Nigerian banker Herbert Wigwe’s Access Holdings to become majority shareholder in Finibanco Angola
Wigwe owns 4.26 percent of the pan-African conglomerate.
Wigwe owns 4.26 percent of the pan-African conglomerate.
Wigwe owns a significant 4.27-percent stake in the bank.
Earnings growth at the bank was hampered by increased fee and commission expenses.
Access Bank is the banking subsidiary of Access Holdings.
Wigwe said the funds will serve as a foundation for attaining a better future for the nation.
The announcement comes two months after Access Holdings completed its structural transformation into a holding company.
Access Holdings ranks as one of the most capitalized financial services institutions on the Nigerian Exchange.
Four weeks ago, the bank completed its transformation from Access Bank Plc to Access Holdings Plc.
The move comes after the pan-African banking group received the Central Bank of Nigeria’s “approval in principle.”