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Herbert Wigwe Suffers $9 Million Loss

- August 18, 2023

Herbert Wigwe, a prominent figure within Nigeria’s banking sector and serving as the Group Managing Director and CEO of Access Holdings, has experienced a notable decrease in his ownership stake within the prominent financial services group recently.

Billionaires.Africa’s data reveals that the market valuation of Herbert Wigwe’s shares in Nigeria’s largest lending institution has dwindled by N7.1 billion ($9.05 million) since July 10. This reduction is attributed to local bourse investors trimming their investments in Access Holdings.

Access Holdings, a key player in Nigeria’s financial services sector, operates across 12 African nations and has actively expanded its footprint in Europe. The company has been focused on streamlining its existing operations in London and is on the verge of unveiling a new division in France.

Wigwe, who holds the positions of Group Managing Director and CEO at Access Holdings, the largest lender in Nigeria based on asset value, possesses a 9.09-percent ownership stake in the institution. This amounts to a total of 3,230,789,014 ordinary shares. His steadfast confidence in the potential of the group has led him to acquire additional shares, thereby reinforcing his position within the banking conglomerate.

The recent performance of Access Holdings’ shares on the Nigerian Exchange paints a picture of substantial decline, with a decrease of 11.64 percent from N18.90 ($0.0241) on July 10 to N16.70 ($0.0213) at the current juncture. Consequently, this has resulted in a decrease in the company’s market capitalization, which now rests below $800 million.

Consequently, this market downturn has had an adverse impact on Herbert Wigwe’s net worth, causing it to slide by N7.1 billion ($9.05 million) from its standing of N61.06 billion ($77.72 million) on July 10 to N53.95 billion ($68.67 million) at present.

This reduction follows a prior period of significant growth observed between June 26 and July 7, during which the value of his stake in the Lagos-based financial services enterprise surged by N11.3 million ($14.58 million).

Culled From Billionaire Africa

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