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
Some entrepreneurs across diverse sectors recently completed a three‑week intensive capacity‑building programme organised by Ecobank Nigeria, in partnership with DHL.
The event was put together to equip Small and Medium Enterprises (SMEs) with the skills, tools, and insights required to scale beyond local markets and compete globally.
The focus was on critical growth enablers such as cross‑border trade, e‑commerce opportunities, logistics, customs procedures, and international shipping—key pillars for sustainable expansion in today’s increasingly connected global marketplace.
In one of the sessions, titled Trade and Grow Beyond Borders: Welcome to E‑commerce, the Relationship Channel Manager for DHL Customers/Global Express, Mr Charles Eke, underscored logistics as a critical success factor for SMEs, identifying key challenges such as access to finance, markets, and efficient logistics.
He also provided practical guidance on customs processes, international shipping, documentation, and shipment tracking, while emphasising the immense opportunities e‑commerce presents for cross‑border expansion.
According to him, international markets often offer greater growth potential than domestic markets for well‑positioned SMEs.
The Head of SMEs, Partnerships and Collaborations at Ecobank Nigeria, Mrs Omoboye Odu, described the programme as a catalyst for meaningful growth and mindset change.
“Over the past three weeks, something truly powerful has taken place. This programme has gone far beyond knowledge sharing—it has inspired new thinking and unlocked fresh possibilities for our SMEs. The message is clear: no business should be limited by geography,” she said.
Mrs Odu reiterated Ecobank’s deliberate focus on SMEs as key drivers of Africa’s economic development, saying, “Beyond building capacity, we are intentionally opening doors by connecting businesses to new markets and opportunities. With our presence in over 30 African countries, coupled with integrated payment, trade finance, and e‑commerce solutions, Ecobank is uniquely positioned as the Pan‑African bank enabling seamless cross‑border trade.”
One of the participants, Ms Dolapo Fatoki of Debsfray, a Lagos-based fashion brand, described the initiative as impactful, practical, and transformative.
“The sessions were highly informative. I gained a deeper understanding of documentation and pricing, two areas that previously posed major challenges for me. The collaboration between DHL and Ecobank has been exceptional and truly beneficial,” she noted.
Similarly, the Creative Director of FC Accessories, Mr Tosin Olukuade, described the programme as “an eye‑opener,” adding that it reshaped his approach to business growth.
“The insights I gained will help me scale my business exponentially. I am grateful to Ecobank and DHL for creating this opportunity,” he said.
Reflecting on the programme’s digital focus, the chief executive of Needle Point, Mrs Theresa Onwuka, highlighted how the sessions broadened her outlook on growth and innovation.
“The class was so good—it got my mind thinking of possibilities. My main takeaway is clear: digitalisation is the way forward,” she remarked.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular titled Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide) and signed by the Director of the Financial Policy and Regulation Department, Mrs Rita Sike.
According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
Business Post also reported that the regulator has raised ATM card fees by 50 per cent to N1,500 and scrapped the monthly maintenance charge.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has proposed that financial institutions operating in the country should charge N150 for the e-dividend mandate processing fee from May 1, 2026.
This was contained in the latest Guide to Charges by Banks and Other Financial Institutions in Nigeria, signed by the Director of the Financial Policy and Regulation Department of the CBN, Ms Rita Sikе.
The move is to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions.
The reviewed guide, according to the central bank, provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions.
It also reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodate new industry participants since the issuance of the 2020 guide.
“In view of the above, the draft guide is hereby exposed to members of the public for their comments/input on the proposed fees contained therein. Comments are to be sent to [email protected] on or before May 08, 2026,” a part of the note stated.
In the draft, the banking sector regulator is suggesting the payment of N1,500 for local debit card issuance and replacement by customers and a $10 annual fee for foreign currency-denominated debit/credit cards.
For on-site ATM transactions, a charge of N100 per N20,000 withdrawal was proposed and N100 plus a surcharge of not more than N500 per N20,000 withdrawal. It emphasised that the surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.
The bank also said that for electronic fund transfers below N5,000, no fee would be collected, but from N5,000 to N50,000, customers would part with N10, and for transfers above N50,000, the fee of N50 would be paid, while for microfinance banks, there would be the settlement bank’s charge plus 10 per cent of the charge.
The CBN noted that this guide applies to commercial banks, merchant banks, Payment Service Banks (PSBs), non-interest banks, microfinance banks, finance companies, Primary Mortgage Banks (PMBs), Development Finance Institutions (DFIs), credit guarantee companies, Mobile Money Operators (MMOs), and any other institution as may be designated by it.
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