Wigwe makes over N400m after Access Holdings listing

New appointees, Herbert Wigwe, the Group Managing Director of Access Holdings, and Roosevelt Ogbonna, the Managing Director of Access Bank went home with a whooping N468.82 million after the listing of Access Holdings in the capital market.

It would be recalled that Access Bank delisted from the Nigerian Exchange Limited (NGX) on Monday, and was replaced with Access Holdings with Wigwe taking up the GMD position of the HoldCo, while Ogbonna stepped up from Deputy to become MD of the bank division.

Following the listing, Wigwe and Ogbonna’s total investment value in Access Holdings rose by 3.01 percent, as the value of the firm’s stock appreciated after demand for its shares rose amid bullish sentiment.

Wigwe made a total of N455.35 million from its direct and indirect shares in Access in one day. This gain lifted his investment in the financial institution to N15.55 billion, from N15.10 billion he held in the company on Friday.

The Access GMD had invested indirectly in the firm through United Alliance Company of Nigeria Limited, Trust and Capital Limited Mauritius and Coronation Trustees Tengen.

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Ogbonna went home with N13.46 million, as his total funds in Access rose from N446.58 million to N460.05 million on Monday.

The amounts made by Wigwe and Ogbonna were part of the N10.66 billion that other holders of Access shares gained, pushing the total shareholders’ investment in the firm to N364.33 billion, from N353.67 billion of Friday.

In a notification to the Nigerian Exchange (NGX) Limited on Monday, the company said, Mr. Bababode Osunkoya would be the chairman while Mr. Herbert Wigwe would remain as the group managing director and chief executive officer of Access Holdings Plc.

For the banking subsidiary, Mr. Roosevelt Ogbonna has been appointed as the managing director/CEO, Mr. Victor Etuokwu as deputy managing director (North) and Mrs. Chizoma Okoli, deputy managing director (South).

Under the new re-organisation, Access Holding Company Plc would serve as the parent company for the group – Access Bank Nigeria and its many subsidiaries. The parent company now holds 100 per cent shares of Access Bank Nigeria and 100 per cent shares of all non-banking subsidiaries of the bank.

Access Bank Nigeria now owns all its banking subsidiaries (15 in total) and all its three representative offices in India, China and Lebanon.