Business
The Legacy of Herbert Wigwe: Navigating Access Bank’s Future
The Legacy of Herbert Wigwe: Navigating Access Bank’s Future
The sudden and tragic passing of Herbert Wigwe, the co-founder and visionary leader of Nigeria’s largest bank, Access Holdings Plc, has left a profound impact on the financial world. His untimely death, resulting from a helicopter crash in the California desert, has sparked concerns about the future of the bank. However, amidst this tragedy, investors are finding solace in the robust strategy and succession plan that Wigwe has meticulously put in place.
Wigwe, at the age of 57, served as the chief executive officer of Access Holdings Plc. Alongside his friend Aigboje Aig-Imoukhuede, he transformed a modest bank located on a street corner in Lagos into a formidable financial powerhouse spanning across Africa. Their ambitious journey saw Access Bank’s asset base grow to 20.9 trillion naira ($14 billion) as of June, operating in 20 countries and expanding its reach to representative offices in key global locations.
The bank’s remarkable growth was fueled by a series of strategic acquisitions, including notable local lenders such as Intercontinental Bank in 2011 and Carlyle-backed Diamond Bank in 2018. This rapid expansion, coupled with a clear vision for the future, has instilled confidence in investors and stakeholders alike.
While Wigwe’s passing has undoubtedly left a void, Access Holdings has assured stakeholders that an acting CEO will be appointed imminently. The potential appointment of Roosevelt Ogbonna, head of the banking subsidiary, reflects the bank’s commitment to continuity and preserving the vision that Wigwe and Aig-Imoukhuede had meticulously crafted over the years.
It’s worth noting that Access Bank’s growth and success were not solely attributed to one individual but rather to a collective effort shared among its leaders and employees. This collaborative approach has been a pivotal factor in reassuring investors during this challenging period. Despite a temporary market response, the bank’s shares have demonstrated resilience, reflecting the confidence of investors in the bank’s long-term prospects.
Wigwe’s profound impact extended beyond his role as CEO. His commitment to training and empowering individuals within the organization has cultivated a culture of leadership and resilience. Individuals such as Roosevelt Ogbonna, who has been an integral part of the bank’s journey since his early days at Guaranty Trust Bank, serve as examples of this. Such continuity in leadership and vision bodes well for the future trajectory of Access Bank.
Herbert Wigwe’s legacy will undoubtedly endure as Access Holdings continues to navigate its path forward. His strategic foresight and unwavering commitment to excellence have laid a solid foundation for the bank’s future endeavors. As the organization mourns the loss of a visionary leader, it also stands poised to honor his legacy by upholding the values and principles that have propelled Access Bank to its current standing.
His strategy was to pursue aggressive growth by connecting Africa in trade and payments and capping risks in its home market of Nigeria.
In 2023, he led the bank’s acquisition of the African assets of Standard Chartered Plc in Angola, Cameroon, Gambia, and Sierra Leone, which widened its footprint to at least 17 countries. In the same year, he set a target to grow the bank to be one of the top 5 lenders by assets on the continent by 2027, from a ranking of about 12th.
“I believe that they were going too fast and acquiring too many banks at the same time. I was worried that perhaps they were not having sufficient gestation period to put together all of that,” said Omolokun of Standard Chartered Bank. “But knowing the kind of people they are, you also felt that they could pull it off.”
Wigwe died just hours before the clock went off at the Access-sponsored Lagos Marathon that draws elite athletes to the humid streets of Nigeria’s commercial center annually. It is the bank’s involvement in such activities that people will now be watching for changes.
Those who knew Herbert said he set “ridiculous” targets, such as demanding that a new digital banking product “that was ahead of its time” hit a million users within three months, said Editi Effiong, who worked on the project.
“He set ridiculous targets at all times. But guess what? We hit a million users,” said Effiong, who is now a film maker and worked with Wigwe on his personal branding for years. “Every weekend we would meet and we would talk about his life and his work.”
One project that Wigwe has dedicated his time to in the last few years is a university that he was bankrolling in his village outside the southern city of Port Harcourt to help students hone the skills needed for the finance and technology industries in Africa’s most populous nation.
The university’s board of trustees has assured prospective students, faculty, and staff that it remains committed to ensuring that the dreams of Wigwe and his aspirations for the project are fulfilled.
Wigwe told Bloomberg in November that he planned to teach and mentor students and engage some of the country’s prominent entrepreneurs, including billionaire Aliko Dangote, Africa’s richest person, to teach at the university.
“We need to teach people about the different levels of patriotism and the need for us to change our country and the continent,” he said.
In conclusion, the passing of Herbert Wigwe has undoubtedly left a void within Access Bank and the broader financial community. However, the bank’s robust strategy, clear succession plan, and the enduring legacy of its visionary leader provide a sense of assurance for investors and stakeholders. As Access Bank charts its course forward, it does so with the spirit of Herbert Wigwe’s vision and the collective determination of its leaders and employees to uphold his remarkable legacy.
