Herbert Wigwe splashes $24.6 million to boost stake in Access Holdings

Herbert Wigwe, a Nigerian businessman and banker, has further consolidated his holdings in the pan-African financial services conglomerate, Access Holdings, by acquiring an additional 1.13 billion shares in a deal valued at N11.35 billion ($24.6 million).

This latest transaction follows an earlier purchase of 567.59 million shares, propelling Herbert Wigwe up the ranks of the richest investors on the Nigerian Exchange.

Wigwe’s latest acquisition was disclosed through a notification of share dealing by insiders and was executed through Tengen Holdings Limited in a block transaction on April 27, at a price of N10 ($0.0217) per share.

As a key player in the Nigerian banking sector, Wigwe’s continued investment in Access Holdings reflects his confidence in the company’s potential for growth and success.

According to data tracked by Billionaires.Africa, Wigwe spent a total of N11.35 billion ($24.6 million) to increase his stake from 4.93 percent to 8.13 percent, solidifying his position as the largest shareholder in the group.

Following this latest transaction, the market value of Wigwe’s stake in Access Holdings is now close to $64 million.

The move comes on the heels of the group’s recent financial statements, which showcased its commitment to creating value for shareholders.

As one of the largest financial services groups in Nigeria with operations in 12 African countries, Access Holdings is actively expanding its presence in Europe.

This includes plans to consolidate its existing operations in London and launch a new unit in France, positioning the company for further growth and success.

According to the group’s recently published financial results, its profit at the end of the first three months of 2023 increased by 23.9 percent from N57.82 billion ($124.62 million) in the first three months of 2022 to N71.66 billion ($154.5 million).

The double-digit surge in the group’s profit was driven by a substantial uptick in both its interest and non-interest incomes, in addition to a significant rise in its net foreign exchange gains, which skyrocketed from N85.83 billion ($185 million) in the first quarter of 2022 to an impressive N112.39 billion ($242.2 million) in the first quarter of 2023.