Access Holdings GMD, Herbert Wigwe’s shares net N11.3bn in 12 days
The Group Managing Director and Co-founder of Access Holdings, Dr. Herbert Wigwe, Nigeria’s largest bank holding company has experienced a significant increase in his wealth, appreciating an estimated N11.3 billion from his shares in the past 12 days.
The appreciation of Wigwe’s stake in Access Holdings is attributed to growing interest from both local and foreign investors, driving up the market value of the company. Analysng his gains, Wigwe currently holds a 9.09 per cent stake in the lender, which amounts to 3,230,789,014 ordinary shares.
With Access Holding shares closing at N18.75 in the market, the value of Wigwe’s shares now stands at approximately N60.6 billion. This marks a significant increase from his initial share value of N49.3 billion when the market price was N15.25 on June 26. The comparison reveals a gain of N11.3 billion within this period.
In recent months, Wigwe has been actively purchasing shares, further strengthening his stake in the banking group. The report show acquisition of approximately 1.13 billion units in April. His stake is spread across various entities holding direct shares in Access Holdings.
According to a statement signed by Sunday Ekwochi, the Company Secretary, Tengen Holdings purchased 50,000,000 units of Access Holdings Plc at N15.25 per share, amounting to N762.5 million.
This acquisition represents 0.14 per cent of the company’s total outstanding shares, bringing Tengen Holdings’ total shareholdings to 1.8 billion and Wigwe’s combined direct and indirect stake to 3.1 billion shares.
With a market capitalisation now exceeding N650 billion, Access Holdings ranks as the thirteenth most valuable company on the Nigerian Exchange.
It is worth noting that Access Holdings began the year with a share price of N8.50 and has since experienced a remarkable 120.59 per cent increase in valuation.
Looking back, Access Holdings’ unaudited Q1 results at the NGX Exchange highlighted substantial growth, including a 46.4 per cent increase in interest income to N254.22 billion and a 28.4 per cent rise in profits before tax to N81.594 billion compared to the corresponding period in 2022.
The company’s gross earnings also displayed an upward trend, reaching N424.917 billion in the review period, surpassing the N295.736 billion recorded in the first quarter of March 2022.
Herbert Wigwe’s gains from the appreciating shares underscore the remarkable performance of Access Holdings and its ability to attract investors’ attention, solidifying its position as a leading player in the financial industry.
