Finance

Access Bank GMD buys 50 million additional shares

Access Bank GMD buys 50 million additional shares

The Group Managing Director of Access Holdings, Hebert Wigwe has consolidated his position as the Bank’s majority shareholder with an acquisition of 50 million shares.

The acquisition was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited. It was signed by the company’s secretary, Sunday Ekwochi.

The 50 million units of Access Holdings Plc were acquired at N15.25 per share, valued at N762.5m. Wigwe acquired the shares via Tengen Holdings (Mauritius) Limited, a company related to him.

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The bank’s GMD has been acquiring more shares since April when he purchased about 1.13 billion units. His stake is spread across several entities that hold direct shares in Access Holdings.

The 50 million shares represent 0.14 per cent of the company’s total outstanding shares. It takes the total shareholdings for Tengen Holdings to 1.8 billion and Wigwe’s direct and indirect stake to 3.1 billion shares.

The GMD and his affiliates now own 8.8 per cent of the bank’s shares, making him the majority shareholder.

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Wigwe shares joint ownership with former MD/CEO and co-founder of Access Bank, Aigboje Aig-Imoukhuede, with whom he acquired the bank in 2002.

His recent barrage of shares acquisition follows significant growth posted in the bank’s recent financial statements. In its unaudited Q1 results, Access Holdings grew Interest income by 46.4 per cent to N254.22bn in Q1, 2023 from N173.688bn in the corresponding period of 2022

Punch

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