Connect with us
UBA ads

Business News

Herbert Wigwe sells 28.8 million Access Bank shares

Access Bank’s Chief Executive Officer, Herbert Wigwe, has sold 28.86 million shares worth N297.82 million, which represents 2.33% of his stakes in the bank. The transaction, which was done through Trust Capital Limited, was disclosed in a notice filed at the Nigerian Stock Exchange.



Access Bank CEO, Herbert Wigwe

Access Bank’s Chief Executive Officer, Herbert Wigwe, has sold 28.86 million shares worth N297.82 million, which represents 2.33% of his stakes in the bank. The transaction, which was done through Trust Capital Limited, was disclosed in a notice filed at the Nigerian Stock Exchange.

This means 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 its CEO sold 55.6 million shares ordinary shares, which he held indirectly.


Download (PDF, 355KB)

Details: Access Bank said 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.

  • It said the 55.6 million shares sold were 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 N10.22 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.

Investors raise concerns: In what is looking like a major concern to investors, the bank CEO’s is selling down his shares just after the bank announced that it had suspended its closed period. Earlier in the year, January 8th the bank announced that it had suspended its closed period which it had earlier communicated on December 30th. The closed period was supposed to last until January 29th, 2020.

GTBank 728 x 90

Some investors who spoke to Nairametrics on the condition of anonymity are now wondering if there is a connection between the back to back sale of shares and the abrupt suspension of the announcement of the closed period.

While there is no proof, it is likely that as a leading member of the management of the bank he may have seen the results of the company giving him an undue advantage over other shareholders of the company who are not privy to results. 

The share price of Access Bank Plc closed at N10 on December 31 and recorded a sustained appreciation up till January 8, where it closed a N11.80. Access Bank closed trading on Tuesday at N10.05 having opened at N10.75.

onebank728 x 90


Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]



  1. Anonymous

    January 22, 2020 at 9:00 am

    hmm, this looks like bad news for access bank shareholders. He sold another round again on january 20, access bank shareholders need to keep a keen eye out to ensure this isn’t a dump considering the extension of access bank’s closed period.

  2. ebuka

    January 22, 2020 at 9:01 am

    hmm, this looks like bad news for access bank shareholders. He sold another round again on january 20, access bank shareholders need to keep a keen eye out to ensure this isn’t a dump considering the extension of access bank’s closed period.

  3. Anonymous

    January 22, 2020 at 10:34 am

    former Abia state governor you mean

  4. Anonymous

    January 22, 2020 at 11:12 am

    SEC and NSE are looking the other ways, is this how they protect retail investors?

    • Williams

      March 9, 2020 at 7:05 pm

      I don not believe that the regulators would condone any sharp practice.

      Moreover, the Bank made profit, so I guess Mr Wigwe had other reasons for selling the shares

  5. Obiageli Peace Okeke

    January 22, 2020 at 11:14 am

    Wigwe should be queried, why should he sell of his stake, it doesn’t sound well for us as shareholders. Let no story be told to common Nigeriansoo. It ll not sound palatals, too many deceits in the industry.

    The bank had better come up with the true reasons why a whole CEO of a bank ll consider such action.

    • Prince

      January 24, 2020 at 12:52 pm

      Errrr…he needed money? lol. What’s the whole idea of buying shares and investing? Is it not to make money. Now you have made money and you can’t convert this ‘money’ to cash when you need it? Why invest then?

  6. Ibrahim Suleiman

    January 22, 2020 at 1:54 pm

    I don’t see any reason for the panic, he only sold 55.6M shares of out of the 702.56 M shares of his indirect holdings with Trust and capital ltd.

    This is now remaining 482.13 M with United Alliance, 646.96 M with Trust indirect share holdings and 201.23M direct share holdings. Which is still very huge and significant for the bank.

    Observation: It could be that he ( the subsidiary) wants to take some profits because the share price of Access bank have proven to have accumulated some gains in the past months/ weeks. Remember he is an investor.. Investors reap profits

    It could also be that he has been advised to free up some shares for others to have access to. It is really amazing to see just one person owning this large amounts of shares in the company he is the CEO, it tells a lot.
    Also it could be that he( and capital) seek to diversify their portfolio into other sectors by way of investment, don’t forget Access bank’s recent drive to cover Africa banking space with its recent full take over of and setting up of financial institutions in the Republic of Cameron. The sell off may be a strategic positioning in all or most of this regards. My take though.

    • Iyke

      January 22, 2020 at 6:41 pm

      Very correct. I suspect divestment of portfolio.

  7. Anodebenze

    January 22, 2020 at 2:37 pm

    Why not you sees things from another angle.HE MAYBE SELLING FOR ANOTHER REASON,YOU DO NOT KNOW,FOR ONE THE REGULATING AUTHORITY the cbn have decreed, all ceo of any bank,must not exceed 10 yrs as chief executive officer,it looks his tenure is coming up,and he have about half a billion naira to invests,when he leave office,now it looks he wants to be a business operator,when he leaves his office,so it is 50% that the economy will grows at 3% or not for the next 3 yrs according to the world bank.
    However the cbn can change things fast,if they moves fast.e.g this recapitalization,uses your brain much better

  8. Stanley

    January 22, 2020 at 3:18 pm

    The timing of Wigwe’s actions are very suspicious, although he’s sold just less than 7% of his holdings so far. But the sales may be to meet some personal or corporate emergency on behalf of the institutions thru which he owns the shares. For instance, he may be raising the cash to pay off some partners who are on his neck or something. However, the timing of these transactions is not right at all.

    • Prince

      January 24, 2020 at 12:52 pm

      Well emergencies never warn us right? I also feel that the NSE would have flagged it if there was any foul play. Just my opinion.

  9. Anonymous

    January 22, 2020 at 6:30 pm

    You cannot rule out that facts that Wigwe has been phenomenal in transforming Access Bank to an enviable heights

    • Anonymous

      January 24, 2020 at 12:43 pm

      True. But we cannot rule out the bad belle factor.

  10. Sola

    January 23, 2020 at 3:25 am

    Does anyone realise that Trinity Towers is being built by his Church, City of David? Has it occurred to you that he may be making cash donations free of debt? Everyone is making donation to the project, abeg leave Wigwe to his God.

    • Prince

      January 24, 2020 at 12:51 pm

      Truth is, besides this, there are a myriad other possible things he could want to do with money. It’s even just a small portion of his shares he sold. It’s his now, right?

  11. Iyke

    January 23, 2020 at 4:44 am

    The end will justify the means…

  12. Anonymous

    January 23, 2020 at 6:00 am

    Buying of shares is to make money.I believe he need money for something. Why are people crying.the cash is still in access it not someone that bought it fron m him?that part he sold is now owned by another person so nothing is lost.

  13. Anonymous

    January 23, 2020 at 6:03 am

    The sell-off maybe genuine or suspicious, either way no bank can collapse with shareholders/customers funds anymore. This is because the CBN would intervene just right before it happened by dissolving the board of such bank.
    So shareholders/customers, fear not for whatever the case may be, your funds are secured and the truth will eventually come out.

    • Prince

      January 24, 2020 at 12:48 pm

      This is even going too far – talking about bank collapsing. The NSE would have intervened if there was foul play here. Let’s not scare our fellow customers.

  14. Anonymous

    January 23, 2020 at 10:36 am

    It is a severe red and purple flag.


    January 23, 2020 at 1:50 pm

    The disclosure is welcome; let Commentators accept it with maturity as He has right to acquire and divest. As a business Leader He has labored to grow Access Bank and other businesses, if there is no accusation of misappropriation; We need not to diagnose His privacy. We can make use of the information for our desired benefits.

  16. Anonymous

    January 24, 2020 at 12:41 pm

    Nobody is asking the right questions. This man sold 2.33% of his shares. A barely significant amount of his total holding. Why is that a big deal? If any governance guidelines were breached, the Stock Exchange would have been the ones screaming. But… no one has heard a word. EFCC went on TV and said he was not arrested. Yet people are still carrying the gist. Why?

    • Prince

      January 24, 2020 at 4:11 pm

      I can’t understand it myself o

  17. Anonymous

    January 24, 2020 at 12:43 pm

    So what???

  18. Anonymous

    January 24, 2020 at 12:44 pm

    Herbert Wigwe catches a cold and all of Naija is sneezing. Abeg leave him alone.

  19. Anonymous

    January 24, 2020 at 1:24 pm

    It’s just a very small percentage of his stake that he sold. Could have needed the money for 1001 things in my opinion.

  20. Abu Sule

    January 24, 2020 at 2:21 pm

    Na wa. Somebody cannot take like 3% of his property and sell to settle soem quick needs again, abi? If he did something wrong, shebi the cBN and SEC would have come for him? In a heavily regulated inductry like banking, you can’t just do rubbish.

    Nairametrics, you are becoming Linda Ikeji with these sensational headlines o

  21. Marvin Chukwuka

    January 24, 2020 at 4:12 pm

    I think we are panicking too much. Even if he sold his shares, there’s no law that says he can’t. What if he simply needs the money for something else? You think the NSE would see it and not flag it if it was a breach?

  22. Prince

    January 24, 2020 at 4:14 pm

    What he sold was literally an insignificant fraction of his total shares. Not enough for any suspicion at all.

    • Olisa Mbanefo

      February 2, 2020 at 9:56 am

      Why the panic about Wigwe selling his shares? Bill Gates reduced his share holding in Microsoft to its present level of 3.6% to invest in other businesses. Jeff Bezos of Amazon sold more than 2 million of his Amazon shares in May & August 2016 for $1.427Billion to invest in others businesses, & he’s been selling $1Billion in Amazon shares every year since 2016 to raise capital for his Blue Origin business. Has Amazon crashed because of that? Wigwe is an investor just as Gates & Bezos are. He’s entitled to sell his shares just as a landlord is entitled to sell his house. If you are uncomfortable with that, sell your Access Bank share holdings.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hospitality & Travel

Breaking: FG announces new dates for domestic flight operations

This was disclosed in a tweet post by the Minister of Aviation, Hadi Sirika.



aviation, The nature of Nigeria's ban on Boeing 737 Max 8, FAAN commences renovations of Enugu Airport , Land dispute threatens reopening of Enugu Airport , Here is reason Turkish Airlines was allowed to land in Abuja, Aviation industry's 2019 GDP contribution hits N198 billion but 2020 will be worse

The Federal Government has announced the resumption schedule for domestic flight operations in our airports.

In the schedule that was announced by the Minister for Aviation, Hadi Sirika, domestic flight operations will resume in Abuja and Lagos airports on July 8, 2020. The airports in Kano, Port Harcourt, Owerri and Maiduguri will resume on July 11 and the domestic flight operations in the other airports will resume on July 15.


This was disclosed in a tweet post by the Minister of Aviation, Hadi Sirika, on his official Twitter handle on Wednesday, July 1, 2020.

Details later…

GTBank 728 x 90

Continue Reading


Just in: FG increases fuel price to N143.80 per litre

This was disclosed by Petroleum Products Pricing Regulatory Agency (PPPRA) in a circular.



The Federal Government has announced an increase in the new pump price of Premium Motor Spirit, otherwise known as Petrol, to N143.80 per litre.

According to a monitored report, this was disclosed by Petroleum Products Pricing Regulatory Agency (PPPRA) in a circular dated Wednesday, July 1, 2020, to oil marketers,


The statement from the circular says, ‘’After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020.’’

Details later…

GTBank 728 x 90
Continue Reading

Financial Services

Fidelity Bank announces closed period ahead of H2 financial statements release

Fidelity Bank Plc is expected to release its half-year 2020 financial statement on or before August 29, 2020.



Fidelity Bank Plc

Fidelity Bank Plc announced earlier today (Wednesday, July 1st, 2020) that it has commenced the preparation of its half-year 2020 financial statements.

A statement sent by the bank to the Nigerian Stock Exchange (NSE), said the financial statements would be sent to the Central Bank of Nigeria for approval, once the audit process is completed.  All things being equal, Fidelity Bank’s H2 2020 financial statements will be made available to the public by August 29 this year.


In the meantime, the tier-2 bank said it shall observe a close period from today until twenty-four hours after the H2 financial statement is eventually released. The implication of this closed period is that all persons with insider knowledge of the company’s affairs shall be prohibited from trading the company’s shares. Part of the statement by the company said:

“Upon completion of the audit, the Audited Financial Statements shall be presented to the Central Bank of Nigeria for approval and thereafter, published in compliance with the provisions of the Nigerian Stock Exchange Rule Book and other relevant statutes and/or regulations. The Bank expects to publish its Audited Financial Statements for the Half Year ended June 30, 2020, on or before August 29, 2020.

READ MORE: Banks’ loans to customers rise to N18.9 trillion in Q1 2020

GTBank 728 x 90

“In addition, the trading window for dealings on the Bank’s shares shall be closed to all insiders from July 1, 2020, until 24 hours after the release of the Bank’s audited Financial Statements for the Half Year ended June 30, 2020.”

Recall that Fidelity Bank Plc released its Q1 financial statement back in April this year which showed gross earnings at N51.1 billion compared to N48.4 billion in Q1 2019. Overall, both Profit before tax and profit after tax declined by 1% y/y to N6.6 billion and N5.9 billion respectively. Annualised RoAE however moderated to 9.8% in Q1 2020 compared to 12.0% in Q1 2019 and 13.3% in FY 2019.

READ MORE: Seplat reveals new shareholder with over 5% equity 

onebank728 x 90

Fidelity Bank’s stock closed trading earlier today on the NSE at a share price of N1.70, dropping by -2.30% from a previous close of N1.74. Year to date, the stock has shed about -8%.

Continue Reading