A regulatory filing on the Nigerian Exchange (NGX) reveals that Olusegun Ogbonnewo, a Non-Executive Director of tier-one financial institution Access Holdings Plc (ACCESSCORP), executed a substantial insider purchase of 6.7 million ordinary shares.
The transactions were carried out across a four-day window between June 26 and June 29, 2026. Ogbonnewo acquired the equities at a flat price of ₦23.00 per share, culminating in a total financial consideration of ₦154.1 million.
Valuation Disconnect: Stock Underperforms Broader NGX Rally
The significant insider buy comes at a time when Access Holdings has notably lagged behind the roaring equity market in Lagos.
While the broader local market has witnessed an aggressive bull run—with the benchmark NGX All-Share Index surging 45% year-to-date—Access Holdings has struggled to mirror that momentum. Year-to-date, the banking giant’s shares are up a muted 4.76%, trading tightly around the ₦22.00 to ₦23.00 consolidation band.
Access Signaling Value Amidst Structural Reforms
Corporate governance experts view large open-market purchases by non-executive board members as a strong, unambiguous vote of confidence in a company’s long-term intrinsic value.
For Access Holdings, which recently reported a 16.2% increase in Profit Before Tax to ₦1.007 trillion, the executive buy suggests management feels the current equity price does not accurately reflect the bank’s balance sheet strength or asset growth.
“Insider accumulation at these valuation entry points typically implies that the corporate leadership considers the stock mispriced by the retail market, especially when weighed against fundamental indicators like customer deposit growth and expanded shareholders’ funds,” noted a Lagos-based equity analyst.
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