Access Holdings doles out 15.5 million shares to Directors

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Nigeria’s biggest lender Access Holdings vested more than 15.5 million shares in stock compensation to some members of its top hierarchy and its flagship subsidiary Access Bank, a regulatory filing seen by PREMIUM TIMES showed Wednesday.

The corporation bestowed the shares on two members of its directors’ board and six members of Access Bank’s board of directors on 20 November, according to the document.

That was the second time in less than seven months it would reward top executives that way.

“The shares were vested on the beneficiaries … on the floor of the Nigerian Exchange Limited,” the document said.

“The vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s Rules.”

Bolaji Agbede, an executive director of Access Holdings, received 1.98 million shares.

Victor Etuokwu (Access Bank’s deputy managing director for Retail North), Chizoma Okoli (Access Bank’s deputy managing director for Retail South), Gregory Jobome (executive director, Access Bank) and Hadiza Ambursa (executive director, Access Bank) each got 2.47 million shares.

Oluseyi Kumapayi, an executive director of Access Bank also a non-executive director at Access Holdings) received 2.08 million shares, while 1.53 million share went to Iyabo Soji-Okusanya, an executive director of Access Bank.

Access Holdings’ company secretary, Sunday Ekwochi, got 42,101 units.

Altogether, the shares are worth N267.54 million at market close on Wednesday.

Access Holdings had in April announced a stock compensation of 16.14 million shares to six of the current beneficiaries including Mr Agbede, Mr Etuokwu, Mr Jobome, Ms Ambursa, Mr Kumapayi and Mr Ekwochi.

Last year, Access Holdings paid N1.55 billion in remuneration to its directors, according to its audited earnings report for the year.


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