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Nigerian multimillionaire banker and CEO of Access Holdings Herbert Wigwe has experienced a remarkable surge in his fortune, as the market value of his holdings in the Lagos-based financial services group has exceeded $100 million.
This growth can be attributed to the recent bullish buying pressures on the Nigerian Exchange, which propelled the local bourse’s all-share index to a 15-year-high, leading to an increase Access Holdings’ shares and a surge in Herbert Wigwe’s stake.
Over the past 15 days, Wigwe’s 8.95-percent stake in Access Holdings has witnessed a remarkable boost, rising by N10.81 billion ($23.23 million).
The surge has pushed the market value of his stake from N39.12 billion ($84.05 million) on May 31 to N49.94 billion ($107.3 million) at the opening of the Nigerian Exchange today.
The driving force behind the surge in Access Holdings’ shares and market capitalization can be attributed to the bullish sentiment prevailing on the Nigerian Exchange. This sentiment has been fueled by the impactful actions of President Bola Tinubu, who took office on May 29 and introduced various economic reforms.
These reforms include the removal of a costly fuel subsidy, the appointment of a new central bank governor, and a commitment to unify the country’s exchange rates. Foreign investors have been attracted to Africa’s largest economy, seeing great potential in these reforms.
Wigwe’s recent acquisition of 75 million shares in Access Holdings, amounting to $1.6 million, further solidifies his position as the top shareholder in the Lagos-based financial services holding company.
In total, his acquisitions this year amount to 1,425,188,284 ordinary shares, increasing his shareholding from 5.44 to 8.95 percent. As a significant shareholder, Wigwe now possesses 3,180,789,014 shares in Access Holdings.
This surge in Wigwe’s fortune and stake in Access Holdings underscores the growing confidence in the Nigerian financial market and reflects the positive outcomes of the country’s latest economic reforms.
With Access Holdings solidifying its position as the thirteenth most valuable company on the Nigerian Exchange, the future looks promising for both Wigwe and the group.
