Access Bank CEO, Herbert Wigwe, Sell Off His 28.8 Million Shares

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The Chief Executive Officer of Access Bank, Herbert Wigwe, has sold 28.86 million shares worth N292.82 million, which represents 2.33% of his stakes in the bank. The transaction was done through Trust Capital Limited, was made public in a notice filed at the Nigerian Stock Exchange.

What this means is that Wigwe had sold 6.81% of his stake in the financial institution, as he had sold a 4.48% stake on Friday. The bank disclosed in a notification of insider dealing, which was filed at the NSE on Friday, that is CEO sold 55.6 million ordinary shares, which he held indirectly.

Access Bank said in a statement that Wigwe held a total of 1.24 billion indirect shares as of April 2019. The indirect shares were made up of 537.73 million shares owned by United Alliance Company of Nigeria Limited and 702.56 million shares owned by Trust and Capital Limited.

The bank also said that 55.6 million shares were sold from Wigwe’s indirect holding through Trust and Capital Limited. It added that the number of shares sold was an aggregation of sales made on four different instances – 3.61 million shares on January 10, 20.14 million shares on January 13, 9.24 million shares on January 14 and 22.63 million shares on January 15.

Wigwe sold the shares at a price of N10.80 on January 10, N10.70 on January, 13, N10.56 on January 14 and N10.022 on January 15.

Out of the 15 members of Access Bank’s board of directors, Wigwe has the highest stake in the bank, directly owning 201.23 million shares and 1.24 billion shares indirectly. The additional 28.86 million shares were sold at N10.32 on January 16.

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