Access Holdings Faces ₦1.64 Billion Fraud Loss, Profits Plunge, Raising Internal Control Concerns

Access Holdings (NGX: ACCESSCORP), the parent company of Access Bank Plc in Nigeria, reported a staggering ₦1.64 billion loss due to fraud and forgery in the first half of 2025, a significant increase from the previous year. The company's financial statement revealed deep lapses in internal control and risk management systems, with losses stemming from various fraudulent activities.

Despite efforts to combat fraud, the company's profits plunged, indicating challenges in maintaining financial stability and investor confidence. Access Bank Plc, a key contributor to the group's profits, also faced pressure from recurring internal fraud cases.

The situation highlights the need for improved governance and compliance frameworks within the organization.