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Access Bank Investors Frightened As CEO Sells Off Shares Worth N297.82million

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Access Bank investors have been left apprehensive after its CEO sold off his shares worth N297m. 
Herbert Wigwe
Access Bank CEO, Herbert Wigwe
 
The Chief Executive Officer of Access Bank, Herbert Wigwe has sold off 28.86 million units of shares worth N297.82 million, representing 2.33 per cent of his total shares in the bank.
 
The move has left investors apprehensive as to why the CEO would sell off huge units of share just after the bank announced that it has suspended its closing period which is the time between preparing the bank’s balance sheet and announcing to the public.
 
Earlier in the year, January 8th the bank announced that it had suspended its closed period which it had earlier communicated on December 30th. The closed period was supposed to last until January 29th.
 
The transaction was said to be done through an insider dealing, which was filed by the Nigerian Stock Exchange (NSE) on Friday that Herbert sold 55.6 million units of shares he held indirectly. This means when one entity directly holds shares of another entity that owns shares of a third but different entity.
 
In the capital market, when such a huge transaction is carried out on a public listed company by a member of the board there would be suspicions on the back to back sales of huge volume of shares.
 
Investors also wonder why such is coming at a time where the bank’s balance sheet and its announcement to the public were delayed.
 
The management of the Securities and Exchange Commission has announced in an earlier report their plan on the partnership with Independent Corrupt Practices Commission (ICPC) to boost investors’ confidence in the Nigerian capital market space, to encourage potential investors in public companies.
 
The aim is to ensure they can count on the regulators on issues like public companies’ compliance to publishing their financial year report when due, to ensure portfolios are safe and can be retrieved when needed.

Entertainment

Mr Eazi proposes to Temi Otedola!

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For what seemed like a long while, celebrity power couple—Mr Eazi and Temi Otedola—are finally engaged as Oluwatosin Ajibade better known as Mr Eazi pops the heartwarming “Will you be my wife?” question to his girlfriend of 2 years Temiloluwa Otedola and she responded favourably in the affirmative “Yes” tone.

Fashion mogul and Icon Temi Otedola began dating artiste and music label CEO Mr Eazi in the year 2020 and have been living together ever since in their London apartment, sharing intimate moments, even meeting respective family members. This they’ve both shared in detail on their How Far? With Mr Eazi And Temi Otedola podcast.

Temi announced her engagement by posting the sea-side proposal of Mr Eazi on one knee asking the important question. The video goes by the simple caption of the infinity logo connoting they’re both locked in for life.

Congratulations to Temi Otedola and Mr Eazi!

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Nicki Minaj agrees “Essence” should be song of the year at the Grammys

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American superstar rapper, Nicki Minaj, shares the same sentiments as myriads of Wizkid fans and well-wishers worldwide, in that she concurs to the argument the trendsetting crossover record-breaking single from Wizkid’s 2020 released “Made In Lagos” album, Essence should be in the conversation for the coveted “Record of the Year” plaque at this year’s Grammy Awards.

Although “Essence” did not receive the much desired nomination in the category for “Record of the Year” at the 2022 Grammy Awards, it did get a nod for Best Global Music Performance, the first of its kind.

Irrespective of the snub, Nicki whilie on Joe Budden TV (YouTube) as a guest on the special episode tagged A Conversation With Nicki Minaj & Joe Budden agreed with the host (Joe Budden) when he said “We need people on the Grammy board that know that “Essence” was song of the year” with an exclamatory “Right! Right!” response. She even proffered, “We should have our own Grammy Board“, in support of many and the popular believe that Black Americans or black artistes in general are always stereotyped to a particular category at the award show, if indeed they made it to the top categories, they barely win; Nicki Minaj does not have a Grammy Award herself and that is still a shock to many, especially when considering her refined catalogue of music.

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Pheelz & Buju (BNXN) live the carefree lifestyle on “Finesse”

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After much teasing, the anticipated Finesse by Pheelz and Buju (now BNXN) hit DSPs across the globe and just like the teaser gave off, Finesse is a banger! It is produced by young producer under Pheelz’s wing known as Miichkel.

On Finesse, Pheelz and Buju live their life to the fullest, the carefree lifestyle is what they desire and they are determined to stay on that track for the time being. “I’ve been living the fast life but I see it in slow mo / And you see my lifestyle, I got Gs in the turbo / . . . / Bad girl sey she want Netflix & Chill / So I ja ticket give her warning / If you fall in love, girls it’s certain / You go chop breakfast, I’m not capping“, Pheelz explains on the first verse, even saying love and relationship cannot stop him from living the ‘ballers’ lifestyle; “I’d be dammed if there’s anybody that could be like me / I be like Mo’ Salah, coming up the right wing / I cut through your defender, you no need to tell me / I must finesse / And you know sey me I must net“, Buju braggingly adds on the second verse, saying he can score any chick that catches his eye and dish her the next minute.

listen to the popular joyous chorus “Ah finesse / If I broke na my business / Ama shana e go bright o / Folake for the nighr ohere or on Apple Music.:

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