In a new power play in Access Bank, Aigboje Aig-Imoukhuede has been eliminating late Herbert Wigwe’s men from prominent positions in the bank, ENigeria Newspaper reports.
Fresh concerns over a dangerous trend of internal power dynamics and corporate governance stability have emerged at Access Holdings Plc the parent company of Access Bank, following the resignation of Roosevelt Ogbonna as a Non-Executive Director of the financial institution, a development that has intensified speculations about a deeper restructuring campaign inside one of Africa’s biggest banking groups.
ENigeria Newspaper reports that although the resignation was officially linked to compliance with the Central Bank of Nigeria (CBN’s) Corporate Governance Guidelines for Financial Holding Companies, 2023, which limits directors from occupying more than nine board seats, multiple industry insiders told ENigeria Newspaper that the development may reflect a broader internal consolidation strategy unfolding within Access Holdings Plc and Access Bank since the tragic death of former Group Chief Executive Officer, Herbert Wigwe.
The resignation, which was disclosed in a corporate filing, immediately reignited conversations around the increasing wave of boardroom changes, executive reshuffling, and strategic leadership realignments that have swept through Access Holdings between 2024 and 2025.
According to insiders familiar with internal developments within the banking group, the return of Aigboje Aig-Imoukhuede to the leadership structure of Access Holdings Plc, after Herbert Wigwe’s death marked the beginning of what some employees allegedly describe as a gradual dismantling of the late banking icon’s loyal power bloc within the company.
Sources claimed that several key management figures perceived to be closely aligned with Herbert Wigwe’s long-standing leadership structure have either exited strategic positions or experienced significant role adjustments since Aig-Imoukhuede’s return to the board.
While there is no official statement from Access Holdings confirming such internal political restructuring, sources within the bank who are also monitoring developments within the group say the pattern of appointments, resignations, and executive realignments has become difficult for market observers to ignore.
One of the earliest major changes occurred in March 2024, when Abubakar Jimoh was replaced as Chairman of Access Holdings by Aigboje Aig-Imoukhuede. Although Jimoh remained on the board as a Non-Executive Director, his removal was widely interpreted within banking circles as the formal reassertion of Aig-Imoukhuede’s authority over the institution he co-founded with the late Herbert Wigwe.
Furthermore, key industry watchers who confided in ENigeria Newspaper revealed that the leadership transition in the bank came barely weeks after the tragic helicopter crash in the United States that claimed the lives of Herbert Wigwe, his wife, son, and former NGX Group Chairman Abimbola Ogunbanjo in February 2024.
Shortly after, another major transition unfolded when Bolaji Agbede assumed the role of Acting Group Chief Executive Officer of Access Holdings in February 2024 following Wigwe’s death and was seen by many within the financial industry as a stabilizing figure during one of the most turbulent periods in the bank’s history.
However, in August 2025, she proceeded to step down from the acting CEO role following the appointment of Innocent Ike as substantive Group Managing Director/Chief Executive Officer of Access Holdings. Agbede subsequently returned to her previous position as Executive Director, Business Support.
The appointment of Innocent Ike itself generated significant conversations within Nigeria’s banking sector, particularly among observers tracking the evolving internal power structure at Access Holdings Plc.
Banking insiders told ENigeria Newspaper that several of the appointments and restructuring decisions since 2024 were allegedly strategic moves aimed at strengthening Aigboje Aig-Imoukhuede’s influence across critical operational and governance structures within the institution by positioning individuals considered loyal to his leadership direction into highly sensitive roles.
Although these claims remain unofficial, the frequency and scale of executive changes have continued attracting investor attention.
Repeated governance restructuring within Access Holdings Plc and Access Bank between 2024 and 2025 has become one of the most discussed issues surrounding the banking group, especially among institutional investors monitoring long-term strategic stability.
More worrisome is the fact that corporate filings released during the period confirmed multiple executive exits, board-level resignations, and management adjustments involving senior figures across the group.
Although leadership transitions are not unusual within major financial institutions, financial analysts warn that repeated high-level restructuring can sometimes create uncertainty regarding strategic continuity, succession planning, and internal governance cohesion.
“There is always concern whenever a system experiences continuous leadership reshuffling within a relatively short period,” a Lagos-based banking analyst told ENigeria Newspaper.
“The market begins asking whether the restructuring is purely governance-driven or whether deeper internal power alignments are taking place.”
The concerns come at a time when Access Holdings is already facing increased scrutiny over other sensitive financial governance indicators.
According to disclosures contained in the group’s recent financial statements, insider-related credit exposure increased significantly from approximately ₦11.8 million in 2024 to about ₦131.8 million in 2025, this is according to the bank’s filing with the Nigeria Exchange Group (NGX).
ENigeria Newspaper reports that, while the institution stated that the insider-related facilities remained performing, there are renewed fears that any sharp increase in insider credit exposure often attracts heightened regulatory and investor attention because of the historical sensitivity surrounding insider lending practices within Nigeria’s banking industry.
Financial governance experts say insider-related lending disclosures are particularly important in large financial institutions because they can influence perceptions around transparency, risk management discipline, and board oversight effectiveness.
The growing corporate governance scrutiny also comes amid broader conversations around Access Holdings’ aggressive expansion strategy across Africa and its post-Wigwe leadership evolution.
Since Herbert Wigwe’s death, many have not stopped debating whether Access Holdings is merely undergoing standard governance transitions or experiencing a deeper ideological and operational reset under the renewed influence of Aigboje Aig-Imoukhuede.
For now, Access Holdings continues projecting institutional stability publicly while maintaining strong earnings growth and regional expansion ambitions.
However, since the resignation of Roosevelt Ogbonna, despite Access Bank’s official compliance explanation public attention was once again drawn to the increasingly complex power structure, governance direction, and succession politics shaping one of Nigeria’s most influential banking institutions behind closed doors.
