Banking
Access Bank’s Wigwe Takes 40% Pay Cut in Effort to Reduce OPEX
By Dipo Olowookere
In an effort to reduce the operating expenses (OPEX) of the company, the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, has said he will agree to slash his salary by 40 percent.
Mr Wigwe, in a video making the rounds where he had a chat with employees of the financial institution, said he will expect other members of staff of the organisation to accept cuts in their salaries.
An analysis by Business Post showed that in the 2019 financial year, Access Bank spent about N76.9 billion as personnel costs, below FBN Holdings and Zenith Bank, which used N99.3 billion and N77.8 billion respectively for the same purpose in the same period.
While United Bank for Africa (UBA) Plc spent N76.9 billion as personnel expenses, Guaranty Trust Bank (GTBank) Plc spent N37.2 billion.
Business Post reports further that in the first three months of this year, Access Bank spent N19.6 billion on personnel costs, higher than N12.8 billion in the same period of last year.
Also, other operating expenses rose sharply to N63.6 billion in Q1 2020 from N37.4 billion in Q1 2019 and this and others contributed to the decline reported in the bank’s profit after tax (N40.9 billion versus N41.2 billion in Q1 2019).
Since the beginning of this year, the world has been battling with coronavirus disease and it has affected many businesses, including those in Nigeria.
For over a month, many employees of companies in Lagos, Abuja and Ogun State have been working from home due to lockdown declared in the three places to curb the spread of COVID-19.
Offices are expected to reopen for business from Monday, May 4, 2020 and they would be allowed operate from 8am to 3pm because of a 8pm to 6am curfew announced by the federal government.
This week, the Lagos State Governor, Mr Babajide Sanwo-Olu, stated that companies to be allowed to resume operations from next week should have about 60 percent of their workforce back to offices.
This means some employees may still have to work from home.
Worried about its huge operating costs, the Access Bank chief said management will carry out some measures, including pay cuts and massive retrenchment of staff.
“We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost.
“I will be the first to take the hit and I’m going to take the largest pay cut, which would be as much as 40 percent.
“The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.” Mr Wigwe informed employees of the tier-one lender in a video-conferencing meeting.
On trimming the company’s workforce, he said 75 percent of the bank’s staff, most of whom are outsourced and are offering non-essential services would have to go.
“We probably don’t need as many security men as required, even to the fact that we are not going to have all our branches open between now and December.
“We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etc,” Mr Wigwe said in the video.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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