General
Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe
By Adedapo Adesanya
It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe.
Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States.
The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador.
These personalities relished adventurous and courageous stories from Wigwe’s early childhood and later his successful sojourn and success stories from GTBank and later the acquisition of Access Bank.
A friend of the deceased, Mr Aliko Dangote, was in tears as well as Mr Aigboje Aig-Imoukhuede, his long-term business partner and co-founder of Access Bank and Mr Femi Otedola, in an emotion-laden voice, also expressed the qualities of Mr Wigwe.
Governor Dapo Abiodun of Ogun, who first spoke for the governors reiterated his encounter with the late banker.
“It is a tough season for all of us,” Mr Abiodun said, noting that “words were not enough to describe how larger than life Wigwe was as he achieved so much within a short lifetime.”
“Herbert was loyal to his friends, way ahead of his time ever forward-looking,” he stated.
He said Mr Wigwe believed in the country Nigeria, and he was patriotic, adding that he met him about 30 years ago and thanked Wigwe for believing in him and being supportive of his programmes and projects.
He also said the projects included Gateway International Airport and the Epe/Ijebu-Ode Road projects, among others.
He described Mr Wigwe as a bridge builder, selfless, bold and courageous. He said it still felt like a bad dream that Herbert was gone, saying he was happy he honoured the invitation to see Mr Wigwe’s new home.
He disclosed that Mr Wigwe had a street named after him in Beirut, the capital of Lebanon saying, “he lived more than a life in one lifetime.
In an unprepared speech, Governor Babajide Sanwo-Olu of Lagos narrated his last conversation with Wigwe on Thursday, February 8, where lofty ideas were discussed.
“This was the last conversation that I will keep on my phone for a long time,” he said.
He promised to immortalise the late founder of Access Bank, Dr Herbert Wigwe, who was born at the Island Maternity Hospital in the state.
He said that Wigwe was a man who always had good stories and supported several projects of his administration driving him to take up new challenges.
“Herbert was one of the very first people that supported my ambition generously,” he added.
He said it was unbelievable how a man could give so much, including his words of encouragement. Sanwo-Olu revealed how Wigwe collaborated with other partners to cushion the effects of COVID-19 during the dreaded global pandemic.
“Herbert led from the front, encouraged and stood with the state government. I have indeed lost a big friend,” he added.
He said Mr Wigwe and Mr Aigboje Aig-Imoukhuede, the former group managing director of Access Bank, took a trip with him to Cairo to pursue visions of Lagos.
He also said Mr Wigwe had a special history of Isale Eko, and Lagos would immortalise him, haven being born in Island Maternity Hospital.
He said if places of birth mattered, Mr Wigwe should be of Isale Eko origin, noting, “Herbert has transcended beyond borders.
“Lagos will not forget Herbert Wigwe. We will support the family,” he said.
The Minister of Finance, Mr Wale Edun, narrated Mr Wigwe’s contributions to sports and various sectors, including supporting his personal and family visions.
“Herbert gave me his time and thinking, what I valued most; the man is never short of ideas,” he noted.
Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria(CBN), lauded Mr Wigwe’s hard work, broad knowledge base and role in shaping banking reforms further.
He said that Mr Wigwe’s commitment to reform and his genuine concern for the well-being of Nigerians garnered significant recognition.
The CBN Governor said he and the deceased recently discussed the way out of the country’s economic impasse, adding that the banker’s demise had left a vacuum in the banking sector and the economy.
On his part, the former CBN Governor, Mr Lamido Sanusi, emphasised the immense value of Wigwe’s contributions and the challenges that could arise in finding a suitable replacement.
Mr Sanusi recognised Mr Wigwe’s influence and the long-lasting imprint of his work, saying that further solidified the remarkable nature of his contributions.
For Mr Ibrahim Dankwambo, the former Senator for Gombe North and former governor of Gombe State, eulogised saying “from Him we come, to Him we shall return” and reeled out good times with the late founder, saying he was handed over to him as a brother by his father.
Mr Dankwambo, a former Accountant-General of the Federation, shared hilarious moments and described Mr Wigwe as a detribalised Nigerian.
Tributes of President Bola Tinubu, former President Olusegun Obasanjo, President Emmanuel Macron of France, and former US President Bill Clinton were read at the event.
Also, friends, associations, professional colleagues, Access Bank management from Nigeria, Ghana, and the UK as well as staff took turns to eulogise the patriotism, friendship, and mentorship qualities of Wigwe.
General
Tinubu in UAE for 2025 Abu Dhabi Sustainability Week
By Modupe Gbadeyanka
President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).
He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.
He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.
However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.
The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.
In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.
ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.
It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.
At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.
The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.
General
Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement
By Dipo Olowookere
The Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.
Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.
Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.
This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.
Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.
Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.
In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.
Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”
He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.
However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.
Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.
“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.
Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.
As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.
Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.
For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.
General
Nigeria Suffers First National Grid Collapse of 2025
By Modupe Gbadeyanka
Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.
It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.
Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.
It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.
This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.
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