Nigerian banker Herbert Wigwe faces $5-million loss in Access Holdings stake

Herbert Wigwe, a prominent figure in Nigeria’s banking sector and the group managing director and CEO of Access Holdings, has witnessed a substantial decline in his stake within the leading financial services group in recent weeks.

According to data tracked by Billionaires.Africa, the market value of Wigwe’s stake in Access Holdings, has slumped by N3.93 billion ($5.12 million) over the past 19 days, as investors on the local bourse trim their stakes in Access Holdings.

This downturn follows a period of substantial gains for the banking executive. Between Sept. 10 and 22, Wigwe saw his stake increase by $8 million, with his shares in Access Holdings rising from N49.59 billion ($64.60 million) to N55.73 billion ($72.60 million).

Access Holdings, a key player in Nigeria’s financial services sector with operations spanning 12 African nations, has been making strategic strides in expanding its footprint across Africa and Europe. Notably, the conglomerate recently unveiled plans to acquire the Sub-Saharan African subsidiaries of the UK-based multinational bank Standard Chartered Bank.

Wigwe, the group managing director and CEO of Access Holdings, holds an impressive 7.14-percent ownership stake in the leading lender. This stake translates to a substantial 2,536,687,116 ordinary shares in the leading lender.

In recent times, Access Holdings’ share price on the Nigerian Exchange has experienced a significant decline of 8.99 percent, from N17.25 ($0.0224) on Sept. 22 to N15.70 ($0.0204) at the time of writing.

The recent drop in Access Holdings’ share price has caused the market value of Wigwe’s stake to decline by N3.93 billion ($5.12 million) from N43.76 billion ($56.94 million) on Sept. 22 to N39.83 billion ($51.82 million) at the time of writing.