Herbert Wigwe Biography – Who is Herbert Wigwe? Herbert Onyewumbu Wigwe was a well respected Nigerian banker, entrepreneur, and philanthropist who left an incredible mark on the banking industry before his untimely passing on February 10, 2024, at the age of 57.
He served as the CEO of Access Holdings Plc, traded as Access Corporation, and was the former Group Managing Director/CEO of Access Bank plc, one of Nigeria’s leading banking institutions.
Herbert Wigwe Biography
- Name: Herbert Onyewumbu Wigwe
- Age: 58 years old (as of 2024)
- Date of Birth: August 15, 1966
- Place of Birth: Isiokpo, Rivers State, Nigeria
- Occupation: CEO of Access Bank
- Parents: Mr Shyngle Wigwe (Father) and Mrs Stella Wigwe (Mother)
- Religion: Christianity
- Spouse: Doreen Chizoba Wigwe
- Children: 4 children
- Awards: 2016 Banker of The Year
- Death: February 9, 2024
- Net Worth: $65.2 million
Early Life and Education
Herbert Wigwe was born into a family of Mr Shyngle Wigwe and Mrs Stella Wigwe in Ikwerre, Omueke Isiokpo, Rivers State. He had a close-knit family, with three sisters—Joyce, Peggy, and Stella—and a brother named Emeka. He completed his secondary education at St. Gregory’s College in Lagos before pursuing higher education.
In 1987, he graduated from the University of Nigeria, Nsukka, with a degree in Accountancy. He then went on to earn a master’s degree in Banking and Finance from the University College of North Wales (now Bangor University) in 1989, followed by another master’s degree in Financial Economics from the University of London in 1990. He further enhanced his skills by completing the Executive Management Program at Harvard Business School in 2006.
Herbert was recognized for his professional achievements, becoming a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Institute of Credit Administration, an honorary member of the Chartered Institute of Bankers of Nigeria, and a Commander of the Order of the Niger (CON).
Herbert Wigwe Parents
Herbert wigwe parents are Shyngle Wigwe and Stella Wigwe, his father Shyngle was a civil servant, and his mother Stella a nurse.
Career and Achievements
Herbert Wigwe began his career with Coopers & Lybrand Associates as a management consultant before qualifying as a chartered accountant. He later joined Capital Bank as a senior manager overseeing treasury and financial services. In 1992, he moved to Guaranty Trust Bank (GTBank), where he spent over a decade, rising to the position of Executive Director in charge of institutional banking.
In 2002, he took a leap of faith by acquiring a stake in Access Bank plc, then ranked 65th out of 89 banks in Nigeria, alongside his business partner Aigboje Aig-Imoukhuede. Under their leadership, Access Bank underwent a transformative journey, expanding from a regional bank to a global financial institution with over 600 branches across Nigeria, Africa, and the UK.
Herbert succeeded Aigboje Aig-Imoukhuede as the Group Managing Director/CEO of Access Bank in January 2014. He played a crucial role in several landmark transactions, including the acquisition of Intercontinental Bank in 2012 and the merger with Diamond Bank in 2019, solidifying Access Bank’s position as a leader in the banking sector. In April 2022, he transitioned to the role of CEO of Access Holdings Plc, overseeing non-banking businesses, including insurance and digital banking.
His innovative leadership led to Access Bank being named one of the top 500 banks globally by The Banker magazine in 2015. He received numerous accolades, including the African Banker of the Year (2016) and the BusinessDay CEO of the Year (2017).
Boards Wigwe Has Served
Herbert Wigwe’s extensive experience in the banking and financial sectors led him to serve on several prestigious boards, including:
- Access Bank Ghana Limited: Chairman, contributing to the bank’s growth and operations in Ghana.
- Access Investment & Securities Limited: A board member, focusing on investment and securities management.
- Central Securities Clearing System (CSCS): Served as a board member, enhancing the efficiency of securities transactions in Nigeria.
- Access Bank (UK) Limited: Current Chairman, overseeing the bank’s operations in the UK.
- Nigerian Mortgage Refinance Company: Interim Chairman, facilitating the development of the mortgage sector in Nigeria.
Committees Where He Served
In addition to his board roles, Herbert Wigwe was actively involved in various committees that shaped the governance and strategic direction of the institutions he served. These included:
Board Governance and Nomination Committee: Member, contributing to the development of governance policies and board member selection.
Credit and Finance Committee: Member, overseeing credit risk management and financial strategies.
Board Risk Management Committee: Member, responsible for identifying and mitigating risks associated with the bank’s operations.
Herbert Wigwe University
One of Herbert’s most notable achievements was the establishment of Wigwe University, located in Isiokpo, Port Harcourt.
With a $500 million investment, the university aimed to offer world-class education and cutting-edge programs in management, science, engineering, and the arts. It received accreditation from the National Universities Commission in June 2023 and focused on fostering leadership and entrepreneurial skills among students.
Access Bank’s Growth
Under Herbert’s leadership, Access Bank grew to serve over 6.5 million account holders through 350 branches and over 1,500 ATMs across Nigeria, Sub-Saharan Africa, and the UK. The bank significantly contributed to the development of major sectors, including construction, telecommunications, energy, and oil and gas.
Family and Personal Life
Herbert Wigwe was married to Doreen Chizoba Wigwe, a lawyer and entrepreneur, with whom he had four children: Chizi Wigwe, Tochi Wigwe, Hannah Wigwe, and David Wigwe. He was a devoted husband and father, valuing quality time with his family.
A man of deep faith, Herbert was an active member of the Redeemed Christian Church of God (RCCG), where he served as a pastor and mentor. He was passionate about reading, enjoying books on history, biographies, leadership, and spirituality, and was an avid sports fan, particularly of football and tennis.
Herbert maintained an active social media presence, sharing insights and experiences with over 300,000 followers on Instagram.
Herbert Wigwe Cause of Death and Legacy
Herbert Wigwe’s life was tragically cut short when reports emerged of a helicopter accident near the border of California and Nevada on February 10, 2024. He was reportedly traveling with family members, including his wife, Doreen Chizoba Wigwe and first son, Chizi Wigwe who also perished in the crash.
Herbert Wigwe Surviving Children
The surviving children of Late Access Bank CEO, Herbert Wigwe are Hanna Wigwe (Daughter). David Wigwe (Son), Tochi Wigwe (Daughter).
Philanthropic Efforts
Herbert was a passionate philanthropist who established several initiatives to support education, health, entrepreneurship, and women’s empowerment. His foundation, the Herbert Wigwe Foundation, launched in 2018, aimed to provide scholarships and mentorship to young Nigerians.
He also supported various causes through programs like the HOW Foundation, the W-Initiative, and the NollyFund, which provided financial assistance to the Nigerian film industry.
The HOW Foundation
The HOW Foundation is a transformative Non-Profit Organisation founded by Dr. Herbert Wigwe, focusing on improving lives across Nigeria. With a commitment to change, the foundation concentrates on three pivotal areas: health, education, and empowerment. Through various impactful programs, Dr. Wigwe aims to create measurable positive outcomes within communities.
By addressing critical social issues, the foundation not only seeks to uplift individuals but also fosters a culture of giving back. This comprehensive approach ensures that the foundation’s efforts resonate deeply with the beneficiaries, ultimately leading to sustainable development and better living standards for the less privileged.
The W-Initiative
The W-Initiative, established under Access Bank, serves as a groundbreaking platform designed to empower women entrepreneurs in Nigeria. Herbert Wigwe’s initiative encourages women to explore business opportunities and provides essential resources for their growth. By creating a supportive network, the W-Initiative enables women to connect, share ideas, and access valuable training.
Participants benefit from tailored loans and workshops, enhancing their entrepreneurial skills and capabilities. This empowerment scheme is pivotal in fostering female leadership in the business sector, inspiring a new generation of women to confidently pursue their dreams and contribute significantly to the economy.
Maternal Health Scheme
As part of the W-Initiative, the Maternal Health Scheme focuses on providing critical support to women facing fertility challenges. Recognizing the emotional and physical struggles associated with infertility, this scheme offers assistance for various reproductive health issues, including In Vitro Fertilization (IVF), Intrauterine Insemination (IUI), and treatments for conditions like Endometriosis and Hysterectomy.
By prioritizing maternal health, the initiative empowers women to take charge of their reproductive well-being. This support not only enhances women’s quality of life but also contributes to healthier family dynamics, ultimately fostering a society where women’s health needs are addressed comprehensively and compassionately.
The NollyFund
The NollyFund, initiated by Herbert Wigwe in collaboration with Access Bank and the Bank of Industry (BOI), aims to support the Nigerian film industry, Nollywood. This innovative loan scheme is designed to assist stakeholders with the production and distribution of films, recognizing the sector’s significant cultural impact.
With an initial funding limit of N1 billion and individual loans capped at N50 million, the NollyFund has already made a difference for numerous filmmakers. Notably, it has supported established directors like Kunle Afolayan, who received funding for his film “The CEO.” This initiative not only strengthens Nollywood but also contributes to Nigeria’s creative economy.
Access Bank/UNICEF Charity Shield Polo Tournament
Dr. Herbert Wigwe demonstrates his commitment to social responsibility through partnerships with reputable organizations like UNICEF. The Charity Shield Polo Tournament, organized annually by Access Bank, raises awareness and funds for vulnerable children, orphans, and displaced persons in Northern Nigeria.
This prestigious event combines the excitement of polo with a noble cause, creating a platform for advocating children’s rights and welfare. By leveraging the influence of sports, the tournament engages the community, raising critical funds to support initiatives that uplift disadvantaged children. Through these efforts, Wigwe and Access Bank strive to create a brighter future for Nigeria’s youth.
Nigerian Business Coalition Against AIDS (NiBUCCA)
In the realm of public health, Herbert Wigwe has made significant contributions as co-chair of the Nigerian Business Coalition Against AIDS (NiBUCCA). This private sector initiative focuses on eradicating HIV/AIDS in Nigeria while providing essential support for individuals living with the disease.
Since his appointment in February 2017, Wigwe has played a crucial role in spearheading programs that raise awareness and reduce the stigma surrounding HIV/AIDS. By engaging businesses in this vital fight, NiBUCCA fosters collaboration between the public and private sectors, ensuring that resources and support reach those in need. This initiative underscores Wigwe’s unwavering dedication to improving public health outcomes in Nigeria.
Awards and Recognitions
Herbert Wigwe was widely celebrated for his contributions to the banking industry and society at large. His commitment to excellence and leadership earned him numerous awards and recognitions, including:
- The Boys’ Brigade (BB) inaugurated Herbert Wigwe, as State Patron for Lagos State Council – 2016.
- Bank of the Year at the BusinessDay Banking Awards in Lagos – 2016.
- CEO of the Year at the BusinessDay Banking Awards in Lagos – 2016.
- Karlsruhe Outstanding Business Sustainability Achievement Award at the annual Africa Banking Awards – 2016.
- Banker of The Year by The Sun – 2016.
- Vanguard newspapers named Herbert Wigwe the Banker of the Year – 2016.
- Karlsruhe Outstanding Business Sustainability Achievement Award at the annual Africa Banking Awards – 2017.
- Named Most Reputable Bank CEO by the reputation poll – 2017.
- Business Leader of the Year by the reputation poll – 2017.
- Euromoney Award for Best Private Bank for commercial banking capabilities in Nigeria – 2018.
- Honorary Degree for good works towards humanity by Gombe State University – 2018.
- Honorary Doctorate from the University of Nigeria, Nsukka – 2018.
- Outstanding Individual Award for the HIV/AIDS response in Lagos State by the Lagos State Aids Control Agency (LSACA) – 2019.
- Karlsruhe Outstanding Business Sustainability Achievement Award at the annual Africa Banking Awards – 2019.
- Forbes Best of Africa Award (2020): Acknowledged for his significant role in shaping the African financial sector.
- African Leadership Magazine African Business Leader Award (2020): Celebrated for his leadership in promoting sustainable banking practices.
- Leadership Newspaper Business Person of the Year (2020): Recognized for his innovative approach to banking and philanthropy.
Herbert Wigwe Net Worth
Herbert Wigwe’s net worth is estimated to be around $100 million as of 2024. His wealth primarily stems from his successful career in banking, particularly as the Group Managing Director and CEO of Access Bank. Under his leadership, Access Bank has grown significantly, becoming one of the largest financial institutions in Nigeria and Africa.
Wigwe’s diverse investments in various sectors, including real estate and telecommunications, have also contributed to his substantial net worth. His commitment to philanthropy, particularly through the Herbert Wigwe Foundation, reflects his dedication to giving back to society while further enhancing his public profile.
Frequently Asked Questions (FAQs)
Q. What was Herbert Wigwe known for?
A. Herbert Wigwe was known for being a prominent banker, the CEO of Access Holdings Plc, and a philanthropist who transformed Access Bank into one of Nigeria’s leading financial institutions.
Q. When was Herbert Wigwe born?
A. He was born on August 15, 1966.
Q. How many children did Herbert Wigwe have?
A. He had four children: Chizi, Tochi, Hannah, and David.
Q. What was Wigwe University’s purpose?
A. Wigwe University aimed to provide cutting-edge education in various fields and foster leadership and entrepreneurial skills among students.
Q. What caused Herbert Wigwe’s death?
A. Reports indicate that he died in a helicopter accident on February 10, 2024, though details are still being confirmed.
Q. Which state is Herbert Wigwe from?
A. Herbert Wigwe is from Rivers State, Nigeria, specifically from Isiokpo.
Q. Where is Wigwe University located?
A. Wigwe University is located in Rivers State, Nigeria.
Q. Is Shyngle Wigwe related to Herbert Wigwe?
A. Yes, Shyngle Wigwe is Herbert Wigwe’s biological father.
Q. Where was Herbert Wigwe buried?
A. Herbert Wigwe was buried in his hometown, Isiokpo community in Ikwerre Local Government Area in Rivers state,
Q. Did Herbert Wigwe have any siblings?
A. Yes, Herbert Wigwe had three sisters (Joyce, Peggy, and Stella) and one brother (Emeka).
Q. What companies does Herbert Wigwe own?
A. Mr. Wigwe serves as the Chairman of The Access Bank (UK) Ltd and holds the position of Non-Executive Director at several organizations, including Nigerian Mortgage Refinance Company Plc, FMDQ OTC Securities Exchange, Shared Agents Network Expansion Facilities Ltd, and the Agri-Business/SME Enterprises Investment Scheme.
Q. How much are Wigwe University school fees?
A. The school fees for Wigwe University ranges from 8 million naira to 10 million naira depends on the department.
Q. How did Herbert Wigwe make his money?
A. Herbert Wigwe made his money through his career in banking, particularly as the CEO of Access Bank, which he helped transform into a leading financial institution in Nigeria.
Q. Which church did Herbert Wigwe attend?
A. Herbert Wigwe attended the Redeemed Christian Church of God (RCCG).
Q. What happened to Herbert Wigwe?
A. Herbert Wigwe passed away on February 9, 2024, in a helicopter accident near the border of California and Nevada.
Q. Who owns Wigwe University?
A. The ownership of Wigwe University is associated with HOW Foundation established by Herbert Wigwe’s philanthropic efforts.
Conclusion
Herbert Wigwe’s legacy as a visionary leader, philanthropist, and transformative figure in Nigeria’s banking sector continues to inspire many. His commitment to social responsibility and community development has left a lasting impact on the lives of countless individuals.
Be the first to comment