How Herbert Wigwe Built a Strong Legacy in Banking, Education Others
- Wigwe was a remarkable Nigerian banker and entrepreneur who played a key role in the rapid growth of Access Bank
- He died in a helicopter crash in California, along with his wife, son, and three other people on February 9, 2024
- Wigwe's partnership with Aigboje Aig-Imoukhuede helped Access Bank grow into one of Africa's largest banks
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
On February 9, 2024, Herbert Wigwe, the former group CEO of Access Holdings Plc, sadly died in a helicopter crash in California, along with his wife, son, and three other people. Those who recall his revolutionary influence on the financial sector and beyond celebrate his enduring legacy.
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Wigwe was an exceptional Nigerian banker and businessman whose career was characterized by his crucial contribution to the purchase and quick expansion of Access Bank.
In 2002, Wigwe and his business partner Aigboje Aig-Imoukhuede made a daring move by purchasing Access Bank, a small commercial bank at the time, following more than ten years at Guaranty Trust Bank. Prior to his untimely death, Wigwe was the deputy managing director till 2014. He then rose to the post of group managing director/CEO.
Through Wigwe's collaboration with Aigboje Aig-Imoukhuede, Access Bank became one of the biggest banks in Africa. Out of the 89 commercial banks in Nigeria, Access Bank was ranked 65th when they took over in 2002. As a result of their visionary leadership, it is now proud to be one of the top five financial institutions in the nation.
Beyond Nigeria
However, BusinessDay reported that Wigwe's impact went well beyond Nigeria's boundaries. He played a crucial role in directing Access Bank's growth throughout the African continent in his capacity as Chairman of the Body of Bank Chief Executive Officers (CEOs).
He had a clear goal for Access Bank: to take advantage of economic prospects in Africa by establishing a presence in 22 African countries as well as key international locations. Access Bank played a significant role in the financial landscape of the continent under his leadership as it expanded into Rwanda, South Africa, Mozambique, Kenya, Zambia, and several other important markets.
In 2018, Access Bank achieved a significant milestone when it merged with Diamond Bank. This revolutionary action solidified Access Bank's leadership position in the sector. Under Wigwe's direction, Access Bank issued Nigeria's first green bond in 2019, demonstrating its dedication to environmentally conscious and sustainable finance.
Access Bank saw a significant reorganization in 2022, changing its name to Access Holdings Plc. To take advantage of cross-sector synergies. The business was able to expand its product offerings beyond banking by entering the payments, insurance, consumer finance, and pensions sectors thanks to this new structure. The goal was to establish a comprehensive financial powerhouse that could meet the varied demands of clients in a range of sectors.
Wigwe's aspirational goal was not limited to Africa. As a symbol of the group's global ambitions, Access Holdings began operations in Paris in 2023, expanding into the Northern Hemisphere. Through its subsidiaries in industries ranging from technology and agriculture to healthcare and beyond, the company aimed to become a pan-African force that would propel economic growth across borders and promote sustainable development.
Other impacts
Wigwe also had a significant impact on the real estate industry. Access Bank had a significant role in the creation and purchase of iconic office buildings, several of which went on to become architectural masterpieces. These structures serve as recognizable representations of Access Bank's expansion and aspirations throughout Nigeria and Africa.
The founding of Wigwe University was arguably one of Wigwe's most ambitious and int*mate endeavours. This institution sought to transform higher education in Nigeria and West Africa with an incredible investment of $500 million.
Wigwe University, which focuses on subjects like business, science, engineering, and the arts, pledged to provide top-notch instruction by fusing cutting-edge technology with conventional teaching techniques to create the next generation of leaders.
Access Holdings Plc is a living example of Herbert Wigwe's extraordinary vision and unrelenting commitment. Access Holdings is a prominent global financial services organization that provides a wide range of services, from commercial banking to insurance and asset management, to more than 60 million clients on three continents.
With over 700 branches and service locations throughout 22 markets, the firm has grown to become a true industry titan, employing over 28,000 people and making a substantial contribution to the economy of the regions in which it works. Access Holdings, which is listed on the Nigerian Exchange Limited (previously the Nigerian Stock Exchange), is still upholding the visionary leader's legacy.
For many decades to come, Herbert Wigwe's influence will be felt in the banking industry, education, and African development.
Wigwe’s daughter gives speech at father’s school matriculation
Legit.ng reported that Tochi Wigwe, the daughter of the founder of Wigwe University, delivered a heartfelt speech during the maiden matriculation ceremony of her father's institution.
The matriculation ceremony took place on November 14, 2024, almost a month after academic activities started in the school.
The school kicked off its academic operations about 240 days after the tragic demise of its founder, Herbert Wigwe, the late Access Bank CEO.
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Source: Legit.ng
