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How MDs of Zenith, Access spent N44.67bn to secure holding interest
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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Elderly Man Flung to Death as Truck Overturns in Lagos
Elderly Man Flung to Death as Truck Overturns in Lagos
An elderly man has died after being flung out of a moving truck that overturned following a tyre burst around the TREM axis of Gbagada, inward Oshodi, Lagos State.
The fatal accident occurred around midnight on Sunday, November 8, 2026, involving a fully loaded Mercedes-Benz six-tyre truck conveying assorted goods, including sealed bags and newly branded event chairs.
The Lagos State Traffic Management Authority (LASTMA) disclosed the incident in a statement issued by its Director of Public Affairs and Enlightenment, Adebayo Taofiq.
According to the agency, preliminary findings indicated that the truck, with registration number ABJ 37 AC, was travelling at considerable speed when one of its front tyres suddenly burst, causing the driver to lose control of the vehicle.
During the ensuing struggle to stabilise the truck, an elderly male passenger seated in the front cabin was thrown out of the vehicle.
He reportedly struck his head against a sharp object, sustaining fatal injuries and dying at the scene.
LASTMA said its Night Rescue Team, which was conducting surveillance along major traffic corridors, promptly mobilised to the accident location, cordoned off the area and evacuated the deceased from the busy carriageway.
The body was subsequently moved into an ambulance operated by the Lagos State Emergency Medical Services to prevent further exposure to approaching motorists and reduce the risk of another accident.
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Personnel of the Pedro Police Division and the Lagos State Fire and Rescue Service also participated in the emergency response.
The traffic management agency said its operatives deployed traffic cones and emergency warning signals around the scene to alert approaching motorists and ensure the safe movement of other road users.
However, the overturned truck could not be immediately recovered because of the volume and nature of its cargo.
LASTMA explained that arrangements had to be made to transfer the goods into another empty truck before the accident vehicle could be removed from the road.
Reacting to the incident, LASTMA General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased, describing the fatality as a painful and avoidable loss.
Bakare-Oki condemned excessive speeding, warning that it reduces drivers’ reaction time, compromises vehicle stability and increases the severity of road accidents, particularly when unexpected mechanical failures occur.
He said the consequences of the crash could potentially have been less severe if the truck had been travelling at a controlled speed, despite the sudden tyre burst.
The LASTMA boss urged operators of heavy-duty vehicles, commercial transporters and other motorists to observe speed limits and conduct regular mechanical inspections before embarking on journeys.
He specifically advised truck operators to pay attention to the condition of their tyres, braking systems and other critical vehicle components to reduce the risk of road crashes.
He also urged drivers to remain composed and apply appropriate vehicle-control techniques when confronted with sudden mechanical failures.
The agency reaffirmed its commitment to traffic surveillance, prompt emergency response and collaboration with relevant authorities to protect lives and property across Lagos State.
Elderly Man Flung to Death as Truck Overturns in Lagos
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Zamfara: Bandits Allegedly Burn 13 Family Members Alive After Locking Them Inside Room
Zamfara: Bandits Allegedly Burn 13 Family Members Alive After Locking Them Inside Room
By Newstrends Correspondent
MARADUN, Zamfara State – Tragedy has reportedly struck Gidan Taba community in Maradun Local Government Area of Zamfara State after suspected bandits allegedly killed 13 members of the same family by locking them inside a room and setting their house ablaze.
The victims were identified as Sani Ɗanwawo and 12 members of his family, who reportedly died in the inferno during an attack on Saturday night, November 7, 2026.
According to a report published by Daily Post on Sunday, November 8, the attackers allegedly confined all 13 occupants inside a room before setting the building on fire, leaving them with no opportunity to escape.
The incident was disclosed by Bakatsine, a security and conflict reporter who monitors banditry and other security developments in Nigeria’s North-West region, in a post on X.
The reported killing represents another disturbing incident in Zamfara State, which has continued to experience attacks by armed groups, including killings, kidnappings and destruction of property.
Maradun Local Government Area and other parts of the state have witnessed repeated security challenges, leaving residents exposed to violence and displacement.
However, details surrounding the latest incident, including the identities of all the victims and possible reactions from security agencies, remain unclear.
As of the time of filing this report, independent confirmation of the reported 13 deaths from the Zamfara State Police Command or other security authorities had not been established.
Zamfara: Bandits Allegedly Burn 13 Family Members Alive After Locking Them Inside Room
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[ICYMI] Lagos Summons DisCos, Regulators Over Persistent Power Outages, Seeks 24-Hour Electricity
Lagos Summons DisCos, Regulators Over Persistent Power Outages, Seeks 24-Hour Electricity
By Newstrends Correspondent
The Lagos State Government has summoned electricity regulators, distribution companies (DisCos), power resellers and suppliers to a major energy summit aimed at addressing persistent electricity shortages and finding lasting solutions to the state’s unreliable power supply.
The initiative is part of efforts to develop a roadmap towards achieving reliable, round-the-clock electricity across Lagos State, amid growing complaints from residents and businesses over frequent power outages.
The Commissioner for Energy and Mineral Resources, Biodun Ogunleye, disclosed this on Thursday during a press briefing ahead of the 2026 Lagos Energy Summit.
The summit, themed “Lagos Energy Evolution: Transforming the Future,” is scheduled for November 10 and 11, while a technical tour will take place on November 12 at selected energy infrastructure facilities.
Ogunleye said the gathering would bring together critical stakeholders across the electricity value chain to examine structural challenges affecting the sector and develop practical solutions capable of improving electricity supply.
He explained that discussions would focus on electricity sector reforms, energy efficiency, renewable energy, metering solutions and alternative sources of power.
According to the commissioner, the government intends to move beyond policy declarations and ensure that the summit produces practical outcomes that can improve electricity access and strengthen Lagos’ energy infrastructure.
The ministry’s Permanent Secretary, Ibilola Kasumu, said the summit would adopt a different approach from conventional industry gatherings by placing actual problems before experts for possible solutions.
She explained that the objective was to bring stakeholders together to identify challenges within the electricity value chain and develop workable strategies for addressing them.
Kasumu added that the government hoped to establish a framework for reliable electricity supply that could eventually serve as a model for other states.
Ogunleye also disclosed that the Lagos State Government was engaging the Federal Government on issues surrounding their respective regulatory responsibilities and the need to strengthen the state’s control over its electricity infrastructure.
The discussions are expected to cover the development of renewable energy, alternative power sources and other initiatives that could reduce dependence on conventional electricity generation.
The summit will also showcase clean-energy innovations by young Nigerians, including projects and prototypes developed by secondary school students.
The development comes amid persistent complaints by Lagos residents over erratic electricity supply, which has continued to affect households, commercial activities and small businesses across the state.
The Lagos government says achieving a more reliable energy system is essential to supporting economic growth, attracting investment and advancing its ambition of building a 24-hour economy.
However, residents will be watching closely to see whether the summit produces concrete measures capable of addressing the electricity challenges affecting communities across Lagos.
Lagos Summons DisCos, Regulators Over Persistent Power Outages, Seeks 24-Hour Electricity
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