned Adjustments
However, the expansion strategy is now facing tighter scrutiny from regulators.
The CBN recently imposed limits on offshore exposure, capping equity investments in foreign subsidiaries at 10 percent of shareholders’ funds and suspending fresh foreign investments, with a 12-month compliance window.
Access Holdings currently has exposure of 19.4 percent and is considering divestments.
“We are looking at divestments to bring down our equity stake he said during an investor call in Lagos. “We will still be the controller of those banking entities, and the value creation will continue to be strong”
The group is also evaluating refinancing options for a $500 million Eurobond due in September, aimed at extending debt maturity, alongside another $500 million perpetual bond maturing in October.
Acquisition-Led Expansion Across Africa
Access Holdings continues to expand aggressively through acquisitions.
Recent transactions include the acquisition of Standard Chartered Bank’s Gambian subsidiary, Access Bank UK’s 76 percent stake in Mauritius-based AfrAsia Bank, and the acquisition of the National Bank of Kenya from KCB Group.
The AfrAsia deal resulted in provisional goodwill of N16.3 billion ($10.6 million), reflecting fair value adjustments.
“The Group intends to finalise thepurchase price allocation within the permitted measurement period, which shall not exceed 12 months from the acquisition date” the report said.
Taken together, the results reflect a group in transition—one where Nigeria is no longer the singular anchor of earnings, and where the UK and broader international operations are becoming central to Access Holdings’ future profit story.