The group managing director of Access Holdings, Hebert Wigwe, has strengthened his control over the Bank by purchasing 50 million shares, thereby becoming the bank’s largest shareholder.
The purchase was disclosed in a notice of share trading submitted to the Nigerian Exchange Limited by an insider and signed by the business’s secretary, Sunday Ekwochi.
At a cost of N15.25 per share, Access Holdings Plc’s 50 million shares were purchased for N762.5 million. Wigwe purchased the shares through Tengen Holdings (Mauritius) Limited, a business connected to him.
Since purchasing nearly 1.13 billion shares in April, the bank’s GMD has continued to increase its stock holdings. His ownership is dispersed among numerous organizations that directly own Access Holdings shares.
The 50 million shares equal 0.14 percent of the total number of outstanding shares of the corporation. It brings Wigwe’s direct and indirect ownership of 3.1 billion shares and Tengen Holdings’ total shareholdings to 1.8 billion.
Now that 8.8% of the bank’s shares are owned by the GMD and his affiliates, he is the bank’s largest shareholder.
Aigboje Aig-Imoukhuede, the previous MD/CEO and co-founder of Access Bank, and Wigwe are joint owners of the company. Wigwe bought the bank from Aigboje in 2002.
Following a strong increase shown in the bank’s most recent financial filings, he recently ramped up his share purchases.
Access Holdings increased Interest income by 46.4% to N254.22 billion in Q1, 2023 from N173.688 billion in the similar period of 2022, according to its unaudited Q1 figures.
