5 companies and business ventures linked to the late Nigerian banker Herbert Wigwe

The death of former CEO of Access Bank, Herbert Wigwe, a prominent figure in Nigerian banking, and a co-founder of Access Holdings, has brought about several details about the billionaire that many did not even know.

According to a study published by billionaires.africa, he was instrumental in influencing the development of the nation’s financial industry. It is now common knowledge how successfully he converted Access Bank Plc into Access Holdings, Nigeria’s largest lender by assets, through smart alliances and acquisitions.

Wigwe started his career at Coopers & Lybrand Associates and went on to manage a variety of portfolios for more than ten years at Guaranty Trust Bank Plc. He bought Access Bank in 2002 along with business partner Aigboje Aig-Imoukhuede.

In 2017, the bank rose to become the fourth biggest in Nigeria under Wigwe’s direction. According to the research, the purchase of Diamond Bank in December 2018 was a turning point that paved the way for the structural change that gave rise to Access Holdings in March 2022.

CHECK ALSO: Listen to what Anthony Joshua tells Francis Ngannou

However, on February 9, 2024, he unfortunately perished in a helicopter crash in the United States together with his wife, son, and former Nigerian Stock Exchange president Abimbola Ogunbanjo.

In a statement announcing his passing, Access Holdings Chairman Abubakar Jimoh reaffirmed his legacy of expansion and operational success.

Wigwe owned a $54 million, or 9.09 percent, ownership in Access Holdings at the time of his death. According to the paper, his influence went beyond the financial industry and focused on creating an ecological community inspired by Africa that was internationally connected.

His influence is felt by Tengen Holdings, his investment holding firm, Access Bank Plc, and Access Holdings. He has put a lot of work into charitable endeavors, such as founding the HOW Foundation, which promotes youth empowerment, mentorship, leadership, and wellness.

CHECK ALSO: Anthony Joshua vs Francis Ngannou results: AJ wins with 2nd-round Knock Out

Following his passing, a list of the businesses he was associated with was compiled by billionaire.africa. Find them below:

Access Holdings

With operations in 12 African countries, Access Holdings is a dominant force in the financial services industry in Nigeria and is actively extending its footprint in both Africa and Europe. As the parent firm of several subsidiaries engaged in banking, asset management, payments, insurance, pensions, and other financial services, Access Holdings embodies Herbert Wigwe’s idea of a strong and diverse financial ecosystem. Wigwe, the group managing director and CEO, owned a $54 million, or 9.09 percent, interest in the company.

Access Bank Plc

The main banking division of Access Holdings, Access Bank Plc, is a well-known full-service commercial bank. Access Bank, a massive network that spans three continents, eighteen countries, and serves over 49 million people, is proof of Wigwe’s strategic acumen. Along with Aigboje Aig-Imoukhuede, Wigwe purchased Access Bank in 2002. Since then, the two have masterminded revolutionary actions that have resulted in Access Bank being Nigeria’s largest bank, most notably the historic acquisition of Diamond Bank in 2018.

Tengen Holdings

The Wigwe family’s financial interests are represented by Tengen Holdings Limited, an investment holding company with its headquarters in Mauritius. Tengen Holdings has been instrumental in recent years in helping Wigwe get further shares in Access Holdings, bringing her total ownership to 9.09 percent. This action demonstrated the family’s dedication to long-term growth and represented a calculated investment in the financial environment.

HOW Foundation

The Herbert Onyewumbu Wigwe Foundation (HOW Foundation), established by Wigwe in 2016, is a nonprofit organization dedicated to health projects, including raising awareness of prostate cancer and malaria, as well as youth development and leadership. The organization supports educational initiatives like the yearly God’s Children Great Talent competition, thus its influence goes beyond health. The charity showed its dedication to community welfare during the COVID-19 epidemic by providing food and relief supplies.

Wigwe University

The unveiling of Wigwe University in November 2023 marked the pinnacle of Wigwe’s educational dedication. With the promise of a game-changing $500 million investment, Wigwe set out to create an inventive, internationally competitive institution in order to solve Nigeria’s skills gap. With its impending opening, the institution will represent Wigwe’s lifelong goal of influencing Nigeria’s future via cutting-edge learning and the upbringing of the continent’s future leaders.