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Wigwe to Succeed Aig-Imoukhuede as GMD/CEO @ Access Bank

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Board of directors of Access Bank Plc has appointed Mr. Herbert Wigwe to succeed Aigboje Aig-Imoukhuede, as group managing director/ chief executive officer when he retires from the bank in December.

Aig-Imoukhuede, 46, will be leaving the group  after 11 and a half years of outstanding performance.

Mr. Olusegun Fafore, spokesman of the bank in a statement quoted the Mr. Gbenga Oyebode, chairman, Access Bank Plc as having appreciated Aigbeje Aig-Imoukhede efforts on behalf of the management and staff of the bank.

“On behalf of the Board of Directors and our employees, I would like to appreciate Aigboje’s unwavering commitment to excellence and sustainable business practices, which have propelled us to a position of leadership in Nigeria and the sub-region. His vision, integrity and enterprise have earned him local and international recognition.

”Having received the necessary regulatory approvals, I am pleased to announce that Mr. Herbert Wigwe, currently ggroup deputy managing director has been appointed CEO designate and will succeed Aigboje Aig-Imoukhuede at the end of 2013. In line with the Bank’s robust succession planning policies, Aigboje and Herbert will spend the next six months to implement a seamless handover.”

Also, Aig-Imoukhuede said,“The first chapter of Access Bank’s remarkable transformation story has been completed and I will retire satisfied and giving God all the glory for the successes recorded during my tenure. I thank the Chairman, Mr. Oyebode, other members of our Board and all my colleagues in the Bank for their wonderful support.

Early in 2012, I disclosed to our Board of Directors about my desire to retire at the end of 2013; pursuant to which the Board of Directors unanimously decided that Herbert Wigwe would be the next CEO of Access Bank. He has been an outstanding deputy to me and has a complete understanding of our strategies, culture, technology and competitive environment.

Importantly, he has strong relationships with our entire management team and customers. We believe that Herbert’s background and skills make him a perfect fit to lead Access Bank as we enter the next chapter of our transformation”.

“I am excited to take on this new role,” said Mr. Herbert Wigwe.

“Access Bank has incredibly talented employees and is in a strong position to further its leadership in the industry. I look forward to leading Access Bank in years ahead and helping to make it even stronger than it is today. I would like to thank the Board for their strong endorsement and the opportunity to lead this great institution. I look forward to meeting our employees, customers, and shareholders across our various markets in the weeks and months ahead”.

Wigwe served as an executive director responsible for Corporate Banking in Guaranty Trust Bank Plc.  In 2002, he resigned to join Aigboje Aig-Imoukhuede in transforming Access Bank Plc as Group Deputy Managing Director. Herbert is an alumnus of Harvard Business School, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He also holds Masters Degrees in Banking and International Finance from the University College of North Wales and Financial Economics from the University of London respectively.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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