Herbert Wigwe, one of Nigeria’s most influential banking executives and the group managing director and CEO of Access Holdings, the holding company of Access Bank Plc, has added millions of dollars to his fortune as shares in the leading lender experience a notable surge.
According to data tracked by Billionaires.Africa, the market value of Wigwe’s stake in the Lagos-based financial services giant has increased by N3.93 billion ($4.65 million) over the past 36 days, thanks to the recent upswing in the group’s shares on the Nigerian Exchange.
Access Holdings’ market cap rockets to $725 million, as investors remain bullish
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 agreed to acquire the Sub-Saharan African subsidiaries of UK-based multinational bank Standard Chartered Bank.
Since October 11, Access Holdings’ shares on the Nigerian Exchange have surged by 10.19 percent, rising from N15.70 ($0.0186) to N17.30 ($0.0205). This surge has catapulted the group’s market capitalization beyond $725 million, a testament to investor confidence and optimism in the local bourse.
The group’s latest financial results also reveal a remarkable performance, as its profit during the nine months period of its 2023 fiscal year (9M 2023) soared from N136.77 billion ($178.2 million) in 2022 to N250.44 billion ($327.1 million) in 2023, cementing its position as one of Nigeria’s most profitable lenders.
Herbert Wigwe’s stake surges above $50 million as Access Holdings shares soar by double-digits
Wigwe, who serves as the group managing director and CEO of Access Holdings, holds a substantial 9.09-percent stake in the leading financial services provider, equating to 3,230,789,014 ordinary shares.
Benefiting from a remarkable double-digit surge in Access Holdings’ stock, Wigwe’s stake in the Lagos-based lender has increased by N4.06 billion ($4.80 million), from N39.83 billion ($47.16 million) on Oct. 11 to N43.88 billion ($51.96 million) at the time of drafting this report.
This noteworthy increase in the market value of Wigwe’s stake, propelled by the outstanding financial performance of the leading lender since the start of the year, underscores the robust growth trajectory of the financial services giant under his astute leadership.
