On Herbert Wigwe: The Fearless One

The demise of Mr. Herbert Wigwe has left a huge void in the Nigerian financial industry. Unlike some others who knew him personally, I never got to meet Herbert personally, but he was someone I have always admired from afar and to certain extent followed his career, right from the time he was Executive Director at Guaranty Trust Bank.

His remarkable life, bedecked with intimidating achievements is truly one to be well documented and passed on to coming generations, so they can learn vital lessons how he and his partner, Aigboje Aig-Imoukhuede, built one of Nigeria’s most success banks from ground up, without much, other than a great dream, ton of zest and zeal, and an incredible penchant to do all that is needed to succeed.

Herbert from the tributes I have read about him, from close friends and associates, was an incredibly driven fellow with passion to succeed and a disdain for failure, so much so, that he was nicknamed the fearless one. His achievements in the banking industry speak volumes about his drive, and quest to conquer new grounds and achieve success for the good of all. The buying of Access Bank, the acquisition of an insolvent Intercontinental Bank, and then Diamond Bank, which were sinking under the weight of bad and non performing loans, speak of his predilection for risk taking, doing what others feared or won’t dare. Not just acquiring them, but ensuring that these banks were fully integrated into Access Bank, such that they became instrumental to growing the bank to Nigeria’s largest bank in terms of asset base. Some traits I found remarkable about Herbert were,

1.????? Love for God and Family

Herbert was married to one wife, Chizoba, who he loved to the end, that they had to exit the world together on the same day. He also loved his four children. In one of his interviews, he mentioned that spending time with his family was one of his favorite things to do. Herbert was a kingdom financier, whose capacity to give to the Lord’s work knew no bounds. His pastor, Pastor Idowu Iluyomade, recounted how Herbert gave selflessly and abundantly to various causes and projects that the church was involved in. Donations that ran into several billions of naira.

?2.????? Well documented rise to wealth story

As one of his proteges would describe him as never been short on stories, about how he became successful and rose to the top of his profession, in her words,

”Herbert showed working”, a phrase used to describe when someone shows how and provide every necessary detail and evidence via which they used to arrive at their current outcome.? This is not so common with many wealthy people in Nigeria, who mostly attribute their rise to success or wealth to divine intervention, as they will simply say, “ … na God o…” when asked how they became successful. This was not Herbert Wigwe, he shared stories to inspire anyone who came in close contact with him, not to intimidate them with his achievements, but to inspire them to similar feats.

?I have been a student of success, and over the course of my lifetime have studied successful people in Nigeria and across the globe. There are several reasons I can attribute to why some people make a lot of money and become wealthy over the course of their career or business, while some others don’t make as much money in spite of putting commensurate efforts into their chosen vocation. Some of the reasons I discuss below, this I do to draw lessons from Herbert’s life and career.

?1.????? Choice of Career

Herbert from early on made the decision to go into finance, he studied Accountancy in the university and from the start set his sights on reaching the pinnacle of Nigeria’s finance industry. This, he would achieve through the buying of Access Bank, with his friend and partner, Aigboje Aig-Imoukhuede. Many, when searching for a career, make the mistake of thinking passion is all it takes to succeed. Yes, one may succeed and make it to the pinnacle of a profession with hard work and passion, however, financially, you may be struggling , as the peculiar economic indices of the business you are involved in may not support your ability to scale and attract and enjoy high financial rewards. Herbert identified a profession that held enormous potential to make him financially wealthy.

?2.????? Being in alignment with Trends and Seasons

Herbert and his partner Aigboje, were at the prime of their careers, when Nigeria’s economy was undergoing serious change and reforms, opening up opportunities for persons who were ambitious, and equipped with the right resources, to take advantage of. The banking industry, as well as, the mobile communication industry reforms, that went on over the course of 1999/2003, under President Obasanjo’s administration, provided the right environment for the duo to hatch their ambitious plan of owning a bank like their mentors did during the Babangida years. Just as tidal waves, trends usually start small and when spotted early and hopped on by a skillful surfer can take him/her to astronomical peaks, far and above the ocean bed, as they ride the wave. Many who have become successful in our world, were persons who identified and got on a trend before many others identified it. John D Rockefeller rode on the industrial revolution trend, Bill Gate and Steve Jobs rode on the information technology trend that started in late 70s, Mark Zuckerberg and Jack Dorsey rode the Social Media trend, just as Elon Musk rode the renewable energy/environmental sustainability trend to become the world’s richest man. Nigeria as a nation is in the throes of a major economic shake up that is creating waves that the discerning entrepreneur will readily take advantage of.

?3.????? Choice of Partner

Business partnership is perhaps one tricky relationship that has lots of pitfalls and almost always doesn’t end well. There have been several instances, where partners who started out as friends ended their relationships under bitter and acrimonious circumstances. However, Aigboje and Herbert fudged an incredible friendship that translated into a successful business partnership, such that, they were not just friends, but were fiercely loyal to each other. It is worthy to point out that it was Aigboje who conceived the vision of buying a bank, and sold the idea to Herbert, who not only bought in to it, worked with intense loyalty under Aigboje’s shadows for over 10 years as DMD. He deferred to his boss and waited patiently for his time to assume leadership of the bank without creating any scenarios to possibly truncate or undercut his boss. You hardly hear Herbert speak in any setting without he referring to, or mentioning “my brother”, of course, not referring to his biological brother, but Aigboje Aig-Imoukhuede, his partner.

?4.????? Aim and Strategize for the Summit of your Career Ladder

Herbert and Aigboje were both successful bankers, and had risen to the top of the career ladder at GTBank. Aigboje was Executive Director, in charge of Commercial Banking, while Herbert was Executive Director overseeing Corporate and Institutional Banking. They were by any standard successful in their careers, having attained these positions while only in their early 30s. However comfortable and great their career was shaping up to be, they yearned for something more than a rewarding job in one of Nigeria’s most successful banks, and set out for what they considered the next big thing, owning their own bank.

?5.????? Choice of Who to Work For

They both worked under Tayo Aderinokun and Fola Adeola, whose blossoming partnership resulted in the founding of GTBank in 1990. Beyond being their employers, they considered them as mentors. This working partnership between Tayo and Fola formed a model for Herbert and Aigboje, who in turn went on to buy and lead their own banks, and in the process cemented an even more rewarding and productive relationship that took Access Bank from the bottom of Nigeria Bank rankings to the top.

?6.????? Relentless Hard work

Access Bank staff, particularly those at the head office, attained the notoriety for working late, oftentimes, till the wee hours of the morning, which earned them the name, the “spirit of banking”, as it was common place for them to be at their desks in odd hours of the night, working to deliver projects. This was a trait that cascaded down from the top, due to the example set by Herbert and Aigboje’s incredible work ethic, these men led from the front and were first to draw their own blood and sweat down before demanding same from those working under them. Aigboje in his book, Leaving the Tarmac, alluded to the fact that he worked several 18 hour days consistently while he was MD of Access Bank. It was a price that needed to be paid to see that their bank rank among the most successful banks in Nigeria and compete with their counterparts that have existed long before they came on the scene.

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7.????? Take big risks and work hard to make it work

Herbert was unafraid to push boundaries and take on great goals that many shunned for fear of negative repercussions. The purchase of Intercontinental Bank and Diamond bank, lend credence to this fact. Both banks were struggling with bad and delinquent loans such that other banks were scared of taking them over, for fear of being contaminated with their toxic assets, and going down with them. However, the manner they took on these banks and ingeniously turn them around, successfully integrating their operations into Access Bank was truly remarkable. This obviously was not an easy task to achieve, however, they were ready to commit whatever resources necessary to ensure it turned out well.

?Herbert’s truly remarkable life, lends credence to the fact that the value of a life is not necessarily in its duration but donation, and the legacy the life leaves behind upon their departure.

Rest in Peace Herbert. You came, you saw, rose up and took on the challenges life threw at you, ?and left your name in gold.