Tengen Holdings (Mauritius) Limited has acquired 220 million shares of Access Holdings Plc (NGX: ACCESS) in three transactions on the floor of the Nigerian Exchange Limited in Lagos, Nigeria.
In three notifications of share dealing by insiders, Access Holdings stated that Tengen Holdings procured shares of the bank on May 8th, 11th and 12th.
Tengen Holdings (Mauritius) Limited is a company related to Herbert Wigwe, the Group Executive of Access Holdings Plc.
As at 31 December 2022, Herbert Wigwe owned 201.23 million shares of Access Holdings directly, and indirectly owned another 1.55bn shares of the banking group.
On May 8, 2023, Tengen Holdings acquired 70 million shares of Access Holdings at N11.55 per share.
On May 11, Tengen purchased 75 million shares at N10.20 and on May 12, it purchased another 75 million shares at N9.90 per share.
A review of the 2022 financial statements of the group shows that this will be the first indirect shareholding of Access by Herbert Wigwe using Tengen Holdings.
Herbert Wigwe’s 1.55bn indirect shares are held by United Alliance Company of Nig. Ltd (537.73mn shares), Trust and Capital Limited (584.05mn shares), and Coronation Trustees Tengen Mauritius (432.57mn shares).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur