Ten years after leaving the group he co-founded with his friend and business partner Herbet Wigwe, who died in the USA on 9 February, nigerian banker and businessman Aigboje Aig-Imoukhuede has been appointed non-executive Chairman of the Board of the Access Corporation Group, parent company of Access Bank and other subsidiaries of the group.
“Access Holdings Plc (the HoldCo) is pleased to announce the return of Mr Aigboje Aig-Imoukhuede, CFR, as Non-Executive Chairman. Mr Aig-Imoukhuede, CFR, replaces Mr Abubakar Jimoh, the former Chairman of the HoldCo, who will remain on the Board as an independent non-executive director,” the group said in a press release issued on Wednesday 13 March. According to the statement, it was in response to the untimely death of Access Holdings’ former chief executive, Dr Herbert Wigwe, and following extensive consultations with key stakeholders, that the holding company’s board unanimously decided to invite Aig-Imoukhuede to take the helm of the group. “This visionary and accomplished leader brings an exceptional record of achievement, expertise and leadership to guide the Group into a new era of success,” the statement said.
Access Holdings Plc. is a leading multinational financial services group offering commercial banking, lending, payments, insurance and asset management services. Headquartered in Lagos, Nigeria, the group operates through a network of over 600 branches and points of service, spanning three continents, 18 countries and more than 49 million customers. The company employs over 28,000 people in its Nigerian operations and is currently listed on the Nigerian Exchange Limited (formerly the Nigerian Stock Exchange).
Drawing on its vast experience
The decision to reinstate Aig-Imoukhuede as non-executive chairman of the group, it is explained, reflects the board’s commitment to the group’s core values and its determination to build on the strong foundations it established jointly with Dr Wigwe.” With his return, Access Holdings intends to leverage his vast experience, industry knowledge and exceptional leadership skills to build on the growth and achievements achieved under Dr Wigwe’s leadership.” In his new role as non-executive chairman, Aig-Imoukhuede will work with the board to oversee strategy and provide guidance to the management team.
“His return is testament not only to his unwavering dedication to Access Group, but also to the Board’s confidence in his ability to lead the Group to new heights.”
Commenting on his appointment, Aig-Imoukhuede said, “I am confident that by working with our directors, our outstanding team of executives and our best banking and finance professionals, we will deliver exceptional value to our stakeholders. I am determined that our shared vision, for which Dr Wigwe gave his all, will be realised.
An exceptional and influential leader
Investor, banker, philanthropist, co-founder, Aigboje Aig-Imoukhuede has over 30 years in the banking industry in the areas of capital markets, investment banking, risk management, strategy and commercial banking. Between 2002 and 2013, he was the Group Chief Executive Officer of Access Bank, where he led the bank’s transformation into one of Nigeria’s top five banks.
Described as an exceptional and influential leader, he admirably laid solid foundations for Access Bank’s success, ably supported by his partner and deputy, the late Dr Herbert Wigwe, who later succeeded him.
Remarkable growth
Under the leadership of Aig-Imoukhuede,” explains the group, “Access Bank has experienced remarkable growth and established itself as a trusted financial institution within the community. From a minor player, the bank has become one of the top five banks in Nigeria, with a presence in nine other African countries and the UK. In addition, says Aig-Imoukhuede, Access Bank has seen its customer base grow from 10,000 to more than 6 million, with more than 5,000 employees and assets of $12 billion, achieving many milestones and becoming a globally recognised name. “His strategic vision, sense of innovation and in-depth knowledge of the market have played a decisive role in the bank’s success.
A member of the Nigerian Bankers’ Committee, Aigboje Aig-Imoukhuede led the banking industry’s voluntary adoption of the Nigerian Sustainable Banking Principles in 2012, an initiative that, it is reported, has since been emulated by several countries around the world.
In addition, as chairman of the Presidential Committee on Fuel Subsidies, Aigboje Aig-Imoukhuede saved Nigeria more than $6 billion in fraudulent claims for oil subsidies.
Aigboje Aig-Imoukhuede, it is reported, is the founding chairman of the Financial Market Dealers Association and led the creation of the FMDQ Securities Exchange. He was elected chairman of the Nigerian Stock Exchange Council in 2013, becoming the first African to chair two national stock exchange platforms. As Chairman of the Exchange, he championed demutualisation, which was completed in 2021.
Entrepreneur and investor
After retiring as CEO of the Bank in December 2013, Aig-Imoukhuede co-founded the Tengen Family Office Limited, which oversees a large portfolio of investments and businesses in the banking, finance, insurance, technology, real estate and energy sectors.
In addition, through his Aig-Imoukhuede Foundation and its subsidiaries, the African Governance Initiative and the Aig-Imoukhuede Institute, he is involved in training the next generation of government leaders in Nigeria, helping to transform the effectiveness of the public sector and improve access to quality primary healthcare.
Chairman of Enterprise NGR, an advocacy group for Nigerian financial and related professional services, Aig-Imoukhuede was appointed to the International Advisory Board of the Blavatnik School of Government at Oxford University in 2017. His contribution to universal healthcare for all Africans led to his appointment in 2011 as the first African co-chair of GBC Health, a New York-based private sector coalition against HIV, malaria and tuberculosis. Aig-Imoukhuede is a board member of the Aliko Dangote Foundation.
Author of a “financial thriller”
Aig-Imoukhuede holds an Executive MBA from the London School of Economics, New York University and HEC Paris, a law degree from the University of Benin and was called to the Nigerian Bar in 1987. He received an honorary degree from Olabisi Onabanjo University, Nigeria. He is a member of the Nigerian Bar Association and the Institute of Chartered Bankers of Nigeria.
Aigboje Aig-Imoukhuede is the author of a book described as a “financial thriller” about the Access Bank success story. Published on 29 March 2021, “Leaving the Tarmac: Buying a Bank in Africa” tells the story of how Aigboje Aig-Imoukhuede and Herbert Wigwe bought a failing bank in 2002 and transformed it into one of Nigeria’s leading commercial banks, with operations in several African countries and the UK.
