Home » Nigerian banker Herbert Wigwe bolsters stakes in Access Holdings with $1-million share purchase

Nigerian banker Herbert Wigwe bolsters stakes in Access Holdings with $1-million share purchase

by Feyisayo Ajayi
Herbert Wigwe

Herbert Wigwe, the renowned Nigerian multimillionaire banker and CEO of Access Holdings, has reaffirmed his commitment to the leading financial services provider by acquiring an additional 50 million shares in the banking group.

The transaction, which took place on June 26, solidifies Wigwe’s stake in the Lagos-based lender and cements his position as a significant shareholder.

According to a notification of share dealings published on the Nigerian Exchange website, Wigwe, who holds the reins of Access Holdings, invested a total of N762.5 million ($1 million) in securing the 50 million shares. The average price per share stood at N15.25 ($0.020).

Notably, this latest purchase follows his recent acquisition of 75 million shares in May, for which he spent $1.6 million through Tengen Holdings, his Mauritius-based investment holding company.

With the latest share purchase, his stake in Access Holdings has risen from 8.95 percent (3,180,789,014 shares) to 9.09 percent (3,230,789,014 shares), further strengthening his position as a significant shareholder in the leading financial services group.

This series of strategic moves showcase Wigwe’s growing confidence in the Nigerian financial market and reflects the positive outcomes of the country’s recent economic reforms.

Since the beginning of the year, he has steadily increased his stake in Access Holdings from 5.44 percent to the current 9.09 percent, underscoring his unwavering belief in the group’s potential.

The acquisitions by Wigwe and other executives at Access Holdings have profoundly impacted the company’s shares, resulting in double-digit growth. Presently, the share price stands at N15.8 ($0.021) per share.

As a result, Access Holdings’ market capitalization is estimated at N562 billion ($741 million). Wigwe’s 9.09-percent stake in the financial institution is now valued at N50.28 billion ($67.3 million), cementing his position as one of Nigeria’s richest businessmen.

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