Wigwe’s Unquenchable Desire to Position Access, Nigeria on Global Scene

Donatus Eleko

In continuation of Herbert Wigwe’s aggressive expansionist drive, Access Bank Zambia Limited last week, announced the completion of its acquisition of African Banking Corporation Zambia Limited (also known as Atlas Mara Zambia), after obtaining all requisite regulatory approvals.

The latest development confirmed that from Nigeria to Rwanda, Ghana, South Africa, Mozambique, Kenya, Zambia, Angola, France, United Kingdom, Botswana, Guinea, R.D. Congo, Gambia, Tanzania, Uganda, among several other countries, the expansionist adrenaline rush in Wigwe, who is the Group Managing Director of Access Holdings, has remained on the rise.His vision is clear to all, build an African behemoth that can compete any around Western hemisphere. In this he is relentless, audacious and fearless. His passion is infectious and electrifying. His energy unmatched and the result, the rise and rise of Access Holdings.  

In a string of expansion across the African continent, the bank intends to leverage the African Continental Free Trade Area agreement (AfCFTA) to expand its footprint across the continent.

Beyond the AfCFTA, under the leadership of Wigwe, Access Holdings is clearly following the path of JP Morgan of Citibank in terms of footprints, both at home and internationally.

Even his Wigwe University which is presently admitting its first set of students, would play a pivotal role in bridging the skills’ gaps in the continent and ensure that the right manpower is developed for African businesses and for the rest of the world. The Wigwe University is based on high-standard teaching quality, established to build a new generation of leaders, entrepreneurs and scientists. It is Africa’s gateway to the world of entrepreneurship, technology, innovation, and impact. Wigwe’s mission, through the Wigwe University, is to change the course of Nigeria’s future through committed and world-class faculty and globally relevant and locally impactful curricula taught through novel methods to rival the globe’s most respected universities.

Commenting on the transaction, Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna said, “This marks a significant milestone for Access Bank Plc as we work towards achieving our vision of being the world’s most respected African bank. We are poised for success by harmonising the robust brands, rich heritage, shared values, and best practices of both companies in creating opportunities that extend to all our stakeholders in Zambia and the SADC region.”

For his part, the CEO Access Bank Zambia, Lishala Situmbeko added, “We are extremely pleased that this transaction has come to a close. By bringing together these two great businesses, we are creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.

“We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalise the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future. “Ultimately, we want to continue to deliver a holistic service offering that benefits our customers from a shared focus on financial inclusion and digital banking.”

Upon full integration of the two banks, customers would have access to a total of over 60 branches, five cash centres, eight agencies, more than 5,300 Tenga Express Agents and a network of over 160 ATMs across the country.

Corporate customers would benefit from a larger combined balance sheet, a broader international footprint and increased access to trade finance, treasury, international payments and loans via the wider distribution network of the enlarged bank which today spans three continents and 21 markets. Stakeholders would also benefit from Access Bank’s presence in the key trade corridors which connect Africa with the United Kingdon, UAE, China, Lebanon, France, Hong Kong and India.

SMEs would benefit from the existing banking proposition aimed at encouraging and supporting their growth ambitions.

Additionally, the public sector would benefit from the enhanced focus on digitalisation and ease of revenue collection and the combined company would create significant opportunities for employees’ professional and career development through being part of a larger network both in the country and globally.

“Across Zambia, stakeholders will benefit from the presence of an African financial services group that, at its core, has been built on the foundation of ensuring that the communities within which it operates are better equipped to succeed.

“The merger will provide the opportunity for the combined bank’s stakeholders to benefit from Access Bank’s commitment on extending financial services to the unbanked and deepening its financial services offerings to banked customers,” they stated.

Atlas Mara Acting Managing Director Bobbline Cheembela, said, “Combining with Access Bank allows us to bring together the best qualities, capabilities and resources of both organisations. Atlas Mara’s expansive network and contribution to the public sector and capability in global markets and treasury, combined with Access Bank’s focus on SMEs and making trade finance, treasury, and corporate lending expertise available to Zambian MNCs and SMEs has not only created an industry leader, but a champion for our country.

“We now have a better rounded and more comprehensive skill set available to us as a combined business and this enables us to better serve our customers and other stakeholders,” he added.

Few days after announcing its acquisition of African Banking Corporation Zambia Limited, Access Bank Plc also announced the signing of a definitive agreement with the Ugandan-based Finance Trust Bank Limited (FTB) and its Selling Institutional Shareholders for the acquisition of a majority equity stake in the former.

The move was expected to enable the Nigerian bank own about 80 per cent shareholding in FTB following the conclusion of customary conditions precedent.

The transaction involved Access Bank’s acquisition of a majority stake from existing shareholders and a capital injection to increase FTB’s capital base.

However, both the acquisition and planned capital boost remained subject to regulatory approvals by the Central Bank of Nigeria (CBN) and the Bank of Uganda.

Access Holdings stated in a statement issued by its Company Secretary, Sunday Ekwochi, that the transaction should be closed in the first half of 2024.

Commenting on the transaction, Wigwe, the Group Chief Executive, Access Holdings, said the development marked an important milestone for the bank, and “moves closer to the achievement of our five-year strategic plan through continued expansion into key markets.”

He said, “We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.

“The expansion to Uganda will support the realisation of our aspiration to become Africa’s payment gateway to the world.”

According to Wigwe, across Africa, there is an opportunity for the bank to expand to high-potential markets, leveraging the benefits of AfCFTA.

He said AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa.

He stated that the plan is for the bank to establish its presence in over 22 African countries as well as some strategic locations outside the continent so as to diversify its earnings and take advantage of growth opportunities in Africa.

According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks.

“We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets.

“The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present.

“In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners.

“We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” he explained.

Commenting further, on AfCFTA, he said the bank would use its digital framework to benefit from the deal.

“We think we need to continue to entrench ourselves in the local market because there is still so much work to be done.

“So, we are doing everything possible to satisfy our customers and also to ensure that our channels are adequately secured. We are also ensuring that our staff are very efficient,” the CEO said.

Also, Ogbonna, stressed that the ongoing expansion drive would position the bank to take due advantage of AfCFTA.

He said, “Trade flows in East Africa revolve around key trade corridors, with Uganda being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver value for our stakeholders.

“The transaction will enable the Bank to leverage its strong experience in the gender empowerment market to support FTB’s mission to deliver innovative financial solutions to customers especially women which currently comprises about 40 per cent of its customers.”

He said, “The Bank’s African growth strategy is focused on consolidation within the key regional trade blocs to harness the full benefits of its legacy investments across the continent.

“The bank will continue to deepen its market share with a view to delivering sustainable profit across all countries of operations.”

Indeed, Wigwe has positioned Access Holdings and his Wigwe University to continue to support the growth of African businesses as well the development the desired manpower  for the continent so as to deepen economic integration, attract more investments to the continent, boost trade, provide job opportunities, create a new generation of entrepreneurs and support efforts by governments across the continent to reduce poverty and increase prosperity.