When Dr. Herbert Wigwe, the esteemed former Group Managing Director and CEO of Access Bank PLC, died in a tragic helicopter crash in February 2024, the financial world mourned the loss of a visionary leader.
The crash, which occurred in the United States of America, also claimed the lives of his wife, Chizoba, and their eldest son, Chizzy Wigwe, leaving behind not only a legacy of corporate excellence but also a family grappling with grief and an unfolding legal battle over his vast estate.
In the wake of the Nigerian billionaire’s passing, reports surfaced alleging internal disputes within the Wigwe family.
Central to the controversy were claims that Herbert’s 90-year-old father, Pastor Shyngle Wigwe, sought 20 percent of his late son’s assets, a request seemingly at odds with the stipulations of Herbert’s will.
However, Pastor Shyngle was quick to refute these allegations, asserting that no such demand had been made.
In a statement, he emphasised the family’s unity during this painful period, underscoring their collective desire to uphold Herbert’s legacy as a transformative banker and philanthropist.
Yet, despite these reassurances, the legal wrangling over Herbert’s estate gained momentum recently.
In November 2024, Herbert Wigwe’s cousin, Christian Wigwe, alongside his father, Pastor Shyngle, filed a suit in the Lagos State High Court in Ikeja, according to multiple reports and court documents cited by Nigerian media.
Their petition sought the appointment of interim administrators for Herbert’s estate and joint guardianship of his children.
However, in a decisive ruling in February 2025, the court dismissed the application, stating that the claims were indistinguishable from those in the main suit and were, therefore, inappropriate to be addressed at the interlocutory stage.
As the legal dust refused to settle, further concerns emerged regarding the validity and jurisdiction of Herbert’s will.
His elder sister, Joyce Wigwe, raised alarms over discrepancies between the Nigerian and U.S. versions of the document.
According to her, the Nigerian filing was a mere three pages long, whereas the original lodged document in Florida spanned some 18 pages.
This discrepancy prompted questions about why the full document was not submitted in Nigeria and sparked concerns over the handling of Herbert’s extensive assets across multiple jurisdictions.
“My father would never fight his child. If you look at our pleadings, we requested that Grandpa want to work alongside his granddaughter to nurture and raise the younger ones. It was never against Tochi Wigwe [Herbert’s daughter], it was about working with her. Anyone who takes the time to read our pleadings will see that we were advocating for unity and cooperation with Tochi,” Joyce Wigwe told TV360 Nigeria in an interview.
She continued, “Paul Usoro, the Chairman of Access Bank and the lawyer representing Tochi, the children, and others applied with the court to have Tochi join the suit. But why would we sue Tochi? She cannot access the documents concerning Access Bank and Herbert’s estate. Those documents are with Aigboje Aig-Imoukhuede, Paul Usoro, and Uche, that is why they were the defendants in the case.”
Despite the courtroom drama and lingering questions, one sentiment may have remained consistent among onlookers; the family’s collective effort to preserve the integrity of Herbert’s legacy.
While the legal complexities continue to unfold, the Wigwe family has repeatedly emphasised their commitment to healing, unity, and ensuring that the values he championed in his lifetime endure beyond the ongoing battle for his estate.
The financial legacy of late Herbert Wigwe
Beyond the legal disputes, Herbert Wigwe’s leadership left an indelible mark on Access Bank PLC.
Under his stewardship, the bank achieved record-breaking financial growth in 2023, posting a staggering 307% year-on-year profit increase.
This remarkable feat translated to a N619.32 billion ($451.7 million) profit, dwarfing the N152.2 billion ($111 million) recorded in 2022.
The group’s total comprehensive income mirrored this upward trajectory, skyrocketing to N1.031 trillion ($752 million) from N233.3 billion ($170.17 million) the previous year.
Financial experts attributed this exceptional profit surge to significant gains in both interest and non-interest income, alongside a major boost from net foreign exchange earnings, which soared from N335.54 billion ($244.8 million) in 2022 to a staggering N628.93 billion ($458.8 million) in 2023.
Wigwe’s strategic vision also saw Access Holdings’ total assets expand from N14.99 trillion ($10.93 billion) at the end of 2022 to an impressive N26.69 trillion ($19.47 billion) by December 31, 2023.
Similarly, equity attributable to owners surged from N1.208 trillion ($881 million) to N2.11 trillion ($1.54 billion), cementing Access Bank’s status as one of Africa’s financial powerhouses.
While his untimely demise has cast a shadow over his achievements, the financial strides made under his leadership remain a testament to his prowess as a banker and business strategist.
@tv360nigeria Herbert Wigwe Estate: Sister of late banking mogul speaks on family feud with Aigboje AIG Imoukhuede . . . #wigwe #herbert #access #ai #viralditiktok #aig #estate2023 #access #lagostiktok #lagos ♬ original sound – TV360 Nigeria
Watch the latest edition of BizTech below:
Click here to follow the GhanaWeb Business WhatsApp channel
MA
