Following the death of group managing director and chief executive of Access Holdings, the former Nigerian minister of Finance and current director general of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala; the Labour Party presidential candidate, Peter Obi; and the group MD/CEO of NGX Group, Temi Popoola, among others, have expressed their condolences over the death of group managing director, Access Holdings Plc, Herbert Wigwe in a helicopter crash in the United States of America at the weekend.
This is even as the board of Access Holdings Plc may soon begin to hunt for a helmsman after the tragic demise of its group managing director, Herbert Wigwe, in a helicopter crash in the United States of America.
The group had, in an earlier statement, yesterday, noted that it will soon name a successor to Herbert Wigwe in acting capacity.
It is expected that the board of the financial conglomerate will officially notify the regulators on the first day of business and would convene a board meeting to begin to consider the options for a replacement for the late GMD.
The board of directors is expected to convene a meeting to discuss the situation and decide on the next course of action. Whilst they may appoint an interim replacement pending the appointment of the substantive GMD, there is also the option of appointing a permanent replacement.
In many cases, there may be a designated deputy or an interim successor in the bank’s leadership structure. If the managing director had a clear succession plan in place, this individual may step in temporarily to ensure continuity and stability.
Presently, the board of the bank is constituted by the chairman, the group managing director, four non-executive directors, one independent non-executive directors and two executive directors. The most senior after the chairman is the current managing director of the banking subsidiary, Roosevelt Ogbonna.
Ogbonna, before his current role, was Access Bank’s deputy managing director since 2017 prior to which he had been appointed executive director, Commercial Banking Division, in October 2013.
He was appointed the managing director of the bank with effect from May 2, 2022. He is a through-bred professional with over two decades of banking experience having joined Access Bank in 2002 from Guaranty Trust Bank.
With the guideline on tenure as released by the Central Bank of Nigeria (CBN) last year, which fixed the tenure of deputy managing directors and executive directors (ED) of a bank at a maximum period of 12 years, Ogbonna currently has two years on the board.
Banking sources told news correspondents that to ensure stability and continuity, Ogbonna may be favoured by the board as an interim GMD to stabilise the corporation before it shops for the substantive one later.
Also to be put into consideration are the two camps that hold sway on the board. Recall that Access Bank was bought by Herbert Wigwe and his business partner, Aigboje Aig-Imoukhuede. It is, however, not sacrosanct that the replacement would be from within the Corporation itself.
Commenting on the demise of Dr. Wigwe, Mr. Abubakar Jimoh, chairman of Access Holdings said: “The Access Family has suffered a major loss with the passing of Dr. Wigwe who was a great friend and fine gentleman. He had a prodigious intellect, admirable personal qualities, and vast business experience which he brought to bear on the Access Family and for which we owe him a debt of gratitude.
“In line with the Company’s policy, the Board will soon announce the appointment of an acting group chief executive officer even as we remain confident that the Access Group will build further on Dr. Wigwe’s legacy of growth and operational excellence.”
