Aig-Imoukhuede Gets His Coronation

Aig-Imoukhuede

By Sanya Ademiluyi
Banking pearl, Aigboje Aig-Imoukhuede has fangled a new banking investment. He recently got government approval to start operating a new merchant bank known as Coronation Merchant Bank.It is the latest addition to the country’s banking and finance industry.
Strictly for those who may not know, Aig-Imoukhuede is the former Managing Director/CEO of Access Bank Plc. He left the bank only two years ago. Aig-Imoukhuede has also held the prestigious position of President of the council of the Nigerian Stock exchange, NSE.He was also co-chair of the Presidential Advisory Committee on the Economy under the Jonathan administration, between 2011 and 2015.

As a young banking Turk, Aig-Imoukhuede earned his reputationat Guaranty Trust Bank, working his way up to position of executive director in 1999.Only few years later, his reputation grew to that of a leading Nigerian banking figure when he led the takeover and subsequent remarkable turnaround of then ailing Access Bank. Over a next 10 year between,2003 to 2013, he grew the bank into one of the country’s finest and among its top 10, with branches in Europe and West Africa.

In 2013, due to regulatory reasons, he had to relinquish his position of Managing Director/CEO of Access Bank after 10 years at the helm. Now, Aig-Imoukhuede is returning as Chairman of a new banking entrant, Coronation Bank.
To be sure, Coronation Bank is being floated from the erstwhile Associated Discount House, a second tier financial institution that has been in business for over two decades.The consummate dealmaker, Aig-Imouhuede had again envisioned and structured Associated Discount’s transformation into a merchant bank.Perhaps,Aigboje’s his exceptional deal making skills may have been polished during his rookie days at Continental Merchant Bank(Chase)in the early 1990s.Aigboje as he is fondly, could sense the moment, his timing is usually perfect, then the execution is usually exceptional.

The Coronation Bank/Associated Discount deal took some doing.First, Aig-Imoukhuede who was chairman of Associated’s board of directors stepped down few months ago. Then, the majority equity in Associated which is owned by Access Bank and Wema Bank was parleyed into Coronation Capital which is majority-owned and chaired by Aig-Imoukhuede. Coronation Capital then became the promoter and majority equity holder of Coronation Merchant Bank.
Coronation and Aig-Imoukhuede are poised to drive competition in the newly re-opened Nigerian merchant banking space. Three years ago, In 2014, shortly before Sanusi Lamido Sanusi exited as Governor of the Central Bank of Nigeria, CBN he changed the banking industry framework from the erstwhile Universal Banking policy(started in the early 2000) to allow other banks to do merchant banking alone. Few months later, FSDH became the first Nigerian discount house to take advantage of the new policy ,converting to a merchant bank. And for quite awhile, First Rand Merchant Bank of South Africa has been angling to get into the Nigerian banking market.Although it has been mulling a major banking acquisition to gibe itself some heft when coming into Nigeria,it may as well settle for a fresh merchant banking license from the CBN,given the little competition in the area.
In 2002,Aig-Imoukhuede then an executive director at Guaranty Trust Bank,along with his friend and professional colleague, Herbert Wigwe (currently CEO of Access Bank) led the deal to acquire then ailing Access Bank from its erstwhile owners and building it into one of the country’s leading banks.

Perhaps, his toughest challenge at the helm was scaling the N25 billion minimum capital policy hurdle of the CBN of 2005,better known as the Banking Consolidation policy.
Then,it came as a big surprise to many industry watchers, that Access under Aig-Imoukhuede did a successful public offer and met the N25 billion requirement and even retained its brand name, while several others failed. Since then ,there has been no looking back for Access and Aig-Imoukhuede .Over a 10 year period as chief executive of Access Bank,he competed vigorously with several larger and older banks, earning his reputation as a leading player in the Nigerian banking industry.
Aig-Imoukhuede is the founding Chairman of the FMDQ, an Over-the-counter exchange that specialises in fixed income securities and derivatives. FMDQ is already bringing a new vibrancy to the country’s capital market by reviving the dormant fixed income segment of the market and allowing previously ignored entrepreneurial businesses to access cheaper equity capital. He was President of the Nigerian Stock Exchange, until few years ago, where he chaired the Governance as well as Technical Committees of Council. He is also the Chairman of the Financial Markets Dealers Association Board of Trustees. Aig-Imoukhuede was chair of the Boards of WAPIC Insurance Plc,(owned by Access Bank) Associated Discount House (now Coronation Bank) and is a member of the board of African Finance Corporation.