How MDs of Zenith, Access spent N44.67bn to secure holding interest - Newstrends
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How MDs of Zenith, Access spent N44.67bn to secure holding interest

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How MDs of Zenith, Access spent N44.67bn to secure holding interest

The managing directors of Access Holdings Plc and Zenith Bank Plc have spent N44.67 billion to acquire more shares to ensure stake in their companies.

In separate disclosures to the investing public, Herbert Wigwe, the group managing director of Access Holdings, acquired 1,350,188,284 units of shares at an aggregated sum of N32.8 per share, totalling N44.29 billion.

Wigwe had, through the additional acquisition, raised his controlling interest in the bank to 8.74 per cent or 3,105,789,014 of the company’s total shares outstanding of 35,545,225,622.

Details of the transactions showed that Wigwe, on April 27, acquired 1,135,188,284 units at N10 per share, which amounted to N11.35 billion.

On May 5, he acquired 75,000,000 units of shares at N11.25, for N843.75 million, and on May 8, 140,000,000 units at N11.55 per share for N1.617 billion.

These transactions were done through Tengen Holdings (Mauritius) Limited.

His counterpart in Zenith Bank, Ebenezer Onyeagwu, bought 8,000,000 additional shares at N47.94, for N383.52 million, which raised his stake to 0.29 per cent or 90,176,078 units of the company’s total outstanding shares of 31,396,493,786.

By this acquisition, Onyeagwu has further secured his hold as the second largest shareholder of the company.

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According to the official disclosure released on Thursday, May 11, Onyeagwu on May 4 acquired an aggregated 3,463,461 units at N23.93 per share, of which the transaction details showed he bought 1,236 units at N23.85 per share; 1,161,608 units at N23.95 per share; and 2,300,617 units at N24 per share.

The Zenith Bank boss, on May 5, acquired additional shares of 4,536,539 units at N24.01 per share. The transaction was broken down into 283,794 units at N23.90 per share; 1,276,667 units at N24 per share; 2,376,078 units at N24.05 per share; and 600,000 units at N24.10 per share.

The company’s financial reports showed that as of December 31, 2022, Wigwe held 201,231,713 direct shares and 1,554,369,017 indirect shares of Access Holdings, while Onyeagwu held 82,176,078 units of Zenith Bank’s shares.

Wigwe’s indirect holdings relate to United Alliance Company of Nigeria Limited assets, 537,734,219 units of shares; Trust and Capital Limited, 584,056,979 units of shares; and Coronation Trustees Tengen Mauritius, 432,577,819 units of shares.

According to Zenith Bank, the board of directors, under the powers vested in it “by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria,” proposed a final dividend of N2.90 per share which, in addition to the N0.30 per share as interim dividend amounts to N3.20 per share from the retained earnings account as at 31 December 2022.

It means that Onyeagwu had about N288.56 million dividends from Zenith Bank by the end of last year.

The payment of dividends is subject to a withholding tax rate of 10 per cent in the hands of a qualified recipients.

Zenith Bank has a diverse shareholding structure, with no single ultimate individual shareholder holding more than 12 per cent of the bank’s total shares.

The bank’s chairman/non-executive director, Jim Ovia, holds 11.29 per cent of 3,546,199,395 direct shares and 1,523,928,375 indirect shares as of December 31, 2022.

The board of directors of Access Holdings also proposed a final dividend of N1.30k per ordinary share. It then means that Wigwe pocketed about N4.04 billion dividend from Access Holdings in 2022.H

How MDs of Zenith, Access spent N44.67bn to secure holding interest

ICIR with minimal editing

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Troops arrest three suspects over killing of soldier in Imo ambush, recover stolen rifles

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Troops arrest three suspects over killing of soldier in Imo ambush, recover stolen rifles

Troops arrest three suspects over killing of soldier in Imo ambush, recover stolen rifles

Troops of the Nigerian Army have arrested three suspects allegedly linked to the killing of a soldier during a deadly ambush in Imo State and recovered several weapons, including military rifles believed to have been stolen during the attack.

The arrests followed months of intelligence-led investigations and coordinated operations conducted by troops of the 34 Artillery Brigade under Operation UDO KA (OPUK) across Rivers, Delta and Imo states.

The operation was launched after an ambush on May 4, 2026, in which one soldier was killed, another sustained injuries and service weapons were reportedly taken away by the attackers.

Security sources said sustained intelligence gathering, targeted raids and the interrogation of previously arrested suspects provided information that helped investigators identify three men believed to be key suspects in the attack.

The suspects were identified as Albert Tony, popularly known as “Chiboy”; Temple Eburua, also known as “Marathon”; and Vitalis Eburua, alias “Onowu.”

Investigators reportedly established that the suspects fled to Port Harcourt, Rivers State, after the attack before relocating to Oleh in Isoko South Local Government Area of Delta State with the assistance of an associate identified as Mr Abire.

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Troops reportedly arrested Abire in Port Harcourt on July 30. During questioning, he allegedly provided intelligence that led security operatives to the suspected hideout of the three men in Delta State.

Acting on the information, troops of the 34 Artillery Brigade moved into Delta State in the early hours of July 31 and worked with personnel of the 181 Battalion to conduct a coordinated raid at Opaebe in Oleh.

The operation led to the arrest of the three suspects, who were taken into military custody for further investigation.

Following their arrest, the suspects allegedly led troops to a hideout in Ohaji/Egbema Local Government Area of Imo State, where weapons believed to have been stolen during the May ambush were concealed.

Further intelligence-led operations reportedly led security personnel to another suspected camp at Umudike Plantation, where additional weapons, ammunition and other materials were recovered.

Items recovered during the operation included one AK-47 rifle, two AK-47 magazines, one FN rifle and two FN rifle magazines believed to have been taken from the soldiers during the ambush.

Troops also recovered three additional AK-47 rifles, nine AK-47 magazines, one pistol with its magazine, 194 rounds of 7.62mm Special ammunition, 45 rounds of 7.62mm NATO ammunition and a fragmentation jacket.

Other materials suspected to be connected to the activities of the criminal network were also seized during the operation.

The three suspects are currently being held by the 34 Artillery Brigade for further interrogation as investigators work to identify other individuals who may be connected to the attack and determine the full scope of the group’s activities.

Military sources described the arrests and recovery of the weapons as a significant breakthrough in ongoing efforts to identify and dismantle criminal networks responsible for attacks on security personnel.

The recovery of the suspected stolen service weapons is expected to support ongoing investigations into the May ambush and help security agencies trace other individuals who may have played a role in the attack.

The operation also reflects the continued use of intelligence gathering and coordinated security operations to disrupt armed groups, recover illegal weapons and improve security across Imo State and neighbouring areas.

Troops arrest three suspects over killing of soldier in Imo ambush, recover stolen rifles

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Kidnapped Lt. Col. Ofor Amobi, civilian rescued after 10-day military operation in Enugu

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Kidnapped Lt. Col. Ofor Amobi, civilian rescued after 10-day military operation in Enugu

Kidnapped Lt. Col. Ofor Amobi, civilian rescued after 10-day military operation in Enugu

A joint military task force has rescued a senior Nigerian Army officer, Lt. Col. Ofor Amobi, and a civilian, Mr Ikechukwu Onwuanra, following a 10-day intelligence-led search-and-rescue operation across forests and neighbouring communities in Enugu State.

The rescue operation was conducted by troops under Sector 1 of Operation UDO KA, involving personnel from the 82 Division Garrison, 103 Battalion (Reinforced), the Nigerian Navy Special Boat Service and the 197 Special Forces Battalion.

The joint operation was led by the Commander of the 82 Division Garrison, with support from the Air Component, which provided surveillance and helped sustain pressure on suspected criminal hideouts.

Security sources said the troops carried out extensive search operations across the Inyi, Awlaw and Akpugo-Eze forests, as well as nearby communities in Oji River Local Government Area of Enugu State.

The operation reportedly intensified between the evening of July 31 and the early hours of August 1 after security personnel received actionable intelligence concerning the possible location of the abducted victims.

At about 2:00 a.m., the Divisional Police Officer of the Inyi Division alerted the troops to information pointing to the suspected location of Lt. Col. Amobi and Onwuanra.

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The troops immediately mobilised and launched a fighting patrol into the area, where the two victims were found abandoned at the edge of a forest in Inyi.

Reports indicated that both victims sustained gunshot wounds during their captivity. They were safely evacuated from the area and taken to Inyi before being transferred to the 82 Division Medical Hospital for treatment and comprehensive medical evaluation.

During preliminary debriefing, the victims reportedly told security personnel that they were blindfolded shortly after their abduction and taken to an unknown location.

They were later abandoned in a forest around the Enugu–Anambra border as sustained military operations restricted the movement of their captors and placed them under increasing operational pressure.

Military sources attributed the successful rescue to the persistent intelligence-led offensive mounted by the joint force, supported by aerial surveillance and coordinated ground operations.

The sustained pressure reportedly disrupted the kidnappers’ activities, limited their freedom of movement and forced them to abandon the victims before fleeing the area.

The rescue highlights the continued use of coordinated intelligence gathering, aerial surveillance and joint security operations in efforts to tackle kidnapping and other criminal activities across parts of the South-East.

The military is expected to provide further information as follow-up operations and security assessments continue.

Kidnapped Lt. Col. Ofor Amobi, civilian rescued after 10-day military operation in Enugu

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NAHCON Seeks Phased Implementation of Saudi Hajj Reform, Warns Against Abrupt Shift

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NAHCON Seeks Phased Implementation of Saudi Hajj Reform, Warns Against Abrupt Shift

NAHCON Seeks Phased Implementation of Saudi Hajj Reform, Warns Against Abrupt Shift

  • The National Hajj Commission of Nigeria has proposed a gradual transition to Saudi Arabia’s new business-to-business model, arguing that an immediate overhaul could disrupt the country’s well-established pilgrimage administration and hurt ordinary pilgrims.

The National Hajj Commission of Nigeria (NAHCON) has said it will pursue a phased implementation of the Saudi Arabian government’s proposed business-to-business model for future Hajj operations, arguing that an immediate migration to a private tour operator framework would be impractical and disruptive. Chairman of the Commission, Ambassador Ismail Abba Yusuf, disclosed this while speaking with journalists at the State House, Abuja, after briefing government officials on the proposed reforms by the Saudi Ministry of Hajj and Umrah. He noted that though the commission has received an official policy communication from the Saudi authorities about the decision, it is proposing a phased implementation of the new arrangement due to the significant economic and operational risks. Yusuf said the Saudi authorities had officially communicated their intention to transfer about 98 per cent of Nigeria’s traditional public Hajj quota to private tour operators, but stressed that such a sweeping reform could not be implemented overnight given Nigeria’s long-established Hajj administration system. He explained that the country’s Hajj operations have for decades been coordinated through NAHCON in collaboration with State Muslim Pilgrims’ Welfare Boards, making an abrupt transition to a predominantly private sector model both operationally and economically challenging.

The NAHCON chairman warned that an immediate adoption of the new arrangement could undermine existing government-to-government agreements between Nigeria and Saudi Arabia, disrupt established operational processes, weaken the statutory responsibilities of State Pilgrims’ Welfare Boards and negatively affect the affordability and accessibility of Hajj for ordinary Nigerian pilgrims. He explained that the structural shift of the proposed policy would disrupt established operational arrangements and adversely affect the orderly management of Hajj for millions of Nigerian Muslims. Yusuf said the Commission was particularly concerned about ensuring that any reform does not compromise the orderly management of Nigeria’s annual Hajj exercise or place additional financial burdens on intending pilgrims. He maintained that while Nigeria fully supports Saudi’s digital transformation agenda and the expansion of private sector participation in Hajj operations, the Commission believes that such reforms should be implemented through mutual consultation and a carefully managed transition.

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Vice President Kashim Shettima has expressed support for the ongoing reforms aimed at making Hajj administration more efficient, transparent and sustainable. Receiving NAHCON officials at the Presidential Villa, Shettima commended the commission for the “near-flawless” conduct of the 2026 Hajj, which involved more than 38,000 Nigerian pilgrims, and urged stakeholders to build on the success as Nigeria embraces a new model for pilgrimage administration. “The performance of the team in the 2026 exercise should be the benchmark going forward, particularly as authorities move towards adopting a more sustainable model that guarantees a 100 per cent hitch-free pilgrimage,” the vice president said. Under the proposed arrangement, NAHCON would maintain its regulatory and supervisory responsibilities while operational aspects of the pilgrimage would increasingly be handled by private-sector operators. Ambassador Yusuf said the commission had already begun preparations to implement the new framework and remained committed to delivering on its expanded regulatory responsibilities.

The 2026 Hajj marked significant operational reforms, including expanded digital processes, stricter medical screening requirements, enhanced coordination with Saudi service providers, and closer collaboration with state pilgrims’ welfare boards. The commission successfully coordinated the airlift of 38,052 Nigerian pilgrims through 97 outbound and return flights. However, NAHCON has also acknowledged areas requiring improvement. No fewer than 109 Nigerian pilgrims circumvented mandatory medical screening requirements during the 2026 Hajj, which the commission described as one of the major compliance failures. Ambassador Yusuf identified this alongside lapses in catering services, accommodation challenges, and weaknesses in monitoring and enforcement mechanisms as issues requiring urgent corrective measures. Following the conclusion of the Hajj, NAHCON launched a comprehensive post-Hajj review and reform process to improve future operations. At its Post-Hajj Stakeholders’ Summit in Abuja, the commission unveiled a reform agenda centred on digital transformation, accountability, improved pilgrim services and greater transparency ahead of the 2027 Hajj exercise.

Ahead of the 2027 Hajj operations, NAHCON has also commenced diplomatic efforts to restore Nigeria’s Hajj allocation to 95,000 pilgrims from the approximately 50,000 who performed the 2026 Hajj. The commission’s Director of Administration, Alhaji Alidu Shuti, disclosed that NAHCON would engage Saudi Arabian authorities to reverse the reduction in Nigeria’s Hajj quota. Stakeholders at the summit called for greater transparency in Hajj slot allocation and urged the commission to involve tour operators in selecting service providers in Saudi Arabia. The state Pilgrims’ Welfare Boards Forum also called for the introduction of a standard pilgrims’ education module to ensure uniform orientation across Nigeria. Ambassador Yusuf expressed confidence that through sustained engagement with the Saudi authorities, a workable implementation framework that balances reform with operational stability could be achieved.

NAHCON Seeks Phased Implementation of Saudi Hajj Reform, Warns Against Abrupt Shift

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