Herbert Wigwe’s Burden vanguardnews
is uncertain that he knew the town hall video meeting would leak. When Herbert Wigwe, the Managing Director and CEO of Access Bank hosted a virtual town hall with his staff last week, the only thing on his mind was how the bank would come through the present global health pandemic stronger.
But he should have known better. Wigwe is the chairman of the committee of bank CEOs and his bank, Access, is the biggest by asset size after the acquisition of Diamond Bank early last year. In profitability, it is behind GT Bank, Zenith and probably, UBA. But for all that is ripe and fit to pluck, Access isn’t doing badly.
Let me be clear. No one should minimise the impact of the virus pandemic on business or think for a minute that business – any kind of serious business – should continue doing things the same way. In 2009, for example, on the watch of Sanusi Lamido Sanusi then governor of the Central Bank, the government bailed out five distressed banks with N400 billion. Some of these banks had fraudulently inflated loans to the aviation sector in a horrific teeming and lading to cover their tracks.
But some aristocrats are still there doing stuff, as they say. Their banks have private jets maintained at a daily parking fee of $26,000, while they take huge amounts of money annually as “upfront” personal payments, only to spread the cost among the branches as “head office apportionment or allocation”. Some have companies incestuously involved with the banks while everyone turns a blind eye.
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