Group Managing Director and co-founder of Access Holdings, Herbert Wigwe has increased his stake in the bank, investing an estimated N14.5 billion on additional shares of the bank since April 2023.
With the latest acquisition, he appears to be consolidating his position as the biggest shareholder of the bank, solidifying effective control.
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.
Just last week, his Tengen Holdings (Mauritius) Limited, a company related to Dr. Herbert Wigwe again acquired additional 50 million shares worth N762.5 million in the company.
The notice signed by Sunday Ekwochi, Company Secretary indicated that Tengen Holdings on June 26th, 2023, purchased 50,000,000 units of Access Holdings Plc at N15.25 per share valued at N762.5 million.
The acquisition of 50 million shares represents 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.
