Access Bank CEO/MD Herbert Wigwe to Earn N1.5 Billion in Dividend for 2021 Financial Year

Following Access Bank’s strong 2021 financial year, the Group Managing Director and Chief Executive Officer, Herbert Wigwe will pocket a total of N1.518 billion from his shareholdings in the bank.

This is in line with the boss’s holdings in the bank. A breakdown of the bank’s directors and their interests revealed that Mr. Herbert Wigwe’s direct interest stood at 201.232 million shares while his indirect interest was 1.317 billion shares as of December 2021.

A direct or indirect interest is an interest held directly or an interest held indirectly through interests in one or more intermediary entities connected through a chain of ownership to the entity in question.

Mr. Wigwe’s direct and indirect interests in Access Bank stood at 1.518 billion shares.

It should be recalled that Investors King reported in September 2021 that Access Bank paid an interim dividend of 30 kobo per ordinary share of 50 kobo each in the first half of 2021. On Friday, the bank’s board of directors proposed a final dividend of 70 kobo per ordinary share of 50 kobo each on the 35,545,225,622 issued ordinary shares.

Investors in the bank will earn N1 per ordinary share of 50 kobo held in the bank for the 2021 financial year. This means Mr. Herbert Wigwe with a combined interest of 1.518 billion shares will earn N1.518 billion in dividends.

Access Bank grew profit after tax by 51% to N160.2 billion in the 2021 financial year and gross earnings surged to N971.9 billion. Customer deposits sit at N7 trillion with non-performing loans moderating to 4%.

Profile of Mr. Herbert Wigwe

“Mr. Wigwe started his professional career with Coopers & Lybrand Associates, an international firm of Chartered Accountants. He spent over 10 years at Guaranty Trust Bank Plc where he managed several portfolios, including financial institutions, large corporates and multinationals. He left Guaranty Trust Bank as an Executive Director to co-lead the transformation of Access Bank Plc in March 2002 as Deputy Managing Director. He was appointed Group Managing Director/CEO effective January 1, 2014.

“Mr Wigwe is an alumnus of the Harvard Business School Executive Management Programme. He holds a master’s degree in Banking and International Finance from the University College of North Wales, a master’s degree in Financial Economics from the University of London and a B.Sc. degree in Accounting from the University of Nigeria, Nsukka. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

“Mr Wigwe is the Chairman of The Access Bank (UK) Ltd and a Non-Executive Director of Nigerian Mortgage Refinance Company Plc; FMDQ OTC Securities Exchange; Shared Agents Network Expansion Facilities Ltd and Agri-Business/ SME Enterprises Investment Scheme. He also sits on the Boards of CACOVID-19 LTD/GTE, HIV Trust Fund of Nigeria and the Nigerian Business Coalition Against Aids.”