Herbert Wigwe Acquires More Access Bank Shares To Avoid Elumelu-Otedola Scenerio

In an apparent move to avert a scenario that played out between Tony Elumelu and Femi Otedola over Transnational Corporation’s ownership, Access Bank Holdings Plc Chairman, Herbert Wigwe, has rushed for more shares in the corporation.

Access said on Friday that Wigwe has secured additional 567,594,142 shares at N10 per share indirectly through Tengen Holdings Mauritius Limited.

The transaction amount is about N5.67bn spend by Wigwe to solidify his shareholding control in the corporation.

As of December 2022, Wigwe owns 201,231,713 direct shares and another 1,554,369,047.

Wigwe controls the indirect shares vehicles: United Alliance Company of Nig Ltd- 537,734,219 shares; Trust and Capital Limited- 584,056,979 shares and Coronation Trustees Tengen Mauritius where he controls 432,577,819 shares.

With the new 567,594,142 shares acquired, Wigwe has increased his stake in Access Holdings to 2,323,194,902 shares.

Wigwe now controls 6.53 per cent of the 35,545,225,622 issued shares of Access Holdings.