Home » Nigerian banker Herbert Wigwe’s Access Holdings gains majority control of Angolan bank, Finibanco

Nigerian banker Herbert Wigwe’s Access Holdings gains majority control of Angolan bank, Finibanco

by Omokolade Ajayi
Herbert Wigwe

Access Holdings Plc, a prominent financial services conglomerate based in Lagos and led by Nigerian banker Herbert Wigwe, has successfully completed the acquisition of a majority 51-percent stake in Finibanco Angola.

The move signifies another significant step for Access Holdings as it aims to establish an ecosystem and community that connects Africa to the rest of the world.

Finibanco Angola S.A., with more than 20 branches and $300 million in total assets, is a fully capitalized commercial bank that offers comprehensive financial services. It serves as a vital source of support for small and medium-sized businesses, private citizens, and Angolan exports.

The latest announcement by the Herbert Wigwe-led banking group follows a nine-month period since the revelation of the group’s intention to take control of the majority shareholding of Finibanco Angola S.A, 

In a press release published on the Nigerian Exchange, the latest acquisition, which was executed via its flagship banking unit, Access Bank Plc, demonstrates the holding’s commitment to making disciplined and well-structured investments toward creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.

Commenting on the completion of the acquisition, Wigwe, group CEO of Access Holdings, stated: “In anticipation of the completion of the transaction, the Bank has made excellent progress in integration planning. We plan to leverage our expansive distribution network, best-in-class technology, risk, and governance practices to serve high-growth businesses and the rising consumer sector in Angola.”

“We will act as a positive catalyst to foster greater innovation and promote the deepening of the financial sector in Angola in line with our strategic growth objectives in the broader South Africa Development Community while delivering value to our stakeholders,” he added.

Access Holdings is a leading financial services group in Nigeria, boasting one of the largest market caps on the Nigerian Exchange. With operations spanning 12 African countries, the company is also looking to expand its presence in Europe, through the consolidation of its existing operations in London and the launch of a new unit in France.

Herbert Wigwe, who ranks as one of the country’s leading executives and played a pivotal role in Access Holdings’ growth and expansion, holds a 9.09-percent stake in the lender, amounting to 3,230,789,014 ordinary shares.

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