Tengen Holdings Expands Investment in Access Holdings with N1.01bn Acquisition

Mauritian-incorporated company, Tengen Holdings (Mauritius) Limited since May 28, 2024, has acquired approximately 59.403 million shares of Access Holdings, valued at roughly N1.01 billion.

According to corporate disclosures on the Nigerian Exchange Limited (NGX), Tengen Holdings initially purchased 45 million units of shares at N17 per share on May 28.

The company then purchased an additional 14,402,633 units at N17.20 per share on May 30.

Aig-Imoukhuede, the Non-Executive Chairman of Access Holdings Plc and the late Herbert Wigwe jointly founded Tengen Holdings in December 2013, after Aig-Imoukhuede’s exit as the CEO of Access Bank.

Before his demise, former Access Holdings’ Group Managing Director, Herbert Wigwe was the largest individual shareholder of the group with a 3.72 per cent shareholding in the group.

The second largest substantial shareholder in the group, following Stanbic Nominees, was Coronation Trustees Tengen Mauritius. This entity, associated with Tengen Holdings (Mauritius) Limited, holds a 7.11 per cent stake acquired in 2023.

Tengen (Holdings) Limited is a part of the Tengen Family Office. According to a directory of Nigerian companies, Tengen Family Office was incorporated in Nigeria in 2017, with Herbert Wigwe and Aigboje Aig-Imoukhuede identified as the shareholders in the company. 

Since the demise of Herbert Wigwe, Access Holdings has undergone leadership changes, with Ms. Bolaji Agbede stepping in as the Acting Group Chief Executive Officer and Aigboje Aig-Imoukhuede stepping in as the group’s Chairman.

Kayode Tokede

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