Herbert Wigwe, one of Nigeria’s richest bankers and the group managing director and CEO of Access Holdings, has experienced a significant surge in his stake in the leading financial services group, bolstering his position as one of the country’s most affluent banking executives.
Data from the Nigerian Exchange reveals that Wigwe’s shares in Access Holdings have soared by $9.8 million in the past 24 days.
The surge comes after a brief pullback in the Lagos-based financial services group’s shares, indicating sustained buying interest on the Nigerian Exchange.
With a presence in 12 African countries and ongoing expansion efforts in Europe, Access Holdings has strengthened its operations in Africa with a series of acquisitions while bolstering its operations in Europe through its units in London and France.
Wigwe’s unwavering belief in the potential of the financial services group has prompted a series of share acquisitions, resulting in his 9.09-percent stake, or 3,230,789,014 ordinary shares.
In recent times, Access Holdings’ share price has experienced a substantial increase of 15.72 percent, rising from N14.95 ($0.0195) to N17.30 ($0.0225), which has propelled its market capitalization above $800 million. This solidifies its position as the 13th most valuable company on the Nigerian Exchange.
Due to the recent boost in the group’s share price, Wigwe’s stake in Access Holdings has grown by N7.59 billion ($9.87 million), reaching N55.89 billion ($72.7 million) at the time of this report. The continued increase in share value is attributed to investors’ anticipation of better-than-expected half-year financial results.
Wigwe’s interest in Access Holdings and his strategic acquisitions have cemented his status as a prominent figure in Nigeria’s banking sector, making headlines nationwide and drawing attention to Access Holdings’ growth prospects.
