Home » Nigerian banker Herbert Wigwe-led group acquires new insurance brokerage firm

Nigerian banker Herbert Wigwe-led group acquires new insurance brokerage firm

by Omokolade Ajayi
Herbert Wigwe

Pan-African financial services giant, Access Holdings, led by Nigerian banking tycoon Herbert Wigwe, has acquired Megatech Insurance Brokers Limited, a licensed and regulated insurance brokerage company by the National Insurance Commission. The move aligns with the group’s vision of building a globally connected community of ecosystems inspired by Africa for the world.

In a separate development, Access Bank Zambia Limited, a unit of Access Holdings, finalized the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia. The move aims to elevate the Zambian unit into one of the top five banks in the country by assets.

Strategic synergy unveiled: Megatech Insurance Brokers joins Access Holdings’ dynamic portfolio

Megatech Insurance Brokers, now under the umbrella of Access Holdings, will contribute to the conglomerate’s diverse range of product offerings. Wigwe, CEO of Access Holdings, expressed the importance of this acquisition in the company’s evolution as a globally connected community. Megatech is poised to design and provide intelligent solutions that effectively manage risks in an ever-changing world.

Wigwe emphasized, “This acquisition aligns with our mission to build and sustain one global platform, open for anyone to join, where people can be connected to exceptional opportunities.” Megatech’s goal is to create a world where risks are efficiently managed, enabling the confident pursuit and seizure of growth opportunities.

Access Holdings’ strategic triumph: Access Bank UK Ltd. ventures into Hong Kong

Wigwe, a Nigerian multimillionaire banker and CEO of Access Holdings, holds a 7.14-percent stake in the conglomerate. Under his leadership, Access Holdings has achieved remarkable fiscal growth. In December 2023, Access Bank UK Ltd., the UK-based subsidiary of Access Holdings, received approval from the Hong Kong Monetary Authority to establish a Restricted Licence Branch in Hong Kong.

This development aligns with Access Holdings’ ambition of becoming the world’s most respected African Bank. The approval follows the conglomerate’s strategic initiatives, including the impending launch of a French unit and the acquisition of several banks in Africa.

Access Holdings’ plans for further expansion include the anticipated acquisition of the Sub-Saharan African subsidiaries of the UK-based multinational bank Standard Chartered Bank, consolidating its position in the global financial landscape.

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