Nigerian banker Herbert Wigwe invests $1.6 million to increase stake in Access Holdings

Omokolade Ajayi -

Nigerian multimillionaire banker and CEO of Access Holdings Herbert Wigwe continues his acquisition spree, spending $1.6 million to increase his stake in the Lagos-based financial services holding company.

The recent purchase of 75 million shares on the Nigerian Exchange solidifies Wigwe’s position as the top shareholder in Access Holdings.

In the transaction that took place on the floor of the Nigerian Exchange on May 9, Herbert Wigwe acquired the shares at a price of N9.9 ($0.0214) per share, totaling N742.5 million ($1.61 million).

This comes just a week after he purchased 140 million shares at N11.55 ($0.0251) per share, further strengthening his position within the company.

His acquisitions this year have been significant, amounting to 1,425,188,284 ordinary shares in Access Holdings. This increased his shareholding from 5.44 to 8.95 percent, making him a significant shareholder with 3,180,789,014 shares.

With a market capitalization of N361 billion ($783.3 million), Access Holdings is now the fifteenth most valuable company on the Nigerian Exchange.

In addition, Wigwe’s stake in the company is valued at N32.44 billion ($70.3 million), further solidifying his status as one of the wealthiest investors in Nigeria.

Under Wigwe’s leadership, Access Holdings, Nigeria’s largest bank in terms of assets, experienced a significant profit increase of 23.9 percent in the first quarter of 2023.

The group’s profit rose from N57.82 billion ($124.62 million) in Q1 2022 to N71.66 billion ($154.5 million) in Q1 2023.

This can be attributed to higher interest and non-interest incomes and a substantial increase in net foreign exchange gains, reaching N112.39 billion ($242.2 million) in Q1 2023.

Wigwe’s continued investment in Access Holdings reflects his confidence in the bank’s potential for further success.

With his notable acquisitions and the company’s impressive financial performance, the banker’s influence in the Nigerian financial sector continues to grow.