Rising from the ashes 20 years ago to become Nigeria’s number one bank, it will not be difficult for Access Bank Plc to be among top five banks in Africa, according to keen industry watchers. The assertion comes after the Group Managing Director/ chief executive officer, Access Holdings Plc, Herbert Wigwe unveiled the corporation’s five years strategic plan.
The chief executive of Access Holdings Plc said the bank has set everything in motion to be among top five financial institutions in the continent in the next five years.
“You cannot doubt a winning team. In spite of the harsh business environment, the bank has achieved what no other Nigerian bank in the country has been able to do in decades. Other banks who started business at the same time has either closed shop or forced to merge with other banks.
The bank is stable, shareholders and customers are happy, and on top of it Access Bank has successfully completed acquisitions and mergers within and outside the country, that ordinarily would have become problems for other competitors. That’s the story of a bank that was in bottom down position years ago and has now become Nigeria’s top bank and still want to achieve more,” one of the bank’s major shareholders said.
Wigwe, who was promoted to the new position early in the week spoke in Lagos, noting that the bank has already achieved its plan to become one of Africa’s top banks, and cannot be left behind in the transformation being experienced in the global financial sector.
“By 2027 Access Bank must be among the top banks in Africa. Access has 50 million accounts are not creating a pan-African bank, we are creating a global brand. We’re like number 12 on the continent today, and we hope to be close to number five by 2027,” he said.
The GMD expressed confidence that the new subsidiaries will add value to the company, adding that the bank decided to transit to a full corporation after achieving its 20 years strategic plan to be Nigeria’s biggest bank.
Apart from Access Bank Nigeria, the bank has unveiled four other entities which include, Lendo, Acess Insurance, Access Real Estate and E-commerce.
“We are deeply convinced that their skills will no doubt continue to add significant value to our bank’s quest to become Africa’s Gateway to the world,” Wigwe said.
In a notice to the Nigerian Exchange, NGX on Monday, the bank disclosed that Wigwe is stepping down as the managing director and chief executive officer, CEO of Access Bank Plc to take up a new role as the Group Managing Director of Access Holdings Plc.
The lender said the change is necessary following the successful completion of its restructuring into a Holding Company structure, HOLDCO now known as Access Holdings Plc.
According to the notification, the commercial bank disclosed that Bababode Osunkoya and Wigwe have been appointed as the chairman and GMD of Access Holdings Plc, respectively.
The bank further disclosed that Roosevelt Ogbonna has been appointed as the managing director/CEO of Access Bank Nigeria subsidiary, while Victor Etuokwu would take up the role of deputy managing director (North) and Chizoma Okoli, deputy managing director (South).
Under the new re-organisation, the bank said in the notice to NGX, Access Holding Company Plc would serve as the parent company for the group – Access Bank Nigeria and its many subsidiaries.
The parent company now holds 100 per cent shares of Access Bank Nigeria and 100 per cent shares of all non-banking subsidiaries of the bank. While Access Bank Nigeria now own all its banking subsidiaries (15 in total) and all its three representative offices in India, China and Lebanon, the lender said.
Other members of Access Holdings Plc board are: Abubakar Jimoh (Independent Non-Executive Director),
Mrs. Fatimah Bello-Ismail (Independent Non-Executive Director), Mrs. Ojinika Olaghere (Non-Executive Director), Olusegun Ogbonnewo (Non-Executive Director), Roosevelt Ogbonna (Non-Executive Director), Oluseyi Kumapayi (Non-Executive Director) and Ms. Bolaji Olaitan Agbede (Executive Director)
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