Access Bank Director Acquires Two Million Units of Bank's Shares Worth Over N20m

• Okey Nwuke, Director of Access Bank Plc, has acquired two million units of the bank's shares
• The transaction, which took place on May 16, 2023, signifies a significant statement regarding the bank's growth
• The transaction notification was made on the Nigerian exchange on Tuesday, May 16, 2023

Okey Nwuke, the Director of Access Bank Plc, a subsidiary of Access Holdings Plc, has made a significant move on the company's stock.

According to a corporate filing on the Nigerian Exchange Limited, Nwuke purchased two million units of the bank’s shares.

The document revealed that Nwuke, who holds the position of Director at Access Bank Plc, paid N10.20 kobo per share for the transaction.

The aggregated volume of two million units puts the deal at N20.4 million, and it took place on Tuesday, May 16, 2023, on the trading floor of the NGX in Lagos.

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Access Bank's giant strides

Nwuke's latest investment reflects his belief in the bank's long-term prospects and ability to deliver value to shareholders.

Access Bank Plc has been in the news for good reasons, from breaking banking records to opening new branches in several African countries, including the United Kingdom.

Also, Legit.ng recently reported that the bank announced the opening of its subsidiary in France.

According to a statement released by Access Bank, the branch's operations would focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa.

Speaking on the latest venture, Punch reports that Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, said:

“Access Bank Plc, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another country in Europe, and France provides a very strong platform for us to do so."

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Expert speaks

Sharing is opinion on the recent share buying by directors, Oladele Oyegbola, who is a senior Credit Risk Analyst at one of the Nigerian banks said:

"These companies may be encouraging their directors to acquire additional shares, possibly through loans or other incentives, in order to deter external parties.

"This strategy aims to divide the shares into smaller portions among the directors, effectively preventing any single individual from becoming a significant shareholder.

"Consequently, this fragmented ownership structure poses challenges for outsiders seeking to become major shareholders, given the presence of numerous smaller shareholders holding significant but dispersed stakes."

Elumelu's wife buys more Transcorp shares

In a similar report, Awele Elumelu, the wife of Tony Elumelu, has bought N6 billion worth of shares in Transcorp.

The investment makes her the third-largest shareholder, which helps the family have a firm grip on the company.

Transcorp Group is one of Nigeria's leading Conglomerates with investments in the hospitality, power, and oil & gas sectors.

Source: Legit.ng