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COVID 19: Decision Necessary to Sustain Business-Wigwe
He started out his career at the Coopers and Lybrand Associates, Lagos, as a management consultant. He soon got to be a Chartered Accountant and subsequently went to work at GTBank. In his time at the bank, spanning over a decade, Herbert rose through the ranks to become the Executive Director Corporate and Investment Banking.
By his admission, he had seen some ups and downs, had some fears, experienced some turbulence and has equally tasted some very good side to the bargain. “There have also been very trying times. There have been days when we’ve had to roll on the floor and pray, and just beg God that certain things shouldn’t happen, when there’s been big changes in the macro.
“There was some information about an exposure which we had. The communication was that it was not a performing loan, and it was not true. Because of the size of the loan, it could have triggered an issue. We were a much smaller institution. And our reputation, particularly in banking, could affect the overall franchise. It could affect our stakeholders, our customers, most importantly our people, because they were going to be concerned about our professional future.”
He was quite concerned, he admitted at a point in time. I was absolutely petrified of failure and would do everything possible not to find myself in certain circumstances, he said. “People ask us why we spend so much time working. Apart from the fact that we truly enjoy what we are doing, I enjoy every second of what I do, but the thought of failure is something I don’t want to dream of. So, we are perpetually seeking ways to better prepare ourselves for those difficult moments in life.
‘’There were people who thought, ‘how are these guys going to pull it together?’ There were those who thought, ‘young people don’t work together very well, they are likely to quarrel.’ Several people thought like that, some also said: ‘It’s just a matter of time, something will happen.’
‘’In fact, there were some consulting firms that said they were not going to take on our mandate because these guys are just a bit too young for what they want to do. So that was the kind of vibe that we got, adding however that there were “more days of celebration with each passing thing, each success makes us so much more confident. So, it’s been mixed feelings, on the whole, there’s so much thanksgiving to God.’’ ”
That is largely the trajectory of the corporate world. Some prepare for it, while for some others, it is thrust upon them. What one makes of it is made manifest in space of time.
Within the period that he began to toil in the banking space, Wigwe had weathered some storms no doubt. In the period he rose to become an Executive Director in GTBank, to when he and his co-traveller, Aig-Imoukhuede bought ‘little’ Access Bank, and then went on to acquire Intercontinental Bank and very lately, Diamond Bank and Transnational Bank of Kenya, Wigwe in the course of these transactions, would have taken some hard decisions, rightly so, in the line of duty. Having therefore been acquainted with these developments over time in addition to other boardroom challenges, it has become a matter of routine, doubtless, that the challenges thrown-up by the outbreak of the COVID-19, serious as they are (make no mistake about that for no sector is spared), were not expected to sweep Wigwe of his feet. He has been prepared for a time like this.
Implications of COVID-19
As pervading and dangerous the COVID-19 pandemic impacts are, they bear repetition so that no one is left in doubt as to the danger the world faces.The pandemic, not being a financial issues per se, yet its impact has consumed and crippled all businesses, the banking industry not being an exception. The global business community, be it in the developed world, developing, countries, or emerging markets have been brought to their knees. Job loses every where are numerous. In the US where data is readily available, over 30 million people have filed for unemployment benefits, while in April alone, over 20.5 million were reported to be out of jobs and still counting. Spiralling death tolls have become the new normal, medicament and health care facilities have been stretched to their limits, even at that, no one knows when this shall come to an end. Uncertainty is now the new normal.
In situations like this, corporate chiefs and political leaders are taking proactive steps and making moves in the expectation that per chance, they may strike the cord that would mitigate the devastating impact of this ravaging scourge. To do nothing is to wait for a certain death, or imminent disaster. In Britain for instance, it was announced a few weeks ago that the government has offered to stand in for workers who were asked to stay at home with a promise to underwrite their salaries for a period of three months in the first instance. Some other developed countries have also offered similar, or other alternatives. Also in the US, Congress approved a $6 billion package that entitled households to about $2,000 monthly, with a proviso that it will consider a review upward as events unfold. So far, none of these measures put forward by the developed countries is available at home, or in most third world countries, save for pronouncements of palliatives being provided here and there with no specific modus operandi of how the service is administered.
‘We’ll not sack workers’
While some have taken to laying off employees, others have put a cut on the monthly payroll, Access Bank has taken the empathetic route of trimming operating costs instead of outright workforce downsising.
Wigwe, in statement, assured that Access Bank has put in place a robust business continuity process that is enough to sustain the bank’s performance going forward, saying the bank “was well prepared for COVID-19 early enough and created ways of working from home and working with our customers. We set up links with our customers and devised ways of reaching out to them three or four times a day. This happened even before we started working with the larger society and it enabled us to start fighting this pandemic”.
He said to remain accountable to shareholders and keep the business running, it has become necessary to rationalise cost structure, including salary and even service providers. In stating the obvious, Wigwe said no business was having it easy at this time. He said top global enterprises have taken various measures to ensure that they stay afloat of the situation, pointing out that this is a time when we all need to be more understanding and work towards eradicating the virus so that we can continue living our normal lives. Sometimes, everyone has to endure some discomfort in order to ensure that no one is left behind, and this sums up the rationale behind Access Bank’s decision, because in his words, “all shareholders, including employees, deserve empathy and consideration”.
Wigwe also took the exceptional step of leading by example. He offered to cut his pay by 40 per cent over the period that the pandemic is in force, saying the measure will be graduated down the line, with the assurance that no staff member would lose their jobs because of COVID-19.
He said: “To keep to this commitment, we have made a decision at the management level to restructure salaries. This will start with me, who will have a salary restructure of 40 per cent, while other employees will have their salaries slightly reduced as well. It has become essential to take this decision in the interim, considering the economic realities and hope to reverse it as soon as economic activities become stable.
“As an employer of over 30,000 employees, our employees are our greatest assets. We understand how difficult these times are and we are determined to ensure that our staff remain in employment,” Wigwe said in the statement.
Corporate social responsibility
Access Bank has been ranked as the overall best company in Corporate Social Responsibility and Sustainability in Nigeria for the year 2019 based on a result drawn from impact assessments of 910 organizations operating in Nigeria over the last 13 years. The ranking took into cognizance Access Bank’s participation in impactful national projects, its recognitions and ratings from international award bodies, investment in CSR and sustainability.
The bank has in place a corporate strategy and philosophy which places sustainability at its core, ensuring that projects and initiatives undertaken by the bank are impactful and strategically linked with the United Nations Sustainable Development Goals. Under Wigwe’s leadership, the bank has also recorded outstanding results by undertaking several initiatives across the country.
Having launched the Nigerian Green Bond Market Development Programme in June 2018, Access Bank’s determination to promote sustainable growth through funding of projects at a lower cost of capital, led to the issuance of a N15 billion (USD41 million) corporate green bond in 2019. The issue is the first-ever Climate Bonds Initiative certified corporate green bond in Africa.
He certainly knows what it takes to be a leader. His work attitude, ethics and transparency and strategies in navigating uncharted terrain and circumstances in the global economy, have attested to him being a proven, tested and pragmatic leader. His approach to amicably resolving the challenges thrown up by the coronavirus scourge in marrying the corporate interest with those of the workforce, and leaving all interests well protected, should be commended. He rose to the challenge of the moment and proactively adopted measures to keep the financial institution going, not only that, but strong and competitive.Transparency is a strong virtue of leadership.
Clearly, one thing the ravaging pandemic has revealed, according to Barclays Bank boss, Jes Staley, is that having thousands of bank workers in big, expensive city offices, “may be a thing of the past”.
Staley pointed out that about 70,000 of Barclays’ staff members worldwide are working from home due to coronavirus lockdown measures, leading the bank to rethink its long-term strategy. So, it is not just Wigwe taking proactive and pragmatic steps to remain competitive, he is sure having a head start here by his bold and pragmatic approach.
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ZENITH BANK REINFORCES COMMITMENT TO AFRICA’S CREATIVE ECONOMY THROUGH CONTINUED SPONSORSHIP OF ART X LAGOS 2026
Building on its support for ART X Lagos’ landmark tenth anniversary, the Bank continues its partnership with the fair, championing African artistic excellence, cultural heritage and emerging creative talent.
Zenith Bank Plc has reaffirmed its commitment to advancing Nigeria’s creative and cultural landscape through its continued sponsorship of ART X Lagos 2026, taking place from November 5-8, 2026, at Federal Palace, Lagos.
Building on its support for the fair’s landmark tenth-anniversary edition in 2025, the Bank returns as a Silver Sponsor for the 11th edition, reinforcing its commitment to platforms that celebrate African artistic excellence, preserve cultural heritage and create opportunities for emerging creative talent.
Founded by Tokini Peterside-Schwebig in 2016, ART X Lagos is a leading international cultural platform dedicated to showcasing contemporary art from Africa and its diaspora. Through its multidisciplinary programming, the fair has become an important platform for connecting artists, galleries, collectors and cultural institutions while promoting African creativity on the global stage. Since its inception, ART X Lagos has brought together artists and galleries from over 70 countries, welcoming participants from 170 nations worldwide.
The 11th edition of ART X Lagos will hold under the theme: A New Chapter, A New Decade, reflecting on the artists, architects, educators and thinkers who shaped modernism in Nigeria. The theme explores how cultural inheritance can inspire new forms of artistic expression and possibilities for the future.
Through its sponsorship, Zenith Bank supports the continued growth of ART X Lagos as an international platform for artistic exchange, cultural preservation and creative enterprise, strengthening connections across Africa’s creative ecosystem and fostering opportunities for growth and collaboration.
As part of its broader sponsorship of ART X Lagos 2026, Zenith Bank will support two key programmes: ART X ICON and The Masterclass. While ART X ICON celebrates the achievements and enduring contributions of Nigeria’s artistic pioneers, The Masterclass creates opportunities for emerging creatives to learn, engage and develop their practice.
In this 11th edition, the focus of ART X ICON is turned to pioneering Nigerian potter Ladi Dosei Kwali (1925–1984) with Ladi Kwali: Beyond the Vessel, conceived and developed by curator Dr Jareh Das.
Widely recognised as the face on Nigeria’s 20-naira note, Ladi Kwali is celebrated for her extraordinary contribution to Nigerian ceramics and her role in bringing traditional Nigerian pottery to international prominence. Drawing on generations of indigenous pottery knowledge, she developed a distinctive artistic practice that earned her international recognition.
Bringing together ceramics and archival materials from the National Museum in Lagos, alongside works from private lenders, Ladi Kwali: Beyond the Vessel offers a deeper exploration of the artist’s life, practice and enduring influence.
The exhibition will also feature works by women potters who worked alongside and after Kwali, including Kande Ushafa and Asibi Ido, as well as traditional pottery by Gbari, Nupe and Bida potters. Together, these works illuminate the artistic traditions Kwali inherited, the innovations she introduced, and the knowledge carried forward by subsequent generations.
Complementing ART X ICON, The Masterclass will place emerging artists in dialogue with Ladi Kwali’s legacy, creating an opportunity to explore the relationship between traditional artistic knowledge and contemporary creative practice.
The programme will select 10 emerging artists from across disciplines including painting, sculpture, photography, film, textiles, digital practice, performance and ceramics, providing opportunities for intimate conversations and meaningful engagement with established creative practitioners.
Speaking on the partnership, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO, Zenith Bank Plc, commented:
“At Zenith Bank, we recognise that the growth of the creative economy requires both the preservation of our cultural heritage and sustained investment in the talents shaping its future. Our continued partnership with ART X Lagos reflects our belief in the importance of supporting platforms that celebrate African artistic excellence, strengthen cultural institutions and create opportunities for emerging creatives. We remain committed to supporting initiatives that unlock the economic and cultural value of Nigeria’s creative industry and enable African creativity to gain even greater recognition on the global stage.”
Tokini Peterside-Schwebig, Founder and Director of ART X Lagos, said:
“As ART X Lagos enters its second decade, we are immensely grateful for the continued partnership of sponsors such as Zenith Bank, whose support reflects a shared commitment to advancing Nigeria’s creative and cultural landscape. Partnerships like this are instrumental in sustaining our vision, deepening our impact and creating lasting opportunities for African creativity to thrive on a global scale.”
Beyond ART X ICON and The Masterclass, ART X Lagos 2026 will feature 15 exhibitors across its Main and Spotlight sections, alongside a diverse programme of Special Projects, including Ndidi Dike’s Residues of Past Encounters: 2024–2026, The ART X Library and Speakers’ Corner.
The fair’s wider multidisciplinary programme will also feature ART X Cinema, ART X Live!, ART X Talks, Art Across Borders and the Schools’ Programme, celebrating the breadth and diversity of contemporary creativity from Africa and its diaspora.
ART X Lagos 2026 takes place from 5–8 November 2026 at Federal Palace, Victoria Island, Lagos.
Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.
Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.
Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.
According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.
“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.
“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.
Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.
According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.
“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.
“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.
The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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