Herbert Wigwe increases stake in Access Bank with N11.3bn shares

The Group Managing Director and Chief Executive Officer of Access Holdings, Herbert Wigwe, has increased his stake in the financial institution to 8.13 percent.

This followed Thursday’s acquisition of 1.13 billion shares valued at N11.35 billion in the lender.

The development has therefore increased Wigwe’s stake in the organisation from 4.93 percent to 8.13 percent.

Access Holdings confirmed the development in a corporate filing sent to the Nigerian Exchange Limited (NGX) on Friday.

READ ALSO: Access Bank reports N152.90bn net profit, proposes N46.20bn dividends

Following the acquisition, Wigwe now owns 2.89 billion shares worth N29.34 billion in Access Holdings, the parent company of Access Bank.

He bought the 1.13 billion shares through his investment company, Tengen Holdings (Mauritius) Limited.

This increased Wigwe’s indirect shares to 2.68 billion.

The indirect shares are split between United Alliance Company Nigeria Trust and Capital Limited and Coronation Trustees Tengen Mauritius.

 He holds 201.23 million direct shares in the company.

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