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Access Bank Records Impressive Revenue Growth In 2022



Access Bank Unveils Exclusive Valentine Offers to Spread Love and Joy this Season

Access Bank Records Impressive Revenue Growth In 2022

The leading financial institution, Access Bank Plc. (Access Holdings Plc.) has registered the strongest growth in revenue in 10 years at almost 42 percent to hit a gross income of N1.38 trillion, making it the first banking institution in Nigeria to hit and cross the N1 trillion mark in gross earnings.

The bank’s 10-year record growth in revenue is, however, followed by the first profit drop in five years with after-tax profit down by 5 percent to N152 billion. This reflects a major loss of profit margin from 16.4 percent in 2021 to 9 percent in 2022 – the lowest for the bank in more than a decade.

The bank holding company’s audited financial report for the year ended December 2022, shows that the increase in gross earnings represents as much as N416 billion added to the large revenue pool of the group in the year. However, no part of the increase reached the bottom line.

A disparity in growth between revenue and profit observed at the end of the third quarter (Q3) worsened at full year. Quarterly profit numbers dropped from N48 billion in Q3 to N15 billion in the final quarter – the lowest in the year. At the same time, quarterly revenue rose from N316 billion to N472 billion over the same period.

Total expenses grew ahead of the revenue increase and undermined the ability to convert revenue into profit, leading to the divergence in revenue and profit in the year. The challenge to the bank in the year was located in its lending field where interest expenses and loan loss charges consumed far more than the increase in interest earnings.

While the bank grew interest income by 37.5 percent to N827.5 billion at the end of the year – an increase of N226 billion, interest expenses rose by 55.8 percent to N467.8 billion in the year, claiming over 74 percent of the increase in interest earnings.

Worse than that, is an upsurge in net credit losses that registered a high jump of 137.7 percent in the year, from N83.2 billion in 2021 to N197.8 billion at the end of 2022. Credit losses have swelled for the bank for the fourth straight year, summing up to about N364 billion thrown off revenue in four years to 2022.

The two major cost increases consumed far more than all the increase of N226 billion in interest income in the year and slashed net interest income after loan impairment charges by 25.8 percent to N161.8 billion.

The rapid expansion of the loan book that the bank has seen in the past five years was sustained in 2022 with net customer lending position advancing by a clear N1 trillion to N5.1 trillion at the end of the year. In five years to 2022, the bank’s net loans and advances to customers have jumped more than two and a half times from less than N2 trillion in 2018.

The weakness in income net of loan loss expenses was largely remedied by strong gains in non-interest income, which was led by net gains in financial instruments that multiplied more than six times from N44.8 billion in 2021 to N281.3 billion at the end of 2022.

Also, net gains on hedging jumped from a slight loss to close at N19.7 billion over the same period. Fee and commission income equally grew by 24.3 percent to N197.6 billion in the year.

The gains in non-interest earnings were supported by a relative slowdown in operating expenses – which helped to temper the impact of the drop in net income on the bottom line. At N502.4 billion, total operating expenses grew by 35.4 percent, which is below the 42 percent increase in gross earnings.

The moderation enabled a decline in operating cost margin from 38.2 percent in 2021 to 36.2 percent at the end of 2022. This means the bank used a lower operating cost to generate the naira of its revenue in 2022 than in the prior financial year as well as at any time in more than a decade.

The cost saving from operating expenses and the improvements in non-interest income provided the upside force that bridged the 25.8 percent drop in net income to achieve a moderate decline of 5 percent in after-tax profit in the year.

Highlights of the bank’s first quarter (Q1) earnings performance in the current financial year, show that the disparity between the growths in interest income and expenses is persisting but with a slowdown in credit losses, profit for the quarter has stretched out to N71.6 billion.

The directors have announced a final cash dividend of N1.30 per share, having paid an interim cash dividend of N20 kobo per share in the course of the financial year.


(Dr.) Bldr. Abdulhakeem Odegade, Favour Benson, Ivorian Fans, Others Honour AKMODEL GROUP Brand Ambassador




(Dr.) Bldr. Abdulhakeem Odegade, Favour Benson, Ivorian Fans, Others Honour AKMODEL GROUP Brand Ambassador

(Dr.) Bldr. Abdulhakeem Odegade, Favour Benson, Ivorian Fans, Others Honour AKMODEL GROUP Brand Ambassador

Akmodel Group MD, Builder (Dr.) Abdulhakeem Odegade, will be one of the Special Guest of honor at the movie premiere titled Reflection, happening today, February 24, at Jara Mall, opposite Computer Village in Ikeja Lagos.

Mr Paul Obazele who is AKMODEL GROUP ambassador played the lead role in the movie.

Dr. Odegade in his words “Promised to grace the day.”

Favour Benson (Media Consultant), staff, realtors and fans from Ivory Coast too will be in attendance to add colour to the event.

Reflection Film produced and directed ny Osaretin Festus Isibor.


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The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2




When I came back to Lagos during one of the holiday breaks, one of my father’s friends told my dad, “Mr. Jimoh, you have to pave way for this young man, he has been to school and his mode of doing things are even different”, they now began to engage me in some projects and told me to be sharing whatever I make with my father.

The first job I got on my own was on Roberts street in Magodo Ph2, a duplex owned by a fashion designer, due to how I executed it, I began to get more and more projects in Lagos. Not forgetting the fact that I was still in school, so I had to go back and continue/complete my studies.
That was how the journey of the construction work started

When I was doing my National Youth Service Corps (NYSC) at Lagos State Ministry of Works under Builder (Mrs) Ogunnaike (Rtd.), Builder Afolabi (Rtd.) though some are still in service, they use to call me Omo-odę because as a ‘Corper’ I still had all those Private Practices (PP) outside. Even in the camp, I was amongst the camp members that maintained all the chambers, the bricklaying works within the camp as at then. They loved me so much that as we speak presently, some among the NYSC staff invested with me in the real estate business.

I had to move in when there were demands for landed properties from my clients, I registered the name: AKMODEL HOMES AND PROPERTIES, the company is registered with EFCC, and also a member of Real Estate Associations both in Lagos and in Nigeria.

A. Names Of Some Of Our Estates Sold Out (Lagos)

We started the First Estate in November 2020 in Ibeju-Lekki:

1. Akmar Court Ph1 then extension;
2. Akmar Court Ph2 then extension;
3. Akmar Flourish Garden in Epe;
4. Akmar Royal Garden in Epe;
5. Akmar Queens Court in Epe;
6. Akmar Heritage in Epe;

7. Now dealing with Honeycomb Estates in Iba Oloja, behind Free Trade Zone in Ibeju-Lekki.

A. ITE (Royal Place) – Monastery Road, Sangotedo, Lagos State

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

B. Akmar Waterview – Ibon Village, Elerangbe, Ibeju Lekki, Lagos State.

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

C. Akmar Freezone City – Besides Lekki Free Trade Zone

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

D. Akmar Hilltop Estate – Igbodu – Epe

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

E. Akmar Utopia Garden

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2
Akmar Pride Villa – Iba Oloja, Lekki Free Trade Zone

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

F. Honeycomb Estates – Iba Oloja, Lekki Free Trade Zone

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

These are very lucrative places, they are selling out fast as people are rushing them.

2. We also have properties outside Lagos, namely:

A. Akmar Kings Court – Uyo (Akwa Ibom State);

B. Akmar Emirates Court in Ilorin;

C. Akmar Farm Village in Ogun State

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

D. Lavender Garden in Delta

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

E. Akmar Hilltop Estate – Enugu Agidi, Awka (Anambra State)

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

F. Akmar Choice Farm – Epe Road, Ijebu-Isiwo Village, Ogun State

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

G. Akmar Oasis Estate – Ibagwa Nike, Enugu State

The Steady Growth Of AKMODEL GROUPS: Searchlight On Builder (Dr.) Abdulhakeem Odegade Part2

Also Outside The Country:

1. Akmar Gardens in Ghana
2. Akmar Gardens in Ivory Coast
3. Akmar Gardens In London Opening Soon)

*All our estates are titled lands and free from government acquisition.

We let our clients know this truth and this makes them have more trust and confidence in the company, which is integrity for us. The managing director is always available to listen to any complaints, proffer solutions, and advice diligently too,

Presently there’s another request that came to us for SALES APARTMENT and we already have clients that wants to invest in the project which is already on-going in Sangotedo area of Ajah.

Sales Apartment is a series of flats attached or separated for rent-out or for sale.
They could be: A room self-contain (Studio Flat), One, Two or Three Bedroom Flats on 2/3 Floors, depending on the design.

This type of project is for people who are already house owners, that has funds but doesn’t want to leave it in the bank. They invest in the number of units they want (paying part to complete when the project is finished) at completion, the apartments will be rented out and the investor will be earning on it even in the comforts of their own homes.

Along the line, we also introduced what is called LAND BANKING which is a way of aggregating a landed property, keep for a while and resell at a higher price, no inflation or crash in economy affects such. By getting all the necessary documents, a client can buy and keep, buy and build or buy and resell immediately depending on what the client wants.

They can also decide to invest in a particular estate for some months, pay and get the documents, and at maturity, sell and cash out their funds with Return on Investment (RoI) effortlessly while they are sleeping.

In business, there is a difference between BUSINESS and INVESTMENT: in investment, you invest money somewhere and it is working for you, while in business, you are the one working for the money. So let the money be working for you too so that the pressure will not be too much on a particular person.

To be continued…

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Dr. Nneka Onyeali-Ikpe, OON, is the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, a foremost financial institution with a client base of about 9 million customers.

Nneka joined Fidelity Bank as an executive director in 2015 and was appointed managing director and CEO of the bank in January 2021. Following her appointment, Nneka became the first female MD/CEO in the history of the bank.

She is an alumnus of the prestigious University of Nigeria, Nsukka, and Kings College, London, where she holds a Bachelor of Law and a Master of Law, respectively. She has also attended executive training programs at Harvard Business School, The Wharton School, University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School, and IMD, amongst others. She recently completed a diploma programme in organizational leadership at Said Business School, Oxford University, UK, and received an honorary doctorate degree in business administration at the University of Nigeria, Nsukka (UNN). She is also the recipient of the national award of the Officer of the Order of the Niger (OON), which was awarded to her by the Federal Government of Nigeria in 2023.

Dr. Onyeali-Ikpe has over 32 years of rewarding banking experience spanning Citizens International Bank, Zenith Bank, and Standard Chartered Bank, among others. She was Executive Director at Enterprise Bank and Fidelity Bank before her eventual appointment as Managing Director and Chief Executive Officer at Fidelity Bank PLC. She has been involved in the structuring of complex transactions in oil and gas, manufacturing, aviation, real estate, and export, among others.

Nneka is widely regarded as one of Africa’s leading female CEOs, with a reputation for authentic leadership and proven people skills in identifying talents, opportunities, and executing complex business deals. She has extensive business development experience with proficiency in retail, corporate, and commercial banking and treasury management, among others.

Under Nneka’s watch, the bank grew its PBT from N25.22bn in FY 2021 to N122bn in FY 2023. Nneka has now set her horizons on leveraging the opportunities in select high-growth international markets where the bank has a competitive advantage. She most recently guided the bank to obtain the approval of the Central Bank of Nigeria to expand its operations to the United Kingdom with the acquisition of the former Union Bank UK, now Fidelity Bank UK Limited.

Passionate about innovation and embracing technology, Nneka has pioneered several innovative and pacesetting products, such as PayGate Plus, an online platform that enables businesses to make and receive payments.

Dr. Onyeali-Ikpe has also radically repositioned the bank as the go-to financial institution for small and medium enterprises. Understanding the crucial role of small businesses in the sustenance of economic growth and development, she led the bank to create Fidelity International Trade & Creative Connect (FITCC), which is aimed at providing a global platform for exporters, regulators, subject matter experts, and foreign markets to connect.

The FITCC 2022 edition was attended by representatives of both the UK and Nigerian governments, Nigerian exporters, investors, regulators from the United Kingdom and Nigeria, the business community, and other practitioners. The pipeline deals from the event were in excess of $200 million. Over 2,000 people registered to attend the event, and the daily footfall was about 1,000.

The second edition of FITCC, which was hosted in Houston, Texas, United States of America, in October 2023, was even bigger, with projected pipeline deals of over $250 million and more than 160 businesses participating. Tagged FITCC Houston, the success of the event is indicated by the designation of October 25, 2023, as “Fidelity International Trade and Creative Connect Day” by Mr. Sylvester Turner, Mayor of Houston.

In her bid to give back to the communities the bank serves and as part of her efforts to combat the twin issues of poverty and hunger, Dr.Onyeali-Ikpe recently launched a national corporate social responsibility initiative tagged The Fidelity Food Bank, which provides free food bags to people across Nigeria monthly.

In recognition of her leadership and outstanding performance, she received commendation from AMCON as a member of the management team that restructured and turned around the fortunes of the erstwhile Enterprise Bank. She also received several board commendations from the Managing Directors of Standard Chartered Bank and Citizens International Bank for outstanding performance at various times.

With Nneka as the Chief Executive Officer, Fidelity Bank has been the recipient of several awards within and outside Nigeria, some of which are:

1. Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards

2. Best Private Bank in Nigeria by The Financial Times in association with The Banker Magazine

3. Trade Ambassador Award by the Nigerian-American Chamber of Commerce (NACC)

4. Global Finance’s World’s Best Private Banks 2023 awards for Best Private Bank in Nigeria

5. The Best Payment Solution Provider Nigeria 2023 in the 2023 Global Banking & Finance Awards

6. Export Finance Bank of the Year at the BusinessDay and Other Financial Institutions(BAFI) Awards 2023.

7. The “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

On her own part, Dr. Onyeali-Ikpe has been recognized by numerous local and international bodies for her sterling achievements. These include:

1. The national award of the Officer of the Order of the Niger (OON) by the Federal Government of Nigeria in 2023.

2. The Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards and

3. The Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards.

4. 2023: Top 25 CEOs in Nigeria at the BusinessDay Awards

5. The Banker of the Year 2022 at the Champion Newspapers’ Awards of the Year 2022.

Considering her versatility, industry knowledge, and vast network, she also serves on the following committees and organizations:

1. Chairperson, Financial Literacy and Public Enlightenment Sub-Committee of the CBN Bankers Committee.
2. Chairperson, Funds and Grants Committee of the Chartered Institute of Bankers of Nigeria
3. Member, Audit Committee of FMDQ Group PLC
4. Member of the Board, Shared Agent Network Expansion Facilities (SANEF)
5. Member of the Board, Unified Payment Services Limited

She is married to Dr. Ken Onyeali Ikpe, PhD, a visionary leader with strong business acumen and respected for his demonstrated knowledge in marketing, branding, consumer consulting, and Consumer Consulting and Business acceleration.

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