Herbert Wigwe, Aig-Imoukhuede co-own $64 million stake, report shows

Key Points

• Herbert Wigwe and Aigboje Aig-Imoukhuede jointly own a $64.5 million stake in Access Holdings Plc through four corporate entities.
• The two banking leaders’ shares, totaling 4.82 billion, are valued at N103.6 billion ($64.5 million) and promise N9.9 billion ($6.2 million) in dividends.
• A Lagos court dismissed a petition to change estate administrators, reaffirming the legitimacy of the current management structure.

In the wake of a high-stakes dispute surrounding the estate of the late Nigerian banker Herbert Wigwe, new financial disclosures have illuminated the enduring legacy—and substantial fortune—he shared with his longtime business partner, Aigboje Aig-Imoukhuede.

According to the recently released annual report from Access Holdings Plc, the two banking titans jointly own a significant $64.5 million stake in the financial behemoth they co-founded—one of the most substantial private co-ownerships in Nigeria’s banking industry.

The report, which emerges amid a bitter legal contest involving Wigwe’s family, reveals that the late banker and Aig-Imoukhuede collectively hold 4.82 billion shares in Access Holdings through four corporate entities: United Alliance Company of Nigeria Ltd, Trust and Capital Ltd, Coronation Trustees Tengen Mauritius, and Tengen Holdings Ltd.

Wigwe, Aig-Imoukhuede’s personal stakes revealed

Each of these entities represents more than just investment vehicles—they are architectural pillars of the Access empire, constructed during the duo’s transformative two-decade partnership that saw a once mid-tier Nigerian bank ascend to continental dominance.

The valuation of these shares, at the time of reporting, stands at N103.6 billion ($64.5 million). Of this, United Alliance accounts for 1.06 billion shares, Trust and Capital adds 1.15 billion, Coronation Trustees Tengen Mauritius holds nearly 1.97 billion shares, and Tengen Holdings rounds out the figure with 641 million shares.

With a final dividend of N2.05 per share declared for the year, the jointly owned shares are poised to generate N9.9 billion ($6.2 million) in dividend income—a testament to the enduring profitability of the institution they built.

What is equally striking is that both men held additional direct stakes in the bank. Herbert Wigwe personally owned 201.2 million shares valued at N4.33 billion ($2.7 million), while Aig-Imoukhuede’s 178.8 million shares are worth N3.85 billion ($2.4 million). Together, these holdings underscore the depth of their entwinement—not just in leadership, but in wealth.

Behind this lies a more complex and emotionally fraught story. Since Wigwe’s passing, his family has been locked in a court battle over the management of his estate. The late banker’s parents, Christian and Shyngle Wigwe, filed a suit in Lagos High Court to challenge the appointment of estate administrators, which include Wigwe’s first daughter, Otutochi Channel Wigwe; his younger brother, Uche Wigwe; and his business partner, Aigboje Aig-Imoukhuede.

Court rejects petition over Wigwe estate

The petition, filed under case number ID/7735FPM/2024, sought to introduce a new set of interim administrators—including themselves and two professional firms: Zedra Trust Company (Isle of Man) and PwC Nigeria. The elder Wigwes also petitioned for joint guardianship of Herbert’s minor children—Chituru David Wigwe, Wegu & Hannah Wigwe, and Okachi Great Wigwe—with Shyngle Wigwe nominated to supervise their welfare.

Moreover, they requested full access to the financial records held by Access Bank, Coronation Merchant Bank, and United Securities Ltd—three institutions central to Herbert Wigwe’s banking legacy. However, the court was not persuaded. On Feb. 6, 2025, Justice A.O. Adeyemi of the Lagos State High Court Family/Probate Division dismissed the suit, upholding the original structure of the estate’s administration.

The ruling was a pivotal moment in the ongoing family dispute—one that reinforced the legitimacy of the estate’s current overseers and emphasized the court’s reluctance to override the late financier’s presumed intent.