Herbert Wigwe, the late CEO of Access Bank, has often been described over the past decade as Nigeria’s “fine gentleman”. But he probably didn’t start out that way. Most of his mannerisms are traits he picked up while running a banking group that grew from a small seed in Nigeria to the intercontinental corporation it is today.
You have to smile, be patient and often deal with angry customers who need to be reassured. You also mingle with the people at the top, the ones who make or break economies. Nevertheless, he has become a household name in African banking.
In February 2020, for example, Access Bank acquired 99.98 per cent of Kenyan Transnational Bank for $12.8 million, marking its formal entry into Kenya. In addition to Nigeria, Access Bank also operates in the Democratic Republic of Congo, Ghana, Rwanda, Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Zambia, France and the UK.
That contribution was cut short on February 9 when the helicopter he was travelling in crashed near the Nevada-California border in Las Vegas on the way to the US Super Bowl. He died instantly, according to local police, along with his wife, Doreen, son, Chizi, and former Group Chairman of the Nigerian Exchange Group (NGX Group), Mr Abimbola Ogunbanjo. Wigwe’s special assistant, Mr Faleye Olusola, escaped death because he was on his way to join them later.
The story began at the turn of the millennium. In 2002, he and his partner, Aigboje Aig-Imoukhuede, were offered the opportunity to acquire Access Bank, then a small commercial bank ranked 65th out of 89 banks in Nigeria.
Aig-Imoukhuede noted in his memoirs that the Central Bank of Nigeria (CBN) said they were both too young to buy Access Bank. They were both 36. The regulator allowed them to take over the bank anyway.
It was the challenge they needed. Soon, the bank was spreading its branches across continents, reflecting a rare African company reaching out to other continents.
Access Bank’s company secretary, Sunday Ekwochi, said Wigwe was a key driving force behind the bank’s rise.
The Access family, he said, had suffered a great loss with the death of Wigwe, who was a great “friend and a fine gentleman”.
“He had a prodigious intellect, admirable personal qualities and vast business experience which he brought to the Access family and for which we owe him a debt of gratitude,” he said on Sunday.
Part of Wigwe’s strategy was to tap into either other smaller banks, or those that were struggling but had an established network. In 2018, Access Bank announced the acquisition of Nigeria’s defunct Diamond Bank. By the time Access took over, Diamond had established about 297 branches across the country.
He also led mergers and acquisitions in several countries, including Zambia, Uganda, Sierra Leone and Cameroon, with subsidiaries in France and the UK.
In 2016, Wigwe was named Banker of the Year by The Sun and Vanguard newspapers, two of Nigeria’s largest.
In recognition of “his exemplary role in society and contributions to youth development”, the Boys’ Brigade inaugurated Herbert Wigwe as a state patron for the Lagos State Council in 2016.
Wigwe was born on 15 August 1966 in Ibadan, South West Oyo State. He was the son of Shingle Wigwe, a retired pastor and Director General of the Nigerian Television Authority (NTA). His mother was a nurse.
Wigwe started his career at Coopers & Lybrand Associates, an international firm of auditors, and later spent over 10 years at Guaranty Trust Bank (GTB), where he managed various portfolios including financial institutions, large corporates and multinationals, rising to the position of Executive Director at the age of 32.
He received his early education in Ibadan before moving to Warri, Delta State, where he graduated from the University of Nigeria.
He was also an accomplished cricketer.
In 1983, he was admitted to the University of Nigeria Nsukka (UNN) in Enugu State to study accounting.
After graduating in 1987, Wigwe joined the National Youth Service Corps (NYSC) in 1988.
He qualified as a chartered accountant in 1989 while working as a graduate assistant at Coopers and Lybrand. He also worked as a credit analyst at Capital Merchant Bank.
In 1990, Wigwe won a British Council Scholarship to study for a Master’s Degree in Banking and Finance at North Wales University in the UK.
He obtained a second Masters from the University of London. He also attended the Harvard Business School Executive Management Programme.
In May 2023, Wigwe announced that he was studying for a law degree.
He leaves behind four siblings and both parents.
In a condolence message posted on his X handle, President Emmanuel Macron said France had lost a friend.
The French president noted that Wigwe worked tirelessly to strengthen relations between France and Nigeria through his leadership of the Franco-Nigerian Business Council.
Describing Wigwe as a humanistic and talented entrepreneur, Macron expressed his deepest condolences to his family and loved ones.
“Our heartfelt condolences to his family and loved ones.”
Okonjo-Iweala, the head of the World Trade Organisation, said she was “deeply saddened by the news of the terrible loss of Herbert Wigwe … his wife and son as well as Bimbo Ogunbanjo in a helicopter crash”.
Access Bank said on Sunday it was cooperating with US authorities investigating the helicopter crash. It said it would announce his replacement soon.
Source link : https://nation.africa/africa/news/herbert-wigwe-the-nigerian-who-banked-on-africa-for-africa-4523508
Author :
Publish date : 2024-02-13 08:00:00
Copyright for syndicated content belongs to the linked Source.