Herbert Wigwe was more than a
banker—he was a visionary, who reshaped Africa’s financial landscape. As a major
driving force behind Access Bank’s transformation into a global powerhouse, he
revolutionised corporate banking, championed financial inclusion, and set new
standards for excellence. Under his leadership, Access Holdings became a model
of resilience, innovation, and expansion, solidifying its place as one of
Africa’s most formidable financial institutions.
One year after his passing, his legacy remains deeply woven into the fabric of the banking sector. His contributions extended beyond financial growth—he redefined what it meant to build a sustainable, customer-centric, and globally competitive African bank.
From Humble Beginnings
to a Banking Giant
When Herbert Wigwe and his longtime
business partner, Aigboje Aig-Imoukhuede, acquired Access Bank in 2002, it was
a struggling institution with limited market presence. Many doubted their
ability to turn it around, but they saw an opportunity where others saw
failure. Their goal was audacious: to transform Access Bank into a top-tier
financial institution in Africa.
Through strategic planning,
relentless execution, and a commitment to excellence, the duo embarked on an
ambitious growth trajectory. In just over a decade, they took Access Bank from
being the 65th-largest bank in Nigeria to one of the top five. This remarkable
turnaround set the stage for an era of unprecedented expansion, with Wigwe at
the helm.
Expansion Across Africa
and Beyond
One of Wigwe’s defining
achievements was his ability to expand Access Bank’s footprint beyond Nigeria.
Under his leadership, the bank successfully entered multiple African markets,
acquiring key banking assets across the continent.
Notable acquisitions by the bank
included:
- Intercontinental Bank (2012): This landmark merger positioned Access Bank
as a top-tier bank in Nigeria, significantly increasing its market share
and customer base.
- Diamond Bank (2018):This bold acquisition propelled Access Bank
into the retail banking space, creating Nigeria’s largest bank by customer
base.
- Expansion into Southern and East Africa: Under Wigwe’s leadership, Access Bank
expanded into countries like South Africa, Kenya, Mozambique, and Zambia,
reinforcing its Pan-African presence.
These moves were not just about
growth, they were strategic steps toward financial inclusion, ensuring millions
of Africans had access to banking services.
Pioneering Financial
Inclusion and Digital Banking
Herbert Wigwe recognised that for
Africa to thrive, financial services needed to be accessible to the
underserved. He championed financial inclusion initiatives that bridged the gap
between traditional banking and technology-driven solutions.
- Introduction of Agency Banking: Wigwe led Access Bank’s push into agency
banking, bringing financial services to rural and underserved communities
through partnerships with local entrepreneurs.
- Advancement in Digital Banking: He invested heavily in technology, ensuring
Access Bank stayed ahead of digital transformation. From mobile banking
apps to AI-powered customer service, the bank became a leader in fintech
solutions.
- SME Development Programmes: Understanding the crucial role of small
businesses in Africa’s economy, Wigwe launched initiatives that provided
funding, mentorship, and training for SMEs.
These innovations empowered
millions, reinforcing Access Bank’s reputation as a bank that cared about
people, not just profits.
CACOVID: A Lifeline
During the Pandemic
One of Wigwe’s most profound
contributions to Nigeria’s socio-economic landscape was his leadership in the
Coalition Against COVID-19 (CACOVID)—a private-sector initiative established to
combat the devastating impact of the pandemic.
As one of CACOVID’s driving forces,
Wigwe mobilized Access Bank’s resources to support healthcare infrastructure,
provide relief materials, and offer financial assistance to businesses and
individuals affected by the pandemic. The coalition donated billions of naira
to equip hospitals, provide personal protective equipment (PPE), and support
vaccination campaigns.
Beyond financial assistance,
CACOVID, under Wigwe’s leadership, also worked to reduce food insecurity by
distributing palliatives to millions of Nigerians across all 36 states. His
contributions exemplified his belief that banks should play an active role in
nation-building, not just profit-making.
Revitalising Nigeria’s
National Arts Theatre
Wigwe’s vision extended beyond
finance into cultural preservation and national development. One of his most
ambitious projects was the revitalisation of the National Arts Theatre in Lagos,
an iconic cultural landmark that had suffered decades of neglect.
As part of a public-private
partnership, Access Bank led a group of Nigerian banks in financing the
multi-billion-naira restoration project, transforming the historic structure
into a world-class creative hub for music, film, fashion, and technology.
This initiative was deeply personal
for Wigwe. He believed that Nigeria’s creative economy had the potential to
rival global industries if given the right infrastructure and support. His
commitment to the project underscored his broader mission: empowering Nigeria’s
youth and fostering sustainable economic growth beyond traditional banking.
Navigating Challenges
and Ensuring Stability
Banking in Africa comes with unique
challenges: economic downturns, regulatory hurdles, and currency fluctuations.
Yet, under Wigwe’s leadership, Access Bank thrived amid adversity.
- Resilience During the COVID-19 Pandemic: While many financial institutions struggled,
Access Bank remained stable, supporting businesses and individuals through
tailored relief programs.
- Strengthening Risk Management: Wigwe prioritised robust risk management
frameworks, ensuring Access Bank maintained financial stability even in
turbulent times.
Wigwe’s ability to anticipate
challenges and develop proactive solutions cemented Access Bank’s position as a
leader in African banking.
A Visionary Leader Gone
Too Soon
Herbert Wigwe’s untimely passing in
February 2024 left a void in the financial sector. However, his legacy
continues to inspire all and sundry. His boldness, strategic thinking, and
relentless drive changed the course of African banking forever.
With the first anniversary, it is
essential that Access Holdings and the broader financial community find
meaningful ways to honor his contributions.
A Legacy That Lives On
Herbert Wigwe was not just a
banker; he was a builder of institutions, a pioneer of transformation, and a
mentor to many. His work at Access Holdings was never just about profits, it
was about impact, empowerment, and lasting change.
- His leadership turned Access Bank into an
African banking giant.
- His passion for financial inclusion brought
banking to millions.
- His commitment to sustainability ensured a
better future for the next generation.
- His dedication to national development
revitalised institutions like the National Arts Theatre.
- His humanitarian spirit helped millions during
the COVID-19 pandemic through CACOVID.
Though he is no longer here, his
blueprint for African banking remains. His story serves as a reminder that true
success is not about the size of the bank account, but the depth of the impact
one leaves behind.
Herbert Wigwe built more than a
bank—he built a legacy. And that legacy will stand the test of time.
· Abimbola Richard writes from Abuja.
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