Key Summary
- Herbert Wigwe, CEO of Access Holdings PLC, tragically dies in a helicopter crash.
- The crash, which also claimed the lives of his wife and son, prompts national mourning in Nigeria.
- Wigwe’s influential role in the banking industry and philanthropic endeavors leaves a significant void.
- Concerns arise regarding the continuity of his business, philanthropy, and impact on the economy.
- Bolaji Agbebe appointed as acting CEO, aiming to maintain stability and uphold Wigwe’s legacy.
Nigeria mourns after the tragic loss of a major bank CEO and philanthropist in a helicopter crash. Herbert Wigwe was a businessman and banker most known for his role as the CEO of Access Holdings PLC, the parent company to Access Bank, one of the main banking institutions of Nigeria. Wigwe’s wife Chizoba and his son Chizi were among the six people killed in the crash. Investigators searched through the desert of southern California to find the site of the crash after several people on I-15 called 911 upon the crash.
The chartered helicopter had departed from Palm Springs to Boulder City, Nevada as those on the helicopter had planned to go to Las Vegas to attend the 58th Super Bowl. According to the San Bernardino County Sheriff, the crash site was about sixty miles away from Las Vegas in Nipton, a small unincorporated town on the edge of the Mojave Desert Preserve. After further investigation, it seems the aircraft hit the ground at a tilted angle with its nose creating a debris field that was about one hundred yards long. Additionally, there were reports of poor weather conditions consisting of rain and snow. Officials are unsure if the weather was the main cause of the crash as the aircraft did not have a voice recorder in the cockpit or a flight data recorder.
Herbert Wigwe is an extremely influential and prominent individual in Nigeria. After helping found Access Bank in 1989, Wigwe led the company to become the biggest bank in Nigeria in 2018. Furthermore, Wigwe himself was named 2016 Banker of the Year by multiple magazines. The office of the Nigerian president has described the loss of Wigwe as a terrible blow for not just Nigeria’s banking industry, but the whole of Africa’s as well. While there is no doubt that Wigwe is successful within the banking industry, and the figurehead of a crucial part of the Nigerian economy, one might ask why there has been so much response from the people and other politicians within Nigeria? What prompts the people to mourn a man that lives above the means of a vast majority of people?
Herbert Wigwe was a well known philanthropist as well as a businessman. Additionally, his philanthropic efforts were not limited to one specific field, ultimately impacting the daily lives of many Nigerinas. In 2016, he founded the How Foundation to promote youth empowerment throughout Africa. The How Foundation has also targeted other specific areas such as education. Wigwe started by establishing various educational programs and scholarships targeted at students of socioeconomic statuses. However, through the foundation, he eventually took these education initiatives even further, founding a university that was set to open in September in the Niger Delta region where Wigwe is originally from. While the main motivator for the creation of a university was to promote education, Wigwe also believed that higher education was crucial for managing the influx of mass migration that according to him is damaging and destabilizing for countries across the world.
Thus, there are many implications of his death beyond those of a stereotypical businessman. The most obvious being the financial and economical. As the CEO of one of the largest banks, many worry about the market reaction and how it might affect the stock price and overall investor confidence. Similarly, the involvement and influence of Wigwe would require a newly formed succession plan to maintain the stability of the bank as well as the confidence of the stakeholders. Moreover, there could be shifts within the banking industry in regards to various partnerships and collaborations following the leadership change.
On the other hand, some people worry about the maintenance of Wigwe’s philanthropy and community initiatives that were financed by his businesses. While most assume that these acts in healthcare, entrepreneurship, and education will still be upheld, there is still a possibility that in the care of other individuals, priorities could be shifted.
However, many of these fears are being addressed right now. As of Monday, Access Holdings PLC announced that Bolaji Agbebe will take over as acting CEO. Having been a part of the company since 2003, this appointment is a strategic step for the company, alleviating a lot of the fears regarding the continuity and success of the business. Agbebe has over three decades of experience working within both the banking industry as well as business consulting and until Monday, was the most senior founding Executive Director in Business Support. Lastly, Agbebe has also been involved in various community initiatives, especially those regarding female empowerment.
Ultimately, our thoughts are with the friends and family of those involved in the crash. The legacy of Herbert Wigwe will go on through the How Foundation and his other philanthropic efforts. As Agbebe takes over Access Holdings PLC, NGF will continue to monitor the transition and the impact on the Nigerian economy and people.
Author: Ella Powers
