Herbert Wigwe to join Stanbic Nominees, as his controlling stake in Access Bank hits 5%
by ebor cletus ralph jr
As a result of Herbert Wigwe, the group managing director of the company, purchasing additional shares, Access Bank now has two significant shareholders with 5% or more of the company.
Stanbic Nominees Nigeria Limited held the only 5% or above holding as of December 2021, constituting 11.50% of the controlling share.
The financial institution’s ownership by Stanbic Nominees has decreased from the 11.98% it held as of December 2020 as Wigwe accumulates shares in Access Bank.
According to a number of corporate documents, the Access Bank GMD spent nearly one billion naira, or N937.82 million, to buy 116.5 million shares in just two days.
Wigwe bought 79 million shares on November 11, and 37.5 million shares on November 10. These acquisitions increased his total shares in Access Bank to 1.75 billion, which Ripples Nigeria estimated to be worth N14.22 billion as at the time of filing this report.
Remember that on November 3 and 4, Wigwe purchased 122 million shares of Access Bank at a cost of N975.52 million on the Nigerian stock market.
Wigwe owned 4.2% of Access Bank as of December 31, 2021, but on last Thursday the investment banker raised it to 4.6%.
With his most recent share purchase, Wigwe’s controlling interest has increased to 4.9 (5) percent, trailing only Stanbic Nominees Nigeria Limited, which controls an 11.50 percent holding.
