Herbert Wigwe, a prominent figure in Nigeria’s banking sector and the group managing director and CEO of Access Holdings, has seen a significant decline in his stake within the leading financial services group in recent times.
According to the data gathered by Billionaires.Africa, the market value of Wigwe in Nigeria’s largest lender, has slumped by N7.1 billion ($9.05 million) since July 10, as investors on the local bourse trim down their stakes in Access Holdings.
Access Holdings, a leading financial services group in Nigeria, operates in 12 African countries and has been actively expanding its presence in Europe. The company has been consolidating its existing operations in London and is set to launch a new unit in France.
Wigwe, the group managing director and CEO of Access Holdings, Nigeria’s largest lender in terms of assets, holds a 9.09-percent stake in the lender, amounting to 3,230,789,014 ordinary shares. His unwavering belief in the group’s potential has prompted a series of share acquisitions, bolstering his stake in the banking group.
In recent times, Access Holdings’ share price on the Nigerian Exchange has experienced a substantial decline of 11.64 percent, declining from N18.90 ($0.0241) on July 10 to N16.70 ($0.0213) at the time of writing, consequently leading to a dip in its market capitalization, which now stands below $800 million.
However, the recent double-digit decline in Access Holdings’ shares has adversely affected the market value of Wigwe, causing it to slump by N7.1 billion ($9.05 million) from N61.06 billion ($77.72 million) on July 10 to N53.95 billion ($68.67 million) at the time of writing.
This decline follows a period of significant uptick between June 26 and July 7, during which the market value of his stake in the Lagos-based financial services group increased by N11.3 million ($14.58 million).
