Voices of African CEOs: Aigboje Aig-Imoukhuede

Aigboje Aig-Imoukhuede embodies the entrepreneurial spirit that transforms struggling institutions into continental powerhouses. In March 2024, he returned to Access Holdings as Chairman following the tragic death of his longtime partner Herbert Wigwe, marking a poignant homecoming to the bank he co-acquired in 2002. When Aig-Imoukhuede and Wigwe bought Access Bank for approximately $3 million, it was a fringe regional player ranked 65th in Nigeria. By the time he stepped down as CEO in 2013, Access Bank had vaulted into Nigeria's top five banks, with a presence in nine other African countries and the United Kingdom, and had over six million customers, 5,000 employees, and a $12 billion asset base.

The African CEOs' insights from Aig-Imoukhuede reveal a leader who combines world-class banking experience with relentless entrepreneurial drive and a commitment to building institutional capacity. His career spans over three decades in financial markets, investment banking, risk management, and commercial banking, earning him international recognition, including Nigeria's Commander of the Order of the Niger (CON) in 2011. Beyond banking, he co-founded Tengen Family Office, overseeing investments across banking, finance, insurance, technology, real estate, and energy. Through the Aig-Imoukhuede Foundation, he focuses on transforming Nigeria's public sector effectiveness and improving access to primary healthcare, demonstrating that leadership in Africa extends beyond corporate boardrooms into nation-building.

The Journey: From Lawyer to Banking Visionary

Photo credit: theaccesscorporation

Born on 24 September 1966 in Ibadan, Oyo State, Aig-Imoukhuede defied conventional career paths from the start. He enrolled at the University of Benin to study law at just 16 years old, graduating with an LLB degree in 1986 at age 19 and being called to the Nigerian Bar in 1987. His legal training provided analytical rigour and contractual expertise that would prove invaluable in complex financial transactions throughout his banking career. After beginning his legal career at Continental Merchant Bank during his NYSC deployment in 1988, he joined Guaranty Trust Bank (GTB) in December 1991, where his trajectory accelerated rapidly.

At GTB, Aig-Imoukhuede rose from Treasurer to Executive Director by 2001, learning, as he describes it, "how to run a good and successful bank and how to be an effective leader." The entrepreneurial bug bit during an executive course at Harvard Business School in 2000, where he read "Buyout: The Insider's Guide To Buying Your Own Company." The book posed a provocative question: "Do you want to work for other people, surviving on a salary and bonuses forever?" That question catalysed his decision to acquire Access Bank in 2002 alongside Herbert Wigwe, embarking on an entrepreneurial journey he chronicled in his 2020 memoir "Leaving the Tarmac: Buying a Bank in Africa."

Strategic Vision: Building Nigeria's Banking Champion

Aig-Imoukhuede's leadership of Africa's approach at Access Bank combined an ambitious vision with disciplined execution and an obsessive work ethic. He recruited a team that "combined the world-class banking experience of Citibank, with the entrepreneurial mindset of a GTB person, with the discipline and rigour of KPMG or PWC consultants and auditors and passion for service that typified Zenith employees." This team conducted weekend-long retreats every week at a "one-star hotel in Lekki" which was all they could afford, sleeping no more than five hours per night, brainstorming relentlessly and returning Monday mornings "with an endless stream of ideas."

The African CEOs' insights from this period reveal that Aig-Imoukhuede believed Access Bank staff had to work harder and longer than any other bank's employees to achieve their audacious goals. He led by example, "working eighteen hours a day, seven days a week and very much the absentee father," whilst his wife Ofovwe put her Citibank career on hold to focus on their family. This sacrifice paid dividends as Access Bank's aggressive growth strategy unfolded through organic expansion, strategic acquisitions, and a relentless focus on customer service excellence, which differentiated the bank in Nigeria's competitive financial services market.

Return to Leadership: Honouring a Shared Vision

Following Herbert Wigwe's death in February 2024, Access Holdings' Board conducted extensive consultations with key stakeholders before unanimously inviting Aig-Imoukhuede to return as Non-Executive Chairman. His appointment replaced Abubakar Jimoh, who remained on the Board as an Independent Non-Executive Director.

In a statement that captured both grief and determination, Aig-Imoukhuede declared: "I am thrilled to be back in active service to the Access Group ecosystem. I am confident that working with our directors, our exceptional team of executives, and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders. I am determined that our shared vision, which Dr. Wigwe gave everything for, will be realized."

In April 2024, Aig-Imoukhuede outlined Access Holdings' ambitious capital raising plans to CNBC Africa, announcing intentions to raise $1.5 billion over five years to fuel continued expansion. The decision to pursue a rights issue rather than other capital-raising mechanisms reflected his philosophy of valuing shareholders and of allowing existing stakeholders to participate during a period when Nigerian banks trade below book value.

Access Bank's first-quarter 2024 performance validated this strategy, growing its capital base by 22 percent to N33 trillion ($19 billion) whilst maintaining profitability even as it integrated new acquisitions across the continent, something other pan-African banking franchises struggle to achieve.

Beyond Banking: Building Public Sector Capacity

Leadership Africa for Aig-Imoukhuede extends far beyond Access Holdings' boardroom. Through the Aig-Imoukhuede Foundation, established with his wife Ofovwe, he invests in transforming Nigeria's public sector through the Africa Initiative for Governance and the Aig-Imoukhuede Institute. In October 2021, he collaborated with Nigeria's Head of the Civil Service to digitise work processes and public service delivery, bringing private-sector efficiency to government operations. As Chairman of the Presidential Committee on Fuel Subsidies, he saved Nigeria more than $6 billion by exposing fraudulent petroleum subsidy claims, demonstrating how technical expertise deployed in public service generates massive returns for citizens.

His contributions to universal healthcare led to his 2011 appointment as the first African co-chairman of GBC Health, a New York-based private sector coalition against HIV, malaria, and tuberculosis. He chairs ABCHealth, a regional non-profit established by the Aliko Dangote Foundation and GBCHealth, whilst serving as director of the Private Sector Health Alliance of Nigeria. In 2019, he initiated the Adopt-A-Healthcare-Facility Programme, directly improving primary healthcare infrastructure. The African CEO's insights from his philanthropic work reveal a conviction that Africa's development depends on building institutional capacity and leadership quality in government, not just private sector excellence.

Financial Markets Leadership: Building Ecosystem Infrastructure

Aig-Imoukhuede's influence extends across Nigeria's entire financial ecosystem through strategic leadership roles. He served as president of the Nigerian Stock Exchange from 2013 to 2017, championing demutualisation, which was completed in 2021, and transforming the Exchange into a competitive market infrastructure. As founding Chairman of the FMDQ Securities Exchange, he helped establish robust fixed-income, currency, and derivatives markets that increased the sophistication of Nigeria's financial system. In 2012, he led the banking sector's voluntary adoption of Nigerian Sustainable Banking Principles, an initiative subsequently emulated by several countries worldwide.

His work with the Presidential Committee on Fuel Subsidies and his leadership of the Financial Market Dealers Association demonstrate how African leadership shapes policy frameworks that enable private-sector growth. He serves as Chairman of EnterpriseNGR, a Nigerian financial and professional services advocacy group, using this platform to influence regulatory and policy environments. His appointment to Oxford University's Blavatnik School of Government International Advisory Board in 2017 reflects international recognition of his insights on governance, development, and financial systems, positioning him to influence global thinking about African development challenges and opportunities.

Practical Lessons: Building World-Class African Institutions

The African CEOs' insights from Aig-Imoukhuede's career offer multiple lessons for aspiring entrepreneurs and executives. First, excellence requires sacrifice and extreme dedication during critical phases of construction. His 18-hour workdays and seven-day workweeks during Access Bank's transformation weren't sustainable in the long term but were necessary to achieve breakthrough results. Young entrepreneurs must recognise that building enduring institutions demands temporary periods of intense focus and personal sacrifice. However, this must be balanced against family responsibilities and personal well-being to avoid burnout.

Second, strategic talent recruitment matters as much as capital. Aig-Imoukhuede's formula of combining Citibank's world-class experience, GTB's entrepreneurial mindset, consulting firms' rigour, and Zenith's service passion created a team greater than the sum of its parts. Leaders should be intentional about the capabilities and cultural attributes they seek, recruiting for complementary strengths rather than homogeneous backgrounds. Diversity in experience and perspective generates richer strategic discussions and more innovative solutions to complex challenges facing African businesses operating in dynamic, unpredictable markets.

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This interview with Aigboje Aig-Imoukhuede demonstrates how African CEOs' insights illuminate pathways for transforming institutions through visionary leadership, relentless execution, and commitment to capacity building beyond immediate business interests. Tomorrow, we feature a conversation with a pioneering female entrepreneur revolutionising agriculture across East Africa, followed by interviews with a fintech innovator in West Africa and a renewable energy CEO in Southern Africa. Each daily conversation reveals unique approaches to leadership in Africa whilst highlighting common threads of resilience, strategic thinking, and dedication to creating lasting impact.

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Exclusive interview with Aigboje Aig-Imoukhuede, Chairman of Access Holdings. Discover African CEOs' insights and leadership Africa wisdom from the banking titan transforming Nigeria's financial landscape.

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