Speaking in an interview with CNN’s Zain Asher on Marketplace Africa, the banking veteran emphasized that for Nigeria to fully harness its creative capital, the country must invest heavily in physical and digital infrastructure to support its booming art scene.

Infrastructure: The Missing Link for African Art

Aig-Imoukhuede highlighted a significant gap between the talent of African artists and the infrastructure available to promote them. Using a relatable comparison to the music industry, he noted that creative talent cannot scale without the right platforms.

“Davido can’t play a concert to 50,000 Nigerians without an arena to do it. Artists cannot be bought unless you have museums and galleries that show them,” he said.

While acknowledging that the private sector is beginning to step up, he warned that the pace of development is still lagging behind the global demand for contemporary African works.

Lagos as a Global Creative Hub

Beyond the aesthetic value of his private collection, some of which is slated for exhibition at the Tate Modern in London, Aig-Imoukhuede is pushing for a “master plan” for Lagos.

His vision involves:

Integrating Sectors: Creating an ecosystem where finance, tech, and culture merge.

Intentional Programming: Establishing a fixed annual calendar of high-profile events for Lagos to attract international tourism and investment.

Market Trends: Encouraging African artists to remain authentic while staying competitive as the global art market denationalizes and moves toward universal styles.

The Nigerian Burden in the African Narrative

Addressing Nigeria’s dominant role in the continent’s creative exports, the Access Holdings Chairman pointed to the country’s sheer scale as a driver for its visibility.

“1 out of every 4 black Africans is Nigerian… because we are so visible at every turn, I think we bear the burden for Africa,” he noted, suggesting that Nigeria’s success in art and culture effectively sets the pace for the rest of the continent.

Currency Devaluation and the Export Paradox

One of the most striking points of the conversation touched on the macroeconomic impact on the art market.

Aig-Imoukhuede explained that African art has become a unique hedge against currency volatility.

Universal Valuation: Unlike local commodities, high-end art is often valued in universal currency (US Dollars).

The Devaluation Effect: As local currencies like the Naira weaken, art becomes more expensive for local buyers, but more attractive as an export.

Investment Shift: Over the last decade, currency challenges across Africa have reshaped the art world, making it a critical asset class for savvy investors looking to preserve value.

What This Means for the Economy

Aig-Imoukhuede’s stance aligns with a growing trend among Nigeria’s financial elite who view the Orange Economy (the creative sector) as a viable alternative to oil for foreign exchange earnings.

By positioning Lagos as a structured cultural hub, the goal is to ensure that the Nigerian brand translates into tangible GDP growth and international soft power.

As Nigerian modernism gains a foothold in institutions like the Tate Modern, the focus must shift from merely creating art to owning the infrastructure that distributes it.

The appointment, disclosed in a filing on the Nigerian Exchange and signed by Company Secretary Sunday Ekwochi, takes effect from August 29, 2025, following regulatory approval.

Ike succeeds Ms. Bolaji Agbede, who has served as acting group CEO for the past 18 months. She will return to her substantive role as Executive Director, Business Support, in line with regulatory requirements on the tenure and qualifications of Financial Holding Company chief executives.

In a statement, Aigboje Aig-Imoukhuede, the company’s chairman, said,

“We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede. Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Mr. Innocent Ike pledged to build on the company’s legacy while steering it towards its long-term vision.

A graduate of the University of Lagos with a BSc (Hons) in Accounting, Ike was the Best Graduating Student in 1988. He is a Fellow of both the Chartered Institute of Bankers of Nigeria (CIBN) and the Institute of Chartered Accountants of Nigeria (ICAN), as well as a Certified IFRS expert.

He brings over 30 years of banking and financial services experience, including a decade at Access Bank, where he rose to the position of General Manager and managed corporate, commercial, and public sector portfolios.

Approved during the group’s Annual General Meeting held in Lagos on Thursday, the fund brings the company’s total dividend for 2024 to N2.50 per share.

Shareholders have commended the management for the group’s performance and strategic expansion.

Speaking during the meeting, Aigboje Aig-Imoukhuede, chairman of Access Holdings PLC stated that the group’s performance signifies the strength of its balance sheet, while also highlighting how it raised N315 billion through a rights issue from its capital raising programme.

He commended the improvement in the company’s capital base, which increased shareholders’ funds to N3.76 trillion and made Access Bank the first bank to achieve the new N500 billion minimum requirement set by the Central Bank of Nigeria.

Aig-Imoukhuede also stressed the group’s commitment to boosting shareholders’ value through strategic expansion, continuous innovation, and cost efficiency.

Access Holdings recorded success across key performance metrics in 2024 as gross earnings grew by 88% year-on-year to N4.88 in 2024, from N2.59 trillion in 2023. While profit before tax surged to N867 billion from N729 billion the prior year.

Bolaji Agbede, acting group executive officer, also highlighted the group’s growth strategy, which focuses on innovation, diversification of revenue streams, and the integration of technology to boost service delivery.

According to her, Access Holdings is positioned for success across its banking operations in four continents, including its non-banking subsidiaries.

Governor Babajide Sanwo-Olu made this known during a meeting with licensed exchanges and key stakeholders on the Lagos International Financial Centre (LIFC) project.

According to Sanwo-Olu, the LIFC—being developed in collaboration with EnterpriseNGR and other key partners—will create a seamless trading environment, attract foreign investment, and enhance the state’s financial market infrastructure.

“As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital market,” Sanwo-Olu stated. “Our licensed exchanges are at the heart of this ecosystem, facilitating investment flows, enhancing market liquidity, and promoting financial literacy.”

He further stressed that the initiative would bring new opportunities for public-private partnerships in technology and capital market development.

Aigboje Aig-Imoukhuede, co-chairman of the LIFC Project, urged CEOs of licensed exchanges to align Lagos LIFC project with global best practices to strengthen its attractiveness to investors.

In response, the CEOs reiterated their commitment to supporting the initiative, pledging to work towards making Lagos a leading financial hub in Africa.

At the meeting, stakeholders also discussed challenges, proposed solutions, and recommended strategies to enhance financial markets and drive sustainable economic growth in the state.

The historic occasion which took place on Thursday, April 18, 2024, at Coronation Plaza, in Victoria Island, Lagos, brought together employees, executives, and directors across the Coronation ecosystem. Anchored by Joyce Daniels, the event featured captivating spoken word and musical performances by Wana Udobang and Femi Leye respectively.

The launch commenced with a guided tour of the Coronation WIN Hub, where guests took an immersive journey through the innovative program designed to identify, develop, and celebrate female leaders.

This was followed by an enchanting art exhibition held at the Coronation Art Gallery, showcasing a collection of African contemporary art, curated by Ugoma Ebilah.

The highlight of the event was the grand launch ceremony, presided over by Aigboje Aig-Imoukhuede, Chairman of Coronation Group and Grand Patron of Coronation WIN, accompanied by board members and executives within Coronation entities.

In his address, Aigboje Aig-Imoukhuede emphasized the significance of the occasion.

He said:

“Today marks a historic moment as we launch Coronation Women Initiative Network. Having witnessed firsthand the transformative power of female leadership, I am proud that Coronation is championing this path towards female empowerment. I urge women to set big and audacious goals for their professional growth, and I look forward to celebrating the collective impact and achievements of Coronation WIN.

Pai Gamde, chief talent officer, Coronation Group and Chairperson of Coronation WIN, underscored the importance of organizing and investing in women’s empowerment, stating, “Coronation Women Initiative Network (Coronation WIN) is existential for us.

“It aligns with Goal 5 of the 17 Sustainable Development Goals, which emphasizes gender equality and women empowerment. Through Coronation WIN, we aspire to achieve these goals and create a more inclusive and equitable society.”

Guests were treated to a delightful array of food, canapés, drinks, and music, creating a celebratory atmosphere of camaraderie and inspiration.

This collaboration aims to streamline money transfer services for millions of Africans, facilitating financial inclusion across the continent.

Access Holdings, led by Aigboje Aig-Imoukhuede, is a major player in this initiative. As Africa’s largest consumer bank, Access Bank has over 60 million customers in 21 countries.

Through the recent acquisition of National Bank of Kenya, Access Holdings is further strengthening its presence in East Africa.

This partnership holds huge potential, considering the expansive remittance flows within Africa. Nigeria and Kenya are the region’s top remittance recipients, attracting billions of dollars annually.

The collaboration between these financial giants is projected to enhance remittance services by leveraging their combined expertise and resources.

M-Pesa, Safaricom’s mobile money platform, is an important player in this alliance. M-Pesa dominates Kenya’s mobile money market, and with its inclusion, the partnership gains a powerful reach.

This collaboration also is also in line with the African Continental Free Trade Area’s (AfCFTA) goals of promoting intra-African trade and economic integration.

The initial phase of this initiative will target major remittance corridors in Nigeria, Kenya, Ghana, and Tanzania. In simplifying money transfers across borders, the collaboration is expected to empower millions of Africans and unlock new economic opportunities.

He was the CEO of Access Holdings Plc, traded as Access Corporation until he reportedly died in a chopper clash in the United States on February 10, 2024.

Herbert was the Group Managing Director/CEO of Access Bank plc, one of Nigeria’s top five banking institutions, after succeeding his business partner, Aigboje Aig-Imoukhuede in January 2014 till April 2022.

He was married to Chizoba Wigwe (née Nwuba) and had 4 children: Chizi, Tochi, Hannah and David.

Herbert Wigwe hailed from Ikwerre Local Government Area of Rivers State, but lived and worked in Lagos.

In January 2015, Nigerian newspaper The Punch described him as “one of Nigeria’s stylish top executives”.

Report has it that he had speaking engagements across the world including most recently at Silicon Valley and Financial Times summit in Mozambique. In 2016, Wigwe founded The HOW Foundation, a non-profit organization

In October 2022, a Nigerian national honour of Commander of the Order of the Niger (CON) was conferred on him by President Muhammadu Buhari

Wigwe was named 2016 Banker of The Year separately by The Sun and Vanguard newspapers, two of Nigeria’s biggest newspapers.

In 2002, Wigwe and his business partner, Aigboje Aig-Imoukhuede bought into what was then a small commercial bank, Access Bank – at the time, the 65th largest of the 89 banks in the country

Access Bank is now one of the top five banks in Nigeria and ranked among the top 500 global banks according to a 2015 report by The Banker magazine and is aiming to be Africa’s top bank. It currently serves over 6.5 million account-holders, through 350 branches and with more than 1,500 ATMs in major centres across Nigeria, Sub-Saharan Africa and the UK.[4]

Wigwe also served as the Chairman of Access Bank Ghana Limited, Access Investment & Securities Limited, Central Securities and Clearing System (CSCS) and is the current Chairman of Access Bank (UK) Limited.

Herbert Wigwe is a board member of Nigerian Mortgage Refinance Company and a member of the advisory Board for Friends Africa. He is a Fellow of the Institute of Chartered Accountants of Nigeria

He started his professional career with Coopers & Lybrand Associates, an international firm of Chartered Accountants.

He spent over 10 years at Guaranty Trust Bank Plc where he managed several portfolios, including financial institutions, large corporates and multinationals.

He left Guaranty Trust Bank as an Executive Director to co-lead the transformation of Access Bank Plc in March 2002 as Deputy Managing Director.

Herbert Wigwe was appointed Group Managing Director/CEO effective January 1, 2014 and served in that capacity till May 2022.

He was subsequently appointed a Non-Executive Director of the Bank effective May 2022.

Wigwe is also  an alumnus of the Harvard Business School Executive Management Programme. He holds a master’s degree in Banking and International Finance from the University College of North Wales, a master’s degree in Financial Economics from the University of London and a B.Sc. degree in Accounting from the University of Nigeria, Nsukka.

Career /Professional Trajectory of Mr Hebert

May 2022-Date Non-Executive Director, Access Bank Plc – June 2007

Fellow, The Institute of Credit Administration Effective – May 2022

Member-Board Human Resources and Sustainability Committee January 2014-May 2022

Group Managing Director Access Bank Plc – effective 2008

Chairman, Access Bank UK – November 2004

Honorary Member of Chartered Institute of Bankers Nigeria

Member-Board Credit Committee – March 2002-December 2013

Group Deputy Managing Director, Access Bank Plc – May 2001

Fellow, Institute of Chartered Accountants of Nigeria (FCA)

Member-Board Risk Management Committee – December 1999-February 2002

Executive Director, GTB – September 1996

MSC Financial Economics, University of London

Member-Board Digital and Information Technology Committee – May 1999 – Dec., 1999

Group Head – Institutional Banking Group (Deputy General Manager), GTB – October 1, 1990 – Sept 1991

M.A. Banking and Finance, University College of North Wales

Member-Board Technical Committee on Retail Expansion – May 1996 – May 1998

Group Head: Energy Group (Assistant General Manager), GTB – October 1989

Associate of Chartered Institute of Accountants of Nigeria (ACA) – November 1991 – May 1996

Corporate Bank (Deputy Manager -Manager) GTB  – September 1983 – June 1987

B.Sc. Accountancy (2nd Class Upper Division) – University of Nigeria Nsukka, Enugu Campus – Sept 1989 – Sept 1990

Credit Analyst, Kapital Merchant Bank, Lagos – July 1988 – Sept 1989

Audit Trainee- Coopers and Lybrand – Chartered Accountants – Sept 1987 – July 1988

Graduate Assistant, Coopers and Lybrand Associates Limited, Lagos.

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.