Banking
Leader With Uncommon Strategy: Herbert Wigwe’s Panacea for Better Banking in Post-COVID-19 Era
By Bolatito Adebola
In many industries like banking, it’s often difficult for many to discern any measure being put in place by industry leaders, and this could well be the reason why quintessential banker, Herbert Wigwe, is being misunderstood on certain steps he proposed to be taken by his bank, given the stark reality of the novel COVID-19 pandemic, and this is the meat of this endeavour.
He sure needs no introduction about his formidable exploits in the Nigerian banking sector, virtues of which have earned him a name that is firmly entrenched in the public consciousness. Herbert Wigwe, the Group Managing Director of Access Bank, is one of the pioneers of modern banking in Nigeria, and a veritable business leader reputed for his commitment to solving teething banking problems.
For Herbert, leadership is a platform that must be leveraged to meet societal needs and instigate change. Under Herbert Wigwe, Access Bank’s character has changed and its sphere of influence expanded and ranked among the top five banks in Nigeria and also ranked in 2015 as one of the top 500 banks in the world by The Banker’s magazine which was accredited to the transformational leadership of Herbert Wigwe as the reason for the turnaround. The bank has attained a status that enables it to offer more than banking services, to change developmental agenda, and to instigate social change.
Apparently misconstruing the bank MD/CEO’s core message, the media recently alleged that Access Bank Plc, one of Africa’s largest retail banks by retail customer base was embarking on pay cuts, a mass sack of workers and shutdown of branches. This ‘misinformation’ has since been appropriately repudiated.
But with traditional business models and banking metrics being upended by the post-COVID-19 global operating environment, only audacious innovators in the sector can remain relevant. Clearly, banking remains a relationship business. Herbert Wigwe was only showing transparency in his handling of issues the bank is bound to address at some point. Transparency is his second nature; Wigwe did the right thing in addressing the issues and being transparent about it for that matter. He led by personal example and took a 40 percent pay cut. He is not the kind of professional who stays tamely at the receiving end of policy prescriptions. He covets knowledge-driven innovations, proactive engagement with stakeholders, policymakers, fluid operating environments and sure-footed action. These dimensions are boldly mirrored in his nimble leadership of one of the continent’s banking behemoths.
Wigwe, a chartered accountant, financial economist, and banking and finance whiz deployed his unassailable skills in the management of strategic uncertainties into action. Not only has he improved the bank’s balance sheet, but he has also restored investors’ confidence in the bank, shoring its brand equity, and giving shareholders more reasons to believe.
In less than two decades, Wigwe and his crew have pushed Access Bank far beyond the frontiers of Nigeria with a network of over 600 branches and geographical spread spanning three continents (Africa, Europe, and Asia), over 12 countries and boasting employee pool of over 30,000. Access Bank is deliberate and intentional in its choice of employees. And this has much to do with the leadership. He has positioned the bank to consistently maintain acquired advantage over the competition through its unrelenting churning out of a potpourri of banking products that meet customers’ needs and expectations.
One thing many don’t know about Herbert, is that he likes to drive young people and pushes them to challenge themselves. He believes that innovation is the engine of growth, the ladder to reach the top and exactly what he is doing with H.O.W (Herbert Onyewumbu Wigwe) foundation, where he took his leisure to mentor and tutor the young children and how to become better in life and to society. Herbert got to the top at a very tender age and he’s not afraid to mentor many young people as he could find and help them hit the summit of their callings.
With his brilliant and outstanding performing record over the years at the driver seat of the bank, this has made the stakeholders to pass a vote of confidence on him severally even during the merger of the defunct Diamond Bank. Wigwe and his team deserve not only applause but a deep study of the whys and wherefores that kept them riding gloriously the cusp of acquisition.
When the CEO is a young and target-driven smart man, it follows that other employees must, as a matter of routine, be smart (both street-smart and book-smart). Wigwe has engineered a culture of strategic recruitment, a recruitment culture that focuses on today and tomorrow. One of his innate strength is his capacity to forecast the market. This helps immensely in deploying the right people using the right technology to achieve and sustain a competitive position in the marketplace.
By Modupe Gbadeyanka
A platform to enable cross-border intra-Africa payments for individuals, merchants, and traders in Nigeria and Ghana is being designed by Onafriq Nigeria Payments Limited in partnership with the Pan-African Payment and Settlement System (PAPSS).
The platform, currently in its pilot stage, is the first wallet-based outbound payments scheme, which is fully in Naira and instant, without relying on hard currency conversion.
The parties are working together with banks and mobile money operators in the West Africa nations.
The Central Bank of Nigeria (CBN) has already approved this initiative, which will benefit small and medium enterprises (SMEs), the real engine of intra-African trade, as they will now have access to a faster, cheaper way to reach customers and suppliers across the border.
By reducing barriers to cross-border trade, the new service will allow these businesses to grow their addressable markets and activity. From December 1, this service will be fully operational for a 6-month period.
Through the partnership with PAPSS, Onafriq, which is a CBN licensed payment service provider, is supporting the operationalization of the Africa Continental Free Trade Area (AfCFTA) mandate. The mandate itself is driving tariff-free trade for the 54 member states of AfCFTA. Within the partnership itself, Onafriq provides the mobile money rails, with an ecosystem consisting of over 1 billion mobile wallets.
Meanwhile, PAPSS brings a network of over 160 commercial banks, representing an ecosystem of more than 400 million bank accounts across its 19 African countries of operation. The two partners are essentially seamlessly connecting two worlds: mobile money and banking. As a consequence, intra-African trade transactions will take place more easily and opportunities will be created.
Currently, Africa is made up of bank and mobile-led markets, with siloes often inhibiting transactions between these economies. However, this partnership will remove these boundaries. With over one billion mobile wallets and 500 million bank wallets across Africa, this partnership will allow for cross-border collaboration at scale.
This partnership builds on Onafriq and PAPSS’ existing partnership for payments into Ghana, announced earlier this year.
“Our work with PAPSS shows what collaboration at scale can unlock—seamless, secure connections between banking systems and mobile money ecosystems. This is how we open bi-directional trade corridors, reduce costs for businesses, and give African enterprises the rails they need to trade with confidence in their own currencies. The vision is continental, but it starts with practical steps like this one,” the Managing Director for Anglophone West Africa, Mxolisi Msutwana, said.
The Chief Information Officer for PAPSS, Ositadimma Ugwu, added, “Too often, African businesses and individuals see borders as roadblocks instead of opportunities. With this step, we’re challenging that mindset, giving Nigerians the ability to send value next door with the same ease as sending a text message. Our vision is simple: make Africa’s borders invisible to payments. This pilot makes that a reality, moving us closer to a continent where payments don’t pause at the border.”
By Adedapo Adesanya
Mrs Ifeyinwa Osime has been appointed as the chairman of the board of Access Bank Plc, following the retirement of Mr Paul Usoro on January 29, according to a statement to the Nigerian Exchange (NGX) Limited.
Mrs Osime, an accomplished legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired the Board Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee.
This role made her contribute significantly to bank’s corporate governance, leadership development, and sustainability initiatives.
In addition to her role at Access Bank, Mrs Osime is a Director at Ebudo Trust Limited and a Partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, Women Corporate Directors, Nigeria Chapter, and Chartered Institute of Directors Nigeria, where she serves on the Executive Committee of the Women Sectorial Group.
Beyond her professional responsibilities, Mrs Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the chairman of Access Holdings, Mr Aigboje Aig-lmoukhuede, said: “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the Bank’s vision and mission, and I am confident that, under her leadership, the Bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African Bank.”
He also congratulated Mr Usoro on the completion of his tenure and for his exemplary leadership, dedication and significant contribution to the Group, saying he remains a valued member of the Access Bank family.
By Adedapo Adesanya
The African Energy Bank (AEB), a pan-African financial institution established to mobilise capital for the continent’s energy development and strengthen regional energy value chains, will begin operations in June 2026.
This came as Nigeria officially handed over the headquarters of bank at a ceremony held on the sidelines of the ongoing Nigeria International Energy Summit (NIES).
The president of the African Petroleum Producers’ Organisation (APPO) and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mr Mamadou Colibaly, praised Nigeria for its leadership in bringing the initiative to fruition, as he disclosed the bank was expected to commence operations in four months’ time.
“We are committed to launching this bank no later than June. I sincerely thank our partners for providing the headquarters and office that make this take-off possible. The African Energy Bank represents Africa’s commitment to finance, develop, and secure its own energy future by Africans, for Africans,” he said.
The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established to mobilise domestic and regional capital for Africa’s energy infrastructure, reduce dependence on external financing, and align energy investments with the continent’s long-term development and industrialisation agenda.
While performing the handover, Nigeria’s Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, said the country had fulfilled all its responsibilities as host nation.
“Nigeria has met every obligation as host. The headquarters is ready, strategically located, and fully equipped, and we are prepared for immediate take-off.”
The ceremony highlighted a growing consensus among African leaders on the need for the continent to take greater ownership of its vast natural resources.
Through tailored financial instruments, the bank is expected to support projects across the energy value chain, including exploration, refining, renewable energy integration, and local content development, with a focus on job creation and economic value addition.
The African Energy Bank has been touted as not just another financial institution, but a strategic pillar in Africa’s quest for economic independence and long-term energy security
The African Energy Bank is a pan-African financial institution jointly promoted by APPO member states and Afreximbank to provide tailored financing solutions for energy projects across the continent, strengthen regional energy markets, and support sustainable development through improved access to capital.
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