ONOME AMUGE
In a devastating twist of fate, the untimely demise of Herbert Wigwe, the highly respected chief executive officer of Access Holdings PLC, the parent company of Nigeria’s largest bank by assets, Access Bank, has plunged the financial world into a period of mourning. The impact of his death is felt not only in the banking sector, but also throughout the broader global financial community.
As news of the helicopter crash in California, United States of America spread, the world of finance, business and political economy was united as it mourned the tragic loss of a true leader and visionary. Wigwe had been travelling with his wife, son, as well as Abimbola Ogunbajo, former chairman of the Nigerian Exchange Group (NGX), when the aircraft came crashing down in the Mojave Desert, en route to Las Vegas from Palm Springs.
According to reports, the Eurocopter EC130 carrying Wigwe and his companions went down around 10 pm on Friday (7 am on Saturday Nigerian time), just before crossing into Nevada. Initial reports suggested that the cause of the crash may have been related to inclement weather conditions, including rain, as noted by a member of the National Transportation Safety Board at a press conference on Sunday.
Wigwe was born on 15 August 1966, and nestled in the bustling city of Ibadan, though he hailed from the village of Isiokpo, in the Ikwerre Local Government Area of Rivers State. He excelled in his studies and earned a degree in Accounting from the University of Nigeria, Nsukka. It was the beginning of a stellar career that would see him join Coopers and Lybrand Associates Limited as an auditor, where he honed his skills and worked his way up the ladder.
At the early age of 32, he was appointed to the executive directorship at Guaranty Trust Bank, a prestigious role that would prove to be a springboard for even greater success. However, it was in 2002, when Wigwe joined forces with his friend and business partner, Aigboje Aig-Imoukhuede, that his true potential would be revealed. Together, they acquired Access Bank, a once-struggling institution that they transformed into a leading financial powerhouse. It was a bold move that would cement Wigwe’s place in history as one of Nigeria’s most brilliant finance and business minds.
When Wigwe took the helm at Access Bank in 2014, few could have predicted the phenomenal success that was to follow. Under his leadership, the bank’s assets skyrocketed by 723 percent, from N2.6 trillion to N21.4 trillion in just nine years. It was a stunning transformation, fueled by Wigwe’s bold vision and unwavering determination.
As CEO, Wigwe spearheaded the acquisition of Diamond Bank in 2019, a move that catapulted Access Bank to the pinnacle of the banking sector. The merger created a behemoth with one of the largest customer bases in Africa.
Wigwe’s accomplishments as CEO of Access Bank were nothing short of extraordinary. Under his guidance, the bank was transformed into a world-class African financial institution, with a presence in at least 18 countries across Africa, Europe and Asia. What’s more, Wigwe’s decision to reorganise the bank in a HoldCo structure met with great success. This move allowed the bank to consolidate its various subsidiaries under one banner, while also making it easier to raise capital and expand into new markets.
In an era where Nigeria’s economy was slowly but steadily growing and the country’s financial services industry was taking its place on the global stage, Wigwe was a shining example of what could be achieved through hard work and vision. He became a key driving force behind the success of Access Bank, bringing with him a wealth of experience and an unshakeable commitment to excellence. With his passion, energy, and ambition, Wigwe helped to elevate Access Bank to new heights, leading the way in transforming the bank into one of Africa’s leading financial institutions.
As a man of great intellect and vision, Wigwe saw the opportunities that Nigeria presented to men of his generation, and he seized them with both hands, from his days as a young accountant to his later years as the CEO of Access Bank.
Wigwe’s passing has sparked a wave of grief and reflection around the world, with many people sharing their memories and heartfelt condolences. The world mourns the loss of a great leader and a visionary who left an indelible mark on the financial sector. In a testament to his influence, some of the most influential and powerful figures in finance, business, and politics have paid tribute to Wigwe’s life and legacy.
President Emmanuel Macron, in a Facebook post, paid tribute to Wigwe’s legacy as a friend of France, saying that the country has lost a friend and a great promoter of Franco-Nigerian relations. Wigwe’s leadership of the French-Nigeria Business Council, Macron said, played a pivotal role in strengthening the ties between the two countries.
“France has lost a friend, Herbert Wigwe, President of the French Nigeria Business Council. A humanistic and talented entrepreneur. He tirelessly worked to strengthen the relationship between our two countries. Our heartfelt thoughts go to his family and loved ones,” the post read.
Abubakar Jimoh, the chairman of Access Holdings, released a statement on Wigwe’s passing, stating: “The Access Family has suffered a major loss with the passing of Dr. Wigwe who was a great friend and fine gentleman.
“He had a prodigious intellect, admirable personal qualities, and vast business experience which he brought to bear on the Access Family and for which we owe him a debt of gratitude.”
Peter Obi, the presidential candidate of the Labour Party in the 2023 Nigeria general election shared a heartfelt tribute on X, formerly known as Twitter, describing Wigwe’s death as tragic and a great loss to Nigeria as a nation.
The former Anambra State governor also described Wigwe as determined and forward-thinking, highlighting his many accomplishments in the business world. However, he also noted that Wigwe’s contributions extended beyond his professional career, highlighting his philanthropic efforts in the areas of health and education.
“His noteworthy contributions extended beyond the professional realm, with commendable philanthropic efforts in health and education, exemplified by the establishment of Wigwe University, showcasing his deep commitment to education as a driver of development.
“The loss of such an exceptional individual reminds us of life’s fleeting nature, encouraging us to live with a purpose that contributes to the betterment of humanity,” Obi noted.
Alex Otti, Abia State governor also paid tribute to Wigwe, praising him for his revolutionary approach to mergers and acquisitions. According to Otti, Wigwe’s innovative thinking and bold risk-taking were often met with scepticism, but he always proved his critics wrong.
Otti, who took to his official Instagram handle (alexottiofr) to express his grief, stated: “This death is too big a blow to me personally and all those that knew you closely. You were not only my friend but my brother. Your constant encouragement and sometimes insistence have been very helpful in a lot of decisions one took.
“Even in the most difficult moment, you were always there to share ideas. You always came from very unpopular perspectives, disagreeing with conventional wisdom. Your can-do spirit was infectious! You would prove book makers wrong, even with your “Mergers and Acquisition” mindset.
“I remember taking you up about 15 years ago quoting a research-based position that over 70% of mergers and acquisitions destroy shareholder value. Your response was that Access Bank was in the 30% category!”
The passing of Wigwe was marked by tributes from prominent figures across business and government. President Bola Tinubu; Femi Otedola, executive chairman of Geregu Power PLC; Akinwunmi Adesina, president of the African Development Bank (AfDB); Bosun Tijani, the minister of communications, innovation and digital economy, were just a few of the many who offered their heartfelt condolences and shared their memories of Wigwe.
The death of Herbert Wigwe will surely cast a pall over the Nigerian financial sector, as well as the nation at large. Wigwe’s legacy of financial empowerment and philanthropy will be remembered as he leaves behind a lasting imprint on the hearts and minds of many. His dedication to transforming financial services in Nigeria and creating a more inclusive economy for all was truly inspiring. With the passing of Wigwe, the nation mourns the loss of one of its most influential and forward-thinking leaders.
In one of his recent Instagram posts, Wigwe imparted some of his wisdom on the world, writing:
“Success is a meaningless word without failure. I have failed many times, but in every misstep, there are important lessons. Embrace them.”
These words perfectly encapsulate the indomitable spirit and resilience that Wigwe embodied throughout his life. Wigwe’s legacy as an inspirational leader will live on through the many people he has touched, and his words will continue to resonate with generations to come.
