Access Bank’s Chief Executive Officer, Herbert Wigwe has raised concerns as he reportedly sold 28.86 million shares worth N297.82 million, a total of 2.33% out of his stakes in the bank.
This latest transaction means Wigwe has sold a total of 6.81% of his stake in the bank, having sold 4.48% earlier, last week. The bank discloses that its CEO has now sold 55.6 million shares which he hold indirectly.
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 added that the number of shares sold was an aggregation of sales made on four different instances. However, investors are concerned.
The sales by the bank’s CEO is coming just after the bank had announced its suspended closed period.
Some investors are also wondering if there is a connection between the back to back sale of shares and the abrupt suspension of the closed period.
Although there is no proof, some believe as the largest shareholder of the 15-man board of directors, he might be privy to the result of the bank’s performance hence the reason for the sales. 2