Why Herbert Wigwe’s Access Holdings Invested $7 Million in Kenya
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News - August 11, 2023

Why Herbert Wigwe’s Access Holdings Invested $7 Million in Kenya

Herbert Wigwe’s Access Holdings Plc recently invested $7 million into its subsidiary, Access Bank Kenya Plc. This comes as a strategic move to solidify its presence in the Kenyan banking sector.

The capital injection comes immediately after the Lagos-based financial services group led by the Nigerian banker completed an agreement to acquire the Sub-Saharan African subsidiaries of the UK-based multinational bank Standard Chartered Bank. 

What the $7 million investment mean

The $7 million capital will bolster Access Bank Kenya’s financial reserves and enhance its shareholder funds and capital ratios.

It will also cater to the unit’s immediate capital requirements and strategically position the bank to fulfil its growth targets within the Kenyan market.

Reacting to the development, Wigwe, Access Holdings’ Group CEO and a prominent figure in Nigeria’s banking sector said, “As a leading financial institution on the continent, we remain forward-thinking in our approach to growth and capitalization.”

Furthermore, the $7 million investment will supplement Access Bank Kenya’s capital requirement, as the bank secured $7.65 million from the Central Bank of Kenya earlier in the year to maintain compliance with statutory capital mandates.

Wigwe and Access Holdings

Access Holdings currently operates in 12 African countries. With a significant market capitalization on the Nigerian Exchange, the group is working towards broadening its European presence. This comes as it plans to consolidate existing operations in London and introduce a new unit in France.

Wigwe, who owns a 9.09-percent stake, equivalent to 3,230,789,014 ordinary shares in the group has played a pivotal role in its expansion.

Under his leadership, Access Holdings pledged a substantial $300 million capital investment to its flagship subsidiary, Access Bank earlier this year.

This $7 million capital injection is part of a broader strategic initiative undertaken by Access Holdings to amplify the bank’s reach across Africa.

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