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 Adedapo Adesanya
A five-member panel of the Supreme Court, led by Justice Lawal Garba, last Friday ruled in favour of Fidelity Bank in its appeal against Sagecom Concepts Limited.
The judgment brings definitive closure to a legacy case that has attracted attention across the financial sector for more than two decades. It also marks a significant victory for Fidelity Bank in a long-running legal dispute.
In a motion dated October 8, 2025, Fidelity Bank sought clarification from the Supreme Court, requesting a consequential order that the judgment debt be paid in Naira. The bank also asked that the interest rate be set at 19.5 per cent per annum rather than 19.5 per cent compounded daily.
It also requested the exchange rate used for conversion be the rate applicable as of the date of the High Court judgment, in line with the Supreme Court’s decision in Anibaba v. Dana Airlines.
Fidelity Bank further requested the judgment debt be fixed at N30,197,286,603.13 and that interest on this amount be payable at 19.5 per cent per annum until full settlement.
In the judgment delivered by Justice Adamu Jauro, the apex court granted the bank’s first three prayers but declined the fourth and fifth. As a result, the judgment sum will be paid in Naira at an annual interest rate of 19.5 per cent, rather than the daily compounded rate previously awarded by the High Court.
The Supreme Court equally affirmed that the applicable exchange rate should be the rate as of the date of the High Court judgment, consistent with its earlier decision in Anibaba v. Dana Airlines.
The dispute originated from a legacy transaction involving the former FSB International Bank, which merged with Fidelity Bank in 2005. It stemmed from a 2002 credit facility extended to G. Cappa Plc and subsequent legal proceedings tied to the collateral.
This ruling provides finality for years of litigation and confirms a significantly lower liability than the N225 billion previously speculated in the review of decisions leading up to the decision.
By Adedapo Adesanya
The operating licences of all legacy Bureau De Change (BDC) operators who failed to meet the new licensing requirements have been revoked by the Central Bank of Nigeria (CBN).
This happened after the central bank streamlined the BDCs to 82 in order to sanitise the foreign exchange (FX) market in the country.
The latest development was revealed by the apex bank in its Frequently Asked Questions document on the current reform of the bureau de change, published on its website on Tuesday.
According to the document, the CBN has now enforced the final cutoff, declaring that any BDC that did not meet the requirements by the end of November is no longer recognised.
“The guidelines provided a transition timeline of six months from the effective date, 3 June 2024, with a deadline of 3 December 2024, for all existing BDCs to meet the requirement of the new Guidelines or lose their licence(s). However, the management of the CBN graciously extended this deadline by another six months, which ended 3 June 2025, to give ample time for as many legacy BDCs desirous of meeting the new requirements to do so.
“Consequently, any legacy BDC that failed to meet the requirements of the new Guidelines as of 30 November 2025 has ceased to be a BDC, as its licence no longer exists. Please visit the CBN website for the updated list of existing BDCs in Nigeria,” the apex bank said.
According to the CBN, before its latest decision, an extended compliance window was granted under the revised BDC Guidelines. Existing operators were initially given six months, June 3 to December 3, 2024, to satisfy the new regulatory conditions.
The CBN later granted an additional six-month extension, which elapsed on June 3, 2025, to allow more operators to align with the updated standards.
The new measures form part of broader efforts by the CBN to strengthen transparency, compliance, and stability within Nigeria’s foreign exchange market.
The new CBN regulatory framework for BDCs, introduced in February 2024, mandated BDC operators to meet higher capital requirements. Tier-1 operators are required to meet a minimum capital requirement of N2bn, while Tier-2 operators must meet N500m as MCR.
The bank added that it would continue to receive applications on its Licensing, Approval and Requests Portal from prospective promoters, and those that meet the criteria will be considered for a license.
However, the CBN said it reserves the right to discontinue the licensing of BDCs at any time.
By Modupe Gbadeyanka
A non-bank credit card issuer, 03 Capital, has introduced a travel card designed to unlock the N95 billion festive spending boom in Nigeria.
The new initiative, known as the 03 Capital Blink Travel Card, promotes economic participation among returning Nigerians, expatriates, and tourists.
A statement from the financial technology (fintech) firm is available instantly to use at over 40 million merchants and ATMs nationwide.
The Blink Card, to be issued in both digital and physical form, is loaded with currency from any foreign bank card, converted to Naira, enabling transactions to be completed in the local currency.
The card offers tap-to-pay and cash withdrawals at over 40 million merchants and ATMs nationwide, making it the ideal solution for visitors to Nigeria.
It also avails Nigerians in the Diaspora to spend like locals when they return to their country of origin.
Payments for goods and services can be completed via the virtual Blink Card, linked to the O3Cards app. Funds can also be transferred instantly to all local banks and other financial institutions.
According to the World Bank, remittance inflows account for approximately 5.6 per cent of Nigeria’s gross domestic product (GDP), and the resultant spending power is unlocked when the Diaspora returns home for the festive period.
In December 2024, about N95 billion was injected into the Nigerian economy by inbound passengers – 90 per cent being diasporic Nigerians – spending on short-let accommodation and hotels, events and hospitality, nightlife and dining, and vehicle rentals. The launch of the Blink Card promises to spur this spending further, providing a significant boost to local businesses.
Blink Cards are available for collection at all Nigerian international airports, offering an immediate and hassle-free route to financial empowerment for people arriving in the country.
Blink Card carriers benefit from increased convenience, flexibility, and safety by not needing to carry large amounts of physical cash, while the ability to pre-load cards promotes smarter budgeting practices.
“We are excited to launch the Blink Card to promote greater economic participation among visitors to Nigeria.
“The card removes the needless friction and costs involved in legacy foreign exchange and cash payment processes, offering a quicker and more transparent option for spending in the country.
“As Nigerians begin travelling home for Christmas – combined with the regular traffic of arriving tourists, expatriates, and businesspeople – this is the perfect time to launch a solution catering to the financial needs of visitors, tapping into the seasonal spending boom which provides an annual lifeline for local economies and SMEs,” the chief executive of 03 Capital, Abimbola Pinheiro, stated.
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