Economy
Access Holdings to Focus on Non-Banking Segments in H2 of 2024
By Aduragbemi Omiyale
The management of Access Holdings Plc intends to pay special attention to its non-banking segments in the second half of 2024.
The flagship banking subsidiary of the group has enjoyed the spotlight within the organisation, particularly with its expansion drive across Africa.
This time, it is the turn of the other businesses of Access Holdings in the fintech, pension, asset management and other sectors.
The firm believes its non-banking segments will create lasting value for shareholders, position Access Holdings to capitalise on emerging opportunities and sustain growth in the long term.
“Our strategic priorities will remain focused on scaling non-banking segments, expanding our digital footprint, and solidifying our presence in high-growth African and international markets.
“These are geared towards accelerating revenue diversification and ensuring long-term sustainable value creation for our shareholders,” the group stated in a statement issued to comment on its audited financial statements for the first half of the year.
In the period under review, the non-banking subsidiaries demonstrated a consistent growth trajectory, with Access Pensions recording a 162.1 per cent rise in Assets Under Management (AUM), rising from N1.1 trillion in December 2023 to N2.9 trillion in the first half of 2024, driven by organic expansion in RSA accounts, new mandates, and synergies from the merger with ARM Pensions.
As a result, Access Pensions has positioned itself as one of the top two largest pension fund administrators (PFAs) in Nigeria, with over 2.8 million RSA accounts.
Furthermore, the operating income for the pension business saw a substantial increase of 190 per cent, climbing from N5.6 billion in H1 2023 to B16.2 billion in H1 2024.
Also, Hydrogen Payments achieved a remarkable 1,871 per cent growth in top-line revenue compared to H1 2023, reflecting its exceptional performance and contribution to the profitability of the holding company.
The total payment volume (TPV) processed surged by 306 per cent, reaching N13.8 trillion in H1 2024, up from N3.4 trillion in H1 2023.
Notably, 90 per cent of these transactions were processed through the Hydrogen switching platform, underscoring its reliability and dependability, particularly for small businesses across Nigeria.
The platform’s ability to handle large transaction volumes with minimal downtime has significantly improved operational efficiency, contributing to a stronger profit outlook for the group.
Between January and June 2024, Access Insurance Brokers posted significant growth with an 83 per cent increase in gross premiums written and a 60 per cent rise in commission income in the first year of operations, with the gross written premiums surging from N2.3 billion to N5.9 billion by half year 2024.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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