- Herbert Wigwe once narrated the darkest moment of his career as Access Bank CEO, tied to a $35m loan gone bad
- The non-performing loan owed by African Petroleum Plc, chaired by Femi Otedola, pushed Wigwe to hospitalisation
- Wigwe and co-founder Aig had just 10 days to sell off their personal assets to prevent the bank from collapsing
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The late Herbert Wigwe, former Group Chief Executive Officer of Access Bank, once opened up about the single most harrowing episode of his leadership at the bank, describing a crisis that brought him to a hospital bed and pushed the institution to the edge of financial ruin.
At the centre of the ordeal was a $35 million loan facility, equivalent to over N4.4 billion, extended to African Petroleum (AP) Plc. The credit turned non-performing in 2009, during a period when AP Plc was chaired by oil magnate Femi Otedola.
The weight of the crisis took a severe physical toll on Wigwe. He disclosed that the stress of the situation was so overwhelming that he had to be hospitalised, even as the clock ticked on what he described as an existential threat to the bank.
Wigwe and a 10-day race against bankruptcy
Wigwe made clear that failure to contain the situation would have rendered Access Bank completely insolvent. With that reality bearing down on him, he and co-founder Aigboje Aig-Imoukhuede took the drastic step of liquidating their personal assets through what is commonly known as a fire sale, offloading holdings rapidly and often at a loss to raise the funds necessary to stabilise the bank.
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The entire process, from the decision to the resolution, was completed within ten days. Wigwe described the episode as one driven by an unwavering commitment to protecting the institution’s reputation, even at enormous personal cost.
Herbert Wigwe died in February 2024 in a helicopter crash in the United States, alongside his wife, son, and the former chairman of the Nigerian Exchange Group, Abimbola Ogunbanjo.
Nigerians react to Wigwe’s trending video
The trending old video has started generating reactions from Nigerians. Below are some of their comments:
Delewestt condemned the notion that success is all about luck:
“That’s why I see all this “it’s all about luck” as ignorance by those who were never committed to the process.”
Habeeb’Ola posited that people like Wigwe became successful through hard work and pain:
“In the corporate world, a lot happens, man. These men didn’t become financially successful by accident.”
Sanni Ayo referenced Otedola’s claim on the issue in his book:
“If it was not an NPL, I guess the only reason it was an issue is it was too much exposure to one customer whom you claim is FO. They sold all they had, but FO said they forced him to sell almost everything too. Isn’t something adding up?”
Theo extolled Wigwe’s passion for Access Bank:
“You could see the passion from his eyes, mahn. That bank was his life.”
You can see the clip of the interview on X here:
Court rules on Herbert Wigwe’s property
Legit.ngearlier reported that late Herbert Wigwe’s father and cousin, Pastor Shyngle Wigwe and Christian Wigwe’s application to appoint interim administrators for Herbert Wigwe’s estate has been dismissed.
The Lagos State High Court Family/Probate Court in Ikeja has dismissed the suit on the ground that it was unsustainable.
However, the court resolved all other issues raised by the applicants against Access Bank Plc, Coronation Merchant Bank Ltd, and United Securities Ltd.
Bada Yusuf (Politics and Current Affairs Editor)Yusuf Amoo Bada is an accomplished writer with over 5 years of experience in journalism and writing, he is also politics and current affairs editor with Legit.ng. He holds B.A in Literature from OAU, and Diploma in Mass Comm. He has obtained certificates in Google’s Advance Digital Reporting, News Lab workshop. He previously worked as an Editor with OperaNews. Best Editor of the Year for Politics and Current Affairs Desk (2023) by Legit.ng. Contact: bada.yusuf.amoo@corp.legit.ng
