Wigwe’s Demise: Access Holdings’ Stock Price Depreciates by 6.26%

Kayode Tokede

The stock price of Access Holdings Plc on the Nigerian Exchange Limited (NGX) yesterday, dropped by 6.26 per cent or N1.55 per share amid the news of the death of the company’s Group Managing Director, Mr. Herbert Wigwe.

The stock price of Access Holdings opened for trading at N24.75 per share and closed at N23.20 per share as investors traded the bank’s stock with caution.

Wigwe, his wife, son were in the helicopter when it crashed in California near the Nevada border, as well as Mr. Abimbola Ogunbanjo, former Group Chairman of Nigerian Exchange Group Plc (NGX Group).

So far in 2024, the stock price of Access Holdings has appreciated by 0.22per cent or N0.05 per share as of February 12, 2024. Access Holdings opened for trading in 2024, at N23.15 per share.

The CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka stated that the drop in Access Holding was the usual market reaction to price-sensitive information in the immediate to near term.

He expressed further: “This could be corrected with any positive news from the company, especially now that an Acting Group Managing Director is being put in place.”

As Group CEO of Access Holdings, Wigwe grew the bank’s assets to N21.4 trillion as of third quarter (Q3 2023), making it the largest bank in Nigeria in terms of assets.

Reacting to Wigwe’s death, Access Holdings in a statement noted: “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.”