- Nigeria joins US to investigate crash
- Helicopter wreckage to be transferred to safe location today
- Investigation takes two years to complete, says NTSB
- Access stock plunges after Wigwe’s death
Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer.
This followed the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe.
Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday
A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria
“Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr Herbert Wigwe, on February 9, 2024.
“The appointment is subject to the approval of the Central Bank of Nigeria,” the statement read in part.
Agbede, who joined Access Bank in 2003 as an Assistant General, has nearly three decades of professional experience cutting across banking and business consultancy services.
She served in different roles at the bank including, Head, Group Human Resources between 2010 and 2022 before she was appointed the company’s founding Executive Director, Business Support in 2022, a role she held until her new appointment
She holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Masters of Business Administration Degree from Cranfield University UK in 2002.
She is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
Access stock plunges after Wigwe’s death
Also, the share price of Access Corporation, the holding company for Nigeria’s largest bank, fell Monday, the first trading day since the tragic death of co-founder and chief executive officer Herbert Wigwe.
Access Bank’s shares fell 6.26 percent to N23.20 as of 2:30 pm Lagos time, the biggest loss since January 30.
GTCO and United Bank for Africa also fell on the day by 0.37 percent and 1.18 percent respectively. The banking index, which tracks the share price movement of listed Nigerian banks, declined 0.88 percent, according to NGX data.
Wigwe’s untimely death may have left the lender without its visionary leader, but investors are relying on the game plan he put in place to see it through in the future.
This means the share price slide on Monday may well be just a blip rather than a reflection of fears that Access Bank may lose its way following Wigwe’s demise.
Meanwhile, the Federal Government through the Nigerian Safety Investigation Bureau has offered its full cooperation to the National Transportation Safety Board in the investigation of the tragic Airbus Helicopter EC130B4 crash that resulted in the death of Herbert Wigwe, the group CEO of Access Holdings and five others who were onboard.
The accident which involved the Airbus Helicopter EC130B4 occurred on Friday, February 9, 2024, at about 10:08 PM. (Pacific Standard Time) near Interstate 15 in Halloran Springs, California.
Herbert Wigwe; his wife, Chizoba; his son, Chizi; and Bimbo Ogunbanjo, a former chairman of the NGX, all died in the helicopter crash.
NSIB is the multimodal transport agency in Nigeria responsible for promoting transport safety and conducting objective and thorough investigations into transport accidents. Similarly, the NTSB is the counterpart agency in the United States charged with fulfilling the same function as the NSIB.
In a statement by the Director of Public Affairs and Consumer Protection, Bimbo Olawunmi Oladeji, the Nigerian Safety Investigation Bureau said following the helicopter crash that occurred on Friday, February 9, 2024, at about 10:08 PM. (Pacific Standard Time) near Interstate 15 in Halloran Springs, California, the NTSB confirmed the accident via its post on X and stated that it had dispatched its “Go Team” to investigate the accident.
“The ill-fated helicopter, operated by Orbic Air, LLC as a Part 135 charter flight, departed from Palm Springs, California, at 8:45 p.m. PST, en route to Boulder City, Nevada, said Michael Graham, a board member of the National Transportation Safety Board, during a news conference on Saturday.
“Regrettably, the United States authorities have now confirmed that everyone onboard the aircraft lost their lives in the crash. The deceased are two crew members comprising a pilot in command and a “safety pilot” and four passengers namely Herbert Wigwe, his wife, son, and Abimbola Ogunbanjo, former Group Chairman of the Nigerian Exchange Group Plc, (NGX Group).
“In the aftermath of the accident, Alex Badeh, the Director General of the Nigerian Safety Investigation Bureau, established contact with NTSB, by Chapter 5 subsection 27 of ICAO’s Annex 13 to the Convention on International Civil Aviation – Aircraft Accident and Incident Investigation, which grants a State (nation) special interest in an accident involving its citizens.
“5.27 A State which has a special interest in an accident by fatalities or serious injuries to its citizens shall be entitled to appoint an expert who shall be entitled to: visit the scene of the accident; have access to the relevant information which is approved for public release by the State conducting the investigation, and information on the progress of the investigation, and receive a copy of the Final Report,” the statement reads in part.
Olawunmi stated that the ICAO’s Annex 13 to the Convention on International Civil therefore grants Nigeria, through the Nigerian Safety Investigation Bureau, the prerogative to appoint an expert to actively participate in the investigation.
She said the participation ensures access to relevant information and facilitates cooperation with the investigating authorities, towards ensuring the investigation reaches a conclusive outcome.
“The ongoing discussion between the NSIB and NTSB has highlighted the diligent investigation efforts of the NTSB. NTSB investigators were present at the crash scene in Halloran Springs, California, on Saturday to collect evidence and conduct initial on-scene documentation. The documentation process included aerial mapping of the wreckage with a drone, and site measurements.
“Correspondence between the NSIB and NTSB further revealed that the NTSB investigation into the crash is being led by Aaron Sauer as the investigator in charge, supported by Mark Ward as the deputy investigator in charge. Several other NTSB investigators will also be examining various aspects of the accident including airworthiness and maintenance structures, operations, meteorology and air traffic control.
“Notably, the airworthiness investigation group initiated a meticulous examination of the debris field, which spans approximately 100 yards. All significant components of the helicopter, including the main transmission, engine, and various avionic elements, were identified and accounted for at the accident site. In tandem, the operations investigation group has commenced gathering crucial company information, including pilot records, flight dispatch records, and aircraft maintenance records.
“Moving forward, coordination is underway by the NTSB to transfer the wreckage to a secure location on Tuesday for in-depth examination and analysis scheduled
Parties to the investigation include Orbic Air, LLC, and the FAA. As the investigation continues, other parties could be named,” she stated.
Additionally, she noted that the Bureau of Enquiry and Analysis for Civil Aviation Safety, the French aviation accident investigation agency, will also serve as an accredited representative, due to France being the state of the manufacturer the Airbus helicopter and Turbomeca Engine.
She said both Airbus Helicopters and Turbomeca Engines will serve as technical advisors to the investigation.
“The duration of the accident investigation being conducted by NTSB is expected to take approximately 18 to 24 months to complete.
“The actual duration depends on many factors. Each investigator carries a caseload of many accident investigations which they work on concurrently and each investigation presents its unique complexities.
The NTSB accident investigation process typically comprises three major milestones.
“The first is the preliminary investigation report, which contains information gathered by investigators during the on-scene examination. This report is expected to be released within 14 to 21 days following the date of the examinations.
“The next milestone involves the compilation of the public docket, which includes a collection of information gathered throughout the investigation. This typically includes photographs, interview summaries, documentation, and other relevant data.
“Finally, the third milestone is the publication of the final aviation accident report, which serves to conclude the investigation. This report may take up to two years to complete and usually contains analysis and a statement of the probable cause of the accident if determined,” Olawunmi added.
Rivers Reps seek probe of helicopter crash
Meanwhile, the Rivers State caucus in the House of Representatives has called on the United States Government and its relevant agencies to thoroughly investigate the cause of the helicopter crash that killed Wigwe, his wife and son.
Also, they called on the Nigerian Ministry of Foreign Affairs and relevant agencies in the country to join in the investigation.
Leader of the caucus, Dunamenne Dekor, made the call in a statement he made available to journalists in Port Harcourt, Rivers State capital on Monday.
The statement read, “Our hearts are heavy with sorrow as we extend our deepest condolences to the Wigwe family and loved ones during this distressing time.
“Dr Herbert Wigwe played a prominent role in the financial banking community, education and welfare.
“His leadership at Access Holdings Plc has left an indelible mark on the industry.
“As we mourn the loss of our son; a nationalist, lover of Rivers State, and visionary and compassionate leader, we take solace in the very remarkable impact he made in the financial sector, education, and particularly his philanthropic lifestyle and belief that the well-being of a people is the only thing that has intrinsic value.
“The Caucus is calling on the United States of America and its relevant agencies, the Nigerian Minister of Foreign Affairs, and all relevant institutions and agencies of government to thoroughly investigate the cause of this ill-fated helicopter crash in California and make its findings public.
“We fervently hope that the authorities will successfully locate and provide the necessary support to the families of the victims of this devastating incident.
“Our thoughts and prayers are with the Wigwe family and all those who have been impacted by this tragic event.”
