Business
Herbert Wigwe: The secrets he took to the Grave
A good friend may keep your secrets for a period of time. A best friend keeps your secrets through thick and thin. But a loyal friend would take your secrets to the grave, like Herbert Wigwe.
At his death, a powerful cabal comprising his secret clientele has kept an asphyxiating distance from his enterprise, Access Holdings Plc, as though the skeletons he helped stash in their safe boxes were spring-loaded and ready to burst out onto the front lawn of the public gallery.
In the wake of his untimely death, several shades of mourners have emerged from the groves of Nigeria’s rich upper crust.
Of the mourners are those who lament the loss of a friend, while some mourn the loss of a beloved relative and benefactor. Among the grief-stricken, however, emerged a curious band of mourners, comprising certain prominent people and industry titans, mourned the passing of Wigwe quite differently, particularly for the pecuniary loss it has inflicted on them.
The untimely death of the former Chairman of Access Holdings Plc has been a source of worry and interminable grief to certain influential and powerful figures in the country.
The reason is not far-fetched; many of them kept humongous sums of money and other valuables in Wigwe’s custody while he was alive. A great deal of such fortune was kept carefully away – from the official records and cash registers of Access Bank.
Wigwe, being the man in charge, never had cause to share the location of such monies with any of his cronies, associates or underlings, not even his bosom friend and partner of many years, Aigboje Aig-Imoukhuede, with whom he founded Access Bank.
Findings revealed that the late Access Holdings head honcho devised a creative way to help them keep and invest their fortune and for doing this, they rewarded him handsomely. This, according to Access Holdings insiders, was one of the major reasons they became very disturbed at Wigwe’s sudden demise.
“When his death was announced, some powerful people burst into tears, lamenting that their lives were virtually over. A popular Abuja big boy fainted and had to be placed on a drip in Abuja,” said one of the directors at Access Holdings.
According to him, even before Wigwe got buried, most of his secret clientele had started making frantic calls to their other links within Access Holdings and Access Bank, begging them to help them sift through their financial records to see if Wigwe had left a trail through which the billions of naira they stashed away with his help, could be discovered and retrieved.
Further findings revealed that out of sheer desperation and fear of losing their fortune, they plotted to influence the appointment of the deceased’s partner, Aig-Imoukhuede.
The latter’s choice was surprising as most of Wigwe’s rich and powerful clients had never been too thrilled or friendly with him. Many of them hated his guts due to his perceived haughtiness and lack of regard for them.
At his recent pronouncement as Access Bank’s new Chairman, not a few members of staff experienced jitters about the likely bent of Aig-Imoukhuede’s new administration.
Immediately his appointment was made public, a dark pall coalesced above the bank as both senior managers and junior staff members cringed in anticipation of his grim tenure.
But the powerful cabal that influenced his emergence was very thrilled and grew anxious with each passing day in anticipation of how the Access Holdings’ chairman could serve its interests.
Back when he presided as the Managing Director and Chief Executive Officer MD/CEO of the bank, it was a common thing to see members of staff tremble and kowtow before him; so scary was his mien and administration that several top managers of the bank caught a cold every time he sneezed. A similar atmosphere pervades the entire bank a few days after his pronouncement as the bank’s chairman.
Whatever anyone thinks, Aig-Imoukhuede is not one to brook any tripe from any quarters, unlike his late friend and partner, Herbert Wigwe.
When he was the MD of the bank 10 years ago, you mess with Aig-Imoukhuede at your peril. His influence was so overwhelming that every member of staff trembled before him as he brooked no disrespect or dissent from anyone, no matter how highly placed that person was.
Aig-Imoukhuede was so straight-faced and pitilessly blunt that no one dared come close to him, without an extremely urgent and important reason.
While his intellectual capacity is widely acknowledged and extolled, the same could hardly be said about his human relations skills.
Source: TheCapital
BREAKING: Naira Rise Again, See New Rate Today
Despite a semblance of optimism, the naira continues to grapple with intense pressure in the financial markets. The Nigerian currency is struggling to attain a stable exchange rate, reflecting the ongoing challenges it faces.
As of October 18, 2025, Nigeria’s foreign exchange reserves have climbed to an impressive $42.668 billion. Click link to continue reading.
The Nigerian Naira appreciated further against the United States dollar in the parallel market on Tuesday, extending the modest recovery seen at the start of the week.
On October 21st 2025, the Dollar to Naira Black Market exchange rate traded at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling, according to data from major currency traders in Lagos, Abuja, and Port Harcourt.
The latest movement represents a continued strengthening of the local currency following steady inflows from remittances and moderate demand from importers. Market participants said dollar availability slightly improved in key hubs, easing pressure on the Naira after several weeks of volatility.
Black Market Dollar to Naira Rate Overview
Date Market Type Buying (₦) Selling (₦) Change
Tuesday, Oct 21, 2025 Black Market 1,470 1,480 +₦10 ▲
Monday, Oct 20, 2025 Black Market 1,480 1,490 –
Official (CBN) — — — See CBN
Figures compiled from market operators and verified by Investors King.
How Much Is Dollar to Naira Today in Black Market
As of this morning, the Dollar to Naira Black Market rate stands at ₦1,470 for buying and ₦1,480 for selling. The modest improvement reflects a calmer trading environment, with dealers reporting steady flows from informal remittances and bureau-de-change networks.
Demand for foreign exchange remains active, though slightly lower than in early October. Many traders expect the Naira to hold near current levels if dollar inflows from oil sales and diaspora remittances continue. For official rates and policy updates, visit the Central Bank of Nigeria (CBN).
Food and beverage giant Nestle said it will cut 16,000 jobs over the next two years, as its new CEO Philipp Navratil pushes to focus on products with the “highest potential returns”.
The Swiss company must “change faster” to keep pace with a changing world and adopt a “performance mindset” that does not accept losing market share to rivals, said Mr Navratil.
He replaced former CEO Laurent Freixe who was fired in September over a romantic relationship with an employee.
The job cuts were announced on Thursday as Nestle reported better sales figures in the first nine months of 2025, selling more products across its major categories, including coffee and sweets.
The world’s largest packaged food and drink company, Nestle owns hundreds of brands, including Nescafe, KitKat and Maggi.
Nestle plans to get rid of 12,000 white collar jobs on top of 4,000 other roles across the board within the next two years, it said in a statement.
The lay-offs will save the food giant around 1bn SFr (£940m) annually as part of an ongoing cost-savings effort, it said.
Nestle’s share price was up 7.5% shortly after its trading update and job cuts were announced.
Mr Navratil said: “We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded… The world is changing, and Nestle needs to change faster.
Such change would include “hard but necessary decisions to reduce headcount”, he said.
The details signalled that Mr Navratil wants to “bring greater transparency to areas that were previously more opaque in Nestle’s cost-saving plans,” Morningstar equity analyst Diana Radu said .
The job cuts, she said, appear to be an effort to “reset expectations and rebuild investor confidence through measurable actions”.
Mr Navratil’s predecessor was sacked by Nestle in early September after an investigation into whistleblower allegations that he did not disclose a romantic relationship with a direct subordinate.
The company’s outgoing chair Paul Bulcke brought forward his departure date and left his post in the same month.
It was reported at the time that investors blamed Mr Bulcke for the company’s ongoing problems.
Last year, an investigation found Nestle baby food products sold in low- and middle-income countries contained unhealthily high levels of sugar.
The research, by a Swiss NGO and the International Baby Food Action Network, found that in many cases, the same products sold in wealthy countries had no added sugar.
Victoria Scholar, head of investment at Interactive Investor, said that Mr Navratil “is clearly looking to make his mark on the business”.
“Investors are excited by Navratil’s bold steps and are pleased that the C-suite turmoil appears to be in the rear-view mirror,” she said.
But the challenges ahead of him include tariff pressures, rising debt and stiff competition, she said.
Unite, one of the largest trade unions in the UK, criticised the job cuts and said it would “respond robustly” to any British layoffs.
Nestle has sites in York, Halifax, Dalston and Tutbury, as well as staff at Buxton Water, which it owns.
“Nestle is a profitable company, selling billions of produce every month. Job losses are simply unacceptable,” the union’s general secretary Sharon Graham said.
In recent weeks, the Nigerian naira has experienced some advantages in the currency exchange landscape, benefiting from a gradual increase in its value within the Foreign Exchange Market.
However, this positive trend has recently faced fluctuations, leading to a mixed outlook on the currency’s strength against the dollar. Click link to continue reading
As of last Friday, the naira was trading in the mid-₦1,400s on official platforms of the Nigerian Foreign Exchange Market (NFEM). In stark contrast, the parallel (black) market continued to quote the dollar at significantly higher rates, hovering around ₦1,480 to ₦1,500.
This disparity illustrates a persistent premium of approximately ₦25 to ₦40 between the official exchange channels and the rates found on the street, highlighting the ongoing challenges in Nigeria’s currency valuation and market dynamics.
Key rates
NFEM (official VWAP / CBN-derived rate): ₦1,470–₦1,475 per $1. This is the volume-weighted average used as the official daily NFEM rate.
Central Bank / interbank listings (recent reference levels): ₦1,460–₦1,475 per $1. (Historic daily CBN/exchange tables show mid-₦1,400s levels through mid-October).
Parallel / black market (Aboki / Abokifx / crowd-sourced trackers): ₦1,480–₦1,500 per $1.
Dealers and market commentators say the gap persists because official windows continue to receive constrained dollar supplies even as demand from importers and portfolio flows fluctuate. Foreign investors offloading local assets and limited central bank dollar provisioning were highlighted as near-term pressures in market reports.
Market impact — what it means
Importers & corporates: Higher parallel rates lift cost pressures when dollars are sourced outside official windows.
Remittances: Recipients relying on informal channels may see better conversion on the parallel market but greater volatility.
Consumers: The spread keeps upward pressure on prices of dollar-priced goods and services.
Vanguard
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.
The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.
The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.
Under the new rules, any person or entity with a non-performing loan with any financial institution in the last 12 months is ineligible to be appointed as an agent. The CBN said credit information would be verified through licensed credit bur-eaus, closing loopholes that have allowed individuals with bad debts to resurface as POS operators.
Also disqualified are individuals whose BVNs have been watch-listed, as well as anyone who has been blacklisted for financial mis-conduct. Agents convicted of felonies, fraud, dishonesty, or related offences will also not be permitted to operate.
In addition, persons declared bankrupt or companies that have filed for insolvency are automatically barred from agent banking, reinforcing the regulator’s stance that only financially stable and trustworthy actors can hold such positions.
For those seeking approval, the guidelines stipulate basic eligibility conditions. Prospective agents must demonstrate the ability to carry out permissible activities such as deposits, withdrawals, and bill payments. They must also provide all mandatory information required under CBN regulations, secure au-thorisations from relevant authorities where necessary, and, in the case of individu-als, be at least 18 years old and of sound mind.
The central bank also mandated that principals – banks, super agents, and licensed payment service providers – conduct comprehensive due diligence before appointing agents. This includes verifying credit history, criminal records, sources of funds, business ad-dresses, and pre-existing relationships that could pose risks.
Agent banking has expanded rapidly in Nigeria, driven largely by PoS operators who bring financial services to rural and underserved com-munities. There are over 8.3 million registered PoS terminals in the country and 5.9 million already deployed as of March 2025, with agents handling billions of naira in transactions monthly.
However, the sector has faced rising cases of fraud, theft, and unlicensed operators exploiting gaps in over-sight. By cutting off access for individuals with poor credit records or compromised BVNs, the CBN is signalling its intent to clean up the PoS industry and safeguard customer trust. Industry oper-ators, however, face higher compliance costs, as principals must integrate credit checks, BVN verification, and legal clearances into their onboarding processes.
The new qualification criteria are part of broader reforms, which also include mandatory geo-tagging of Pos devices, transaction lim-its, real-time settlement re-quirements, and stiffer sanctions for default.
In August 2025, the CBN had already ordered operators to geo-tag all Pos devices within 60 days and align with the global ISO 20022 messaging standard. That directive set the stage for tighter rules in October, which now embed sanctions and stricter onboarding checks.
However, the latest guidelines have extended the deadline to April 1, 2026. The extension to April 2026 gives breathing space but does not soften the threat: come enforcement day, non-geo-locked terminals may be shut down, and agents or institutions may iCBN bars debtors, blacklisted BVNs from operating as Pos agents
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.
The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.
Nigeria’s electricity distribution companies (DisCos) installed a total of 225,631 meters in the second quarter of 2025, marking a 20.55% increase compared to the 187,161 meters installed in the first quarter of the year, as reported by Nairametrics.
This was contained in the newly released Second Quarter 2025 Report by the Nigerian Electricity Regulatory Commission (NERC).
According to the report, of the total meters installed, 147,823 units (65.52%) were deployed under the Meter Asset Provider (MAP) framework, 65,315 meters under the Meter Acquisition Fund (MAF) scheme, 12,259 meters through the Vendor Financed framework, and 234 meters were installed under the DisCo Financed scheme.
Despite this progress, NERC noted that as of June 2025, only 6,422,933 out of the 11,821,194 active registered customers in the Nigerian Electricity Supply Industry (NESI) had been metered. This translates to a national metering rate of 54.33%, leaving nearly half of electricity consumers still unmetered and subject to estimated billing.
To cushion the impact on unmetered customers, the Commission said it has continued to enforce the monthly energy cap policy, which limits the amount of energy that can be billed to unmetered customers.
“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and consumption by metered customers on their respective feeders,” NERC said.
The report further highlighted a decline in customer complaints received across all DisCo Customer Complaints Units (CCUs). A total of 227,267 complaints were recorded in Q2 2025, representing a 10.67% decrease from the 254,404 complaints lodged in the previous quarter.
However, only 1,129 out of 2,474 complaints received at NERC’s Central Complaint Unit (CCU) were resolved — a resolution rate of 45.63%, which the regulator described as unsatisfactory. The majority of complaints, NERC said, were related to metering, billing, and service interruptions, consistent with previous trends.
The Commission added that two Forum Offices were shut down during the quarter, reducing the number of active offices to 24 from 26 at the end of Q1 2025. A total of 1,418 appeals were active during the quarter — 1,040 new appeals and 378 pending from the previous quarter. The forum panels conducted 41 sittings and resolved 958 appeals, achieving a 67.56% resolution rate, which was 6.54 percentage points lower than the 74.10% recorded in Q1 2025.
What you should know
In April, NERC penalised eight DisCos – including Abuja Electricity Distribution Company (AEDC), Ikeja Electric (IKEDC), Eko Electricity Distribution Company (EKEDC), Enugu Electricity Distribution Company (EEDC), Jos Electricity Distribution Company (JEDC), Kaduna Electric, Kano Electricity Distribution Company (KEDCO), and Yola Electricity Distribution Company (YEDC) – for failing to adhere to the monthly energy caps imposed on estimated billing for unmetered customers.
The Commission imposed a combined fine of over N628 million on the eight DisCos. In addition to the monetary penalties, NERC directed each company to provide credit adjustments to all affected customers.
The NERC’s decision to impose the fine of N628 million on DisCos for violating the estimated billing cap sparked mixed reactions among electricity consumers and power sector experts.
Nairametrics
Lagos State kept its crown as Nigeria’s biggest sub-national revenue generator in 2024, as the National Bureau of Statistics released the Internally Generated Revenue at State Level 2024 report.
According to the report, announced on Monday via NBS X handle, 36 states and the Federal Capital Territory together produced ₦3.6 trillion in IGR.
This represents a 49.7 per cent rise from ₦2.43 trillion in 2023.
Top 5 IGR generators
Lagos — ₦1,261,556,415,048.56 (roughly one-third of total IGR).
Rivers — ₦317,303,986,832.38.
FCT — ₦282,364,055,025.74.
Ogun — ₦194,933,884,872.57.
Enugu — ₦180,500,141,598.36.
Bottom five
Adamawa — ₦20,298,222,818.56.
Taraba — ₦17,460,514,087.44.
Kebbi — ₦16,971,704,831.43.
Ebonyi — ₦13,177,829,475.63.
Yobe — ₦11,084,367,202.33.
Full list ranked highest to lowest
Lagos — ₦1,261,556,415,048.56.
Rivers — ₦317,303,986,832.38.
Fct — ₦282,364,055,025.74.
Ogun — ₦194,933,884,872.57.
Enugu — ₦180,500,141,598.36.
Delta — ₦157,785,188,072.55.
Edo — ₦91,153,908,548.19.
Akwa Ibom — ₦75,768,017,871.08.
Kano — ₦74,771,014,335.51.
Kaduna — ₦71,574,658,542.97.
Kwara — ₦71,197,075,565.91.
Bayelsa — ₦64,013,288,202.51.
Jigawa — ₦59,455,563,495.20.
Oyo — ₦65,287,038,267.92.
Osun — ₦54,767,865,323.88.
Cross River — ₦47,018,239,529.33.
Anambra — ₦42,689,648,058.74.
Abia — ₦40,009,340,912.93.
Katsina — ₦39,152,790,613.55.
Bauchi — ₦32,427,554,765.85.
Kogi — ₦32,012,618,177.80.
Niger — ₦34,660,234,106.71.
Ekiti — ₦35,213,748,270.98.
Plateau — ₦31,139,826,680.23.
Ondo — ₦31,251,840,302.79.
Borno — ₦27,803,527,850.21.
Zamfara — ₦25,455,960,759.33.
Imo — ₦25,270,602,765.46.
Nassarawa — ₦25,518,692,329.97.
Gombe — ₦20,724,823,840.00.
Sokoto — ₦20,845,754,441.54.
Benue — ₦20,434,774,732.75.
Adamawa — ₦20,298,222,818.56.
Taraba — ₦17,460,514,087.44.
Kebbi — ₦16,971,704,831.43.
Ebonyi — ₦13,177,829,475.63.
Yobe — ₦11,084,367,202.33.
The IGR calculated has two (2) broad categories of revenues: Tax Revenue and Ministries, Departments and Agencies’ (MDAs’) Revenue.
Taxes include PAYE, Direct assessment, Road taxes, Stamp duties, Capital gain tax, withholding taxes, Other taxes and LGAs’ revenue.
PAYE was the most tax revenue recorded during the period (₦1.86 trillion), representing 69.84 per cent of the total taxes collected, while capital gains tax was the least with ₦10.57 billion.
PUNCH
(VIDEO): Sowore In Fresh Trouble As Igbos Told What To Do If Anything Happens To Kanu
REVEALED: How Saraki Plots Two Key Positions Ahead 2027 Election
BREAKING: South-East Politicians Behind Nnamdi Kanu’s Detention, Reasons Emerge
FRESH ALERT: Tension As DSS Mentions 2 States That Terrorists Plot To Invade
(FULL LIST): 10 Most Expensive Schools Where Pupil Pays ₦7.5 Million Per Term
2027: Governor Alex Otti Breaks Silence on Defecting to APC
Supreme Court Takes Fresh Decision On State Of Emergency In Rivers
Vice President Shettima Hands Over, Details Emerge
FlashBack: Did Regina Daniel Use Kayamata Product For Ned Nwoko? Fact emerges
BREAKING: Naira Rise Again, See New Rate Today
Education2 days ago(FULL LIST): 10 Most Expensive Schools Where Pupil Pays ₦7.5 Million Per Term
- Spotlights15 hours ago
REVEALED: How Saraki Plots Two Key Positions Ahead 2027 Election
- Politics4 days ago
IPOB: Full List of Individuals Who Rejected Nationwide Protest for Nnamdi Kanu
- News3 days ago
BREAKING: Nnamdi Kanu’s Brother, Powerful Lawyer Arrested; What Happened to Sowore, Details Emerge
- Showbiz & Lifestyle3 days ago
Marital Mess: Regina Daniel’s Father Breaks Silence
- Spotlights4 days ago
Fresh Prophecy Emerges For Tinubu Ahead 2027; Nnamdi Kanu’s Protest – This Is A Warning’
- Politics4 days ago
‘By The Grace of God’ – Aregbesola Predicts What Will Happen To Tinubu In 2027
!['I'm optimistic' - Tinubu sends 2025 New Year message to enduring Nigerians [FULL TEXT]](https://thepapers.ng/wp-content/uploads/2024/09/Bola-Ahmed-Tinubu-e1653653706419-400x240.jpg)
!['I'm optimistic' - Tinubu sends 2025 New Year message to enduring Nigerians [FULL TEXT]](https://thepapers.ng/wp-content/uploads/2024/09/Bola-Ahmed-Tinubu-e1653653706419-80x80.jpg)
