The Nigerian financial community is reeling today after news broke of the tragic passing of Dr. Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, in a helicopter crash in California on Friday night.
Wigwe, the 57 year old CEO, was widely considered one of Nigeria's most influential business leaders, having transformed Access Bank into the country's largest lender and played a key role in shaping the nation's financial landscape.
According to reports by the U.S. Federal Administration Aviation, the helicopter, identified as a Eurocopter EC130, carrying Wigwe, his wife, son, the chairman of Nigerian Exchange Abimbola Ogunbanjoand and two others crashed near the California-Nevada border on Friday evening. No survivors were found. The cause of the crash remains under investigation.
"This is a devastating loss for not only Access Holdings but for the entire Nigerian business community," said a spokesperson for the company. "Dr. Wigwe was a visionary leader who dedicated his career to building a more inclusive and prosperous Nigeria. His impact will be deeply felt for many years to come."
Tributes have poured in from across the country, with government officials, business leaders, and ordinary Nigerians expressing their condolences and praising Wigwe's achievements. Many financial advisors called him "a true patriot who made significant contributions to the nation's economic development."
The board of Access Holdings is expected to meet soon to discuss the succession plan. Wigwe's passing leaves a significant void, and analysts are watching closely to see who will be appointed to lead the bank through this challenging time.
The Board of Access Holdings Plc has also said it will announce an acting Group Chief Executive Officer soon - a person who is expected to build on the "legacy of growth and operational excellence."
"The Access family has suffered a major loss with the passing of Dr. Wigwe who was a great friend and fine gentleman. He had a prodigious intellect, admirable personal qualities, and vast business experience which he brought to bear on the Access Family and for which we owe him a debt of gratitude," said Abubakar Jimoh, chairman of Access Holdings in a statement.
The new acting CEO will be tasked with ensuring the smooth operations of the bank and overseeing the search for a permanent replacement. However, choosing acting CEO is expected to come in line with the company's policy for such situations.
Analysts and industry experts will likely weigh in on the potential candidates and the future of Access Bank Holding.