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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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Over 21 Vehicles stolen in Canada shipped to Nigeria recovered, returned to Canadian authorities

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The Comptroller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has officially handed over 21 imported stolen vehicles to Canadian authorities in Lagos, as part of an ongoing crackdown on international vehicle trafficking syndicates.

In a separate operation, Adeniyi also showcased arms and ammunition intercepted from a luxurious bus traveling from Aba, Abia to Lagos.

During a press briefing on Tuesday, Adeniyi highlighted the alarming rise of West Africa as a central hub for the global stolen vehicle trade. He explained that the illicit network spans from Europe and North America to regions as distant as South America and Australia. The Customs CG emphasized that recent efforts have significantly intensified to dismantle vehicle trafficking rings operating within Nigeria’s borders.

“The growing trend of stolen vehicles entering our region is a major concern,” Adeniyi said. “Not only does it harm the local automotive market, but it also puts immense pressure on our security infrastructure.”

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Referring to recent reports from INTERPOL, Adeniyi underscored the gravity of the situation. According to the National Bureau of Statistics, between 2013 and 2015, only 54% of stolen vehicles were recovered, pointing to the sophistication and scale of these criminal enterprises.

“The continued influx of stolen vehicles into West Africa is a direct threat to our economy,” Adeniyi added. “It undermines our international reputation, causes significant revenue losses, and drives up security-related expenses.”

The Customs CG also praised international law enforcement for their collaborative efforts, revealing that intelligence sharing has been crucial in identifying stolen vehicles making their way into the region. He reaffirmed Nigeria’s commitment to working closely with global partners to combat this rising threat.

“The economic implications of this criminal enterprise are far-reaching and deeply concerning. Beyond damaging our legitimate automotive trade sector and international business relationships, it undermines President Tinubu’s economic reform agenda that aims to position Nigeria as a trusted hub for international commerce.

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“The Service is forced to divert substantial resources towards enhanced border management and rigorous verification processes – resources that should ideally be channelled towards trade facilitation initiatives and economic growth programmes. This criminal activity not only strains our operational capacity but also threatens the government’s efforts to attract foreign investment and establish Nigeria as a reliable partner in global trade.

“In response to these challenges, the Nigeria Customs Service initiated Operation Hot Wheels, a targeted enforcement initiative aimed at disrupting the flow of stolen vehicles into Nigeria through our ports and borders. Launched as a collaborative effort between the Nigeria Customs Service, the Economic and Financial Crimes Commission (EFCC), and Canadian authorities, the operation focused on intelligence sharing, coordinated surveillance, and strategic interdiction.

“The operation’s primary objectives included identifying and intercepting stolen vehicles, dismantling trafficking networks, and strengthening international cooperation in combating transnational vehicle theft. This multi-agency approach was designed to leverage the unique capabilities and jurisdictional advantages of each participating organisation.

“Through enhanced intelligence gathering and strategic deployment of resources, our officers at various commands have successfully intensified surveillance operations while ensuring minimal disruption to legitimate trade flows.

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“Through collaboration with Operation Screen West Africa (OSWA) and Interpol, two of these vehicles were confirmed stolen from Canada.

“Simultaneously, the Federal Operations Unit Zone ‘A’ demonstrated exceptional vigilance with strategic interdictions at various locations in Lagos, including: One Mercedes-Benz G550 with Range Rover Sport, valued at N506.8 million, intercepted along Trinity Axis; One Mercedes-AMG GT with Lamborghini Huracan, valued at N630.8 million; One Rolls Royce intercepted at Victoria Island, valued at N231.8 million; One Lamborghini 2019 Model recovered at Victoria Island, valued at N239.1 million; Two Range Rovers (2023 & 2018 Models) intercepted along Lekki, valued at N267.1 million.

“At Tincan Island Command Operations Additional luxury vehicles were intercepted through intelligence-led operations including three (3) Toyota, Highlander 2021 Models.

“These recoveries highlight both the sophistication of transnational vehicle theft syndicates and their evolving concealment methods. The criminals now employ various tactics, including false declarations and use of containerised shipments, attempting to circumvent our detection systems. Notably, the operation exposed how stolen vehicles are being smuggled through our ports using legitimate cargo as cover.

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“The success of these operations stems from our enhanced risk management system and strengthened collaboration with international partners. Working closely with Operation Screen West Africa (OSWA), Interpol, and other international agencies, we have significantly improved our capacity to identify and intercept stolen vehicles. The interface between our systems and international databases has proven crucial in establishing the status of suspicious vehicles and enabling swift intervention.

“Operation Hot Wheels adds to our growing portfolio of collaborative successes in 2024, a year we have strategically dedicated to strengthening partnerships within the global Customs community. The operation’s success
stems from a seamless collaboration between the Nigeria Customs Service, the EFCC, and Canadian authorities, is evident that international cooperation is crucial in dismantling sophisticated criminal networks.

“This approach aligns with our commitment to adopting international best practices and leveraging shared intelligence to enhance our operational capabilities, serving as a template for future collaborations and reinforcing Nigeria’s position as a committed partner in the global fight against transnational crime.”

House of Reps want local languages as medium of teaching in Primary, Secondary Schools
House of Reps want local languages as medium of teaching in Primary, Secondary Schools.

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SAD! Five Confirmed Fatalities In Delta Boat Mishap

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No fewer than five people have lost their lives following a boat accident on the Bennett Island River in Warri South Local Government Area of Delta State. The tragic event occurred on Monday night, leaving the local community in shock.

The Delta State Police Public Relations Officer, SP Bright Edafe, confirmed the incident in a statement released on Tuesday in Asaba, the state capital.

According to Edafe, one individual is still missing, while several others were injured in the accident.

“There was a boat accident along Bennett Island River in Warri South,” he said. “Five persons were found dead, six persons injured and still receiving treatment. Nineteen persons were rescued from the scene, while one is still missing.”

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The injured victims are reportedly receiving medical care at nearby facilities, while search and rescue efforts continue for the missing individual.

The cause of the accident has not yet been determined, but authorities are investigating the circumstances that led to the tragic event. Incidents like these have raised concerns about the safety of water transportation in the area, especially as it remains a vital mode of transport for many residents in Delta State.

Local leaders and stakeholders have called for enhanced safety measures and stricter regulations to prevent such occurrences in the future. Efforts are also being made to provide support to the families of the victims and survivors of this heartbreaking incident.

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Reps Honour Governor Bago For Outstanding Performance

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…say he is as worthy ambassador of Nigerian parliament
By Gloria Ikibah
The House of Representatives on Tuesday at plenary commended the Executive Governor of Niger State, His Excellency, Rt. Hon. Mohammed Umaru Bago (Turakin Nupe), for his exemplary leadership and outstanding achievements in office. Governor Bago, was a  member of the 7th, 8th, and 9th Assembly.
During the session, Rep. Babajimi Benson, lawmaker representing Ikorodu Federal Constituency of Lagos State, rose under matters of personal explanation to praise Governor Bago’s achievements, particularly in agricultural revolution, infrastructural development, and enhancing religious tolerance. Hon. Benson noted that Governor Bago’s efforts have not only benefited Niger State but also have the potential to impact the entire country and West Africa.
He cited a conversation with a Cameroonian General who studies at Harvard, who expressed admiration for Governor Bago’s giant strides in ensuring that Niger State can feed itself and Nigeria in a few years to come.
Also Rep. Saeed Abdullahi, SMA (Gwarzon Nupe), Member representing Bida/Gbako/Katcha Federal Constituency of Niger State, contributing to the deliberation, also commended Governor Bago’s vision, drive, and energy, which have transformed the political and economic fortunes of Niger State. He highlighted the Governor’s efforts to cultivate 250,000 hectares of land for sugarcane production, a project inspired by a recent study tour to Brazil.
According to Rep. Saidu, the study tour revealed that Niger State has the potential to generate about $1 billion in revenue from sugarcane production, making it a game-changer for the state’s economy.
The Speaker Tajudeen Abbas (Iyan Zazau), thanked Rep. Jimi for the encomium poured on Governor Bago, describing him as a pride and worthy Ambassador of the Parliament.
The Speaker humorously suggested that Rep. Saidu deserved to be appointed as the Director-General of Governor Bago’s 2027 re-election campaign for making brilliant submission on the performance of his State’s Governor.
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