Access Holdco Suffers N3billion fraud losses in two years

• Fraudulent transfers, 47.56% success rate
• Electronic USSD fraud 37.65% success rate
• Cash theft 14.31% success rate

Sustainability of the growth trajectory of one of Nigerian financial groups with the highest assets base, could be threatened if losses incurred through fraudulent practices are not halted.

For consecutive two years,2024 and 2025 alone, Access Holdings Plc has lost to fraudsters, a total amount of N3 billion, this has in no small measure threatened trust, profitability and earnings prospect of shareholders.

This threat on the group’s earnings reflects an average of N1.5 billion theft through fraud per year, a trend many fear could continue in the prevailing year.

This N3 billion loss in fraud, represents about 3 percent of the total dividend paid out to shareholders for the 2024 financial year when the group paid out N2.50/ per share amounting to N113.9 billion total dividend.

The amount lost to fraud by Assess Holdings, in some cases outstrips the total market capitalisation of some listed companies, either on the NGX or NASD, like Afromedia among others.

While in other cases, the same amount could account for about 40 to 45 percent capitalisation of other companies like, Academy Press Plc, Deap Capital and Management Trust Plc as well as McNichols Plc, with market capitalisation oscillating between N6 billion to N9 billion.

Remarkably, these companies, irrespective of their low capitalisation enjoy rising Earnings Per Share (EPS) with year-on-year dividend payment to shareholders.

Analysis of the Assess Holdings plc notes on sustainability in its 2025 annual reports and accounts showed that while N1.69 billion was lost to fraud in 2024, another colossal sum of N1.236 billion was fraudulently cornered in 2025 financial year. These developments risk potential constraints on the Holdco’s growth opportunities.

This also, may heighten regulatory focus on the Holdco with likelihood of adverse supervisory actions.

If not checked, losses to fraud by Assess Holding Company Plc, could impact business continuity and asset quality, as its Earnings Per Share (EPS) in 2025 declined to 1,348 from 1,671 recorded in 2024 financial year.

Also, its total comprehensive income for the year 2025 dropped to N458,571 billion, from N1.098,991 trillion recorded in 2024.

In addition to the huge loss recorded to fraud, total Impaired loans and advances rose to N458.041 billion from N368.216 billion penned in 2024, reflecting an increase by 2.82 percent, against 2.76 percent recorded in 2024.

A report on the Holding company’s fraud attacks that led to the huge loss in 2025 showed that a total of 5,931 USSD electronic fraud attempts were made targeting, N1,419,662 billion, but resulted to N465,442 million losses, reflecting 37.65 percent success rate.

Also, cash theft, suppression, pilferage, dry posting fraud attempts were made 26 times targeting N204,785 million, resulting to N176.907 million actual loss, indicating 14.31 percent success rate, while fraudulent transfers, withdrawals, reactivation of accounts fraud attempts were made 13 times targeting N688,661 million, but recorded N587,840 million in actual loss, accounting for 47.56 percent success rate.