LAGOS, Nov 9 – Access Holdings Plc is considering exiting at least one foreign market as Nigeria’s largest banking group by assets reviews its international operations to comply with Central Bank of Nigeria (CBN) rules restricting lenders’ equity investments in foreign subsidiaries.
According to Bloomberg, Access Holdings Chairman Aigboje Aig-Imoukhuede disclosed the possibility of a divestment in an interview on the sidelines of the African Financial Industry Summit in Luanda, Angola, last week.
The group has identified at least one underperforming subsidiary that could be sold as part of efforts to bring its overseas investments within regulatory limits.
“If a subsidiary cannot meet its cost of capital and the strategic objectives for which it is set up, you should be ready to take a decision to exit,” Aig-Imoukhuede was quoted in the Bloomberg report.
“Do we have one or two troublesome subsidiaries? I can think of one,” he added.
The potential divestment comes as the CBN seeks to limit Nigerian banks’ equity investments in foreign subsidiaries to no more than 10% of their total shareholders’ funds. The regulation is intended to constrain the amount of domestic bank capital committed to overseas operations.
Access Bank, the group’s principal banking subsidiary, had investments in foreign subsidiaries equivalent to 19.4% of shareholders’ funds in May, significantly above the regulatory threshold. The lender was given 12 months by the CBN to address the excess exposure.
During a conference call on Thursday, Ike said the group’s options include recalling surplus capital from overseas subsidiaries, selling minority shareholdings and restructuring selected businesses.
He disclosed that Access had completed one capital repatriation exercise involving six targeted subsidiaries and was engaging regulators in five countries to facilitate the return of excess capital to Nigeria.
The group is working to bring its foreign investment ratio within the statutory limit ahead of the March deadline. Aig-Imoukhuede indicated that the process could be completed earlier than initially expected.
“We gave ourselves up till January next year, and I think we’re completing this ahead of schedule,” Aig-Imoukhuede said.
Access reviews international portfolio
Despite the possibility of disposing of an overseas subsidiary, Aig-Imoukhuede maintained that the group’s international portfolio remains fundamentally strong.
He said Access would continue evaluating its subsidiaries to ensure they generate sustainable returns and fulfil the strategic objectives for which they were established.
“You have to do dynamic portfolio management,” he said. “Every year, you’re looking” for ways to improve.
The review reflects a broader effort to balance international expansion with capital efficiency and regulatory requirements. Access has previously withdrawn from foreign markets where operations failed to meet its financial or strategic expectations.
In 2014, the bank sold its loss-making Ivory Coast subsidiary to Cameroon’s Afriland First Group SA after the CBN restricted Nigerian lenders from using parent-bank capital to support foreign subsidiaries. The directive required banks to raise funding independently in their host markets or consider divestment.
Aig-Imoukhuede nevertheless expressed confidence in the group’s wider international operations, maintaining that its regional presence continues to provide opportunities for growth.
Access sells 7.44% stake in Ghana subsidiary
The latest review follows Access Holdings’ sale of a 7.44% stake in its Ghanaian subsidiary in July, a transaction analysts linked to the CBN’s restrictions on Nigerian banks’ foreign investments.
In a filing with the Ghana Stock Exchange, Access Bank Ghana disclosed that its parent, Access Bank Plc, sold 12,085,318 ordinary shares, representing 7.44% of the subsidiary’s issued shares, on July 15, 2026.
The transaction was conducted through the Ghana Stock Exchange with regulatory clearance, including a no-objection from the Bank of Ghana. Buyers included pension funds, institutional investors and high-net-worth individuals.
The Ghana transaction illustrates one of the routes available to Access as it adjusts its international capital exposure. Further divestments, capital repatriation and restructuring could form part of the group’s compliance strategy, although the company has not identified the subsidiary it may exit.
The outcome of the review will shape the structure of Access Holdings’ international operations as it seeks to maintain its regional presence while bringing overseas investments within the CBN’s prescribed capital limits.
