Access CEO, Herbert Wigwe Cements Top Position, Buys More Bank Shares Worth Over N1bn

Access CEO, Herbert Wigwe Cements Top Position, Buys More Bank Shares Worth Over N1bn

  • The chief executive officer of Access Holdings, Herbert Wigwe, continues to cement his place as one of the biggest shareholders in the organisation
  • The bank revealed that he paid over N1 billion to buy more shares in the financial institution
  • Wigwe's latest investment further fortifies his organisational ownership and influence

Herbert Wigwe, the Group Chief Executive of Access Holdings Plc, the parent company of Access Bank, has solidified his position within the company by acquiring an additional 150 million shares worth N1.49 billion.

Wigwe acquired the shares through Tengen Holdings (Mauritius) Limited, according to a notice of shares dealing on the Nigerian Exchange Limited.

Herbert Wigwe Access bank
Herbert Wigwe cements his position at the top of Access Holdings. Photo credit: @access
Source: UGC

Details of Wigwe's N1bn purchase

In the notice signed by Sunday Ekwochi, the company secretary of Access Holdings Plc, Tengen Holdings purchased 75,000,000 units of Access Holdings Plc shares at N9.9 per share, totalling N742.5 million.

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In a separate deal on May 12, 2023, Tengen Holdings also acquired an additional 75,000,000 units of shares at the same price, further amounting to N742.5 million.

The transactions combined have a total value of N1.49 billion.

Wigwe Access shareholdings

Wigwe currently stands as the bank's largest shareholder, possessing approximately 5.98% of Access Bank's total shareholding structure.

Also, Tengen Holdings' share count has risen from 432,577,819 units as of December 31, 2022, to 802,577,819 units.

Including this transaction, Wigwe's indirect holdings have now reached 1,924,369,017(1.92bn) units, compared to 1,554,369,017(1.52bn) as of the end of 2022, while his direct holdings remain at 201,231,713 units.

GTB beats Dangote, MTN to lead list of 10 most profitable companies in Nigeria

Meanwhile, in another report, the list of Nigeria's most profitable companies has been revealed based on financial results in 2022

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The figures are based on information gathered from companies' audited results released on the NGX.


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