A silent war is currently going on at Access Bank Plc, one of Nigeria’s biggest and leading financial institutions. The subtle battle is over who succeeds Mr. Aigboje Aig-Imoukhuede, the GMD/CEO whose tenure is coming to an end in December 2013.
YES International! gathered that the battle became more pronounced after information got out weeks back that Aig-Imoukhuede is on his way out of the bank, having put in the maximum 10 years pegged for bank chief executives by the Central Bank of Nigeria.
Unlike it happened at Guaranty Trust Bank, where Segun Agbaje stepped up, upon the demise and exit of his immediate superior, Tayo Aderinokun; and Zenith Bank (where Godwin Emefiele succeeded Jim Ovia) and even Skye Bank (where Kehinde Durosimi – Etti took over from Akinsola Akinfemiwa); we were informed that Aig-Imoukhuede’s long time partner, friend and deputy, Herbert Wigwe, may not have it so smooth. The reason being that some of the bank’s directors are also interested in the position and have already begun pressing buttons and reaching out to some of those that matter to swing things in their favour. Albeit secretly.
Access Bank has about five directors eyeing the GMD/CEO position. But even with all the underground moves currently going on, Aig-Imoukhuede’s right hand man, Wigwe, still stands a better chance. From Rivers State, he has come a long way with the outgoing GMD and because of that and more stands shoulders above the others. An alumnus of Harvard Business School’s Executive Management Programme, he holds a Bachelor of Science degree in Accounting from the University of Nigeria, Nsukka and two Master’s degrees in Banking and International Relations Finance from The University College of North Wales and Financial Economics from the University of London. A fellow of the Institute of Chartered Accountants of Nigeria, he quit GT Bank after over 10 years with Aig-Imoukhuede in 2002 to birth Access Bank. Both were also core investors in the project. 46 this year, Wigwe is married to Chizoba, a businesswoman and they have two children – Chize and Tochi.
Aig-Imoukhuede, who became the CEO of Access Bank in 2003, informed the bank’s shareholders at their 23rd Annual General Meeting in Lagos, on Friday, April 27, 2012, about his exit plan and thus began the secret plot allegedly by the directors to succeed him.
Said one of their staffers: ‘I don’t have the details that you have, but each of us is ambitious. Yes, naturally, Wigwe should succeed him, but don’t forget that there is also no crime in the others equally aspiring’. Contacted for their reaction on Saturday, May 12, 2012, Segun Fafore of the bank’s External Communications department had this to say: “Access Bank is a very strong financial institution that operates differently, unlike other banks. We have an already stipulated succession plan. Even the MD, Aig, addressed the matter at our last AGM. Like I earlier said, unlike other banks, we operate differently. Every Access Bank staff is aware of this; not only among the members of the Board of Directors, it also applies to every group and unit. Everyone knows who is next in line. The management is aware that the issue if not properly outlined could lead to corporate governance break down which we don’t want.
Aside that, the succession plan is drafted based on merit. You could not just come from anywhere and think you can pick any position. No, it doesn’t work like that in Access Bank. Just like anyone cannot just be the next MD. For instance, the DMD has been in that position for over 10 years now and is experienced. The management wouldn’t want to bring us someone who doesn’t share the same passion and vision as the MD. So, please, the story is not true”.
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