Mr Sunday Ekwochi, Company Secretary, Access Holdings, said this in a disclosure sent to the Nigerian Exchange Ltd. (NGX) on Wednesday in Lagos.

Ekwochi said that Aig-Imoukhuede would replace Mr Abubakar Jimoh, the erstwhile Chairman of the Holdings, who remains on the Board as an Independent Non-Executive Director.

He stated that return of Aig-Imoukhuede was in response to the untimely passing of the immediate past Group CEO of Access Holdings, Dr Herbert Wigwe.

According to him, following extensive consultations with key stakeholders, the Holdings Board unanimously decided to invite Aig-Imoukhuede to the helm of governance of the group.

Ekwochi said: “This visionary and accomplished leader is bringing an outstanding record of accomplishments, wealth of expertise and leadership to guide the group into a new era of success.

“With an illustrious career spanning several decades in the banking and finance sector, Aig-Imoukhuede has proven to be an exceptional and influential leader.

“Having admirably laid a solid foundation for Access Bank’s success as Group CEO between 2002 and 2013, ably supported by his partner and deputy, the late Dr Herbert Wigwe, who later succeeded him.

According to him, under Aig-Imoukhuede’s leadership, Access Bank experienced remarkable growth and established itself as a trusted financial institution within the community.

The company secretary noted that the bank transformed from a minor player into one of Nigeria’s top five banks with presence in nine other African countries and the United Kingdom.

Ekwochi revealed that under Aig-Imoukhuede’s stewardship, Access Bank grew its customer base from 10 thousand to over six million with more than 5,000 employees and an asset base of 12 billion US dollars.

He said Access Bank, under the pioneer Group CEO, achieved numerous milestones and became a globally recognised name, adding that Aig-Imoukhuede’s strategic vision, innovative thinking, and deep market insight were instrumental to shaping the bank’s success.

“Following Aig-Imoukhuede’s retirement as the bank’s CEO in December 2013, he co-founded the Tengen Family Office Ltd. The office oversees a significant portfolio of investments and businesses in banking, finance, insurance, technology, real estate, and energy.

“Through the Aig-Imoukhuede Foundation, he is focused on building Nigeria’s next generation of government leaders, helping transform public sector effectiveness, and improving access to quality primary health care.

“The decision to bring back Aig-Imoukhuede as the Group’s Non-Executive Chairman reflects the Board’s commitment to our core values and determination to build upon the strong foundation, he jointly established with Wigwe.

“With his return, Access Holdings aims to leverage his extensive experience, industry knowledge, and exceptional leadership skills to consolidate on the growth and accomplishments recorded under Wigwe’s leadership.

“In his new role as Non-Executive Chairman, Aig-Imoukhuede will collaborate with the Board of Directors to oversee strategy and provide guidance to the executive management team.

“His return is not only a testament to his unwavering dedication to Access Group but also a clear demonstration of the Board’s confidence in his ability to lead the Group to new heights,” the company secretary said.

According to him, the entire Access Group family, including employees, customers, and stakeholders, eagerly anticipates Aig-Imoukhuede’s return and looks forward to a promising future under his leadership.

Ekwochi said that with Aig-Imoukhuede’s expertise, passion, and commitment, the Access Group is poised to embark on a new chapter of impact and sustainable success.

In his reaction, Mr Abubakar Jimoh, past Chairman, Access Holdings expressed his excitement on the development.

Jimoh stated that Aig-Imoukhuede’s appointment to the Board and subsequent election as chairman is a landmark development for Access Holdings, as the board members are excited about their future with the firm.

Commenting, Aig-Imoukhuede said he was thrilled to be back in active service to the Access Group ecosystem.

He expressed that the determined shared vision which Wigwe gave everything for, will be realised.

“I am confident that working with our directors, our exceptional team of executives and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders,” he said.

Access Holdings Plc operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and over 60 million customers.

The company serves its various markets through four business segments namely: Retail Business, Commercial and Corporate, and has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty years. (NAN)

He bared his mind while appearing on “The Flip Africa” podcast.

According to him, Africans are struggling to live by the rules instituted in the global financial systems, and this is limiting their access to participate in the global economy.

In his words, “If you think about the 1.6 billion Africans who are excluded from payment systems and the ability to participate as global citizens, it’s [really] unfair.”

Speaking about the risk premiums for Africans in the global financial system, he noted that the high-risk premiums placed on Africans participating in international transactions were due to a system that compelled conformity in Africans.

Aig-Imoukhuede noted, “A lot of risk premium dumped on Africa is the world’s way of saying, this is how we perceive an individual and if you don’t conform to it, it means you’re riskier.”

“For example, if you don’t have a zip code or its equivalent, you’re risky, but in Africa, zip codes are hard to come by. So, if your credit score process requires a zip code and you don’t have one, then it means you’re not good for credit.”

Countries with global economic power dictate the rules. He noted that countries with global economic power dictate the rules behind this financial system. Highlighting the consequences of the system, Aig-Imoukhuede noted that only a few African banks are members of the global payment systems.

He said, “Because those who have economic power globally dictate the rules upon which things work with SWIFT and payment systems, and we don’t have a loud voice in Africa, these rules are made, and we struggle with living with these rules.”

“One of the problems is there are fewer African banks that are members of the international global payment community.”

Giving an illustration, he noted, “If you’re a Nigerian bank in the UK and are not part of the UK clearing system, you have to apply to a UK bank to make your payments. And you’ll be routing through that bank.”

“That bank demands that you show evidence that all your customers have Zip Codes, and if they don’t, your payments are deemed of a higher risk status than a payment coming from a country that is more compliant.”

There are currently only 32 African banks live on Swift Go, out of the 847 banks that are subscribed to the platform. The 32 banks make up less than 5% of the 763 banks domiciled in Africa.

Swift Go is the “lite” version of the Society for Worldwide Interbank Financial Telecommunications (SWIFT). It facilitates low-value payments for SMEs and individuals across the world.

According to the Executive Summary published by the African Development Bank and the World Bank, “Financing Africa: Through the Crisis and Beyond”, integration into global financial markets has been a significant and contentious facet of financial sector policy worldwide, particularly heightened after the aftermath of the 2008 global financial crisis.