AIG-IMOUKHUEDE: CREATING ACCESS TO WEALTH

Aig-Imhoukuede
The phenomenal rise of Access Bank to become one of the top five banks in Nigeria could not have been possible without the hard work, entrepreneurship and ingenuity of Mr Aigboje Aig-Imoukhuede, the young, suave and urbane managing Director and Chief Executive officer of the bank.

Even the recent takeover of Intercontinental Bank by Access Bank cannot but be attributed to the business wizardry of Mr Aigboje Aig-Imoukhuede, who announced the acquisition recently. It was Aigboje who took the relatively obscure bank through the rough patches of the Nigerian banking industry to become a national brand..

Since stepping into the banking scene over 20 years ago, Mr Aigboje has carved a niche for himself as a well-rounded banker who knows his onions and takes calculated steps to keep ahead of peers and be on top of unfolding events in the industry.

When the old Access Bank was to be bought over and re-branded, Mr Imoukhuede was the natural choice of the investors, having worked stridently at Guaranty Trust Bank (GTB) to build that brand with colleagues.

In fact, his professional development as a banker matured at GTB, where he rose from Assistant Manager to Executive Director. He distinguished himself through application of entrepreneurial resourcefulness and technical ability. His responsibilities covered almost all key functions of the bank, both profit and cost centres, significantly contributing to the Guaranty Trust Bank success story.

When Aig was appointed in 2002 as the Managing Director and Chief Executive Officer of the bank by the Board of Directors with Mr Herbert Wigwe as Deputy Managing Director their mandate was clear: 'Reposition the bank to be one of Nigeria's leading financial institutions within a five – year period (March 2002 - March 2007)'

This task was perceived by many as audacious, given the realities of the bank at the time. This agenda represented a complete departure from all that characterized the bank in the past and became the road map for the transformation of the bank into a world-class financial institution.

As a leader and entrepreneur, Aig's achievements are influenced by determination, pursuit of excellence and commitment to high personal and professional standards. His assumption of leadership at Access Bank and the successful turnaround of the institution clearly demonstrate these attributes. Access Bank, prior to Aig's leadership, was a low-rated Nigerian financial institution - ranking 65 among the 89 operating financial institutions in March 2002. The bank would later become a reference point for best practice on the African banking landscape

The impact of its transformation agenda was reflected in the first year as the bank grew its balance sheet by 100 per cent and posted an impressive N1 billion in profit before tax. The profit before tax figure was more than the cumulative profit made by the bank in the 12 years preceding the acquisition. This also marked the beginning of what would be a six- year record triple digit growth trend. Similarly, earnings per share had rebounded to 21kobo from a negative 2 kobo position, leading to a declaration of a 5kobo dividend to shareholders for the first time in three years.

During the banking sector consolidation of 2005, Aig-Imoukhuede led the bank to acquire two other banks: Marina International Bank and Capital Bank International.

Today, the bank's profile shows that all its key financial indicators are sky bound.

Ranked as 65th in the country, and globally unranked , at inception with N11billion total assets and 14 branches, it has moved up to the 5th position in the country and 438th in the world with total assets of N804billion with 120 branches nationwide, nine across Africa and one branch in the United Kingdom. Its networth today has equally jumped from N1.9 billion in 2002 to N175billion as at 2010.

In short, since 2002, when Aig assumed leadership position at Access Bank, the bank has witnessed a drastic change in its fortune and financial performance. From a loss position of N17millon in 2002, the bank recorded N1billion profit one year after and posted N16billion as at the financial year ended December 2010.

For instance, the bank's profit before taxation for the twelve months ended December 2010 rose to N16.2billion while gross earning rose to N91.1billion.

At the same time, its total loan portfolio rose by 16 per cent to N456billion with deposit liability also growing by 15 per cent to N509.6billion in the year under consideration.

This leaves the bank with loans to deposit ratio of 88.3 per cent, as well as capital adequacy and liquidity ratios of 26.52 and 36.91 per cent

Commenting on the results, Aig-Imoukhuede said: 'The macro prudential initiatives instituted by the Central Bank of Nigeria to stimulate the Nigerian economy towards the path of sustainable growth and to ensure recovery of the Nigerian Banking sector have provided a launch pad for banks with strong fundamentals to grow their business profitably.'

He said that the 2010 performance places Access Bank amongst the leaders in the Nigerian banking industry and more importantly the banks' focus on business sustainability will ensure the sustenance of its renewed growth trajectory.

Access Bank Plc has had tremendous fund-raising successes over the years from inception of Aig's management team in 2002 till date. In 2004, the bank's public offer was oversubscribed to the tune of 133 percent.

Access Bank under Aigboje Aig-Imoukhuede is a remarkable story of the transformation of a small obscure Nigerian Bank into an African financial institution of note; with emerging footprints on the international banking landscape. The bank today is one of the top 10 largest banks in Nigeria in terms of asset base. There is no way the story of the bank would be told without the name of Aigboje Aig-Imoukhuede.

Aig has an exceptional appetite for excellence and is a visionary leader. These attributes are reflected in the quality of his views, thoughts and leadership style. His ability to effectively translate his vision to practical and workable idea is the major hallmark of his leadership capacity.

Exemplifying this leadership trait is his ingenuity in crafting compelling vision, mission and values for Access Bank and his remarkable capacity to turn this to action for mobilizing the bank's workforce towards outstanding performance.

Mr. Aig-Imoukhuede has enjoyed a distinguished banking career of over two decades, over 10 of which were spent at Guaranty Trust Bank Plc where he resigned in March 2002. He serves as a Director of Africa Finance Corporation. He is also a fellow of the African Leadership. Institute under the auspices of Aspen Institute, Colorado, USA. He is also honorary fellow of the Chartered Institute of Bankers (CIBN). Mr. Aig-Imoukhuede, an Alumnus of Harvard Business School, Executive Management Programme holds an LLB degree.