Africa is lagging behind in insurance and asset management, which are the core of wealth creation, according to Aigboje Aig-Imoukhuede, investor, banker and philanthropist. This is perhaps with the exception of South Africa.
Aig-Imoukhuede, who has a track record of major accomplishments in both for-profit and not-for-profit initiatives within Nigeria and beyond, said Nigerian banks today are certainly big enough but the problem is that the insurance companies, the asset management companies, the FinTechs and e-commerce companies are not big enough.
“Right now, the issue should be let the banks continue doing what they are doing but let us have the same type of revolution that took place in banking across all these sectors,” Aig-Imoukhuede said at a virtual briefing on Wednesday to announce the launch of his new book.
The book, titled Leaving the Tarmac: Buying a Bank in Africa, is due for launch on Monday, March 29, 2021.
He said the largest financial intermediaries in any economy actually are not banks but insurance and asset management.
“Beyond banking (a place to save your money and make payments), insurance companies and asset managers are where your wealth is created, your future and your legacy is preserved and that is why, of course, that aspect of financial services is in multiple times larger than banking and that is where Africa is lagging behind apart from maybe South Africa,” Aig-Imoukhuede said.
“If you don’t fix that, you will remain left behind in terms of competitiveness of financial services when compared to the world,” he said.
The former Access Bank CEO said the Nigerian banking sector can emerge as the global powerhouse, given the talent, resources and the African market that are available to be served by Nigerian financial institutions.
The book, Leaving the Tarmac: Buying a Bank in Africa, tells how Aigboje Aig-Imoukhuede and Herbert Wigwe took a leap of faith and decided to launch a new bank that would have a profound and long-lasting impact on the Nigerian banking and financial sector.
Containing never-before-revealed insights into the Nigerian banking and financial sector, the book reveals how the creation of Access Bank resulted in spreading prosperity for thousands, and in so doing established Aigboje Aig-Imoukhuede among the continent’s most inspiring and impactful entrepreneurs of the 21st century.
The virtual book launch is designed to be an evening of conversation, inspiration, and entertainment by multiple award-winning gospel artist, Sinach, and Nigeria’s highly talented Afrobeat artist, Teni. The event will be hosted by IK Osakioduwa and will include an exclusive author Q&A session with Uzodinma Iweala, author and CEO of The Africa Center.
“My intention in penning the book was to motivate others to take up the challenge and unlock the power of our national economy and our people,” Aig-Imoukhuede said.
“I hope this book will inspire others as much as Nigeria and Africa inspire me. I’m inspired by the resourcefulness and resilience of the people; the richness of the land; and the heritage of those who came before us. This is a place of limitless potential, and opportunity,” he said.
Through the book, Aig-Imoukhuede said he wants to show that “nothing is impossible when you are part of a passionate, committed, hard-working team and when faith is the bedrock on which you build your life and your enterprises”.
“However, this is not the end of the journey for me and those close to me both personally and professionally. We are moving on to other things and to being the change we want to see in Africa,” he said.
Aigboje Aig-Imoukhuede will make a number of significant announcements about his plans for the future at the launch of Leaving the Tarmac: Buying a Bank in Africa. These announcements include a significant multi-generational financial commitment focused on building Nigeria’s next generation of government leaders, helping transform public sector effectiveness, and improving access to quality primary healthcare.
