How Herbert Wigwe Led Access Bank to Victory

It was reported on February 10, 2024, that the Group CEO of Access Holdings Plc, Herbert Onyewumbu Wigwe, aged 57, alongside his wife, Chioma Wigwe, his son, Chizoba Wigwe, and a former Group Chairman of Nigerian Exchange Group Plc, Abimbola Ogunbanjo, was involved in a chopper crash on Saturday in California. It was said that they were on their way to watch the Super Bowl finals.

According to the report, a total of six people were en route to Boulder City, Nevada, from Springs, California, on Friday night when their chopper had a crash around 10 pm near a small town in California's Mojave Desert. Unfortunately, no one survived the helicopter crash. What led to the crash of the Airbus Helicopter EC-130 is still unclear, as the probe is still ongoing.

Before his death, Herbert Wigwe was a significant figure in the financial world, holding the record for reviving a dead bank in Nigeria to become one of the leading lenders in the country. Let's uncover a little about Late Access Holdings Plc's Chief Executive Officer.

READ ALSO: Job opportunity for New Graduates as Access Bank Opens Application for 2024 Entry-Level Training Program

Who is Herbert Wigwe?

Herbert Onyewumbu Wigwe was born on August 15, 1966, in Isiokpo, Ikwerre Local Government Area of Rivers State, Nigeria. When Herbert was born, his father was a civil servant who was the head of the Nigerian Television Authority, while his mother was a nurse in a hospital. Wigwe's primary school education is not documented as of now. Wigwe graduated from the University of Nigeria, Nsukka, with a second-class upper degree in accounting in 1987.

Wigwe got a British Council scholarship in 1990 to further his studies at Bangor University, formerly the University College of North Wales, to earn a Master of Arts in banking and finance in 1991. After that, he furthered his studies at the University of London to study financial economics in 1996. Wigwe attended the Harvard Business School executive management programme. In 2018, Herbert Wigwe received an honorary doctorate from the University of Nigeria, Nsukka.

Herbert Wigwe's Career

Herbert Wigwe started his career at Coopers & Lybrand as a management consultant in the late 1980s, becoming a chartered accountant in 1989. After that, he moved to join Guaranty Trust Bank, where he worked for over a decade and eventually became executive director around 1998—when he was just 32.

He allied with Aigboje Aig-Imoukhuede, also an executive director at GTB, in 2002. However, the CBN delayed the acquisition, saying the duo were too young to own a bank. Between 2002 and 2017, Access Bank, the worst-performing bank in Nigeria, became the 4th best bank due to combined efforts with financial experts that elevated the company. Wigwe served as the Deputy MD of Access Bank from 2002 to 2014. In 2013, he served as the chairman of Access Bank Ghana Limited. Before his death, Wigwe was the CEO and Group MD of Access Bank.

In 2018, it was reported that Access Bank merged with one of its competitors (Diamond Bank), becoming Nigeria's largest bank. One of his plans before he died was to expand the bank into Asia in 2024. Access Bank is now worth N21.4 trillion in assets as of last September.

Herbert Wigwe Philanthropy According to Wikipedia 

Herbert Wigwe, Access Bank, and UNICEF collaborated to offer support to less privileged people in the northern part of Nigeria. To raise awareness, the bank organises the annual Access Bank/UNICEF Charity Shield Polo tournament. In 2016, Wigwe founded the HOW Foundation, a non-profit organisation. In February 2017, he was named co-chair of the Nigerian Business Coalition against AIDS, a private-sector initiative to help eradicate HIV/AIDS in Nigeria and support people living with the condition. Wigwe University, a private university founded by Wigwe, was set to open in September 2024.

Herbert Wigwe Family

Herbert Wigwe got married to Chizoba Wigwe, a respected lawyer and entrepreneur, in 1994 and had four children before the chopper crash that killed them, including their first son, Chizi Wigwe. They had a beautiful family with their four children, Chizi, Tochi, Hannah, and David.

Herbert Wigwe Children
Herbert Wigwe has four children: Chizi, Tochi, Hannah, and David. He was a caring father before he died alongside five (5) other passengers in the Eurocopter EC130 helicopter that crashed around 10 pm in California, United States of America.

Herbert Wigwe Net worth

Herbert Wigwe, who is the CEO of Access Holdings, was worth a total of $65.2 million. However, this figure is still said to surpass that following the current naira/dollar rate, while some say that it’s lower than this. 

Herbert Wigwe Mansion

Other Things You Don't Know About Herbert Wigwe

Herbert Wigwe led Access Holdings through several mergers & acquisitions outside Nigeria, including acquisitions of banks in Kenya, Mozambique, South Africa, Zambia, Botswana, and Angola.

Among the deals in the pipeline before his demise were the takeover of Uganda's Finance Trust Bank Limited and Standard Chartered's banking businesses in Cameroon, the Gambia, Sierra Leone, and Tanzania.

The group got the CBN's approval in principle this January for a consumer lending division called Oxygen X Finance Company Limited and previously acquired Megatech Insurance Brokers Limited, Sigma Pensions Limited, and First Guarantee Pension Limited.

READ ALSO: Access Holdings Plc Appoints Bolaji Agbede as Acting CEO

It is also said that Herbert Wigwe had invested half a billion dollars in building a university in Isiokpo, Rivers State, focusing on management, science and engineering, IT, and creative arts, and was due for commissioning this year.

Read the full statement below:

ACCESS HOLDINGS PLC ANNOUNCES THE PASSING OF ITS GROUP CHIEF EXECUTIVE OFFICER, DR. HERBERT WIGWE, CFR

It is with deep sadness that the Board of Directors of Access Holdings Plc (‘the Company’) announces the passing of Dr. Herbert Wigwe, CFR, the Company’s founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary Access Bank Plc (‘the Bank’). Dr. Wigwe died alongside his wife and son on Friday, February 9, 2024 in a helicopter accident in the United States of America.

The entire Access Family mourns the loss of Herbert, Doreen and Chizi. We extend our deep and sincere sympathies to his family and loved ones. Dr. Wigwe was a key driving force and a larger-than-life personality who brought his remarkable passion, energy, and experience to the transformation of the Access franchise since joining the Bank in 2002. Commenting on the passage of Dr. Wigwe, Mr. Abubakar Jimoh, Chairman of Access Holdings said:

“The Access Family has suffered a major loss with the passing of Dr. Wigwe who was a great friend and fine gentleman. He had a prodigious intellect, admirable personal qualities, and vast business experience which he brought to bear on the Access Family and for which we owe him a debt of gratitude.

“In line with the Company’s policy, the Board will soon announce the appointment of an Acting Group Chief Executive Officer even as we remain confident that the Access Group will build further on Dr. Wigwe’s legacy of growth and operational excellence.”

Sunday Ekwochi

Group Company Secretary