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Herbert Wigwe’s Pragmatic Ideology and Post Covid-19 Banking Strides
Apparently misconstruing the bank MD/CEO’s core message, the media recently alleged that Access Bank Plc, one of Africa’s largest retail bank by retail customer base was embarking on mass sack of workers and closure of branches. This ‘misinformation’ has been appropriately repudiated. But with traditional business models and banking metrics being upended by the post-Covid-19 global operating environment, only audacious innovators in the sector can remain relevant, writes Sani Ahmed.
In his recent best-selling book, “The Age of Agile”, Steve Denning, former program director of knowledge management at the World Bank, discusses a “Copernican revolution” of management that puts the customer at the center, rather than the firm. It was the Polish astronomer Nicolas Copernicus who independently proposed the theory that the Earth revolved around the Sun, not vice versa, a blasphemous idea in the 16th century.
Clearly, banking remains a relationships business. For ages, banks have tried to leverage that relationship to grow and maximize shareholder return. Because of her emphasis on the long term, Access Bank Group, one of Africa’s largest retail banks by retail customer base with proven risk management and capital management capabilities apparently may make decisions and weigh tradeoffs differently from much of her industry competition. This requires an organisational cultural transformation, as Denning argues, and especially at banks that have long been driven by traditional metrics.
Denning who also authored “The Leader’s Guide To Radical Management,” and was Visiting Fellow at All Souls College, Oxford University, UK certainly has his point, especially as the Covid-19 pandemic massively disrupts conventional business playbooks and upends the global economy.
It is against the background of these existential uncertainties and daunting global economic challenges spawned by the new coronavirus scourge that the media reported alleged plans by Access Bank Plc to sack 75 per cent of its staff and shut down 300 branches. Good a thing, the bank has repudiated the allegations as unfounded.
In a statement signed by Mr. Sunday Ekwochi, its Company Secretary, posted on the Nigerian Stock Exchange (NSE) website, the bank clarified that the closure of a bank branch was an action that required the approval of the Central Bank of Nigeria (CBN).
According to the bank, it has not applied for nor obtained the approval of CBN for the closure of its branches as widely speculated. “The bank has only suspended operations in some branches following the directive by the CBN. At the onset of the COVID-19 pandemic lockdown, we suspended in-branch operations at different locations as directed by the CBN and in line with business continuity plans at vulnerable spots; whilst we continued to provide services through our alternative digital platforms,” it stated.
Further the bank stated that, “In line with the phased re-opening of the economy effective May 4 (last week), following the Presidential directives, we will be resuming in-branch services in some of our affected branches in a programmed manner to ensure the health and safety of our employees and customers.
“This is also necessary to provide relevant contingency should there be any incident arising from the pandemic. We deny in its entirety the baseless and twisted speculation that the bank is sacking 75 per cent of its workforce.”
It noted that based on the impact of the COVID-19 pandemic, not all its branches would be fully open for in-branch services until later in the year. “This has made it impossible for many of our outsourced workers to perform duties as usual. We have commenced engagement with various stakeholders with a view to ensuring that they provide the relevant services and optimum manpower as may be required by the bank on an on-going basis,” it added.
The bank, however, assured its esteemed stakeholders that it would continue to ensure that its actions and decisions are guided by fairness, justice, equity and good conscience.
It must be noted however that the bank like any other company has the right to review its operational cost economic realities, especially in post COVID era that has already begun to redefine how businesses operate or will operate going forward. Since its merger with ailing Diamond Bank, Access has neither laid off workers nor closed branches. There is no doubt the bank must at some point have to cut branch proximity to reduce cost. For instance where Access Bank and defunct Diamond Bank were previously operating in close proximity, sometimes a few yards apart, is it economically wise to still retain the two branches now that the two have become one? Of course not. It only make business sense to consolidate the two branches into one to reduce cost. The bank is first and foremost a business concern that must take decisions based on what it assesses it’s in its best business interest. It is not a charity organization but a commercial enterprise.
It was in bad faith in the extreme for some hideous staff to record the internal strategy deliberation and conversation between the Managing Director and senior staff and deliberately twist it out of context to misinform the public to create a social media storm. To many Mr Wigwe was only showing transparency in his handling of issues the bank is bound to address at some point. Transparency is his second nature a virtue lacking in many people in managerial positions across the country.
Wigwe did the right thing in addressing the issues and being transparent about it. He led by personal example and took a 40 percent pay cut.
Currently, many financial institutions world-wide are reviewing banking models. Indeed, more recently the CEO of U.K lender, Barclays Bank says after COVID-19, banking models have changed forever as people get used to working digitally from home making brick and mortar and big offices models unsustainable going forward. In effect, modern banking, not to talk of post covid-19 banking will de-emphasis physical structures and run more on digital templates, platforms and footprints.
From THISDAY sources, it was this new normal that strategic thinking Access CEO Herbert Wigwe attempted to discuss with his financial institution’s staff when clips of his presentation was altered to portray him as going for mass sack of employees. Noted Amaechi Okobi, Head of the banks Corporate Communications, “the presentation was doctored to give a wrong impression and shared on social media in an attempt to blackmail the bank. We are reviewing all options as we need to support all staff through these challenging times while ensuring efficiency and value in our new normal…We will continue to support all staff and stakeholders.”
Access Bank CEO Herbert Wigwe is not the kind of professional who stays tamely at the receiving end of received policy prescriptions. He covets knowledge-driven innovations, proactive engagement with stake-holders, policy makers, fluid operating environments and sure-footed action. These dimensions are boldly mirrored in his nimble leadership of one of the continent’s banking behemoths.
He believes it was because of a lack of appropriate adaptive response to powerful environmental changes eons ago that doomed the lumbering dinosaurs which then roamed the earth. To Wigwe, the Access Bank under his watch is no dinosaur.
Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.
Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank serves its various markets through four business segments: Retail, Business, Commercial and Corporate. The Bank has over 900,000 shareholders (including several Nigerian and International Institutional Investors) and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last twelve years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks by retail customer base.
As the birth pangs of new global business order, midwifed by the Covid-19 pandemic unfurl, only bold and strategic thinking will define survivors. This is the forte of Herbert Wigwe – as he makes critical decisions and weighs game-changing trade-offs. It’s game on.
celebrity radar - gossips
Call EFCC to order, Nigeria is not a lawless country – Yahaya Bello Media Office
Call EFCC to order, Nigeria is not a lawless country – Yahaya Bello Media Office
About 9:30 am today, the 17th day of April 2024, persons who described themselves as officers of the Economic and Financial Crimes Commission (EFCC) arrived the Wuse Zone 4 Residence of His Excellency, Alhaji Yahaya Bello to effect his arrest.
This is despite a subsisting Order of injunction granted on 9th February 2024 by the High Court of Justice, Lokoja Division in Suit No. HCL/68M/2024 between Alhaji Yahaya Bello v. Economic and Financial Crimes Commission, restraining the Commission either by itself or its agents from harassing, arresting, detaining or prosecuting Alhaji Yahaya Bello, pending the hearing and determination of the substantive fundamental rights enforcement action.
The EFCC was duly served with that Order on 12th February 2024 and on 26th February 2024; the EFCC filed an Appeal (Appeal No.: CA/ABJ/CV/175/2024: Economic and Financial Crimes Commission v. Alhaji Yahaya Bello) against the said Order to the Court of Appeal Abuja division. The Appeal was accompanied by a Motion for Stay of Execution of the Order of the High Court which the Court of Appeal adjourned for hearing till the 22nd day of April 2024.
Furthermore, Judgment in the substantive case between Alhaji Yahaya Bello and the EFCC is to be delivered at 12 Noon today in Lokoja.
Contrary to all of the above, the EFCC has now laid siege to the home of H.E Yahaya Bello seeking to arrest him in contravention of the extant orders!
It is a surprise that an agency led by a lawyer could flagrantly disobey a subsisting court order by taking actions contrary to the reliefs granted.
We are aware of the total commitment of the current administration of President Bola Ahmed Tinubu to the rule of law and can say categorically that the leadership of the EFCC might have offered the agency on a platter of gold to desperate politicians to convert to their score settling tool without minding the effect on its integrity and the image of Nigeria as regards the rule of law.
A situation where law enforcers disregard the rule of law is a definite recipe for anarchy, which will adversely affect every aspect of the nation’s economy.
Nigerians have perceived the desperation of the anti-graft agency to embarrass and harass the former Governor by all means through spurious allegations, especially the latest one dating back to September 2015, way before he assumed office.
We are aware that there are clandestine moves to correct the error, but with even more questionable allegations, which would embarrass the Commission and Nigeria more than the initial one.
It is unfortunate that an agency that is supposed to enforce the law is now the first culprit with respect to disobedience of court orders.
This is a big dent on the fight against corruption. He who comes to equity must come with clean hands.
We call on President Bola Ahmed Tinubu to call the EFCC to order in the interest of legal sanity.
MEDIA OFFICE
HE YAHAYA BELLO
celebrity radar - gossips
Sen Moallayidi: The untold story of Adamawa born politician who introduced Facility Management course in ABU By Dr Salihu Mohammed Lawal
Sen Moallayidi: The untold story of Adamawa born politician who introduced Facility Management course in ABU
By
Dr Salihu Mohammed Lawal
In the different spheres of life there exist quintessential Nigerians who have silently achieved fame and glory without making noise about such feat; rather preferring to remain silent while still creating waves and continuing to bestrode the landscape with ingenuity that breaks new grounds.
Sen. Ahmad Abubakar MoAllahyidi is one of such great Nigerians, who represented Adamawa southern Senatorial District in the Senate between 2015-2019 comes readily to mind. A fellow of the Nigerian Institute of Quantity Surveyors, a Certified Public Private Partnership Professional (IP3,Washington DC) also holds a Facility Management Professional (FMP) of (IFMA,USA). Moallayidi is a 1980 graduate with a Bachelor of Science Degree with Honours in Quantity Surveying and an Masters Degree in Construction Management.
This amiable gentleman in the year 2010, pioneered the designed and institutionalization of a facility management course in Ahmadu Bello University Zaria (ABU). He single handedly served as the sole lecturer for it (Post graduate studies in Facility Management ABU). His pioneering efforts were the basis for having facility management courses in Nigerian Universities.
The None serving Senator is an accomplished professional in managing facilities, resources and humanity is leading the private company called Integrated Facility Management Services Ltd among other endeavors that handled some of the most complex facility management services in Nigeria. These facilities include; Management and improvement of the Abuja International Conference Center (ICC) Management of Eagle Square Abuja Kaduna International Trade & Investment Centre, Kaduna (1997-2010). Murtala Mohammed Square Kaduna,and Nigerian Export and Import Bank, Abuja. He also managed Petroleum Trust Fund (PTF) Headquarters & Residential Quarters in Abuja, Presidential Complexes in Lagos (Dodan Barracks and State House, (Marina) and Nigerian Army Strategic Bulk Storage Facility in Enugu.
The Rehabilitation and start-up operations of Health and Medical Industries Jos, a company specializes in the manufacture of cotton wool, bandages and gauge.
MOALLAYIDI AS A MEMBER OF VARIOUS PROFESSIONAL BODIES AND ASSOCIATIONS
Senator Moallayidi is an acumen of managing facilities was the pioneer President of International Facility Management Association in Nigeria (Abuja City-based Chapter) IFMA and is a Fellow Nigerian Institute of Quantity Surveyors, a Fellow of Nigerian Institute of Management Consultants (NIMC) and a Fellow Association of Facility Management Practitioners of Nigeria (AFMPN).
He participated in the Technical Committee on Commercialization and Privatization T.C.P.C. that commercialized government companies for improved performance.
This is the highly revered personality that is leading the management of the Abuja International Conference Center as the Managing Director of integrated Facility Management Services Ltd for which he has set an unprecedented record of upgrading the ICC to global standard in the management and improvement contract after the noticeable failure over the years before the coming of IFMSL.
MOALLAYIDI AS A POLITICIAN
The political journey of this personality of unique humble character, Senator MoAllahyidi is a founding member of the All Progressives Congress (APC) from the Legacy Party. He contested and won the Senatorial election and represented Adamawa South Senatorial District and sworn-in as a Senator of the Federal Republic of Nigeria in 2015. MoAllayidi while in the Senate, he distinguished himself as a vocal Senator in the red chambers and served as a Vice Chairman/Member of various standing and Ad-hoc committees.
Some of the communities is belonged to were; Vice Chairman Committee on Oil & Gas, Vice Chairman Culture and Tourism, Member Banking and Other Financial Institutions, Member Education (Basic & Secondary), Member Legislative Compliance and Member Federal Character and Inter Governmental affairs.
Other committees he belonged to were Member Committee on Bureaus of Public Procurement (BPP), Member ECOWAS Parliament and also held strategic positions where he played critical leadership roles for the APC such as: 2015 Senatorial Candidate (APC), Adamawa Southern Zone, 2014 Secretary APC Reconciliation Committee North Eastern Zone, 2014 Member of APC Congress Committee, Yobe State
(2014).
MoAllayi Joined APC as a result of the merger of CPC, ACN and ANPP (Legacy party) in 2011 Joined CPC and Contested for Adamawa South Senatorial Seat, 2007 he was the Director of Logistics of ANPP Presidential Campaign. While in 2003 the Man MoAllayi was the Director of Logistics ANPP Presidential Campaign.
His political might grew mightier for having a stronger voice for a common Man. in June (2022) the Senator convened the setting up of Arewa New Agenda (ANA) a Pan Northern socio-political organization with the aim and objectives as follows :
Setting up an agenda for the continuing relevance of the North in Nigerian Governance. It is to harmonize and project Northern positions on critical national issues. And to protect Northern interest in the Nigerian Political discourse and evolution.
ANA is an umbrella organization comprising of over 126 network affiliate groups across the 19 Northern States and FCT which Moallayidi became its extended leader as its Patron of Fulbe United for Peace and Development. It’s
the association of over 33,360 Ardos (The Fulbe Umbrella group) leaders across Nigeria.
The distinguished Senator was honored with the respected commander of Nigerian Students (CNS), an award by National Association of Nigerian Student NANS
Dr. Salisu Mohammed Lawal
Writes from Zangon Kataf, Kaduna State
And be reached through this means; emeles20o1@yahoo.com
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