Banner Online News

By Olufemi Jacob

Access Bank Group is in a jubilant mood. It’s about to open its rights issue through which it hopes to raise a whopping N356 billion that would shore up its capital base above the mandatory N500 billion.

Just as the executives were working hard to finalize the fine details of regulatory requirements, the group received two pieces of exciting news last week. First, chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede was honoured with the prestigious African Banker Lifetime Achievement Award.

The honour was presented at the African Banker Awards gala dinner and awards ceremony held in Nairobi, Kenya, on the sidelines of the 2024 Annual Meetings of the African Development Bank, and in the same week, the bank was recognised, for the third time, as Nigeria’s most valuable brand, according to the latest data from Brand Finance. The 2024 report reveals a remarkable 73 per cent increase in Access Bank’s brand value, solidifying its position as the most valuable banking brand in Nigeria.

If many in the industry were surprised, they did not show it. The bank has always outperformed expectations in many ways since 2002: profitability; asset size; customer volume and efficiency rations. But clinching the top spot in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands for the third consecutive year is a spectacular triumph.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, stated: “We are proud to once again be recognised as Nigeria’s most valuable brand. This accolade is a testament to our commitment to excellence, innovation, and sustainable growth. We will continue to focus on delivering exceptional value to our customers and stakeholders, driving positive impact across the communities we serve.”

The values of brands in the ranking are calculated using the Royalty Relief approach, a method compliant with ISO 10668 standards. This approach estimates future revenues attributable to a brand by calculating a royalty rate that would be charged for its use, arriving at a ‘brand value’ that reflects the net economic benefit achievable by licensing the brand in the open market.

Brand Finance, the world’s leading brand valuation consultancy, reported that banking brands contributed a substantial 50 per cent of the overall brand value among Nigeria’s top 25 brands. Within the Nigeria 25 2024 ranking, banking brands not only emerged as the most valuable, but also the strongest and fastest growing.

Access Bank’s brand value soared to N355.3 billion, making it the 31st most valuable brand in Africa according to the Brand Finance Africa 200 2024. This impressive growth is primarily driven by significant increases in interest-based income, reflecting improved revenues and robust financial performance.

For Aig-Imoukhuede, the lifetime laurel speaks to his dedication to transforming the African banking and financial landscape. His illustrious career, spanning over three decades, has been marked by exceptional leadership and transformative accomplishments. As the Group Managing Director and Chief Executive Officer of Access Bank from 2002 to 2013, he led the lender’s transformation from a minor player into one of Nigeria’s top five banks, extending its presence to nine other African countries and the United Kingdom. With a vision to democratise wealth creation opportunities for millions in Africa, Aigboje established Coronation Group – a conglomerate encompassing most aspects of investing, lending, and insurance with a presence in Nigeria and other African countries.

Speaking on the award, Aig-Imoukhuede said: “This award honours the collective efforts of over 10,000 talented individuals, mostly Africans whom I have had the privilege to work with throughout my journey. As professionals, recognition spurs us to strive for greater levels of excellence. I am deeply humbled and motivated to continue contributing to Africa’s growth and development.” Omar Ben Yedder, Group Publisher & Managing Director, African Banker magazine, put it more succinctly, “We would like to honour your remarkable career achievements as a leader in Africa. Today, Access Bank stands as a behemoth in African banking. As brilliantly described in your book, “Leaving the Tarmac” Access bank started its life as a third-tier bank, but your visionary leadership, as well as that of the late Herbert Wigwe, transformed it into an institution that commands immense respect and admiration.”

As part of the celebrations, Aig-Imoukhuede visited Kenya’s President William Ruto, at the state house in Nairobi. Their discussions centred on strengthening financial markets, enhancing public sector effectiveness, and fostering sustainable economic growth across Africa. This visit exemplifies Aigboje’s belief in the power of collaborative leadership and the pivotal role that strong financial institutions play in driving national development.

Reflecting on the visit, Aig-Imoukhuede stated that, “in meeting with President Ruto, I was inspired by our shared commitment to driving economic growth and fostering sustainable development across Africa. Our discussions reinforced the critical role that collaborative leadership and robust financial institutions play in nation-building. I look forward to continuing our collective efforts to create a prosperous future for our continent.”

Aig-Imoukhuede’s impact extends beyond banking. Through the Aig-Imoukhuede Foundation and its subsidiaries – the Africa Initiative for Governance, and the Aig-Imoukhuede Institute – Aigboje and his wife, Ofovwe, manage a $100 million family commitment aimed at building Nigeria’s next generation of government leaders, transforming public sector effectiveness, and improving access to quality primary healthcare. His vision for the Adopt-A-Healthcare-Facility Programme (ADHFP), announced in Davos in 2020, aims to establish 774 world-class primary healthcare facilities in Nigeria, showcasing his dedication to addressing critical societal needs. Aig-Imoukhuede’s advocacy for sustainable banking practices has left an indelible mark on the financial sector. As a member of Nigeria’s Bankers’ Committee, he led the adoption of the Nigerian Sustainable Banking Principles in 2012, an initiative that has been emulated by several countries globally. His leadership in promoting responsible and sustainable business practices underscores the critical role of financial institutions in fostering economic development while protecting the environment.

Aig-Imoukhuede’s leadership was previously recognised in 2013 when he received the ‘African Banker of the Year’ Award. Following a decade of accomplishments in banking and beyond, the African Banker Lifetime Achievement Award highlights his enduring commitment to nation-building and sustainable development. His legacy of transformative leadership, sustainable banking practices, and philanthropic dedication continues to inspire and drive positive change across Africa.