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

by  Dave Ibemere 2 min read
  • 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

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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.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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