Aigboje Aig-Imoukhuede - Institution-builder supreme
Aigboje Aig-Imoukhuede, who first came into the spotlight as the owner and CEO of Access Bank some 25 years ago, has packed more than a lifetime's achievement into his still very young life - and is only just starting out on his latest mission, to build lasting institutions in both the private and public sectors. Editor Anver Versi, who has followed his career over this period, reconnects to pick…
Aigboje Aig-Imoukhuede is an institution-builder, according to a reporter who has interviewed him multiple times. The journalist first met Aig-Imoukhuede during Nigeria's banking industry's early years when the sector was emerging from a period of unregulated chaos, often described as the "wild west era." Aig-Imoukhuede and Herbert Wigwe, another Executive Director at Guaranty Trust Bank, acquired Access Bank in 2002, a struggling institution at the time.
The Central Bank of Nigeria had initially delayed the sale due to concerns about the young age of the buyers.
Over the years, Aig-Imoukhuede transformed Access Bank into the number one bank in Nigeria by assets and the largest in Africa by customer base. He has since stepped down as CEO but remains the chairman of Access Holdings and Coronation Group. In an interview, Aig-Imoukhuede emphasized the importance of institution-building, stating that it is essential for organizations to endure beyond their founders' presence.
He highlighted several key factors that contribute to building successful institutions, including a clear and enduring purpose, strong governance, sound leadership succession, cultural stability, disciplined capital allocation, consistent result-producing systems, and the capacity to adapt over time.
Aig-Imoukhuede believes that entrepreneurship and institution-building are distinct yet interconnected processes. While an entrepreneur creates a successful business, an institution-builder establishes an organization capable of enduring beyond the founder's energy, personality, and presence. He credits the progress of the private sector to the strength of public institutions, arguing that the private sector's sustainability cannot be sustained where public institutions are weak.
Throughout his career, Aig-Imoukhuede has focused on creating organizations that can withstand various challenges, such as leadership transitions, economic cycles, regulatory changes, technological disruption, and moments of crisis.
Written by urgent.news from Africa Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
