Access Bank CEO, Herbert Wigwe set to earn N1.1bn dividend
Herbert Wigwe, the MD and CEO of Access Bank is set to earn a whopping sum of N1.1 billion in dividends from his direct and indirect holdings in the bank giant.
The tier-one bank declared a final dividend per share of 70 kobo, following the 30 kobo declared as interim dividend in the half year period of 2021. He is now set to earn N140.86 million from his direct holdings and N921.63 million from his indirect holdings, summing up to N1.1 billion.
As of 31st December 2021, Mr. Herbert Wigwe holds 1.52 billion units of shares in Access Bank, accounting for 4.6% of the total shares listed on the stock exchange. He owns 201.23 million shares directly and 1.32 billion units of shares through third parties.
A further breakdown of his holdings shows that he controls 537.73 million units of Access Bank’s 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).
Together with the N455.36 million the business mogul earned from the interim dividend paid in the half-year period of 2021, he will now receive a total of N1.52 billion as total dividend for the financial 2021year, which is 25% higher than the N1.21 billion he received in the previous year.
According to the disclosure released, the dividends will be paid electronically on 28th April 2022 to shareholders whose names appear on the Register of Members as of 19th April 2022.
The Register of Shareholders will be closed on the 20th of April 2022.
Meanwhile, the date of the bank’s general meeting is scheduled for 28th March 2022.
How the bank performed in 2021
Access Bank grew 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 grew by 22.99% from N489.22 billion.
The Bank, which set to transition into a holding company also grew its deposits from customers by a whopping 24.47% to N6.95 trillion.
Total assets rose to N11.73 trillion, more than twice the bank’s total assets as of 2018.
Culled from Nairametrics
