Minority shareholders of Access Holdings Plc have sued to remove Chairman Aigboje Aig-Imoukhuede and suspend Access Bank Plc Chairman Paul Usoro amid a festering dispute over the late Herbert Wigwe’s shares.
The plaintiffs—Iheanyi Wigwe (late CEO’s cousin), Dr. Donatus Ogu, Prof. Bond Anyaehie, and Chukwuma Chukwurah—allege governance breaches and conflicts tied to Wigwe’s estate, the post-death rights issue, and board conduct. Their March 29, 2025, letter escalated to court after Access rejected the demands.
While the company is managing a total litigation portfolio of ₦1.05 trillion, management and external counsel believe these claims will not have a material adverse effect on the group’s financial position.
Legal Backdrop
Access enlisted Olaniwun Ajayi LP to counter-sue, securing injunctions against shareholder interference. Two active cases name Access as defendant, with combined claims of ₦1.05 trillion (down from ₦11.3 trillion in 2024). Access Directors have however deemed the outcomes immaterial, booking ₦8.63 billion in provisions as of Dec. 31, 2025.
Broader Stakes
The clash spotlights lingering fallout from Wigwe’s 2024 death, testing corporate controls at Nigeria’s tier-one lender. Access maintains operations uninterrupted, but prolonged litigation risks investor confidence amid regulatory scrutiny on board independence.
For the institutional and long-term investor, the dispute presents an execution risk that could weigh on market sentiment.
Chairman Aigboje Aig-Imoukhuede owns 4.998 billion (direct and indirect) shares of Access Holdings equivalent to a 9.3% stake in the bank.
Meanwhile the Estate of H. O. Wigwe is recorded as owning 3.045 billion shares or 5.71% stake.
Access Holdings Plc reported full-year 2025 profit growth of 15.6% even as bad-loan impairments more than doubled and total comprehensive income plunged 58%, prompting the group to skip its dividend payout.
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