Business
Access Bank Acquisition Scandal: What Aig-Imoukhuede, Evelyn Oputu, Bukola Saraki, must do to absolve late Herbert Wigwe
Beyond the poesy and pageantry of Herbert Wigwe’s funeral, an enduring yarn situates him where votive hyacinths relay the promise of an eternal Eden.
Can Aigboje Aig-Imoukhuede, Evelyn Oputu, Bukola Saraki, others come out to affirm or refute rumours of their alleged complicity in the misfortune that befell defunct Intercontinental Bank and its deposed head honcho, Erastus Akingbola?
Since Wigwe’s sad demise in a chopper crash alongside his wife and son, in the United States, the social space has erupted with certain uncomplimentary revelations concerning the role he played and steps he took in concert with his friends and business associates to defraud former Intercontinental Bank Managing Director (MD), Erastus Akingbola.
Amid the uproar generated by the ugly disclosures of fraudulent acts allegedly perpetrated by the late Wigwe and his business partner and friend, Aig-Imoukhuede, in concert with others, The Nation columnist, Sam Omatseye has lent his voice to the debate, urging Wigwe’s friends and associates to come out and set the records straight.
In his column of February 26, 2024, titled, ‘Before Wigwe Goes Home,’ Omatseye noted that Wigwe’s death has let out a lot of steam, especially about how Intercontinental Bank under Erastus Akingbola was dissolved in a frenetic acquisition move.
He said, “The tale was daubed a tilapia swallowing a whale, a miracle of fraud. Names were mentioned who are still alive. It is only the living in this tale that can-do credit to the departed Wigwe and restore his superfine image. If they love Wigwe, the men who have been fingered in this fantastic heist should come out and tell us their role or lack of it in this drama of Gulliver traveling over industry Lilliputians.
“Aig-Imoukhuede ought to say something, and not him alone, but also his mother in-law madam Evelyn Oputu over a mobile elixir of N50 billion that moved in and out without a stain. What of Bukola Saraki, our Eleyinmi and former governor of Kwara State and fall guy of Otoge? He has kept mum over his role in allegedly stage-managing a classic revenge after Akingbola did not oblige the saviour of his bank.” |
Is it true? What of former CBN governor Lamido Sanusi, the former Kano emir, who has greeted the buzz with uncharacteristic silence? We need Wigwe to go “gentle into that good night,” not with the stories of filth and official brigandage. Their silence is viewed by many as consent, argued Omatseye.
It would be recalled that an official of the Nigeria Deposit Insurance Corporation (NDIC), Paul Akali, told the Federal High Court in Lagos in 2020 that Access Bank owed the now-defunct Intercontinental Bank N14.2bn as of the time it went under.
Akali, a member of the NDIC team that investigated Intercontinental Bank for regulatory infractions in May 2009, told the court that despite the N14.2bn debt, the distressed Intercontinental Bank was sold to Access Bank by the Central Bank of Nigeria.
The probe and indictment of Intercontinental Bank, as well as the removal of then-Managing Director, Erastus Akingbola, happened under the watch of Lamido Sanusi as the CBN Governor.
In 2019, a former Chief Inspector with Intercontinental Bank, Abdulraheem Jimoh, revealed in court how loans granted by Akingbola to certain individuals and companies were waived.
He made the disclosure at Akingbola’s trial, when he was arraigned on an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank and stealing.
Jimoh, while being further cross-examined by Wole Olanipekun, SAN, counsel to the defendant, told the court that his investigations and findings into the alleged fraud lasted about four months.
He told the court that he knew a company called United Alliance Company of Nigeria Limited that was also granted the sums of N14.5billion, N14.27billion and N10.97billion in tranches, which were not repaid.
The witness affirmed what the defence said that the directors of the United Alliance Company of Nigeria Limited were Herbert Onyewumbu Wigwe, the Managing Director of Access Bank and Aigboje Aig-Imoukhuede.
Jimoh also confirmed that Laide Alabi, who succeeded Akingbola, wrote off loans amounting to billions of Naira in favour of those close to him, including a former governor and current Senate President of Nigeria, Bukola Saraki.
Another interesting angle to the scandal materialized in the form of a viral post on social media after Wigwe’s demise.
In the post, the writer stated, “May Herbert’s soul rest in peace. I however look at the story of Access Bank from another prism based on my inside knowledge of what happened. The story of Access Bank can’t be complete without looking at its foundation. The money to buy Access Bank didn’t come from any investors but a loan of about N16B from Intercontinental Bank (IB) managed by Akingbola. It was Akingbola that gave them that break to buy Access. That money was never paid back. Sanusi (Aig’s school mate at KC) as the CBN governor declared IB insolvent and put it up for sale. It was offered to Aig and Access Bank for N50b. A bank that was many times the size of Access bank. A bank with 350 branches offered for such ridiculous sum. Check the records, no other bank has been so cheaply sold in Nigeria. Access Bank didn’t have the money but Evelyn Oputu of BOI who is Aig’s mother in-law gave them the loan to buy IB. They paid the funds, took over the bank and then refunded the loan the next day. It was the biggest scam in Nigeria banking history. Of course, the N16B loan was never repaid. I want to be clear that this is not talking evil of the dead but setting the records straight. I do not hold the Access scam against Herbert personally but I can’t keep quiet when records are being misrepresented. Akingbola was literally destroyed. But all said and done, to what purpose is our rat race and wealth acquisition. May the souls of Herbert, his family and others in this accident rest in peace.”
Reacting to the narratives, a staunch loyalist and employee of the late Wigwe, Etim Etim, contended that, “The acquisition of Intercontinental Bank arose from the mismanagement of the bank, the insider abuse and the fraudulent activities perpetrated by its directors. The transaction followed all due processes according to the laws of Nigeria and was approved by the courts and the regulatory authorities. If the CBN did not find a buyer for Intercontinental, the bank would probably have gone the way of Bank PHB and a few others that were not acquired and were on continued life support from the treasury. Thus, the purchase of Intercontinental by Access saved the nation a colossal waste of resources.
He dismissed as flippant, claims that the acquisition of Intercontinental by Access Bank was akin to a ‘’tilapia swallowing a whale.”
He said, “This is a misleading and false imagery purportedly indicating that Intercontinental was bigger than Access at the time of the transaction. In the first place, the financial strength of a bank is not all about the number of branches it has and the height of its headquarter building, which the public usually sees.
“Rather, its strength is measured in terms of financial ratios, namely: efficiency ratio; profitability ratio; capital adequacy ratio; income-expenditure ratio; and deposits and return ratios. These are not visible to the public and may not be understood by those who are not financially literate. Intercontinental’s ratios were in the red when the acquisition occurred. Its huge after-tax loss of N321 billion for the year ended September 2009 was one of the biggest in the industry then. On the other hand, Access Bank was then in its tenth year after it was taken over by Herbert and AigbojeAig-Imokhuede. It was very profitable and the ratios were very positive.”
Against the backdrop of all these dramas, it has become necessary for the late Wigwe’s friends to come out and either issue a rebuttal or affirmation of the scandalous narrative concerning he and his partner’s acquisition of Access Bank.
Their continued silence, as noted by Omatseye, is translatable as an affirmation of their purported roles and complicity in the scandalous transaction.
Source: TheCapital.ng
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
First Bank of Nigeria Limited (FirstBank) has secured a significant victory at the Court of Appeal in its case against General Hydrocarbons Limited (GHL) filed by their lawyers Babajide Koku SAN and Victor Ogude SAN, as reported by Nairametrics.
In its ruling on Thursday, 11 September 2025, the Court of Appeal set aside the earlier decision of the Federal High Court, Port. Harcourt, Obile J, which had dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
FirstBank filed an appeal challenging the trial court’s decision that had treated the matter as a simple debt recovery. The Court of Appeal, in its ruling, affirmed the maritime nature of the claim and emphasised the importance of preserving the Res, the crude oil cargo, as the central issue in dispute. The Court set aside the earlier order of the trial court vacating the order of arrest of the 2nd respondent.
The appellate court allowed FirstBank’s appeal and set aside the Federal High Court’s ruling. It authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, with the proceeds to be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal, pending the hearing and determination of the case at the trial court and the court of arbitration. The Chief Registrar was also appointed to take possession of the cargo and ensure its protection against dissipation or unauthorised disposition by any party.
This ruling marks a significant milestone for FirstBank and reinforces the Bank’s commitment to upholding the integrity of financial transactions and protecting the interests of its stakeholders.
FirstBank remains steadfast in its dedication to sound corporate governance, legal compliance, and the protection of its assets. The judgment of the Court of Appeal sets a strong precedent for the enforcement of collateral agreements and accountability in high-value commercial transactions.
There has been a surge of enthusiasm among many Nigerians as President Tinubu’s economic policies begin to yield promising outcomes.
The Central Bank of Nigeria (CBN) has enacted more stringent controls while sustaining a lower exchange rate at the official windows. Click link to continue reading.
The black market exchange rate for the dollar to naira continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
2027 Election: Why Many Northerners Are Changing Their Mind About Tinubu’s 2nd Term Bid
ANGRY IGBOS: What Tinubu Has Done For The South East In Just 2 Years In Office
FULL LIST: 20 States Tinubu May Likely Lose To Jonathan, Atiku In 2027 Election (SEE MAP)
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 13th September 2025
EXPOSED: Truth About Peter Obi’s Son Revealed, Close Friend Speaks
MANCHESTER DERBY: Erling Haaland Vows To Revenge Against United
2027 Election: Why It Would Be Difficult For Tinubu – Fresh Analysis Predicts Possible Results
REVELEAD: Why Pastor Kumuyi Is Changing Some Deeper Life Principles
2027 Election: ADC’s Coalition Dumps Peter Obi, Amaechi As Party Set To Persuades Atiku Over Jonathan
Fresh Crisis Hits Air Peace As Pilot Tested Positive for Alcohol, Drug
Sports4 days agoEXPOSED: Osimhen fakes injury for Nigeria – Asamoah Gyan
- News5 days ago
NO MERCY: Eric Chelle’s sack letter ready as Nigeria battles South Africa
- Spotlights4 days ago
National Grid Collapses Again, Breakdown of 11 Affected States Emerges
- Politics4 days ago
EXPOSED: Jonathan/Bala Mohammed campaign posters flood internet ahead 2027
- Politics5 days ago
FRESH BATTLE: Natasha, Akpabio In Another Face-Off As Senate Send Strong Warning Over Resumption; Gives Reason
- Politics5 days ago
Warning! Tell Jonathan This’ – Fresh Prophecy Emerges As ex-President Declares To Run Against Tinubu In 2027
- Politics3 days ago
2027 Election: ADC Dumps Obi, Amaechi As party Set To Persuades Atiku Over Jonathan
