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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.

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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.

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“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

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“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

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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.

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“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

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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.

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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.

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‘’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

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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.

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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).

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“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.”

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APC Primaries Turnout Shows Tinubu’s Rising Popularity Ahead of 2027 — Yilwatda

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National Chairman of the All Progressives Congress, Nentawe Yilwatda, has declared that the massive turnout recorded during the party’s nationwide 2026 primaries is a clear indication of President Bola Ahmed Tinubu’s growing popularity and the APC’s strong prospects ahead of the 2027 general elections.

Yilwatda made the remarks on Saturday after participating in the APC Presidential Primary election at Dungung Ward in Kanke Local Government Area of Plateau State.

The APC chairman arrived at the venue alongside former Plateau State governor and senator representing Plateau South, Simon Lalong, where they were received by Kanke Local Government Chairman, Hon. Lapchin Golime, amid a large crowd of party supporters.

Speaking shortly after casting his vote, Yilwatda described the turnout witnessed across polling centres as “organic,” insisting that Nigerians were increasingly embracing the APC and President Tinubu’s Renewed Hope agenda.

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“You can see the massive turnout everywhere we visited. The support for President Tinubu and the APC is organic,” he stated.

According to him, the increasing number of politicians seeking elective positions on the APC platform reflects the growing acceptance of the ruling party across the country, especially at the grassroots.

Yilwatda maintained that despite complaints arising from the primaries, the party remained committed to internal reconciliation and democratic processes through established appeal mechanisms.

He also dismissed claims that APC’s victories were solely driven by incumbency, citing losses recorded by the party in some elections as proof that its success was rooted in popular support.

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Also speaking, Lalong praised President Tinubu and the APC leadership for sustaining internal democracy, describing Yilwatda as one of the most impactful national chairmen the party has produced in recent years.

The APC national chairman later monitored party primaries in Kanke, Pankshin, and Mangu local government areas of Plateau State.Follow Krestnews.com for more reports.

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Tinubu wins APC presidential primary, to receive certificate of return today

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President Bola Tinubu has recorded a sweeping victory across several states as the All Progressives Congress (APC) held its 2026 presidential primary election on Saturday.

The exercise, which gathered momentum in the afternoon in most states, was presided over by governors who were officially mandated by the party to serve as collation officers.

In many of the results already announced, the president defeated Stanley Osifo, his lone challenger, who recorded zero votes in several states.

In Rivers state, Tinubu polled 280,468 votes, while Osifo recorded zero votes across the 23 LGAs of the state, according to Siminalayi Fubara, governor of the state.

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It was a similar outcome in Edo, where Tinubu secured 131,096 votes, while Osifo got just one vote during the exercise held across the 192 wards in the state on Saturday.

Monday Okpebholo, the governor and returning officer for the election, described the exercise as peaceful and transparent.

Muhammadu Yahaya, governor of Gombe, who announced the outcome of the exercise, also said the APC in the state delivered every vote to Tinubu during the presidential primary held across the 11 LGAs.

Yahaya said Tinubu polled 450,516 votes while Osifo recorded zero votes, noting that the state has 550,516 registered APC members.

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Osifo also recorded zero votes in Osun as Tinubu secured another landslide victory with 100,880 votes in the primary, which was described as peaceful by Adegboyega Oyetola, minister of marine and blue economy, who served as collation officer.

“This impressive turnout is not only historic but also a resounding affirmation of the confidence reposed by members of our party in the leadership, vision and Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR,” Oyetola said.

The president also recorded a clean sweep in Ebonyi, securing all 207,579 valid votes cast across the 13 LGAs, while his rival got zero votes.

Announcing the results in Abakaliki, Francis Nwifuru, governor of Ebonyi and collation officer for the state, said the exercise was held simultaneously across 171 wards and 13 LGAs, where the party has 215,490 members.

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In Kwara, Tinubu also defeated Osifo, polling 310,990 votes while his lone challenger secured no votes.

Abdulrahman AbdulRazaq, who announced the results, said a total of 457,374 party members were registered for the exercise, while 310,990 members were accredited and participated in the voting process across the state.

The same scenario played out in Bayelsa as Tinubu garnered 277,192 votes to defeat Osifo, who polled five votes, according to Doriel Nduwi, the collation officer.

Similarly, in Zamfara, Tinubu secured 321,579 votes against the 42 votes recorded by Osifo.

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Dauda Lawal, governor of the state, who announced the result, said a total of 322,435 accredited voters participated in the exercise.

“I therefore declare President Bola Ahmed Tinubu as the winner of the 2026 Zamfara State presidential primary,” Lawal said.

‘STRONG AFFIRMATIONS’

Meanwhile, the president received affirmations in some states whose results have not been announced.

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Uba Sani, governor of Kaduna, who personally monitored the primary across 255 political wards in the 23 LGAs, said party members turned out massively for the exercise.

He described the development as a strong demonstration of unity, loyalty, and confidence in the leadership of the APC and Tinubu.

Tinubu also received a similar affirmation in Imo as thousands of party members trooped out to cast their votes for his candidacy.

Speaking after the exercise, Hope Uzodimma, governor of the state, said it is very obvious that “President Tinubu has done enough to deserve a second term”.

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“Look at what has happened at the grassroots, how it has been stimulated, starting from the membership registration, which was done electronically, to the validation of members,” the governor said.

“In just one ward, we had 35,000 people. It means that if only our party members vote for President Tinubu, he has already won the election.

“I want to thank President Tinubu for giving time to do politics the way it should be done. And I also want to thank our party members for coming out massively to vote for him as our candidate for the 2027 presidential election.”

TINUBU TO RECEIVE CERTIFICATE OF RETURN ON SUNDAY

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In a post on X, Bayo Onanuga, Tinubu’s senior special adviser on information and strategy, said the president will be presented with a certificate of return and the party’s flag on Sunday.

“President Tinubu to be presented by APC with certificate of return, party’s flag as the 2027 presidential candidate,” he said.

“President Bola Ahmed Tinubu will on Sunday receive the certificate and flag of the All Progressives Congress (APC) as its presidential candidate for the 2027 elections.

“The Presidential Primary Elections Committee will present the certificate and flag at the Bola Ahmed Tinubu International Conference Centre in Abuja after nationwide collation of the primary election results.

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“APC governors, members of the National Executive Committee, the National Working Committee, and the National Assembly, along with party stalwarts, will attend the event.”

[TheCable]

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APC Presidential Primary Holds Peacefully Across Delta, Tinubu Secures Massive Support

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The presidential primary of the All Progressives Congress (APC) was conducted peacefully across several local government areas in Delta State on Friday, with party members turning out in large numbers to participate in the exercise ahead of the 2027 general elections.

Across wards visited in Ethiope West, Oshimili North and South, Ika North-East, Ndokwa West, and Warri South-West local government areas, party faithful participated in the direct primary process, with President Bola Tinubu receiving overwhelming support.

At Oghareki Ward 7 in Ethiope West Local Government Area, members queued behind the agent of President Tinubu in line with the party’s Option A4 voting system.

The member representing Ethiope West Federal Constituency in the House of Representatives, Hon. Erhiatake Ibori-Suenu, participated in the process as party members in Oghareki and Mosogar turned out in large numbers.

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Stakeholders in the area described the exercise as peaceful and orderly, urging party members to remain united ahead of the general elections.

Other wards monitored in the council area, including Oghara Ward 2, Ogharefe Ward 6, Mosogar Ward 8 and Jesse Ward 10, reportedly recorded a similar peaceful atmosphere.

In Warri South-West Local Government Area, the Speaker of the Delta State House of Assembly, Rt. Hon. Emomotimi Dennis Guwor, joined party faithful at Gbaramatu Ward 4 to participate in the direct presidential primary.

Speaking after casting his vote, Guwor described the exercise as a reflection of the APC’s commitment to internal democracy, noting that the direct primary system enabled registered party members to actively participate in choosing the party’s presidential candidate.

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He commended the Presidential Primary Election Planning Committee and the APC State Working Committee for organising what he described as a smooth and credible exercise.

The Speaker also reaffirmed Delta APC’s support for President Tinubu and pledged continued efforts to strengthen the party structure ahead of future elections.

Similarly, Delta State Deputy Governor, Sir Monday Onyeme, applauded party members in Ndokwa West Local Government Area for what he described as their impressive turnout and overwhelming support for President Tinubu during the exercise.

Speaking at the collation centre in Utagba-Uno after the announcement of results, Onyeme said the turnout demonstrated the people’s loyalty and confidence in Tinubu’s leadership.

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He expressed optimism that Nigerians would witness more development under a second-term administration, stating that ongoing government policies were designed to improve the economy and citizens’ welfare.

The Returning Officer for Ndokwa West, Honourable Johnson Erijo, disclosed that the area had a membership strength of 28,789, adding that the primary was peaceful and orderly.

He announced President Tinubu winner of the primary in the area with 26,277 votes, while challenger Stanley Osifo polled no votes.

In Ika North-East Local Government Area, the presidential primary was also conducted peacefully at voting centres in Ute-Okpu Ward 9 and Akumazi Ward 7, where party members turned out for accreditation and counting.

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Party stalwarts attributed the turnout to growing support for Tinubu’s policies and programmes, expressing confidence in his administration’s direction.

Meanwhile, Oshimili North and South local government areas witnessed a similar peaceful process, with voters turning out in large numbers across wards in Asaba, Cable Point, Okwe, Okpanam, and Ibusa.

Returning officers and ward leaders described the process as transparent and orderly, noting that the turnout reflected confidence in both the party leadership and the electoral process.

Speaking in Lagos after casting his vote at Ikoyi-Obalende Ward L2, President Bola Tinubu described the nationwide APC primary as evidence of internal democracy and grassroots participation within the ruling party.

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The president commended members for their orderly conduct and praised governors and party officials for ensuring what he called a peaceful and transparent process across the country.

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