True to type, the MD/CEO of
Just after the turn of the century in 2002,
Eighteen years after, both Wigwe and
Starting out as a management consultant, Wigwe, a celebrated banker and chartered accountant, is now renowned for supporting the establishment and growth of African businesses. Through
Armed with a degree in Accountancy from the
Last year, in a show of strength and courage,
Under Wigwe's watch,
COVID-19, Challenges and Opportunities
In the midst of a global pandemic that has put enormous pressure on corporations across different sectors of the economy including financial institutions, Wigwe's experience and expertise will be needed now more than ever, to steer
The COVID-19 pandemic has left many individuals, businesses, and countries floundering. Businesses have had to - and will still need to - take proactive measures to get the best deal for shareholders, staff and customers. The pandemic is expected to fundamentally change the face of banking especially, as market forces and customer behaviour change.
The present times are a test of a CEO's ingenuity and adaptability, attributes that Wigwe has already brought to bear in managing such a huge and successful organisation. Forward-thinking CEOs are already taking steps to position their organisations to not only survive, but thrive. Communicating measures and getting the buy-in of employees is crucial in these unpredictable times.
Wigwe is making sure to project into the future, prepare and stay ahead of the curve. At the end of last month, he informed shareholders at the bank's Annual General Meeting (AGM) of measures to reduce expenses significantly. Rather than lay off, a compromise was reached with staff that some personnel would have to take varying degrees of cuts.
During an Employee Town Hall Meeting held online via Microsoft Teams, some strategic moves that the financial institution would take this month to ensure it weathered the ravaging effects of the present crisis were further discussed.
"... We are also looking at a professional cut. I understand that that is very tricky because it comes with pains. I will be the first to take the heat and I will take the largest pay cut, as much as 40 per cent. Everybody may have to make some adjustments of some sort.
"We understand the difficulties people are going through but also understand the higher calling of creating an institution that can continue to provide for us. When things improve tomorrow, we shall revert to normal. We understand the difficulties facing the people but we have to protect our franchise," Wigwe explained.
Unfortunately, a part of the meeting which became a viral video on social media was misinterpreted to mean that the bank was planning to sack 75 per cent of its workforce as well as close over 300 branches. This is not only false, but further helped in shedding light on the fact that since its merger with
Last year's acquisition of
Wigwe's decision to lead by example and sacrifice for the good of the institution in these dire times is surely a boost to the morale of staff, especially as he clearly stated that it was a temporary decision. His predilection to embracing technology in steering the affairs of the bank also bodes well for the future.
He has championed the need for increased digital banking and has forged partnerships aimed at nurturing the next generation of cutting-edge financial-technology firms, while also developing products to support digital payments across
Innovation Bearing Fruit
In adapting to the present realities,
The CLOSA branches are
According to Wigwe, "Access CLOSA was introduced last year, and now, the peculiarities of the coronavirus has made it even more important to bring banking services closer to the people."
Wigwe's game-changing moves in the past have prepared
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