The unfortunate passing of Herbert Wigwe, a visionary leader and the Chairman of Access Bank Holdings, left a significant void and a need for an highly qualified person to take the helm and led the prominent institution.
Following a stakeholders’ meeting, Access Bank Holdings announced the appointment of Mr. Aigboje Aig-Imoukhuede as the new Chairman of the organization.
Given the significant role he’s been entrusted with, one might naturally inquire: Who is he? And does he possess the capability to effectively manage the immense responsibility of chairing the Access Bank group of companies?
Brief insight into the new chairman, Mr Aigboje Aig-Imoukhuede
Aig-Imoukhuede was born on 24 September 1966 in Ibadan, Oyo State in Western Nigeria but hails from Sabongida-Ora, Edo State. He studied Law at University of Benin, Edo State, where he graduated with a LLB degree in 1986 at age 19 and was called to the Nigerian Bar in 1987.
He holds a Trium MBA, awarded jointly by the London School of Economics, New York University, and HEC Paris. In 2000 he attended a three-month Executive Management Programme course at Harvard Business School. Aig- Imoukhuede began working as a lawyer with Continental Merchant Bank during his NYSC year in 1988.
His overwhelming passion for finance led him to join Guaranty Trust Bank Plc in December 1991 where he resigned as executive director in March 2002.
Qualifications and Achievements
I won’t delve into the entirety of his qualifications and achievements, as there are numerous. However, I’ve selected a few that I believe are relevant to his current role and may pique your interest.
Mr. Aigboje Aig-Imoukhuede is an esteemed investor with over three decades of experience in banking and finance, garnering international acclaim throughout his career. His expertise encompasses financial markets, asset and liability management, risk management, structured finance, and commercial banking.
Together with Herbert Wigwe, Mr. Aig-Imoukhuede acquired Access Bank in 2002. He oversaw the bank’s management from the time of acquisition until 2013, with support from Mr. Wigwe. By 2011, Access Bank had transformed from a minor player in the industry to one of the top four banks in the country.
Under his guidance, the bank achieved remarkable financial results in its 2011 fiscal report. Gross earnings surged by 52.5 percent to N138.9 billion from N91.1 billion in 2010, with profit before tax reaching N20.3 billion, a 25.3 percent increase from N16.2 billion the previous year. Additionally, profit after tax soared by 50.5 percent, rising from N11.1 billion in 2010 to N16.7 billion in the reviewed year.
During this period, shareholders’ funds grew by 12.3 percent to N197 billion from N175.4 billion in 2010. Customer deposits experienced a substantial growth of 126.4 percent, reaching N1.1 trillion from N486.9 billion in 2010. Furthermore, loans and advances appreciated by 28.5 percent to N552.4 billion from N429.8 billion in 2010, while total assets surged by 103.1 percent to N1.635 trillion from N804.8 billion in 2010.
Moreover, Access Bank successfully acquired the defunct Intercontinental Bank in 2012, expanding its branch network by 309 branches.
Mr. Aig-Imoukhuede voluntarily stepped down from his position as head of the bank in December 2013.
As a co-founder of the Tengen Family Office, Aig-Imoukhuede oversees a diverse portfolio of investments and businesses across banking, finance, insurance, technology, real estate, and energy sectors, valued at multibillion dollars.
He serves as the Chairman of the Board of Trustees of the Financial Market Dealers Association (FMDA) and played a pivotal role in establishing the FMDQ securities exchange, assuming the role of its founding chairman in 2013.
Additionally, he made history by being elected as the President of the Nigerian Stock Exchange council in the same year, becoming the first African to lead two national exchange platforms concurrently. During his tenure as president, he spearheaded the demutualization of the exchange, a milestone achievement completed in 2021.
Aig-Imoukhuede is a prominent advocate for financial market reform in Nigeria and holds the position of Chairman of Enterprise NGR, further solidifying his commitment to driving economic growth and development in the country.
Aigboje Aig-Imoukhuede’s extensive experience, proven track record in banking, and dedication to Nigeria’s financial well-being make him a well-suited leader for Access Bank. His appointment ensures stability and promises continued growth for the prominent financial institution.
