Dr. Herbert Wigwe, the Group Chief Executive of Access Bank Holdings Plc, acquired shares worth N671.8 million within two days, according to a disclosure statement filed with the Nigerian Exchange Limited (NGX).
On November 3, the billionaire banker dumped N357.750 million on 45 million shares at N7.95 a unit at the NGX trading floor in Lagos, Nigeria. On November 4, another N314.025 million was expended on 39.5 million shares at N7.95 per share to bring the total shares acquired to 84.500 million shares at an estimate of N671.8 Million, Investors King analysis showed.
The disclosure is in line with the Security and Exchange Commission’s (SEC) new policy to ensure that the public is aware of all insider dealings. Also, it gives clues on the activity of top executives with more information on the day-to-day activity of the company.
In the first nine months of the year, the Group posted N137.154 billion profit after tax after declaring revenue of almost N500 billion.
Dr. 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 and served in that capacity till May 2022. He was subsequently appointed a Non-Executive Director of the Bank effective May 2022.
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 is also a member of the Governing Council of the Chartered Institute of Bankers of Nigeria.