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Corporate Nigeria shuts down Lagos for Wigwe
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Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan.
In an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s richest man, Aliko Dangote, Minister of Finance, Wale Edun, governors of Lagos and Ogun states, Central Bank of Nigeria, CBN governor and bank chief executives sang praises of the late bank chief.
Wigwe, 57 years old, who was also MD/CEO Access Bank Plc, died in a helicopter crash in United States on February 9, 2024, alongside his wife, Chizoba Wigwe, his Son, Chizi Wigwe amd former President, Nigeria Exchange, Mr. Abimbola Ogunbanjo.
Other dignitaries at the event include President, African Development Bank, AfDB, Adesina Akinwunmi, Chairman Zenith Bank Plc, Jim Ovia, Chairman Coronation Capital, Mr. Aigboje Aig-Imoukhuede, CEO, GTHoldings Plc, Segun Agbaje, CEO of FirstBank Nigeria Limited, Adesola Adedutan and the President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Okpara.
Dangote
In his tribute, Dangote descibed the late Herbert Wigwe as a loyal friend and a pillar of support for him and his family.
Fighting to hold back tears, Dangote narrated how late Herbert encouraged him in his business pursuits.
Dangote described the late Herbert as a visionary role model with courage second to none.
“I am proud to name him my devoted friend, mentee and supporter. I will forever cherish the warmth of his friendship,” Dangote said.
Adesina
AfDB President, Adesina Akinwunmi, in his tribute said: ‘’Herbert Wigwe brought pride to Nigeria and to Africa.
“He was relentless, determined, bold, visionary, inspiring, with exceptional drive for excellence. Everything he touched became gold
“Herbert is a bankers banker, and investors asset holder. His drive for major achievements sparks courage. Herbert was bankable and Access Bank was bankable.”
Aig-Imoukhuede
The chairman, Coronation Capital, Aigboje Aig-Imoukhuede, described Herbert Wigwe as a brilliant banker who help to transform the banking industry in Nigeria.
Edun
Minister of Finance, Wale Edun, described late Herbert as a pillar of support who was full of knowledge, ideas and creative thinking.
“He gave me his time and thinking. He had solutions, never at a loss,” said Edun.
Sanwo-Olu
Governor, Lagos State, Mr. Babajide Sanwo Olu, paid glowing tributes to the leadership qualities of late Herbert Wigwe, especially in rallying support to combat the COVID-19 pandemic.
“Herbert led from the front during the difficult period of COVID 19.
Describing the late banker as a brother, friend adviser, who supported the infrastructure drive of his administration, Sanwo Olu said Lagos would not forget Herbert Wigwe.
Gov Abiodun
Herbert believed in Nigeria—Dapo Abiodun
Ogun State governor on his part, praised the late Herbert for his commitment to Nigeria
“Herbert believed in Nigeria. He did everything to support Nigeria. He was intelligent, bold and lived two lifetimes in one.”
Cardoso
CBN Governor, Olayemi Cardoso described late Herbert Wigwe as a trully exceptional individual who played a pivotal role in transforming Access Bank into one of Nigeria’s foremost financial institutions.
I spoke with Herbert 2 weeks before he died —Agbaje
Agbaje
The Group Chief Executive Officer of GT Holdings, Mr Segun Agbaje, in his tribute, said he spoke with the late Herbert two weeks before he died, just as he described him (Herbert) as a fierce competiton.
Agbaje said: “It is indeed a very difficult for me. Herbert was my colleague, friend, competitor and brother. Only Herbert could have been all those things to a human being.
‘’We started as colleagues. I met Herbert in November 1991, we were both in the corporate bank. And then, as we all matured, Herbert became my real brother.
‘’He would alweays make the phone call to get you out of the spot you were in. It is weird that my last conversation with him was two weeks before he died.
He came to my house to talk about his obsession which was his university.”
Banks now borrow more from CBN to shore up cash position
Amidst sustained liquidity
mop-up and monetary policy tightening by the Central Bank of Nigeria, CBN, there are indications that many deposit money banks are now resorting to heavy borrowing from the apex bank to meet up with their regulatory and other liquidity obligations.
CBN’s Financial Data for February 2024 obtained by Vanguard shows that the banks’ borrowing from the CBN Standing Lending Facility (SLF) increased month-on-month, MoM, by 65.5 percent to N5.96 trillion in February from N3.6 trillion in January 2024.
The data also shows that the banks deposited N330.71 billion in the CBN’s Standing Deposit Facility (SDF) in the same period, representing a 72.4 percent MoM, decline when compared with N1.2 trillion deposited in January 2024.
This development is coming at the backdrop of the various CBN policies to prepare banks against vulnerabilities from within and outside the country.
One of the latest policies is the increase in the benchmark interest rate, the Monetary Policy Rate, MPR, to 22.75 percent from 18.75 percent and Cash Reserve Ratio, CRR, to 45 percent from 32.5 percent last week.
Analysts are of the opinion that the increase in interest rate would raise asset yields of some banks by an average of 400 bases points (bps) in the financial year end of 2024.
In their Banking Sector update report for March, analysts at CardinalStone Research said: “Based on the first and second-order impacts of the rise in auction stop rates and 400 basis points increase in MPR to 22.75%, we now forecast asset yields to rise by an average of 400 bps across our coverage banks in FY’24 (vs c. 150 bps in our previous communication).
“This adjustment suggests a mean 83.4 percent increase in interest income for our banking coverage.
“Whilst the discontinuation of daily CRR debits is positive, the recent decision of the MPC to raise statutory CRR to 45 percent may appear a downside risk to interest income, with direct inference suggesting that banks can now only deploy 55 percent of new deposits to interest-earning opportunities assuming other rules (such as the loan to deposit ratio) are adhered to.
“We are of the view that the surging interest rate environment may increase pressure on banks to step up on the dividend front in the coming months. This may open avenues for decent dividend income (vs de-annualized return from fixed income options) in the near term.
“In our view, adverse macroeconomic conditions are likely to increase the risk of Non performing Loans , NPLs, in FY’24 (mean of 3.7 percent across our coverage), with sectors that are heavily reliant on imported raw materials and equipment maintenances such as manufacturing likely to be badly hit by the short-term cost implications of ongoing reforms.”
News
AEDC Promotes 547 Employees, Raises Pay For 579 Others
Abuja Electricity Distribution Plc (AEDC) has promoted 547 employees and approved salary step increments for 579 others as part of a broad workforce development programme designed to reward outstanding performance, strengthen staff motivation and drive organisational excellence.
The exercise, which benefitted 1,126 employees, followed the successful completion of the company’s 2025 Performance Appraisal Exercise and underscores AEDC’s commitment to building a high-performing, customer-focused workforce.
Managing Director and Chief Executive Officer of AEDC, Chijioke Okwuokenye, said the initiative reflects the company’s resolve to place employees at the heart of its transformation agenda, stressing that investment in human capital remains critical to achieving sustainable growth.
He described the promotions and salary adjustments as a recognition of diligence, professionalism and commitment, noting that the company would continue to reward excellence while creating opportunities for career advancement.
According to him, AEDC is intentionally fostering a work environment where merit, innovation, continuous learning and teamwork determine career progression, adding that employee welfare remains a key pillar of the company’s long-term strategy.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. This is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth,” Okwuokenye said.
He explained that the organisation is committed to providing employees with fulfilling career opportunities that enable them to maximise their potential while contributing to AEDC’s ambition of becoming one of Africa’s leading electricity distribution companies.
The AEDC chief also urged employees who were not promoted in the current appraisal cycle to remain committed, assuring them that the company’s performance management system is structured to support continuous improvement, skills development and future career progression.
AEDC said the promotion and salary increment exercise forms part of its broader strategy to cultivate a performance-driven culture, encourage professionalism and recognise employees who contribute significantly to the company’s growth.
The company added that as it continues to modernise operations, improve electricity service delivery and enhance customer experience, it will sustain investments in staff development to strengthen productivity and reinforce its position as one of Nigeria’s preferred employers in the power sector.
News
Suspected Hoodlums Cart Away PVCs At Distribution Centre In Osun
Some hoodlums suspected to be political thugs on Sunday stormed a permanent voter’s card (PVC) distribution centre in Okuku, the headquarters of the Odo-Otin Local Government Area of the state, and carted away two packs of PVCs.
The INEC officials were busy distributing the cards at the Oyinlola DC Primary School, Ward 2, when the thugs suddenly arrived and started shooting sporadically into the air, scaring residents and officials, and took two packs of cards and left the venue before police could arrive at the scene.
The spokesperson of the Osun State Command, Abiodun Ojelabi, said that about ten armed hoodlums invaded the centre, fired sporadically into the air and carted away three packs of PVCs before fleeing the scene.
Ojelabi disclosed that the State Commissioner of Police, Ibrahim Gotan, has condemned the attack and directed a comprehensive investigation to identify and prosecute those responsible.
Reacting to the development, the Resident Electoral Commissioner (REC) of INEC in the state, Oluwatoyin Babalola, condemned the attack. She said she was to get the detailed report on the attack, adding that she is yet to know the exact number of PVCs carted away by the hoodlums.
The REC, however, assured the people of the state that the governorship election would be free, fair, credible, inclusive and transparent.
News
2027: APC uploads 27 governorship candidates to INEC portal ahead of deadline
The ruling All Progressives Congress (APC) has uploaded the details of 27 governorship candidates and their running mates to the Independent National Electoral Commission (INEC) Candidate Nomination Portal (ICNP) ahead of the August 8 deadline.
The party has also uploaded the particulars of more than 60 per cent of its candidates contesting seats in the various State Houses of Assembly.
Findings indicated that the APC’s ICT department has completed the upload for candidates in 27 of the 28 states conducting governorship elections, with disagreement over the deputy governorship slot in one North-West state delaying the final submission.
A source on the APC National Working Committee (NWC) Vetting Committee, chaired by Hon. Jibrin Bancir, disclosed that 15 of the 16 incumbent governors seeking re-election had been cleared and uploaded to the portal.
Also uploaded were the details of 12 first-time governorship candidates and their running mates, including Obafemi Hamzat (Lagos), Solomon Adeola (Ogun), Ogundu Kingsley Chinda (Rivers), Eric Opah (Abia), Mohammed Abubakar (Bauchi), Mustapha Gubio (Borno), Jamilu Gwamna (Gombe), Ahmed Aliyu Wadada (Nasarawa) and Baba Malam Wali (Yobe).
Speaking on condition of anonymity, a member of the vetting committee said the party had made substantial progress in meeting the electoral commission’s deadline.
“We have made giant strides in our efforts to upload the details of all our governorship candidates and their deputies. In fact, but for one state, we would have completed and closed the process for governorship candidates,” the source said.
The source attributed the delay to the unresolved choice of a deputy governorship candidate in a North-West state.
“The delay is caused by the deputy governorship candidate. We have been told that the issue will be resolved at a crucial stakeholders’ meeting scheduled for Monday here in Abuja,” the official added.
On the nomination of state assembly candidates, the source said the party had overcome initial technical challenges on INEC’s portal and had successfully uploaded the particulars of more than 60 per cent of its candidates.
“Despite the initial delay due to technical issues from the electoral umpire, our ICT personnel kept scanning and filling the details of our State Houses of Assembly candidates,” the source stated. “It was easy for us to upload immediately INEC opened the portal for sub-national lawmakers.
“Recall that our party completed the uploading of our Presidential and National Assembly candidates within record time. We are fully set to ensure that details of all 28 governorship candidates, their deputies, and the 990 state legislative nominees are uploaded well before the August 8 deadline.”
Under Section 29(1) of the Electoral Act 2026, political parties must strictly comply with statutory timelines to submit candidate lists along with affidavits and personal declarations (Forms EC9 and EC9A through EC9E).
The digital portal—which opened at 9:00 a.m. on July 18—will automatically lock at 6:00 p.m. on August 8, leaving no room for manual submissions or post-deadline extensions.
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