Global site navigation

Local editions

Access Bank CEO Herbert Wigwe Buys N11.3bn Worth of Shares Following Record 2022 Revenue and High Salary Pay
Money

Access Bank CEO Herbert Wigwe Buys N11.3bn Worth of Shares Following Record 2022 Revenue and High Salary Pay

by  Dave Ibemere 2 min read
  • Access Holdings CEO Herbert Wigwe has cemented his place as one of the biggest shareholders
  • The bank revealed that he paid over N11 billion to buy more shares in the financial institution.
  • Wigwe is one of Nigeria highest paid CEO and received huge compensation for his excellent work in 2022

PAY ATTENTION: Join Legit.ng's Twitter Spaces to Embrace Equity in the Media Sector.

Herbert Wigwe, The Group Managing Director and Chief Executive Officer of Access Holdings, the parent company of Access Bank, has purchased more shares investment in the financial institution.

According to corporate filings on the Nigerian exchange, Wigwe acquired an additional 1.13 billion shares valued at N11.35 billion in the lender.

Herbert wigwe buys more shares
Access Bank CEO Herbert Wigwe is one of the highest paid in Nigeria Credit: @access
Source: UGC

The development cemented Wigwe's place as one of the top shareholders and increased his stake in the organization from 4.93 percent to 8.13 percent.

Following the acquisition, Wigwe now owns 2.89 billion shares worth N29.34 billion in Access Holdings, the parent company of Access Bank.

Read also

"You cause it": Nigerian Breweries records over N10bn loss in three months, blames CBN policy, other issues

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

How he bought the shares

Details from Access Holdings' corporate filings showed that he bought 1.13 billion shares through his investment company, Tengen Holdings (Mauritius) Limited.

This increased Wigwe's indirect shares to 2.68 billion, split between United Alliance Company Nigeria Trust and Capital Limited and Coronation Trustees Tengen Mauritius He holds 201.23 million direct shares.

Wigwe is one of highest paid bank CEO in Nigeria

Access Bank is one of the largest banks in Nigeria, and Wigwe, who has been at the forefront of the bank's achievements, was been duly rewarded.

As Legit.ng reported earlier, that Access bank made over N1 trillion gross earnings in 2022 and Wigwe received N86 million compensation.

This payment covers his salary, sitting allowance, and other benefits that his position enjoys.

CBN to close millions of bank accounts in Access, UBA, Zenith, and others

Read also

Otedola, Elumelu, Heirs Holding, others emerge as top shareholders in Transcorp valued at N120bn

Meanwhile, in another report, Legit.ng revealed that CBN is planning to close bank accounts without BVN to clean up the sector and reduce fraud

BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud

24 commercial banks are operating in Nigeria, including Access, UBA, Zenith, and other financial institutions that require BVN

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.

Tags:
Hot: