Nigerian multimillionaire banker Herbert Wigwe, the co-founder and CEO of Nigeria’s largest bank by assets, Access Holdings Plc, is set to make a transformative investment of $500 million in the establishment of Wigwe University to tackle Nigeria’s escalating skills deficit by offering cutting-edge courses in Lagos from the next academic year.
As reported by UNICEF, Nigeria grapples with a severe skills crisis, hosting one in five of the world’s out-of-school children. In a bid to counteract this trend, Wigwe University plans to focus on management, science and engineering, information technology, and creative arts, aligning with the demands of the finance and technology sectors.
Wigwe revealed that the university would adopt a five-year plan, leveraging a hybrid model that utilizes technology to provide education comparable to esteemed institutions in the United States and the UK. To ensure international standards, Wigwe aims to recruit 30 percent of teaching staff from these regions.
Tuition fees and accessibility concerns
While emphasizing the transformative power of education, Wigwe faces questions regarding the university’s tuition fees of $12,500 and an annual fee of N3.5 million ($4,171). This sparks concerns in a nation with a significant population living in extreme poverty, especially when public universities charge around $500.
Wigwe envisions not only educating but also connecting students with influential figures in the business world, including billionaire Aliko Dangote. The university’s initial enrollment target for the upcoming year is 1,400 students, with an ambitious goal of reaching 10,000 within five years.
Access Holdings’ remarkable growth under Herbert Wigwe’s leadership
Under Wigwe, Access Holdings solidifies its position as one of Nigeria’s most profitable lenders. Financial results reveal a substantial growth from N136.77 billion ($178.2 million) in 2022 to N250.44 billion ($327.1 million) in the first nine months of the 2023 fiscal year.
This growth is attributed to increased interest and non-interest incomes and a notable surge in net foreign exchange gains, reaching N314.6 billion ($411.48 million) this year.
Wigwe University emerges not just as an educational institution but as a strategic initiative to cultivate Nigeria’s future leaders, addressing the critical skills deficit in the nation.
