Herbert Wigwe's Strategic Move: Bolstering Access Holdings Stake with $1M Share Purchase
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Business - June 29, 2023

Herbert Wigwe’s Strategic Move: Bolstering Access Holdings Stake with $1M Share Purchase

Herbert Wigwe, Nigerian multi-millionaire banker and CEO of Access Holdings, has once again demonstrated his unwavering dedication to the prominent financial services provider. He has solidified his commitment by procuring an extra 50 million shares in the banking group.

The transaction, which was executed on June 26, further strengthened Wigwe’s ownership in the Lagos-based financial institution. This move not only solidifies his stake but also establishes him as a prominent shareholder in the company.

A share dealings notification published on the Nigerian Exchange website, shows Wigwe, the visionary leader of Access Holdings, made a significant investment of N762.5 million ($1 million) to acquire the 50 million shares. The average price per share during this transaction was N15.25 ($0.020).

Notably, this recent purchase comes on the heels of his previous acquisition of 75 million shares in May. During that transaction, Wigwe utilized Tengen Holdings, his investment holding company based in Mauritius, to invest $1.6 million.

Wigwe consistently increased his shares

Through this latest share purchase, Wigwe has increased his stake in Access Holdings from 8.95 percent (3,180,789,014 shares) to 9.09 percent (3,230,789,014 shares). This development further fortifies his role as a notable shareholder within the prominent financial services group, solidifying his position.

These strategic moves by Wigwe serve as a testament to his growing confidence in the Nigerian financial market. It is a clear reflection of the positive outcomes derived from the recent economic reforms implemented in the country. These actions highlight Wigwe’s belief in the potential and favorable prospects of the Nigerian financial landscape.

Throughout the year, Wigwe has consistently and steadily expanded his ownership in Access Holdings, starting from 5.44 percent and now reaching the current 9.09 percent. This continuous increase underlines his steadfast confidence in the group’s potential and showcases his unwavering belief in its future prospects.

The acquisitions made by Wigwe, along with other executives at Access Holdings, have had a profound impact on the company’s shares, leading to a substantial double-digit growth. As a result, the current share price has surged to N15.8 ($0.021) per share.

Consequently, Access Holdings’ market capitalization has reached an estimated value of N562 billion ($741 million). Wigwe’s 9.09-percent stake in the financial institution is now valued at N50.28 billion ($67.3 million), firmly establishing him as one of Nigeria’s wealthiest businessmen.

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