The Legacy of Herbert Wigwe, A Bright Star in the Nigerian Banking Industry

In the history of Nigerian banking, few names shine as brightly as that of Herbert Wigwe. His journey through the financial sector, from the early days of Access Bank to its transformation into a global financial powerhouse, is a story of vision, determination, and an enduring legacy.

When Access Bank first opened its doors in the early 1990s, it was a modest operation with just one branch located in Apapa, Lagos. “I was one of the few persons that put a foot in the door,” recalls a former employee, who had long harbored dreams of a career in the financial sector, albeit not as a banker. At that time, the bank was small, its reach limited, and its roots deep in Ilesha, a town in southwestern Nigeria.

The bank’s inaugural chairman, Dr. Lawrence Omole, was a renowned business mogul with diverse interests in commerce and manufacturing. Omole’s leadership set the foundation for what Access Bank would eventually become. Following Omole’s tenure, James Oladipo Farodoye, another Ilesha native and seasoned accountant, took the helm, steering the bank through challenging times.

Despite its promising beginnings, Access Bank faced significant challenges in its early years. “The bank was doing reasonably well, until the Nigerian factor reared its ugly head, and the center could no longer hold,” the former employee notes. It became clear that drastic measures were necessary to save the struggling institution.

In March 2002, salvation came in the form of two ambitious young bankers, Aigboje Aig-Imoukhuede and Herbert Wigwe, both aged 37. The duo acquired Access Bank and began an audacious journey to transform it into one of Nigeria’s largest financial institutions. “It was on March 22, 2002, that the two…walked into Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos, which was then the corporate headquarters of the bank, to assume duty and full control as the managing director and deputy managing director,” a former staff member recalls. The acquisition process had been grueling, involving two years of rigorous negotiations, sleepless nights, and marathon meetings.

This acquisition marked a turning point in the bank’s history. According to Etim Etim, a former staff of the bank, it was “one of the most audacious takeovers in the history of the nation’s financial industry.” Aig-Imoukhuede later chronicled the experience in his book “Leaving the Tarmac,” a work that has since become a source of inspiration for young entrepreneurs.

With Wigwe and Aig-Imoukhuede at the helm, Access Bank embarked on a five-year transformation agenda. Just two years into the plan, the Central Bank of Nigeria (CBN) announced a N25 billion capitalization deadline. This presented a daunting challenge, but the bank’s management rose to the occasion. “Not only were we in a position to raise the money we needed, we had also been given permission to look at possible mergers and acquisitions,” Aig-Imoukhuede writes in his book.

The bank quickly mobilized its workforce, raising N15 billion in a public offer, acquiring two small banks—Capital and Marina—and convincing the Netherlands Development Finance Company (FMO) to become an institutional investor. With the capitalization requirement met, Access Bank set its sights on becoming a leader in the Nigerian banking sector.

Under Wigwe’s leadership, Access Bank expanded its footprint across Africa, Europe, and Asia, evolving from a small, nondescript institution into an international bank with a significant presence. Julius Malema, a South African politician and leader of the Economic Freedom Fighters (EFF), once spoke in awe of Nigerian banks, a testament to the impact of leaders like Wigwe.

In January 2014, Herbert Wigwe assumed the role of group managing director and chief executive officer, succeeding Aig-Imoukhuede in a seamless transition. “With enormous goodwill and attractive brand equity, the bank continues to outpace its contemporaries,” a former colleague notes.

Tragically, Wigwe’s life was cut short in a helicopter crash that claimed the lives of his wife and son as well. Yet, even in death, Wigwe’s influence endures. Access Bank continues to honor his memory, celebrating the values he instilled and the dreams he nurtured.

“Today, we honor the memory of a visionary leader, our beloved Group CEO, Herbert O. Wigwe, on what would have been his birthday,” the bank stated. “Though he may no longer be with us in person, his legacy lives on in the values he instilled, the dreams he nurtured, and the lives he touched.”

Herbert Wigwe was indeed a bright star who lit the path for many in the Nigerian banking industry. His legacy is one of resilience, innovation, and an unwavering commitment to excellence—a legacy that continues to inspire and guide Access Bank and its stakeholders.