The Group Managing Director and Chief Executive Officer of Access Holdings, Herbert Wigwe, continued to splash the cash on shares in a bid to retain control of the company.
Access Holdings share acquisition document obtained by Ripples Nigeria on Saturday revealed that Wigwe and Access Holdings Company Secretary, Sunday Ekwochi, bought combined shares worth N852.17 million from the company.
Wigwe, according to the document, bought 75 million shares to increase his controlling interests in Access Holdings, the parent company of Access Bank.
He bought the shares through his investment company, Tengen Holdings (Mauritius) Limited at the cost of N843.75 million on Friday.
Before the acquisition, Wigwe owned 2.89 billion shares worth N32.52 billion in Access Holdings.
The shares are kept as direct stake and indirect stake through United Alliance Company of Nigeria Trust and Capital Limited, and Coronation Trustees Tengen Mauritius.
The new shares brought his total shares in the company to 3.73 billion valued at N42.01 billion as of Friday.
Ekwochi on his part purchased 806,361 shares valued at N8.42 million on May 2.
This increased Ekwochi’s shares in Access Holdings to 1.61 million (N18.17 million) after the company conferred him with 809,190 shares on April 25.
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