Access Bank CEO Herbert Wigwe set to receive N1.1 billion dividend

Herbert Wigwe, managing director and CEO of Access Bank, is expected to earn N1.1 billion in dividends from his direct and indirect stakes in the banking giant.

The tier-one bank has declared a final dividend per share of 70 kobo, following the 30 kobo declared as an interim dividend in H1 2021. It is now expected to earn N140.86 million from its direct holdings and N921.63 million. naira. of his indirect holdings, totaling N1.1 billion.

As of December 31, 2021, Mr. Herbert Wigwe owns 1.52 billion units of Access Bank shares, or 4.6% of total publicly traded shares. He owns 201.23 million shares directly and 1.32 billion share units through third parties.

Another breakdown of his holdings shows that he controls 537.73 million units of Access Bank shares through United Alliance Company of Nigeria, 584.06 million shares through Trust and Capital Limited and Coronation Trustees Tengen Mauritius ( 194.83 million shares).

Along with the 455.36 million Naira the business tycoon earned from the interim dividend paid in the 2021 semester, he will now receive a total of 1.52 billion naira as the total dividend for the 2021 financial year i.e. 25% more than the N1.21 billion it received the previous year.

Peak of the dividend payment

  • According to the published disclosure, dividends will be paid electronically on April 28, 2022 to shareholders whose names appear on the register of members as of April 19, 2022.
  • The shareholder register will be closed on April 20, 2022.
  • In the meantime, the date of the bank’s general meeting is set for March 28, 2022.

How the bank performed in 2021

  • Access Bank increased its profit after tax by 51.13% year-on-year to N160 billion in 2021.
  • The Nigerian lender earned N601.70 billion from its lending business as interest income increased by 22.99% from N489.22 billion.
  • The Bank, which was about to become a holding company, also increased its customer deposits by 24.47% to N6.95 trillion.
  • Total assets reached N11.73 trillion, more than double the bank’s total assets in 2018.

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