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
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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