LAGOS - Access Holdings Plc has recently rewarded several of its top executives with significant share allocations as part of their employment compensation. Following a similar event in April, this marks the second major stock compensation for the company's leadership within a seven-month span.
On Monday, the Nigerian Exchange Limited hosted an equity distribution ceremony where Access Holdings recognized the contributions of its executive team by awarding them shares. Notably, Bolaji Agbede, one of the executive directors, received 1.98 million shares. Other key figures such as Victor Etuokwu, Deputy Managing Director for Retail North, and Chizoma Okoli, Deputy Managing Director for Retail South, each received 2.47 million shares.
The shares were priced at N17.25 per unit on Wednesday, bringing the total market value of the vested shares to N267.54 million by the closing time. This distribution aligns with Access Holdings' strategy to compensate its leadership team and align their interests with those of the company and its shareholders.
The share distribution was not limited to executive directors but also included other significant members of the management team. Oluseyi Kumapayi was awarded over two million units in recognition of his dual role as a non-executive director. His award comes amidst last year's director remuneration report that totaled N1.55 billion according to audited earnings.
Other beneficiaries of the share allocation included Gregory Jobome and Hadiza Ambursa, who received stakes similar to their colleagues, Iyabo Soji-Okusanya (Executive Director) with 1.53 million units, and Sunday Ekwochi (Company Secretary) who gained 42,101 shares.
A regulatory filing confirmed that this stock compensation was executed on Monday at the Nigerian Exchange Limited and clarified that it was neither a purchase nor a sale event but rather a form of reward for the bank's top executives.
This strategic move by Access Holdings underscores their commitment to incentivize management through equity participation, fostering a culture of ownership among its leaders which is expected to drive performance and shareholder value over time.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.