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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Former First Lady Aisha Buhari Rules Out Remarriage, Opts for Quiet Life

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Aisha Buhari

Former First Lady Aisha Buhari Rules Out Remarriage, Opts for Quiet Life

Former First Lady Aisha Buhari has said she has no intention of remarrying following the death of her husband, President Muhammadu Buhari, describing her decision as pragmatic rather than moralistic.

Her position is revealed in a new book by Dr. Charles Omole, titled From Soldier to Statesman: The Legacy of Muhammadu Buhari, which was unveiled at the State House, Abuja, on Monday.

According to the book, Aisha Buhari was unequivocal in her response when asked about remarriage. “She will not remarry,” she said, explaining that having grandchildren and having spent decades in marriage, “one husband was enough.”

The book, which spans 22 chapters, traces Buhari’s life from Daura, Katsina State, to his death in a London hospital in July 2025, and presents the former First Lady’s stance as a rejection of societal stereotypes that frame widows as either saints or betrayers.

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“In a culture that often reads remarriage as either betrayal or saintliness, her answer refuses both scripts,” the author noted, describing her choice as a woman defining the boundaries of her future on her own terms.

The publication also outlines Aisha Buhari’s post-First Lady plans, revealing her intention to withdraw from intense public life and focus on family, philanthropy, and personal travel. She plans to spend more time with her grandchildren, manage the Aisha Buhari Foundation, and oversee a cardiovascular and medical centre in Kano, which has already carried out over 200 medical procedures.

Omole described her decision as a personal reset after years in the political spotlight, noting that while her marriage gave her a national platform, it also exposed her to criticism and exclusion within political spaces.

Following his divorce in 1988, Muhammadu Buhari married Aisha Halilu on December 2, 1989. She became Nigeria’s First Lady after Buhari’s election in 2015. The couple were married for 35 years and had five children.

The book portrays her next chapter not as retreat, but as a deliberate transition into a quieter life shaped by care, family, and legacy.

Former First Lady Aisha Buhari Rules Out Remarriage, Opts for Quiet Life

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NANS Backs NMDPRA Chief as Dangote Petitions ICPC Over Alleged Corruption

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Aliko Dangote and Ahmed Farouk

NANS Backs NMDPRA Chief as Dangote Petitions ICPC Over Alleged Corruption

The National Association of Nigerian Students (NANS) has condemned what it described as a coordinated media smear campaign against Ahmed Farouk, the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), warning that statutory regulators must not be intimidated or blackmailed to serve private interests.

In a statement jointly signed by Samson Ajasa and Humphrey Jonathan, NANS stressed that the NMDPRA is a legally established regulatory body whose leadership must be allowed to operate independently, without pressure from individuals or corporate entities.

While reaffirming its earlier support for the Dangote Refinery during its operational challenges, NANS said it drew a clear line against character assassination, insisting that reputational attacks on public officials undermine national institutions.

“The recent actions and allegations directed at Farouk Ahmed, a man of proven integrity and professionalism, are unacceptable to Nigerian students and civil society,” the statement said, urging investors to engage regulators through legal and administrative channels, rather than public campaigns capable of eroding confidence in governance.

NANS commended the NMDPRA for publishing regulatory reports transparently and called for constructive collaboration between regulators and investors to advance national development.

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The reaction followed a petition filed by Aliko Dangote, Chairman of the Dangote Group, against Farouk before the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The petition, dated December 16, and submitted through his lawyer, Ogwu Onoja, SAN, requested the ICPC to investigate, detain and prosecute the NMDPRA boss over alleged corrupt enrichment.

Dangote alleged that Farouk spent over $7 million on the education of his four children in Switzerland, claiming the expenditure could not be justified by his legitimate earnings as a public servant. The petition accused Farouk of abuse of office, embezzlement of public funds, and violation of the Code of Conduct for Public Officers, offences punishable under Section 19 of the ICPC Act.

According to Dangote, the alleged misuse of public funds contributed to public discontent and protests, insisting that the ICPC’s intervention would safeguard accountability and the credibility of President Bola Ahmed Tinubu’s administration.

However, the NMDPRA has denied all allegations, describing them as misinformation-driven attacks aimed at discrediting its leadership. The authority maintained that the claims were part of a broader attempt to undermine regulatory oversight in the downstream oil sector.

NANS warned that politicising regulatory disputes could weaken public institutions and called on all parties to respect due process, noting that the stability of Nigeria’s energy sector depends on the independence and credibility of its regulators.

NANS Backs NMDPRA Chief as Dangote Petitions ICPC Over Alleged Corruption

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Borno Police Defuse Unexploded Bomb Under Network Mast in Maiduguri

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Borno State Commissioner of Police, CP Naziru Abdulmajid

Borno Police Defuse Unexploded Bomb Under Network Mast in Maiduguri

The Borno State Police Command on Monday successfully defused an unexploded bomb planted beneath a network mast in Chuskon, Federal Low Cost Area, Maiduguri, averting a potential security threat to residents.

According to Police Public Relations Officer ASP Nahum Daso, the EOD-CBRN Base 13 unit responded promptly after receiving a report from the Divisional Police Officer, ITE Police Division. The explosive device, featuring two protruding wires, was rendered safe following standard bomb disposal procedures. Items including a hand plier, a T-shirt, and a pair of shoes were recovered at the scene, suggesting deliberate placement by unknown individuals.

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“The Commissioner of Police, CP Naziru Abdulmajid, has charged all Divisional Police Officers across the state to intensify patrols and fortify critical infrastructure, especially communication facilities, to prevent sabotage and maintain public safety,” ASP Daso stated.

Following the operation, the police held community sensitization and safety awareness sessions, urging residents to remain vigilant, report suspicious objects promptly, and collaborate with security agencies.

The command assured the public that the situation has been brought under control and that normal activities have resumed in the area. Investigations into the bomb plot are ongoing as authorities continue to strengthen measures to safeguard lives and property across Maiduguri and surrounding communities.

Borno Police Defuse Unexploded Bomb Under Network Mast in Maiduguri

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