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Herbert Wigwe, one of Nigeria’s richest bankers, has experienced a significant surge in his fortune following a recent devaluation of the naira and sustained bullish pressures on the Nigerian Exchange.
The recent surge in Wigwe’s stake in Access Holdings’ market value comes from increased buying interest from both local and foreign investors.
With one of the largest market caps on the Nigerian Exchange, the lender has witnessed a surge in its share price in the past 12 days, contributing to Wigwe’s substantial gains.
Wigwe, the group managing director and CEO of Access Holdings, Nigeria’s largest lender in terms of assets, holds a 9.09-percent stake in the lender, amounting to 3,230,789,014 ordinary shares. His unwavering belief in the group’s potential has prompted a series of share acquisitions, bolstering his stake in the banking group.
Over the past 12 days, the market value of Wigwe’s stake in Access Holdings has soared by N11.3 billion ($14.58 million), rising from N49.3 billion ($63.52 million) on June 26 to N60.6 billion ($78.1 million) at the time of this report. This remarkable increase can be attributed to the surge in the group’s share price.
Since his additional purchase of 50 million shares on June 26, elevating his stake from 8.95 percent (3,180,789,014 shares) to 9.09 percent (3,230,789,014 shares), the group’s share price has increased by 22.95 percent, rising from N15.25 ($0.02) to N18.75 ($0.024).
With the recent gains, Access Holdings’ market capitalization now exceeds N650 billion ($840 million), placing the Lagos-based lender as the thirteenth most valuable company on the Nigerian Exchange.
Access Holdings, a leading financial services group in Nigeria, operates in 12 African countries and has been actively expanding its presence in Europe. The company has been consolidating its existing operations in London and is set to launch a new unit in France.
Wigwe’s recovery from losses caused by currency devaluation demonstrates the resilience of Nigeria’s banking sector amid economic challenges. T
he bullish pressures on the Nigerian Exchange have provided opportunities for investors like Wigwe to capitalize on the market’s potential.
With Access Holdings’ positive trajectory and Wigwe’s strategic acquisitions, the banker’s fortune is expected to continue its upward trajectory, solidifying his position as one of Nigeria’s richest businessmen.
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