Another Mega Move from Herbert Wigwe

In corporate circles, trust and confidence are not easy to come by. However, given certain indices, an investor can bet his life on an organisation, especially upon recognizing that the leadership of the organisation is committed to their interests. This is the level of confidence that the stakeholders of Access Bank have on account of the doings of the institution’s Group MD, Herbert Wigwe.

The current banking sector in Nigeria is on the edge of its seat following the recent move of Wigwe. According to reports, Wigwe has acquired 50 million shares in Access Holdings, estimated to be valued at N762.5 million. Adding the new shares to what he had before, financial analysts have appraised his portion of the organisation to be about 8.8 per cent.

Compared to Wigwe’s total Access Holdings shares of 2.94 billion units, the addition of 50 million shares is akin to a drop in a bubbling ocean. However, Wigwe is believed to have spent around N14.5 billion to make this drop possible, which is an eye-opening sum.

In reality, Wigwe’s additional shares were obtained through Tengen Holdings, an agency reported to belong to him. There are others apart from Tengen that he has reportedly used over time to accumulate Access Holdings. Even so, Tengen is the biggest, and through it, Wigwe is now the largest shareholder of the bank.

Wigwe is not alone in consolidating his might in his native bank. Other Group MDs, MDs, and CEOs have been doing the same in recent times. However, less than a handful can hold a candle to Wigwe, seeing as his commitment to Access Bank is unquestionable, and his contributions are not small.

Ultimately, Wigwe’s moves are as meaningful as they are magnificent. His peers cannot duplicate this success.