Herbert Wigwe Increase Stake in Access Holdings

Nigerian banker and CEO of Access Holdings, Herbert Wigwe has increased his stake in the Lagos-based financial services holding company.

This comes as he spent $1.6 million to acquire 75 million shares. His recent purchase which solidifies Wigwe’s position as the top shareholder in Access Holdings comes just a week after he purchased 140 million shares at $0.0251 per share. Valued at $70.3 million, Wigwe’s stake in the company further solidifies his status as one of the wealthiest investors in Nigeria.

Details of the transaction that took place on the floor of the Nigerian Exchange on the 9th of May showed that Herbert Wigwe acquired the shares at a price of $0.0214 per share, amounting to a total of $1.61 million.

Herbert Wigwe’s investment reflects his confidence in Access

Herbert’s significant acquisitions in 2023 have amounted to 1,425,188,284 ordinary shares in Access Holdings. This increased his shareholding from 5.44 per cent to 8.95 per cent, making him a significant shareholder with 3,180,789,014 shares.

According to reports, Wigwe’s continued investment in Access Holdings reflects his confidence in the bank’s potential for further success. They also believe that Wigwe’s acquisitions and impressive financial performance will further strengthen his influence in the Nigerian financial sector.

Access Holdings has experienced a significant profit increase of 23.9 per cent in the first quarter of 2023. This comes as the group’s profit rose from $124.62 million in Q1 2022 to $154.5 million in Q1 2023 under Wigwe’s leadership. The increase can also be attributed to higher interest and non-interest incomes and a substantial increase in net foreign exchange gains.

Boasting a market capitalization of $783.3 million, Access Holdings is now the fifteenth most valuable company on the Nigerian Exchange.