Access Corp stock falls after CEO’s death

Bisola David
Bisola David
Access Holdings stocks recover after leadership transition

By Christian George

The shares price of the holding company for Nigeria’s largest bank, Access Corporation, dwindled on Monday, the first working day of the week after the demise of co-founder and chief executive officer, Herbert Wigwe.

On Monday, Access Bank’s shares fell 6.26 percent to N23.20 as of 2:30 pm Lagos time, the biggest loss since January 30, according to BusinessDay.

Wigwe, whose death was confirmed by the bank on Sunday, passed alongside his wife and son in an helicopter crash in California, United States on Friday.

Former group chairman of the Nigerian Exchange Group Plc, Abimbola Ogunbanjo, also died in the crash.

Recall that Wigwe was deputy managing director at Access Bank from 2002 and became its group managing director/chief executive officer in 2014.

He had served as an executive director in charge of Institutional Banking at Guaranty Trust Bank and before then, he was a management consultant for Coopers & Lybrand before qualifying as a chartered accountant.

He also served as the chairman of Access Bank (Ghana), Access Investment & Securities Limited, Central Securities and Clearing System and was the current chairman of Access Bank (UK) Limited and Unified Payments Services Limited.

He is a board member of Nigerian Mortgage Refinance Company and a member of the advisory Board for Friends Africa.

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