Home » Nigerian multimillionaire banker Herbert Wigwe loses $1.5 million from Access Holdings stake

Nigerian multimillionaire banker Herbert Wigwe loses $1.5 million from Access Holdings stake

by Feyisayo Ajayi
Herbert Wigwe

Over the past nine days, the market value of Nigerian multimillionaire banker Herbert Wigwe’s stake in Access Holdings, the country’s largest lender in terms of assets, has declined by over $1.5 million as the company’s shares retreated from their earlier price levels, spurred by increased selling pressures.

Under the leadership of Herbert Wigwe, Access Holdings operates as a non-operating financial holding company for Access Bank, its main banking business, and other subsidiaries.

The company is a prominent player in the Nigerian financial services sector and is considered one of the most capitalized financial institutions listed on the Nigerian Exchange.

Herbert Wigwe is regarded as one of the most successful bankers and businessmen in Nigeria. His 4.51 percent stake equates to a total of 1,602,350,729 ordinary shares in the leading lender.

Over the past 10 days, Access Holdings shares on the Nigerian Exchange have fallen by 4.69 percent, dropping from N9.6 ($0.0208) on March 1 to N9.15 ($0.0199) on March 10.

This downward trend can be attributed to profit booking and portfolio rotation activities among investors on the Nigerian Exchange, who are showing interest in companies like Dangote Cement, BUA Cement, and Geregu Power.

Due to the recent decrease in Access Holdings share, the market value of Wigwe’s 4.51-percent stake has fallen from N15.38 billion ($33.44 million) on March 1 to N14.66 billion ($31.88 million) at the time of writing, representing a decline of N721.06 million ($1.56 million). 

Despite this decline, Wigwe’s stake in Access Holdings has risen by more than $2.26 million since the beginning of the year, solidifying his position as one of the wealthiest investors on the Nigerian Exchange as well as one of the richest businessmen in Nigeria.

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