Fresh Facts On Access Bank’s Leadership Succession Plan Emerge
Image: Mr Herbert Wigwe (Expected GMD of Access Bank)
The current deputy managing director of Access Bank Plc, Mr Herbert Wigwe, would take over the number-one position in the bank come December when its group managing director, Mr Aigboje Aig-Imoukhuede, retires from office.
This is contrary to widespread report that another candidate is being groomed for the position.
LEADERSHIP reliably gathered that Imoukhuede has reaffirmed his confidence in his longstanding partner and deputy, Herbert Wigwe, to take over from him.
Sources said a letter to this effect will be received by the regulatory authorities in a few weeks.
Imoukhuede had told shareholders at the bank’s 23rd annual general meeting in Lagos, last year, that who would succeed him was not an issue as the bank had set aside a good succession plan to ensure a smooth transition, and that he would be succeeded by Mr Herbert Wigwe.
“I don’t have any problem with the issue of succession. I will give a minimum of one-year notice to the board to give room for enough celebration with shareholders,” Imoukhuede had said at the AGM last year.
Access Bank Plc is widely recognised for its best practice with consistent growth in all key performance indicators over the past several years.
The bank continued to show strong growth as evidenced in its latest financial report for the year ended 31 December 2012, released earlier this month.
The performance as highlighted in the financial accounts showed that gross earnings went up 54 per cent to N208.3 billion reflecting a cumulative annual growth rate of 33 per cent over four years.
Profit before tax was N44.9 billion, up 86 per cent from N24.1 billion in 2011 even as operating income stood at N142.6 billion, supported by higher interest income. With this the bank is delivering earnings per share of 169 kobo, almost double the previous year.
Return on average equity also rose significantly to 17.7 per cent compared to 8.6 per cent in the previous year, while liquidity ratio, at 60 per cent, remained well above regulatory requirement.
Article Credit: Leadership
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