Serrari Group

The trading floor witnessed a somber atmosphere today as Access Holdings’ share price plummeted by 6.26% following the untimely demise of Herbert Wigwe, leaving shareholders mourning the loss of the esteemed leader.

After a bearish week that saw Access Holdings experiencing a 2.25% decline, the stock’s share price took another hit, shedding N1.55 to close at N23.20, a significant drop from last Friday’s N24.75.

Access Holdings stocks were at the center of high trading activity on the NGX, emerging as the most traded stock with 24.90 million units of ACCESSCORP changing hands. In terms of value, ACCESSCORP recorded a trading value of N575.1 million.

Commenting on the unfortunate event, Patrick Ajudua, President of the New Dimension Shareholders Association, expressed condolences, saying, “As we bid farewell to Herbert and others who lost their lives in this unfortunate event, we offer our prayers for their souls to rest in peace. May God grant solace to the entire Access Bank community, including the board, management, staff, as well as friends and well-wishers.”

Similarly, Moses Ibrude, the National Coordinator of Independent Shareholders Association of Nigeria, acknowledged the impact of Wigwe’s passing, stating, “The loss of such a remarkable individual will be keenly felt by all who knew him, especially the staff of Access Holdings, shareholders, and other stakeholders.”

In light of Herbert Wigwe’s sudden demise, Access Holdings has announced its intention to appoint an interim Group CEO. As the organization grapples with this unforeseen circumstance, an emergency management plan is swiftly being formulated and poised for implementation.

Wigwe, in his role as Group CEO of Access Holdings, significantly contributed to the bank’s growth, with assets reaching N21.4 trillion as of Q3 2023, solidifying its position as the largest bank in Nigeria by assets.

Reflecting on Wigwe’s legacy, Access Holdings expressed deep sorrow, stating, “The Access Family has suffered a major loss with the passing of Dr. Wigwe who was a great friend and fine gentleman. He had a prodigious intellect, admirable personal qualities, and vast business experience which he brought to bear on the Access Family and for which we owe him a debt of gratitude.”

By Delino Gayweh
Serrari Financial Analyst
February 13, 2023

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