Access Holdings discloses N557m CBN penalties over regulatory breaches

Access Holdings Plc has disclosed 12 penalties totalling approximately N557 million imposed by the Central Bank of Nigeria (CBN) over foreign exchange transactions, inaccurate regulatory returns and other breaches of banking regulations.

The penalties were detailed in Note 41 of the group’s unaudited financial statements for the six months ended June 30, 2026, released on Monday, November 2.

According to the report, the infractions included foreign exchange transactions without eligible underlying obligations, inaccurate submissions to the CBN, breaches of foreign currency payment rules and delays in remitting recovered funds.

The largest penalty was N167.96 million for the late remittance of recovered funds relating to the Real Sector Support Facility–Differentiated Cash Reserve Requirement (RSSF-DCRR) facility granted to Max Air.

The bank was also fined N100 million for purchasing foreign exchange to convert a staff loan using an expired indemnity.

Two separate penalties of N50 million each were imposed for inaccurate regulatory returns.

One concerned Foreign Currency Transaction Position returns involving ineligible forward transactions, while the other related to Net Open Position returns involving fictitious forward transactions.

The CBN imposed another N40 million penalty for using foreign currency to price and pay for goods and services provided locally.

A further N40 million penalty was imposed for expatriate home remittances exceeding 100 per cent of net income.

Access Holdings was also penalised N25 million for conducting foreign exchange forward transactions without eligible underlying transactions.

Other infractions included issuing foreign exchange credit cards without corresponding foreign exchange receivables, exceeding prescribed limits on certain third-party transfers and processing transfers from ordinary domiciliary accounts without stating their purpose.

The report also listed penalties for delays in submitting documents and foreign currency general ledger records to the regulator.

Some of the penalties followed CBN examinations covering periods between April 2023 and March 2025, while the sanctions were imposed between February and June 2026.

The disclosures formed part of Access Holdings’ interim financial statements, which showed that the group recorded a profit before tax of N414.13 billion in the first half of 2026, compared with N320.57 billion in the corresponding period of 2025.

Profit after tax increased to N266.72 billion from N215.92 billion.

Commenting on Access Holdings’ H1 2026 results, Group Managing Director and Chief Executive Officer, Innocent Ike, said the group was focused on translating its scale and strength into sustainable value for shareholders.

“Our expansion over the years has been deliberate, creating a diversified financial services group with a strong balance sheet, an extensive African and international network, and the capacity to serve customers across the markets in which we operate,” Ike said.

He added that the group was increasingly focused on improving business performance, enhancing customer value and delivering sustainable long-term returns to shareholders.

Access Holdings is the parent company of Access Bank and other financial services subsidiaries operating in Nigeria and other markets.

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