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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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Troops Repel Terrorists’ Attack on Military Post in North-east, Eliminate 12 ISWAP/Boko Haram Fighters

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Troops of the Joint Task Force (North East), Operation Hadin Kai (OPHK), have eliminated 12 ISWAP and Boko Haram fighters during a failed attack on a military position in the Kirawa axis of Sector 1 OPHK Area of Responsibility in the early hours of May 22, 2026.

The operation was carried out under Operation Desert Sanity and Siege Operations after suspected terrorists attempted to infiltrate positions occupied by troops of the 153 Task Force Battalion and other allied forces along the Nigeria-Cameroon border axis.

According to the Media Information Officer of Joint Task Force (North East) Operation Hadin Kai, Lieutenant Colonel Sani Uba, the attack was promptly detected and effectively repelled by troops and members of the Civilian Joint Task Force (CJTF), who responded with superior firepower and maintained control of their positions throughout the encounter.

The terrorists were subsequently forced to abandon the mission and retreat towards the Cameroon axis after suffering heavy casualties during the gun battle.

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“Intelligence, Surveillance, and Reconnaissance assets, as well as platforms of the Air Component of OPHK and partner forces, provided coordinated support during the operation.

“Following the engagement, troops confirmed the neutralisation of 12 terrorists, while several others reportedly escaped with gunshot wounds, as evidenced by blood trails along their withdrawal routes.

“Recovered items included AK-47 rifles, rocket-propelled grenade systems, ammunition, and a PKT machine gun, further weakening the operational capability of the insurgents in the area,” the statement said.

Troops of OPHK, working alongside the Civilian Joint Task Force, have continued exploitation operations to track fleeing terrorists and recover additional weapons and equipment, while maintaining heightened vigilance across the area.

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The Joint Task Force reaffirmed its commitment to sustaining pressure on terrorist groups until they are completely neutralised across the theatre of operations.

The military high command also commended the troops for their gallantry, professionalism, and swift response, which it described as the third successful operation recorded within the week, urging them to sustain the operational momentum in the interest of national security.

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Africa needs $2.8 trillion by 2030 to meet climate goals — Report

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Africa will require an estimated $2.8 trillion between 2020 and 2030 to effectively tackle climate change and meet its commitments under the Paris Agreement.

A new report policy analysis by Harrison Rehoboth Consulting, states that the continent needs about $277 billion annually to fund climate adaptation and mitigation projects.

The investment is aimed at reducing the impact of floods, droughts, desertification, and other environmental challenges threatening livelihoods across the region.

Femi Sekoni, spokesperson for Harrison Rehoboth Consulting, said the funding is critical to strengthen infrastructure, protect vulnerable communities, improve food security, expand renewable energy, and support a transition to cleaner, more sustainable economies.

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Despite the growing climate crisis, the report notes that Africa remains heavily dependent on foreign sources for climate financing. Domestic investors contribute only a small portion of available funds.

Local institutions including banks, pension funds, insurance firms, and private investors account for roughly 10% of climate finance flowing into the continent. International organisations and development partners provide the larger share.

Uneven distribution and structural barriers

Climate financing across Africa remains unevenly distributed. Countries with stronger financial systems and investment structures—South Africa, Egypt, Nigeria, Morocco, and Kenya—attract a significant percentage of available funding.

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Many other African countries facing severe climate threats struggle to attract large-scale investment.

The report cites weak institutions, limited project preparation capacity, policy uncertainties, and concerns over investment risk as key barriers.

The analysis also raises concerns about the structure of climate financing available to African countries.

A large portion comes in the form of loans rather than grants or concessional financing, which could worsen debt burdens for nations already facing rising debt-servicing obligations and economic pressure.

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Climate adaptation projects such as flood control systems, drought resilience programmes, and coastal protection infrastructure often provide social and environmental benefits but generate little direct revenue.

This makes loan repayment difficult for governments.

The report notes that rising debt levels have fueled global discussions around climate justice and the need for wealthier nations to provide more grant-based support to vulnerable countries facing the harsh effects of climate change.

The report acknowledges efforts by institutions such as the African Development Bank and some African countries, including Rwanda, Kenya, Senegal, Egypt, and South Africa, to expand climate investment initiatives and develop financing frameworks capable of attracting private investors.

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However, Harrison Rehoboth Consulting stresses that Africa’s climate finance gap cannot be closed through international promises alone.

It calls for stronger domestic financial systems, improved governance, better project planning, and reforms in global financial institutions to make climate funding more accessible.

Key recommendations include: increasing concessional financing and grants for adaptation projects; improving collaboration between governments and private investors; strengthening policies that encourage long-term investment in climate and infrastructure projects; and building domestic financial capacity to reduce over-reliance on external funding.

The report concludes that closing Africa’s climate finance gap will require coordinated action at national, regional, and global levels to ensure funding reaches the countries and communities most exposed to climate risk.

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Obi meets S’African leaders over xenophobic attacks on Nigerians

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Presidential aspirant in the Nigerian Democratic Congress (NDC), Peter Obi, has intensified efforts to protect Nigerians in South Africa following new reports of xenophobic attacks and rising depression among victims.

Obi made his involvement public in a Facebook post on Saturday, detailing a series of high-level meetings with South African government officials and political party leaders.

“After speaking with Nigerians in Cape Town yesterday, I was able to have meaningful discussions this morning with three South African ministers and political party leaders regarding the ongoing challenges related to immigration, regional collaboration, and fostering peaceful coexistence,” Obi wrote.

He revealed that he met with Mr. Leon Schreiber, South Africa’s Minister of Home Affairs and a prominent figure in the Democratic Alliance; Mr. Velenkosini Hlabisa, Minister of Cooperative Governance and Traditional Affairs and leader of the Inkatha Freedom Party (IFP); and Mr. Gayton McKenzie, Minister of Sports, Arts and Culture and leader of the Patriotic Alliance (PA).

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Obi described the conversations as “productive and candid,” with a focus on migration, economic strains, youth unemployment, security issues, and rising tensions faced by African foreigners in South Africa.

He emphasised that Nigeria and South Africa—as two of the continent’s most prominent nations—must enhance dialogue and seek solutions based on justice, mutual respect, and the rule of law.

“In challenging times, leaders and citizens alike need to demonstrate responsible leadership, compassion, and restraint,” he said.

The discussions also stressed the importance of law-abiding behavior, avoiding violence, resisting hate or provocation, and allowing lawful institutions to address grievances through democratic processes.

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“The progress of Africa hinges on our ability to create unity, foster economic inclusivity, invest in our communities, and uphold the dignity of every African, no matter where they live,” Obi added.

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