Access Bank
Access Bank was established in 1988 and commenced operations on May 11, 1989, at its Burma Road, Apapa head office in Lagos. Initially incorporated as a privately owned commercial bank, it transitioned to a Public Limited Liability Company on March 24, 1998, and was subsequently listed on the Nigerian Stock Exchange on November 18, 1998.
Leadership transformation and capital expansion
In 2002, Aigboje Aig-Imoukhuede and Herbert Wigwe assumed leadership roles as Managing Director and Deputy Managing Director, respectively. Under their guidance, Access Bank embarked on an ambitious growth strategy, aiming to ascend from the 65th position to the top 10 banks in Nigeria within five years. The bank raised over NGN 14.5 billion through a public offering in 2003, which was oversubscribed by 133%. In 2004, Access Bank expanded its operations by acquiring Capital Bank and Marina Bank through mergers.
Strategic mergers and retail expansion
Access Bank's growth trajectory continued with the acquisition of Intercontinental Bank in 2011, culminating in a full merger by 2013. In 2018, the bank announced its intention to merge with Diamond Bank, a move completed in April 2019. This merger significantly expanded Access Bank's customer base, making it the largest bank in Nigeria by assets and the largest in Africa by customer base.
International expansion and digital innovation
Access Bank has pursued an aggressive international expansion strategy, establishing subsidiaries in countries including Mozambique, Zambia, South Africa, and the United Kingdom. The bank has also embraced digital innovation, launching services such as WhatsApp Banking to enhance customer engagement.
Leadership and legacy
Herbert Wigwe, who became CEO in 2014, was instrumental in Access Bank's transformation into a leading financial institution. His tenure was marked by significant growth and international expansion. Tragically, Wigwe passed away in a helicopter crash in February 2024, leaving behind a legacy of visionary leadership.
Current standing
Access Bank currently operates in over 24 markets across three continents, serving more than 60 million customers. With a robust presence in corporate, commercial, and retail banking, the bank continues to play a pivotal role in Africa's financial landscape.
