Herbert Wigwe, one of Nigeria’s most powerful banking executives and the group managing director and CEO of Access Holdings, Access Bank Plc’s holding company, has gained millions of dollars to his fortune as shares in the leading lender increase.
According to the report, the market value of Wigwe’s interest in the Lagos-based financial services conglomerate has climbed by N3.93 billion in the last 36 days as a result of the recent increase in the group’s shares on the Nigerian Exchange.
Access Holdings, a prominent player in Nigeria’s financial services sector, operates in 12 African nations and is rapidly growing its footprint in Africa and Europe. The business recently decided to buy the Sub-Saharan African operations of Standard Chartered Bank, a UK-based global bank.
Access Holdings’ shares on the Nigerian Exchange have increased by 10.19 percent from October 11, jumping from N15.70 to N17.30. This spike has pushed the group’s market value above $725 million, demonstrating investor trust and optimism in the local exchange.
The group’s most recent financial reports also show a spectacular performance, with profit increasing from N136.77 billion in 2022 to N250.44 billion in 2023 during the nine-month period of its 2023 fiscal year (9M 2023), establishing its status as one of Nigeria’s most lucrative lenders.
Wigwe, Access Holdings’ group managing director and CEO, owns a sizable 9.09 percent interest in the biggest financial services company, equivalent to 3,230,789,014 ordinary shares.
Wigwe’s holding in the Lagos-based lender has climbed by N4.06 billion, from N39.83 billion on Oct. 11 to N43.88 billion at the time of writing this story, thanks to an extraordinary double-digit surge in Access Holdings’ stock.
This significant increase in the market value of Wigwe’s stock, driven by the leading lender’s remarkable financial performance since the beginning of the year, highlights the financial services giant’s healthy growth trajectory under his competent leadership.
