Herbert Wigwe, a leading business executive and one of Nigeria’s wealthiest bankers, has witnessed a significant surge in his stake in Access Holdings, the country’s largest lender in terms of assets.
According to data tracked by Billionaires.Africa, the market value of Wigwe’s stake in Access Holdings has increased by N2.1 billion ($2.7 million) over the past 19 days, signifying a sustained interest in the group’s shares on the Nigerian Exchange.
Access Holdings, a major player in Nigeria’s financial services sector, maintains active operations across 12 African countries and has been actively expanding its footprint in Africa and Europe. The group recently reached an agreement to acquire the Sub-Saharan African subsidiaries of UK-based multinational bank Standard Chartered Bank.
Wigwe, who serves as the group managing director and CEO of Access Holdings, presently holds a substantial 9.09-percent stake in the lender, equating to 3,230,789,014 ordinary shares.
His confidence in the group’s growth prospects has prompted a series of strategic share acquisitions, bolstering his stake in the company.
In recent weeks, Access Holdings’ shares on the Nigerian Exchange have increased by 3.89 percent, rising from N16.70 ($0.0220) on Aug. 17 to N17.35 ($0.0229) at the time of writing this report.
This impressive surge in the group’s shares has catapulted its market capitalization beyond the $800-million mark, firmly establishing it as one of the most valuable companies listed on the Nigerian Exchange.
As a result of the recent surge in the group’s share price, Wigwe’s stake in Access Holdings has expanded by a staggering N2.1 billion ($2.7 million) since Aug. 17, increasing his holdings from N53.95 billion ($71.23 million) to N56.05 billion ($74.00 million) at the time of this report.