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Leaving the Tarmac: Buying A Bank In Africa - Review

Leaving the Tarmac tells the story of Access Bank; the visionary leadership that birthed the bank we know today and the hurdles on the way to building a sustainable banking business.

Aig-Imoukhuede spotted an opportunity in 2000: the Nigerian economy was up for a big boost— one that will lead a major consolidation in the banking industry. Aig was determined to not be left behind at the tarmac as this wind of change came. With his very good friend and partner, Herbert Wigwe, they made a bold move to buy a weak and trouble-laden Access Bank. Their decision was unpopular as a lot people thought they were crazy.

In this book, he makes an account of how they proved the world wrong; that two young professionals without godfathers could run a bank the right way in Nigeria and make it to the top in the banking sector.

They were faced with daunting challenges along the way, chief of which was the Soludo challenge. As Governor of CBN, Soludo lifted the minimum capital of banks from N2 billion to N25billion. At the time of this announcement, just barely two years after they bought the bank, Access Bank had only about N4billion. They had 18months to raise 21billion or face extinction, and they did.

The underlying story was one of grit, hardwork, and a fierce commitment to excellence and integrity — ideals which ensured they surmounted every other challenge that came, including the merger with the struggling Intercontinental bank.

As he writes, there can be no gain without sweat. If you must beat the next guy, you must study far longer than him each day. If you work half as hard as your competitor, you can hardly complain when you earn half as much profit.

This should be the biggest lesson for entrepreneurs out there. If you want to be the best, you will have to work harder than everyone else out there. This is the Access story. Aig and Herbert had a big vision for Access bank and they ensured to remain on their toes even when more dominant players in the indusry had grown complacent; “offering to their clients the same thing they did ten years ago.”

He also alludes that most of the milestones they achieved did not happen of their making. “There were too many unexplained coincidences, accidents of timing, and events of chance that can only be attributed to the Almighty God.”

I believe one these events of chance was the last-minute approval for equity by the FMO (a Dutch entrepreneurial development bank) which completed their N25billion Soludo capital requirement.

Indeed, Access bank grew tremendously over just one decade, and has also continued to evolve even under its new leadership. I’m sure there is more to come!

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