Herbert Wigwe, Access Bank MD, Splurges N14.2bn in 3 Months to Keep Hold on Company, acquires 8.8% Shares
- Access Bank boss Herbert Wigwe has acquired additional stakes in the bank
- He reportedly spent about N14.2 billion in three months on shares purchase to tighten his grip on the bank
- Tengen Holdings (Mauritius) Limited, a firm related to the Access Bank boss, acquired additional 50 million shares
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Herbert Wigwe, the Group Managing Director of Access Holdings, the parent company of Access Bank, has spent about N14.5 billion in the acquisition of additional shares of the bank since April 2023.
Wigwe has been on a share acquisition spree since April 2023, when he bought about 1.13 billion share units to spread his stake across several entities, holding direct shares in Access Holdings.
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Wigwe's Tengen company acquires 50 million shares
In June, Tengen Holdings (Mauritius) Limited, a firm related to the Access Bank boss, acquired additional 50 million shares worth N762.5 million in the company.
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According to a notice signed by Sunday Ekwochi, the Company Secretary, Tengen Holdings purchased 50,000,000 units of Access Holdings Plc at N15.25 per share, valued at N762.5 million.
Reports reveal that the acquisition of N50 million firm shares represents 0.14% of the total outstanding shares, taking the entire shareholding for Tengen Holdings to 1.8 billion and Wigwe’s combined direct and indirect stakes to 3.1 billion shares.
The Group has stacked up shares in Access Bank since November last year, doubling from 432,577,819 share units as of December 2022 to 1,819,759,593 units since April and June this year.
The total purchased shares since April 2023 are valued at N14.25 billion.
Wigwe's other direct and indirect shareholdings in Access Bank
The River State-born Access Bank co-founder also has an indirect interest in United Alliance of Nigeria Limited and Trust and Capital Limited, with shares of 537,734,219 and 584,046,979, respectively.
As a result, Wigwe’s indirect holdings in Access Bank now stand at 2,941,541,791 share units from 1,554,369,017 as of December 31, 2022.
Wigwe’s direct holdings remained at 201,231,713 unit shares, while he and his other companies are now the bank's single largest shareholder with 8.8% of its total shareholding value.
Access Bank makes gains
The Banking group’s total assets increased to N15.742 trillion as of March 2023, up from N14.998 trillion recorded at the end of December last year.
Access Holdings closed its last trading on a positive note on Tuesday, June 27, 2023, with a 3.6% gain over its previous closing price of N15.25.
However, the bank's 10-year record growth in revenue is followed by the first profit drop in five years — with after-tax profit down by 5 percent to N152 billion.
The Group began the year with a share price of N8.50 and has since gained 85.9% on the price valuation.
Two Nigerian Banks cross the N1 trillion market capitalization as stock market booms on Tinubu’s reforms
Legit.ng reported that two top Nigerian banks, Zenith Bank and Guarantee Trust Bank, have crossed the N1 trillion capitalization mark.
The development comes as the stock market all-share index surpassed 60,000 points on Tuesday, June 27, 2023, pushing the market to a year-to-date positive return of +71.28%.
Legit.ng reported earlier that Zenith Bank is now valued at N1.067 trillion, with the share price nearing a one-year high of N35.5 after investors traded 52,436,609 bank shares on Tuesday, June 27, 2023.
Source: Legit.ng
