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Herbert Wigwe to join Stanbic Nominees, as his controlling stake in Access Bank hits 5%

  • Business

Access Bank now has two substantial shareholders with 5% and above stake, as the company’s Group Managing Director, Herbert Wigwe, has acquired more shares in the company.

As of December 2021, Stanbic Nominees Nigeria Limited was the only entity or investor with 5% and above stake, accounting for 11.50 per cent controlling stake.

However, as Wigwe piles up shares in Access Bank, Stanbic Nominees reduced its stake in the financial institution from the 11.98 per cent it held as of December 2020.

In several corporate documents obtained by Ripples Nigeria, it was gathered that the Access Bank GMD paid nearly a billion naira, N937.82 million, to acquire 116.5 million shares within two days.

READ ALSO:Herbert Wigwe parts with N975.52m, as his Access Bank controlling stake nears 5%

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.

Recall that this publication had reported Wigwe spent N975.52 million to acquire 122 million shares of Access Bank in the Nigerian stock market on November 3 and November 4.

As at December 31, 2021, Wigwe owned 4.2 per cent of Access Bank, however, last week Thursday, the investment banker increased it to 4.6 per cent.

His most recent share acquisition has now raised his controlling stake to 4.9 (5) per cent, placing Wigwe behind Stanbic Nominees Nigeria Limited, which owns 11.50 per cent stake.

Source: Ripples Nigeria