The meteoric rise of Tony Elumelu and Herbert Wigwe in Nigeria’s banking landscape has left an indelible mark, but one that is tinged with controversy and debate. As two of the most influential figures in the country’s financial sector, their immense wealth and rapid ascent have sparked intense scrutiny, raising questions about the intersection of power, money, privilege, and potential misdeeds that paved their path to success. “The powerful are powerful because they are criminals, and the rest of us are merely their victims.” – A Man of the People, by Chinua Achebe. But as the line between ambition and impropriety blurs, the absence of concrete evidence only fuels the whispers of what’s possible.
Their Wealth
The above view speaks much about the stupendous wealth and the controversies surrounding the duo . Tony Elumelu is indeed a force to be reckoned with. As a Nigerian economist, banker, and philanthropist, he’s made significant waves in the corporate world, banking, and entrepreneurship. He’s the founder of The Tony Elumelu Foundation, which has empowered over 24,000 young African entrepreneurs and created a digital ecosystem of over 2.5 million Africans. His economic philosophy, Africapitalism, emphasizes the private sector’s role in transforming Africa. Elumelu’s impressive portfolio includes chairing Heirs Holdings, Transcorp, and United Bank for Africa, with investments in strategic sectors like financial services, hospitality, power, energy, and healthcare. He’s been recognized globally, including being named one of Time’s 100 Most Influential People in the World in 2020
“Through his visionary Africapitalism philosophy, Tony Elumelu has meticulously crafted a diversified portfolio that not only dominates Nigeria’s energy landscape but also exemplifies his commitment to creating long-term economic value; with strategic investments in oil production, gas-fired power plants, and luxury hospitality, Elumelu’s Heirs Holdings and Transcorp have emerged as behemoths in their respective domains, underpinned by savvy acquisitions such as the $1.1 billion stake in OML 17 and a $496 million stake in Seplat Energy PLC, propelling him to the forefront of Nigeria’s oil and gas sector while powering over 350MW of electricity and boasting a hotel empire that includes the iconic Transcorp Hilton Hotel in Abuja, a testament to Elumelu’s unwavering dedication to driving sustainable growth and transforming Africa’s economic landscape.”
Herbert Wigwe is a prominent figure in Nigeria’s financial sector, known for his leadership roles in Access Bank and other ventures. His career has been marked by significant achievements, including driving growth and innovation in banking .Herbert Wigwe’s net worth is estimated to be around $1 billion, primarily amassed through his successful banking career, particularly his leadership role at Access Bank, which he co-founded in 2002. Under his guidance, Access Bank grew to become one of Nigeria’s largest financial institutions, with operations across Africa and beyond. He also had investments in tech, energy, and real estate, including luxury properties in London, contributing to his significant wealth
Their Controversies
However, their wealth has continued to spark intense debate: some view it as evidence of their diligence and intelligence, while others see it as a product of cunning or corrupt practices.
This controversy was largely dismissed as mere barroom chatter for years. However, Chief Bode George recently spotlighted the issue when the staggering wealth of Herbert Wigwe was revealed posthumously, following his tragic death in a plane crash in the US . Irked and dumfounded by the stupendous wealth of the former Managing Director of Access Holdings Wigwe who died in a plane crash in America,Chief George ,bared his fangs on Elumelu and the likes in the banking sector with similar dumfounding wealth.
Chief Bode George ignited a firestorm by accusing banking heavyweights Tony Elumelu and the late Herbert Wigwe of accumulating billions through shady deals. He alleged they exploited dollar subsidies and played the forex market to their advantage, leaving Nigeria’s economy in the luff. George slammed their lavish lifestyles – private jets, luxury properties – questioning the legitimacy of their wealth. He ripped into Wigwe’s “great banker” rep, saying his rise was fueled by a rotten system. George also blasted Wigwe’s university, demanding answers, and pressed Elumelu on how he went from bank staffer to billionaire UBA boss 💸. The allegations sparked a national conversation, with some backing George’s call for transparency. The debate exposed concerns about Nigeria’s banking sector and wealth disparity. While some defended the bankers, others cheered George’s push for accountability. The controversy left many wondering: will the elite be held to account?
Olabode sparked outrage, thundering: “Who the hell is Elumelu? What did he do? Where is his factory?” He slammed Elumelu as a “flopped bank man” who somehow got a license alongside Fola Adeola, and both are now “stupidly wealthy”. He questioned Wigwe’s establishment of a university, Wigwe University, asking “where is his factory?” Olabode alleged their wealth stems from “round tripping” – exploiting dollar subsidies meant for commercial activities, selling at black market rates, and pocketing the profit. “They realigned dollars to them on monthly basis; they used the dollars. If it’s 1 to 100, they’ll give it to the Mallams say 1 to 200, you see that profit?” he said. He demanded accountability, insisting “the rootlessness starts from that and it has been going on for years; it has now exploded now on our faces” .
The controversy got heated up again after a foreign magazine , The Londoner, exposed Wgwe recently . “Ayo Onovo Agbo David wrote: ‘The dead cannot speak. But numbers can. And the numbers surrounding the late Herbert Wigwe, former Group CEO of Access Holdings Plc, are speaking with a thunder that no amount of posthumous hagiography can silence.’
A bombshell investigation by The Londoner, the British publication, has linked Wigwe to 106 properties in London, one of the most expensive real estate markets on earth. Based on newly released data compiled by Tax Policy Associates’ Dan Neidle, and made possible by a 2022 UK law compelling overseas entities to declare their beneficial owners, the report places Wigwe seventh among London’s biggest overseas property owners. He ranks above royals, industrialists, and foreign oligarchs.
The Londoner’s investigation linking Wigwe to 106 London properties, worth millions, has exposed the staggering scale of his wealth, hidden behind shell companies and offshore accounts . Critics argue this is a clear case of wealth laundering, with Wigwe facilitating the flow of illicit funds for Nigeria’s powerful. Wigwe’s rise to prominence was marked by controversy, earning him the nickname “King of Round Tripping” for his aggressive banking tactics. His acquisition of Intercontinental Bank and subsequent sacking of top Yoruba officials sparked accusations of tribalism. Now, his vast wealth and alleged financial opacity have reignited debates about Nigeria’s corrupt elite and their global enablers. The fact that Wigwe’s wealth was largely hidden from public view, using complex financial structures, underscores the need for greater transparency and accountability. As Nigeria grapples with economic hardship, Wigwe’s legacy serves as a stark reminder of the country’s entrenched corruption and inequality. The revelations have sparked calls for investigation and accountability, but many question whether justice will be served.
The question remains : is there any concrete evidence against the duo ? For some people, , there is one common denominator that continues to raise doubt around the wealth of the two bankers: The genesis of their wealth which is believed to be directly linked to the success of both Access Bank and UBA , their cash cow . For Elumelu , the suspicion around his success could be traced to the controversy over Crystal Bank axquired by him long time ago . Specifically, the controversy is about the sale and health of that bank when Elumelu and his team took over .
In other words , the same Crystal Bank that he translated to STB which eventually announced him to the corporate world still stirred heated controversy against him . For instance, some people in the banking world alleged that there were not too ethical transactions in the acquisition of Crystal Bank. According to sources close to Crystal Bank, Elumelu and his team took over a cheaply valued bank ; though it remains an allegation till today , some analysts believed it was deliberate done to favour him .
As a matter of fact, there are instances and reports that showed that this opportunistic and hard-fighting group of young men led by Elumelu that took over the rested Crystal Bank bought deposits as low as between 30 kobo to N1. In 1998 , a year after the bank was taken over and was converted to Standard Trust Bank , STB , it surprisingly recorded a five-fold growth to further confirm this allegation .
Then , what is the magic? Some analysts, indeed, became restless . Reacting to the impressive performance of STB then , Victor Ogiemwonyin, CEO, Partnership Investments Co Ltd noted : “the five-fold growth can partly be explained, first because the old Crystal Bank which Standard Trust Bank took over was cheaply valued. In some cases they bought deposits at 30kobo to N1 –mainly because of the fear that Crystal Bank was going under .
He further explained that “Crystal Bank was an example of how short term liquidity problems was mis-interpreted for solvency problems by both the NDIC and CBN. If the CBN had taken on its role as the bank of last resort as the new CBN now realizes , we probably would not have had as many banks respond to the induced distress the way they did”. He alleged that “NDIC was definitely on a different mission, which had nothing to do with saving banks or depositors money”. However , despite this suspicion , Elumelu could not be pinned down to any crime or be held responsible for the alleged negligence of the regulatory authorities .Nevertheless , this is the reason why some critics of Elumelu believed he is just very lucky and not in anyway fantastic.
For Wigwe ,the acquisition of Intercontinental Bank by Access Bank was believed to be shrouded in controversy, with allegations of corruption and collusion involving key players. According to reports, Sanusi Lamido Sanusi, then Governor of the Central Bank of Nigeria (CBN), played a crucial role in the takeover, allegedly working in tandem with Dr. Bukola Saraki, a powerful politician, and Herbert Wigwe, CEO of Access Bank . Sanusi’s swift move to declare Intercontinental Bank “non-performing” just two weeks into his tenure raised eyebrows, especially given the bank’s previously clean bill of health.The deal saw Access Bank, which was already indebted to Intercontinental Bank to the tune of N16 billion, acquire the bank for a paltry sum. The N50 billion purchase price was allegedly funded by the Bank of Industry, where Aig Imokhuede’s mother-in-law, Evelyn Oputu, was the CEO. The money was reportedly transferred to Intercontinental Bank’s account in the evening, only to be transferred back to the Bank of Industry immediately after the acquisition was announced. This brazen move has sparked accusations of money laundering and corruption.The CBN’s role in the acquisition has also come under scrutiny, with allegations that Sanusi Lamido Sanusi facilitated the deal to benefit his friend, Bukola Saraki, who had taken a N11 billion loan from Intercontinental Bank. The loan was allegedly written off by the new management, led by Lai Mahmoud Alabi, a Saraki loyalist. The entire episode has raised questions about the integrity of Nigeria’s banking sector and the complicity of its regulators.
Their Defenses
However , while the pessimism continues, to their admirers, both Tony Elumelu and Herbert Wigwe exemplified disruptive innovation in Nigeria’s financial sector. They were masters of associating, questioning, observing, networking, and experimenting, driving economic transformation in their own ways . Elumelu’s approach was rooted in his Africapitalism philosophy, empowering entrepreneurs and connecting ideas to investment opportunities through associating and networking. He challenged traditional development approaches by questioning the status quo. Wigwe’s leadership at Access Bank disrupted traditional banking by observing market gaps and experimenting with new solutions, expanding financial inclusion across Africa. Both leaders leveraged their networks and encouraged innovation, leaving an undeniable impact on Nigeria’s economy.
Tony Elumelu is regarded a T shaped person with a depth in one area as well as breadth in lots ; he is a megamind that set for himself hubristic goals such as “putting a ding in the universe” .His capability for associating ,questioning, observing, networking and experimenting is what makes him unique .Of course , those are the habits of mind that characterize disruptive innovators.
His admirers believe he excels at connecting seemingly unconnected things, aided by his broadening experience ; he is known for constantly asking why things aren’t done differently , a taste that linked to a talent for observation ; he is a great networker and also an inveterate experimenter.
With the above traits , Elumelu could be compared to Marc Benioff that got the idea for Salesforce.com by looking at enterprise software through the prism of online businesses such as Amazon and eBay. ; David Neeleman, the founder of JetBlue and Azul, wondered why people treated airline tickets like cash, freaking out when they lose them, whereas customers could instead be given an electronic code ; Corey Wride that came up with the idea for Movie Mouth, a company that uses popular films to teach foreign languages; Michael Lazaridis, the founder of Research in Motion, that had the idea for the BlackBerry at a trade show, when someone told him how Coca-Cola machines used wireless technology to signal that they needed refilling and those who fiddle with both their products and their business models ; and like IKEA that never planned to base its business on self-assembly but discovered that the best way to get some furniture back into a lorry, after a photo-shoot, was to take its legs off, and a new business model was born.
His business acumen is believed to be fantastic. From STB to UBA ,all his corporate entities are believed by his admirers to have the high “innovation premiums” and display the above five habits of mind an innovator . This may not be farfetched . Like a disruptive innovator,he works hard to recruit creative people and equally hard to stimulate observation and questioning.
His admirers believed Tony’s kinds are rare in the Nigerian banking industry just as the innovator’s DNA is rare. Of course , it may be difficult to dispute the above views . With a disruptive innovator DNA running through his veins , Tony gave life back to the dead Crystal Bank and turned it to Standard Trust Bank ,a bank with an unconventional business model that swallowed the old UBA , a banking behemoth ; he turned it to a brand with a tag of African global bank and a pillar of Nigerian economy.
He has remained a factor and a major player in the Nigerian banking sector since his days at Crystal Bank, a banking institution that shaped him and also announced him to the world. It was here at Crystal Bank that Elumelu’s charm and magic as a banker and as an organizer in a highly unpredictable business climate began.
At Crystal Bank, it will not be an overstatement to say that Elumelu actually squeezed water out of stone. But he did not stop at just squeezing water out of stone as he also did the inconceivable as a vibrant young man who was eager to succeed and make a name for himself. With his actions, he literally placed the banking world and Nigeria’s business community on notice.
To many people in the banking sector, Elumelu’s biggest achievement at the time was that he did not only resuscitate Crystal Bank, he also gave life to a dying bank that was on life support. Under Elumelu, UBA is believed to have gotten a new lease of life through branding, purposeful leadership and repositioning. Today, the bank is not only playing in the big league, it is also a pillar of the Nigerian economy .Now , he reigns high in hospitality, insurance ,oil and gas apart from the banking .
Tony Elumelu is an exceptionally lucky man who has succeeded in almost everything he aimed for. He has also earned all his medals, and rightly so. That is why he is not called a financial whizz-kid for nothing by everyone, including those who may not like his tactics and style. This African billionaire and uncommon entrepreneur has made tremendous impact in the corporate world, banking, manufacturing, creating entrepreneurs, reviving and consolidating the gains of companies and above all, philanthropy.
Elumelu, the unusual economist and philanthropist has spent the last two decades empowering Africans, establishing thriving businesses and engendering hope around the world with his sterling performance as an Economist who uses data and statistical tools to interpret and forecast trends. This Chairman of Heirs Holdings, Transcorp Group, Pan-African Financial Services, United Bank for Africa, among other companies, was some days ago, inaugurated into President Ahmed Bola Tinubu’s Economic Team, a council with an interesting mix of government officials, top private sector players, entrepreneurs and technocrats.
This banker’s impact is also felt, even in the arts sector where he is making dreams come true with his interventions. Recently, Tony Elumelu Storytellers Fund called for applications from emerging artistes, journalists, content producers, podcasters and other people in the creative chain to take advantage of its grants to improve and expand their trade. According to the release, grants worth between $500 and $2000 will be awarded to each selected participant. For a businessman, looking in the direction of the arts is highly commendable and this must be stressed.
Character wise , Elumelu is believed to showcase humility . In spite of his many achievements, Elumelu still manages to acknowledge his infallibility and the fact that he is not a know-all individual who possess all the necessary talents needed to be an all-round successful man that he is today. According to him, his many successes came from his decision to always surround himself with talented individuals. “My weakness in some talents is the reason I surround myself with people who have talents I do not have,” he was quoted recently. Yes, he may have succeeded in addressing his weaknesses as a smart businessman
The Counter Attacks
Against the above complementary views , the opponents stilled tendered some exhibits against Elumelu . Most of his critics would not believe the tag of a disruptive innovator inscribed on him by his admirers as a critical factor behind his success and stupendous wealth .They perhaps find it difficult to align his past academic records with his present success ;their argument is that if Tony was not one of those considered or rated academically intelligent, how did he achieve his towering figure in the corporate world where deep intellectual base is imperative . And their reference point remains his class of degree at an equally relatively low rated Ambrose Ali University, Ekpoma in those days .
In fact , there is always a heated controversy over his class of his degree anytime his success becomes a subject of discussion .And his detractors are usually quick to point to this whenever they want to justify their belief that he is neither a genius or fantastic by any means . There are even some mischievous reporters who know that another way to exacerbate the situation and keep the Corporate Affairs Department of his bank perpetually on the receiving end is to mention his class of degree. It was gathered that his handlers are equally always quick to dismiss Ekpoma anytime there is a request for his academic laurels by journalists covering business and the economy. His media aides would rather send photos and information on the prestigious foreign institutions and business schools he attended abroad, a situation that usually compounds the suspicion that they have something to hide .
Many people, including his classmates and others in the corporate world insist that he made a Third Class Degree , though Elumelu and his handlers have refused to either agree or refute this position even as important as it is. For the above reason , this important banker, like his certificates and unusual activities, has remained a subject of speculation and controversies.
But not everyone is mischievous .Some either out of curiosity want to know whether with the high degree of intelligence displayed by Elumelu and success achieved by him it is feasible for him to have graduated with a Third Class Degree. The same curiosity took our reporter to Ambrose Ali University, Ekpoma which is his alma mater recently to ascertain the veracity of the claim of his critics . To our amazement ,many people in that school and the department of Economics as well as in the corporate world insisted that he made a Third Class Degree . In fact , some alleged he did not graduate at the normal time with his classmates . However , none of critics has shown us a copy of that degree for confirmation
But there is another angle that is reinforcing the suspicion . The fact that Elumelu is alleged to have distanced himself to that university , despite his deep pocket and philanthropic tendency is not making those who believed otherwise to dispute the story ; he is alleged to have neglected the schools that molded him and some stakeholders of those school s are not particularly happy with this . Today, the Economics Department at Ambrose Ali University, Ekpoma has no sign that a great banker and an important corporate player graduated from the institution.
As a matter of fact, there are some of his critics who may have decided to take an extreme view on this matter for reasons that may be personal. To this group of people, the man is simply sad and unhappy even in the midst of affluence, deep pocket, philanthropy, influence and a great life that should be the envy of many people. Some people observed this might not be unconnected with his alleged ugly experience at Ambrose Ali University, Ekpoma . To those with this observation , it appears he has no emotional attachment to that school. Elumelu attended his primary, post primary and tertiary institutions in both Delta and Edo states. But the top banker is always allegedly become disheveled anytime anyone mentions Ambrose Ali University, Ekpoma which is his alma mater.
But why are his critics so interested in his personal and private affairs ? After all the world is littered with influential and highly successful individuals that are drop out from their schools . By our own speculation , the key reason is that some of these people either believed Elumelu is just lucky or not too clean ; it could also be out of pure jealousy .. EVen ,if he had a third class , to us Tony has proved to the younger generations of graduates that first class degree is not all they need to succeed while third class is not an end of the road to success in life .
The controversy on Elumelu is not limited to the issue of his class of degree . The above observation by his critics is corroborated by the less inspiring state Elumelu left UBA when he and others were forced to step down by CBN . He left in 2010 and the bank’s profit after tax fell below N1biion at 598m against N2.4 b 2009 ,N40.8b 2008 and N21 b in 2007 .
The most controversial tissue was the bank’s 2011 results as it recorded a loss of N8.7b . a year after left the bank as GMD .Then what makes Elumelu a genius , when a bank’s fortunes under his watch cascaded ? . Although some attributed UBA’s uninspiring performance to the global financial crisis of 2007–08, despite this ugly circumstance, some corporate leaders were not so badly hit as UBA in the last few years of Elumelu as GMD of UBA. .
The huge loss that hit UBA in 2011 and the subsequent venture of Elumelu in virtually all other sectors of the economy after he was removed raised suspicion over his stupendous wealth and the less impressive performance of UBA since he left the position of GMD .
More so, this is mostly attributed to bad loans. Were these bad loans artificially created as some leadership of some banks in the past were suspected to be doing in those days of repeated banking sector collapse ? This remains a speculation and a suspicion that needed facts and figures . But there is none yet .
Till today UBA has been overtaken by its rivals in profits and other performance indicators and its shareholders remain at the receiving end while its top management staff members are living in affluence at their expense . Ironically , Elumelu turns himself a philanthropist . Is this not a contradiction?
None of those who invested their hard earned earnings in its 2007 initial Public Offer and right issues under his leadership of the bank would forget in a hurry the huge misfortune that befell them . United Bank for Africa, Nigeria’s biggest bank then , created excitements in the capital market with the launch of its N54 billion hybrid offer. It remains a disastrous decision till today for those who bought its share at N34 per share . Since then the price of UBA’s stock per share failed to hit close to that peak for years until 2023 when this jinx was broken . The stock bought at that price was selling below N8.00 per share for years . The ugly scenario above be the reason why Bode George was annoyed with the likes of Elumelu in a well trended video .
The heated controversy that came from Elumelu’s friend and business associate , Femi Otedola is another not too impressive signal about him that stirred heated controversy against him . This controversy borders on backstabbing and irregularities in Transcorp where he holds sway as Chairman. Unfortunately, these controversies pitched him against Femi Otedola, his friend over their individual stakes at Transcorp. For those in Otedola’s camp, Elumelu betrayed his friend when he misled him with regard to Otedola’s business decisions and takeovers , leading to a power struggle at Transcorp on account of Otedola’s acquisition of 5.52 per cent stake in the company’s shares.
This naturally, positioned Otedola on the path of take over as the second-largest investor. But Elumelu allegedly quickly moved in to neutralize Otedola in order to make the injection of his N250 billion inconsequential in the final analysis.
Aside other accusations, there is a strong belief by sympathizers of Otedola that Elumelu, the master of business games, took his shares in UBA and African Finance Corporation to service the interest on his loans when he went bankrupt about 15 years ago. Elumelu also came under Otedola’s hammer for an outstanding disagreement some years ago. According to Otedola, Elumelu actually bought secret shares from Trancorp to acquire Ughelli Power Plant even after he had informed Elumelu of his interest and a pending investment in the plant. However , one thing is that the argument is neither here nor there .
Our Position
“In the pursuit of industry foresight, intellectual leaders are forged by their ability to challenge assumptions, embrace ambiguity, and envision multiple scenarios, leveraging a unique blend of curiosity, creativity, and analytical rigor acquired through a perpetual commitment to learning, exploration, and experimentation, as exemplified by companies like Amazon and Apple, which have consistently demonstrated an ability to shape industry evolution and stake out leadership positions by seeing the future before it arrives and proactively shaping the industry trajectory.”
“The remarkable success of industry leaders like Wiggwe and Elumelu can be attributed to their prescient foresight, which enabled them to anticipate and shape the trajectory of the banking industry;; by leveraging their deep understanding of emerging trends, technological advancements, and shifting consumer behaviors, they were able to position themselves at the forefront of innovation, disrupt traditional business models, and capture significant market share, ultimately redefining the rules of the game and setting new standards for industry excellence.”
“Their exceptional experience, honed over years of navigating the complexities of the banking industry, has equipped them with a unique design lens that enables them to reimagine traditional business models and craft innovative solutions. This, coupled with their idea lens, has allowed them to identify and capitalize on emerging opportunities, leveraging their expertise to develop game-changing products and services that have disrupted the status quo and set new benchmarks for in ndustry excellence. Through their visionary leadership, they have demonstrated an uncanny ability to distill complex market trends into actionable insights, driving growth, profitability, and sustained success in an ever-evolving landscape.”
