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 Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
