Dr. Herbert Wigwe, the Group Managing Director and co-founder of Access Holdings, Nigeria’s largest bank holding company, has seen his wealth surge by an estimated N11.3 billion within a mere 12 days.
This meteoric rise in fortunes can be attributed to the burgeoning interest of both local and foreign investors, propelling the market value of the company to new heights.
Analyzing the substantial gains, Dr. Wigwe’s stake in Access Holdings currently stands at an impressive 9.09%, which amounts to a whopping 3,230,789,014 ordinary shares. With Access Holding’s shares closing at N18.75 in the market, the value of Dr. Wigwe’s shares has skyrocketed to approximately N60.6 billion.
This significant increase highlights a remarkable upswing from his initial share value of N49.3 billion when the market price stood at N15.25 on June 26, translating to a staggering gain of N11.3 billion within this relatively short period.
The recent months have witnessed Dr. Wigwe actively acquiring shares, further reinforcing his position in the banking group.
A statement signed by Sunday Ekwochi, the Company Secretary, revealed that Tengen Holdings, one of Dr. Wigwe’s entities, recently purchased 50,000,000 units of Access Holdings Plc at N15.25 per share, amounting to a significant N762.5 million.
This acquisition accounts for 0.14% of the company’s total outstanding shares, bringing Tengen Holdings’ total shareholdings to 1.8 billion and Dr. Wigwe’s combined direct and indirect stake to 3.1 billion shares.
With a market capitalization now exceeding N650 billion, Access Holdings has soared to become the thirteenth most valuable company on the Nigerian Exchange, solidifying its stature in the financial industry.
It is worth noting that the company commenced the year with a share price of N8.50 and has since experienced an extraordinary 120.59% increase in valuation, underlining its remarkable performance.