Tengen Holdings increases investment in Access Holdings through acquisition worth N1.01 billion

A Mauritius-based company, Tengen Holdings (Mauritius) Limited has acquired about 59.403 million shares of Access Holdings worth about N1.01 billion as of May 28, 2024.

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

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

Aig-Imoukhuede, non-executive chairman of Access Holdings Plc, and the late Herbert Wigwe co-founded Tengen Holdings in December 2013, following Aig-Imoukhuede’s departure as CEO of Access Bank.

Before his death, former Access Holdings group managing director Herbert Wigwe was the group’s largest individual shareholder with 3.72% of the group.

The group’s second largest significant shareholder, after Stanbic Nominees, was Coronation Trustees Tengen Mauritius. This entity, related to Tengen Holdings (Mauritius) Limited, owns 7.11% of the shares acquired in 2023. shares.

Tengen (Holdings) Limited is part of the Tengen family office. According to the directory of Nigerian companies, Tengen Family Office was registered in Nigeria in 2017, and the company’s shareholders were Herbert Wigwe and Aigboje Aig-Imoukhuede.

Since the death of Herbert Wigwe, Access Holdings has undergone leadership changes, with Ms Bolaji Agbede taking over as CEO of Acting Group and Aigboje Aig-Imoukhuede taking over as group chairman.

Kayode Tokede