Access Holdings Plc on Wednesday announced the vestment of 15,509,331 units of shares valued at N267.54 million to eight top executives of the company.

Company Secretary, Access Holdings, Sunday Ekwochi in a statement on the Nigerian Exchange Limited, said “Under the terms of their employment, with Access Bank Plc, we write to provide Nigerian Exchange Limited (NGX) and the investing public with details of the company’s shares that were vested in the executives”.

The stock option, equity, or employer-specific contribution is typically offered by the company when the employee has been at the organization for a given number of years.

The group noted that the shares were vested on the beneficiaries on November 20, 2023, on the floor of the Exchange.

According to the statement, the beneficiaries include Victor Etuokwu, Deputy Managing Director, Retail North, Access Bank Plc, and Chizoma Okoli, Deputy Managing Director.

Retail South, Access Bank Plc, Gregory Jobome, Executive Director, Access Bank Plc, and Hadiza Ambrosa, Executive Director, Access Bank Plc were vested with 2,469,136 units of shares each worth N42.593 million respectively.

Others include Oluseyi Kumapayi, Executive Director, Access Bank Plc/ Non-Executive Director, Access Holdings Plc vested with 2,082,930 worth N35.931 million, Bolaji Agbede, Executive Director, Access Holdings Plc vested with 1,975,309 units of shares valued at N34.074 million, Iyabo Soji Oksanya, Executive Director, Access Bank Plc allocated 1,532.447 units of shares worth N26.435 million and Sunday Ekwochi, Company Secretary, Access Holdings Plc vested with 42,101 units of shares valued at N776,242.

The statement noted that the vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s rules.

Access Holdings Plc’s Q3 profit before tax was up 156.19 percent to N126.816 billion from N49.500 billion posted in 2022, driven by strong growth in interest income and foreign exchange gains.

According to the group’s financial statements for Q3 2023, the company’s profit after tax (PAT) was N115.004 billion, a 138.27 percent increase from the N48.265 billion recorded in the corresponding period in 2022.