New Telegraph

Wigwe’s Stake In Access Holdings Rises To 8.8% In 3 Months

Dr. Herbet Wigwe, the Group Manag- ing Director and co-founder of Access Holdings, Nigeria’s largest bank holding company, has spent an estimated N14.5 billion on additional shares of the bank since April 2023. Business news online platform, Nairametrics reports that Wigwe has been acquiring more shares of the bank since April when he purchased about 1.13 billion units.

His stake is spread across several entities that hold direct shares in Access Holdings. His Tengen Holdings (Mauritius) Limited, a company related to Dr. Herbert Wigwe just last week, again acquired additional 50 million shares worth N762.5 mil- lion in the company.

The notice signed by Sunday Ekwochi, Company Secretary indicated that Tengen Holdings on June 26, 2023, purchased 50,000,000 units of Access Holdings Plc at N15.25 per share valued at N762.5 million. This is contained in a notice of share dealing by an insider to the Nigerian Exchange Limited.

The acquisition of 50 million shares rep- resents 0.14 per cent of the company’s total outstanding shares of the company. This takes the total shareholdings for his Tengen Holdings to 1.8 billion and Wigwe’s combined direct and indirect stake to 3.1 billion shares.

Tengen has been increasing its shareholdings since December doubling from about 432,577,819 units of shares as of December 31, 2022, to 1,819,750,593 units by our estimates between April and June 2023. Also, Access Holdings total assets increased to N15.742 trillion as of the end of March 2023, up from N14.998 trillion recorded at the end of December 2022.

Read Previous

Canada To Welcome More Healthcare Workers

Read Next

Aiyedatiwa, Mimiko, Edema Congratulate Muslims