As an iconic figure in global banking, the death of banker/billionaire, Herbert Wigwe, in a helicopter crash on February 10, 2024 in California, the United States (U.S.) sent shockwaves across the world. For hours, the banking industry stood still in Nigeria. There was confusion as many could not believe the news that the former Group CEO of Access Bank, his wife, Chizoba and their son Chizi, died in the crash which occurred over the Mojave Desert.
Herbert’s friend, Abimbola Ogunbanjo, also died.
When reality eventually dawned, tens of thousands of family members, associates, employees and others wept openly. Herbert, Chizoba and Chizi were eventually buried in Rivers State. Now, one year after the death, the centre can no longer hold in the Wigwe Family. In fact, the first anniversary in Port Harcourt to mark the remembrance almost turned to a crisis as scores of hooded security agents stormed the venue and it was believed their target was Emeka, Herbert’s younger brother.
Today, the family is divided.
While Emeka is believed to be on the side of their father, the octogenarian Pastor Shyngle Wigwe; 25-year-old Herbert’s daughter, Tochi, is allegedly loyal to Aigboje Aig-Imoukhuede, Herbert’s confidant for many decades and the first Managing Director (MD) of Access Bank Plc.
While Aig-Imoukhuede was MD, Herbert was the Deputy Managing Director (DMD). Herbert later became the MD when Aig-Imoukhuede left because of the policy of former Governor of Central Bank of Nigeria (CBN) and now Emir of Kano, Lamido Sanusi, that Bank MDs should not spend more than 10 years in office.
Meanwhile, Herbert’s cousin, Uche, is believed to be fraternising with Aig-Imoukhuede, and has joined in fighting his uncle and the wider Wigwe family.
Uche’s father, who lives in Port Harcourt, is Pa Wigwe’s younger brother.
What are the issues?
Before Herbert’s death, he was the largest shareholder of the bank. In fact, he was believed to be the owner of the bank with his nine per cent shares. It is now clear that everything is now being done to whittle-down Herbert’s ownership within Access Bank. Although this cannot be verified, it is believed Aig-Imoukhuede, being the new Chairman of Access HoldCo, may soon become the “owner of the bank”.
Some people are not comfortable with this because, according to the source, “there is history behind it”.
Also, the N10 billion Queen’s Drive, Ikoyi mansion Herbert just completed before his death is another source of controversy. Tochi is now living there alone with some domestic staff and some family members are not comfortable with this. Said a family source: “Uncle (Herbert) was a strict disciplinarian. If he were to be alive, he wouldn’t have allowed her to live in such a mansion alone with domestic staff. I think in this regard, family members are concerned because of her security. She is just 25 years. She just finished her master’s degree abroad. What type of experience does she have to live alone with domestic staff in a country where people behave like sharks? Domestic staff can start getting funny ideas”.
Former President Olusegun Obasanjo was said to have tried to intervene in the feud because Herbert was very close to him while alive. It is believed he (Obasanjo) also called Pa Wigwe and Aig-Imoukhuede to do everything possible not to escalate the matter “so that we continue to honour Herbert’s memory”. It is not clear if his intervention is yielding positive results.
Another issue is Tochi’s penchant for flying private jets which some family members believe is ostentatious. Although this could not be confirmed, it is believed Aig-Imoukhuede may be behind her new lifestyle. Obviously, conservative family members are against this.
Stories abound of Tochi’s new lifestyle. She is a regular at clubs and popularly referred to as “KING TOCHI”.
A source said his fears stem from the fact that Tochi is no longer close to some family members like before. “Obviously, Tochi is Herbert’s daughter, and nobody is fighting her over the father’s property but we believe her inheritance is under threat. This type of over-indulgence can mess anybody up”.
The division in the family clearly showed during the first remembrance of Herbert. While some family members were in Rivers to mark the event, another was organised in Lagos which Tochi attended. It is believed Aig-Imoukhuede organised the Lagos event.
Aig-Imoukhuede is no longer believed to be close to Pa Wigwe. In fact, after Herbert’s death and Aig-Imoukhuede wanted to become the new Chairman of Access HoldCo, “he went to Baba for blessing”, which he got. Aig carried the family along initially, before swiftly moving apart. He had arranged to attend Tochi’s graduation in the summer of 2024, without informing senior Wigwe family members. The ‘shabby’ hosting of the 2024 Access Polo tournament in London suggested he was further detaching himself.
One source said ‘the last straw’ was when Aig arranged to sue the helicopter company in whose aircraft Herbert died, using Uche Wigwe as the custodian of Herbert’s minor children – without informing Pastor Wigwe, their grandfather, who is alive and available. This incurred the wrath of Pastor Wigwe who bluntly made his disapproval known. Aig allegedly responded by severing all allowances paid to Pastor Wigwe from Access Groupco for upkeep, medicals etc. This continued for the past four months as tension further increased, despite interventions by mutual ‘influential friends’ of both of them.
Aig’s lawyer is Tochi’s lawyer, and he had represented Pa Wigwe until Aig and Pastor started disagreeing. He is also the chairman of ACCESSBANK (Paul Usoro), and all these add up to a substantial conflict of interest.
Then came the one year remembrance of Herbert in Isiokpo, Rivers State on February 9, which was turned into a disturbing show of intimidation. Elders in the family were also present to honour Herbert’s memory when some security agents stormed the place to harass and assault Emeka. In fact, he was detained and there was tension everywhere. “Emeka now believes his life is in danger. He is now afraid that what happened to his brother may happen to him”, said a source.
He continued: “It was meant to be a peaceful remembrance of Herbert Wigwe, one year after his passing but was turned into a disturbing show of intimidation and needless aggression by people who turned down an invitation to participate in a peaceful, solemn ceremony in Isiokpo. Driving past the family compound, ignoring that the most senior family members were available, and invading the sacred resting place of three departed Wigwes with a platoon of heavily-armed policemen and security operatives is a sacrilege, a desecration of the very highest order”.
Although this could not be confirmed, the source alleged that Uche Wigwe accompanied Aig-Imoukhuede when he came with the security agents.
Another family member who lives in Port Harcourt said: “The norms and traditions of Isiokpo land were violated with an abominable sense of impunity. Who in their right minds would choose to visit graves of the deceased without first notifying family members, then arrive surreptitiously with a convoy of security operatives, some of who should not be providing this service to unelected civilians? And nobody in this group has ever been threatened by anyone in the family or by members of the Isiokpo community.
“What was the justification for such brazen impunity? Why would this level of manipulation be employed by somebody who supposedly wants to do good but now acting contrary to that belief? This points to personal interest, pure and simple. There is nothing charitable here. Rather, the depth of antagonism gives cause for concern, particularly for someone who was called a best friend.
“The Wigwe family never have been, and never will be, in contention with Herbert’s daughter or any of his children. They are Wigwes, an extension of both Herbert and Doreen, and they serve as a reminder of the great loss the family has experienced. They also represent what the family has got left to preserve the legacy of their departed and beloved.
“Why deprive the Wigwes, especially the aged grandparents, the opportunity to heal from the trauma of loss with such bizarre antics, and the space to forge a closer involvement in the lives of Herbert’s surviving children? Sadly, it has become clear that even Herbert and Chizoba’s children are being used as instruments to create internal strife, and for someone’s personal aggrandisement.
“We now have a situation in which Tochi, directly or indirectly, is being directed not to listen to her grand parents and uncles. This is not right”.
A source, who narrated the relationship between Herbert and Aig-Imoukhuede, said he could not really understand the type of politics going on, a year after Herbert’s death.
“You know both were Assistant Managers at GTBank and they were loved by Fola Adeola and Tayo Aderinokun. They also became Executive Directors. Later, Aig-Imoukhuede told Herbert they could start their own bank and they started raising funds.
“To be fair to Aig-Imoukhuede, he mooted the idea but the two of them raised funds. They approached the old Access Bank – where billionaire businessman, Cosmas Maduka, owned 49 per cent shares – to buy the bank.
“Mrs. Evelyn Oputu, Aig-Imoukhuede’s mother in law, was in charge of Bank of Industry and they got millions of dollars in facility which they paid back later.
“Maduka also sold most of his shares and sacrificed a lot for them. Eventually, they bought the bank. Aig-Imoukhuede became the MD and Herbert DMD. They also set up a private wealth company to manage their business interests. They became the toasts of banking industry.
“I think when Aig-Imoukhuede left as MD, he also wanted Herbert to leave but Herbert refused. I think that was when the first crisis of confidence occurred. It got to a stage and Jim Ovia had to intervene to settle the rift.
“Herbert later became the MD. Because of other interests, Aig-Imoukhuede started divesting but Herbert put everything he had into the bank. Obviously, they were not happy with each other, but this was not known by outsiders.
“One thing is clear; Herbert could be said to be the owner of the bank before he died a year ago. Now, family members are not sure what is happening to his shares in the bank. Is Tochi now in control of the nine per cent share of her late dad? If not, who is now in charge? Have new investors been brought in to buy new shares, diluting Herbert’s ownership?” It has been alleged that somebody sat on Herbert’s shareholding so that the volume remained unchanged during the last rights issue. Herbert would certainly have taken up all his rights.
Cosmas Maduka was very instrumental to the acquisition of Access Bank. Today, after owning 49%, a series of issues and sacrifices led to him being edged out completely.
The hubris within the factions has so deepened that some are now alleging that the helicopter crash may be an act of sabotage.
It has been confirmed that some Wigwe family members are already in court to contest Herbert’s Will. They believe a document that is 14 years old would not be Herbert’s last will and testament. If there is a more current Will, then who is suppressing it?
