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I want to delve into Access Bank Nigeria’s ownership structure, corporate governance, and shareholding patterns, providing essential information for investors, stakeholders, and those interested in understanding the bank’s management and control. My question addresses common misconceptions about bank ownership in Nigeria’s financial sector. Help me out here, thank you in advance.
Herbert Onyewumbu Wigwe CFR
(15 August 1966 – 9 February 2024) was a Nigerian banker and businessman. He was the group managing director and CEO of Access Bank Plc, one of Nigeria’s top five banking institutions, after succeeding his business partner, Aigboje Aig-Imoukhuede.
Access Bank isn’t owned by a single person or entity – it’s a publicly traded company listed on the Nigerian Stock Exchange (NSE) now Nigerian Exchange Group. This means that ownership is shared among many different investors, both big and small.
Think of it like a huge puzzle where each shareholder owns a piece. Some of these pieces are owned by everyday people who buy shares through the stock market, while others are held by large institutional investors like pension funds and investment companies.
The bank’s employees might also own shares through various employee stock programs. This diverse ownership structure helps ensure that the bank is run in the interests of all its shareholders.
Access Bank Nigeria operates under Access Holdings Plc, a publicly listed financial services holding company on the Nigerian Exchange. The ownership structure is diverse, with both domestic and international investors. Notably, the estate of Herbert Wigwe, a key figure in the bank’s history, holds approximately 7.279% of the shares. The bank adheres to robust corporate governance practices, recognizing that good governance is fundamental to earning and retaining the confidence and trust of its stakeholders. Access Bank’s Board of Directors is responsible for upholding corporate governance to the highest international standards, ensuring transparency, accountability, and sustainable business operations. This diversified ownership and strong governance framework contribute to Access Bank Nigeria’s stability and growth in the financial sector.