Business
‘The Dragon’! Return of Aig-Imoukhuede as Access Bank Chairman – Senior managers, Junior staff, cringe in anticipation of a grim tenure
By Tobi Ajisafe
Until recently, many people saw Aigboje Aig-Imoukhuede as a chap whose arrogance breathes on the oxygen of immodesty. Always sneering and scarcely smiling, he was widely regarded as an intransigent snub whose self-assurance booms, one grisly decibel after another, until it attains a frantic pitch.
The former Managing Director and Chief Executive Officer (MD/CEO) of Access Bank reportedly treated both close and distant acquaintances like contemptible minions, undeserving of any form of regard or honour.
At his pronouncement as Access Bank’s new Chairman, both senior managers and junior staff members cringed in anticipation of his grim tenure. Beneath his warm smiles and unassuming mien pulsates brutishness, a chilling lethalness that is effectively masked with extraordinary spirit and talent.
Interestingly, however, when the late Herbert Wigwe was at the helm of management and operations, staff members enjoyed working under his leadership as he presided as a strong, compassionate and humane head honcho.
In this new dispensation at Access Bank, the fear of Aig-Imoukhuede is the beginning of wisdom. 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.
Whatever anyone thinks, Aig-Imoukhuede is not one to brook any baloney from any quarters, unlike his late friend and partner, Herbert Wigwe.
Yes, when he was the MD of the bank 10 years ago, you mess around with him 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.
There is no gainsaying Aig-Imoukhuede affects the disposition of an egoist. If anything, the fantasies of an egoist are often mightier than his will and dismissive of reality, but he commits to their attainment all the same.
However, contrary to widely held uncomplimentary notions of him, the new Access Bank chairman has a heart of gold. Not a few people were stunned and moved to tears by his heartfelt show of love and support to his late friend, Herbert Wigwe, and deceased wife and child.
Wigwe, Group Chief Executive Officer of Access Holdings died on February 9, 2024, in a chopper crash in the United States, alongside his wife, Chizoba, and son, as well as a former Chairman of the Nigerian Exchange Group Plc (NGX Group) Abimbola Ogunbanjo. Two crew members also died in the ill-fated crash. They were on their way to the American Super Bowl.
Since the sad incident, Aig-Imoukhuede has been up and about, lending a hand of support and handling the most challenging aspects of the retrieval of the bodies of his deceased friend and his family.
He has also been directly involved and responsible for the seven-day funeral of his deceased partner and friend. Aig-Imoukhuede, who happens to be a co-owner of Access Holdings Plc fought back tears at an emotional evening and funeral of his departed partner and friend, as tributes flowed in honour of the late Herbert Wigwe.
An inconsolable Aig-Imoukhuede, in his teary tribute to Wigwe, said time stood still when his “friend and brother” left this terrestrial ball last month.
He was moved as he delivered his tribute recalling their shared history, the fond memories they created together, and the immense passion and drive that Wigwe had always possessed.
Aig-Imoukhuede described Wigwe as a man on a mission who had always had big dreams and ambitions and worked tirelessly to achieve them.
He said, “Herbert was committed to building an African continent where men and women can aspire and live to their full potential. He isn’t the only person committed to this objective, but there are very few people in the world whose life and legacy illuminate this commitment the way Herbert Wigwe has.
“Some have told me that in the last few months, Herbert was very concerned about the state of our nation and continent. This is indeed true and Herbert knew that time was not on our side.”
As Aig-Imoukhuede put it, Wigwe’s legacy was not just about the individual successes he had achieved, but rather about the impact he had made on others and the contributions he had made to a shared vision for Africa’s future.
Few people may understand the bond of their brotherhood. You could be forgiven for thinking the threads of their friendship were woven in the colourful fabric of ’till death do us part.’
Until Wigwe’s sad demise, nothing came between them. Neither Aig-Imoukhuede nor the late Wigwe dared to rip apart or plow through the great, deep, tightly woven fabric of loyalty that defined their friendship.
Both men were truly more than friends, they were like brothers who went on to build a formidable banking enterprise as business partners. It would be recalled that when they started Access Bank years ago, pundits in the banking sector believed the bank would not thrive and survive the gruesome years, but the smart, focused men weathered the storms of contemporary banking and today, they occupy enviable positions in the league of Nigeria’s most gifted and seasoned financial Czars.
Aig-Imoukhuede and Wigwe proved bookmakers wrong as they painstakingly forged Access Bank’s path to its esteemed height as one of the country’s top three banks today.
While Aig-Imoukhuede occupied the saddle as MD/CEO of the bank, he refused to behave to stereotype and shunned the lure to reduce and make irrelevant, his friend, business partner and brother, Wigwe. Subsequently, when Wigwe succeeded him as head honcho of the bank, he mooted no plot to malign or shortchange his predecessor.
Wigwe remained loyal to Aig-Imoukhuede and together, they worked to improve the fortunes of their brainchild, Access Bank.
Little wonder the management and staff of the bank sing his praises to the high heavens even after his demise. Aig-Imoukhuede, on his part, did not grow jealous of the late Wigwe’s success in the saddle. Rather he did his bit to encourage and assist him in running Access Bank and lifting it to greater heights.
Beyond the walls of commerce, Aig-Imoukhuede and Wigwe maintained a robust relationship. They attended events together and did everything together. They also looked out for each other.
Their friendship was undoubtedly borne of great trust and it manifested with immense benefits for the duo.
There is no gainsaying Aig-Imoukhuede would miss his friend and brother from another mother. Nonetheless, he has vowed to honour his memory by keeping their business afloat and taking care of the loved ones he left behind.
Source: TheCapital
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
First Bank of Nigeria Limited (FirstBank) has secured a significant victory at the Court of Appeal in its case against General Hydrocarbons Limited (GHL) filed by their lawyers Babajide Koku SAN and Victor Ogude SAN, as reported by Nairametrics.
In its ruling on Thursday, 11 September 2025, the Court of Appeal set aside the earlier decision of the Federal High Court, Port. Harcourt, Obile J, which had dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
FirstBank filed an appeal challenging the trial court’s decision that had treated the matter as a simple debt recovery. The Court of Appeal, in its ruling, affirmed the maritime nature of the claim and emphasised the importance of preserving the Res, the crude oil cargo, as the central issue in dispute. The Court set aside the earlier order of the trial court vacating the order of arrest of the 2nd respondent.
The appellate court allowed FirstBank’s appeal and set aside the Federal High Court’s ruling. It authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, with the proceeds to be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal, pending the hearing and determination of the case at the trial court and the court of arbitration. The Chief Registrar was also appointed to take possession of the cargo and ensure its protection against dissipation or unauthorised disposition by any party.
This ruling marks a significant milestone for FirstBank and reinforces the Bank’s commitment to upholding the integrity of financial transactions and protecting the interests of its stakeholders.
FirstBank remains steadfast in its dedication to sound corporate governance, legal compliance, and the protection of its assets. The judgment of the Court of Appeal sets a strong precedent for the enforcement of collateral agreements and accountability in high-value commercial transactions.
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The Central Bank of Nigeria (CBN) has enacted more stringent controls while sustaining a lower exchange rate at the official windows. Click link to continue reading.
The black market exchange rate for the dollar to naira continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
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