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Access Bank Acquisition Scandal: What Aig-Imoukhuede, Evelyn Oputu, Bukola Saraki, must do to absolve late Herbert Wigwe

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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

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Oil & Gas

Nigeria agrees to 1.5mbpd production quota set by OPEC

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The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped to 1.25 million

Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria will conform with the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).

On June 2, OPEC extended Nigeria’s production quota of 1.5 million barrels of crude per day (bpd) to 2025.

OPEC said Nigeria should maintain the production level till December 31, 2025.

The oil cartel increased Nigeria’s production level to 1.5 million bpd for 2024 at its ministerial meeting on November 30, 2023.

However, Nigeria has been producing below the quota.

Speaking after OPEC’s 56th joint ministerial monitoring committee (JMMC) on October 2, the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation (DoC).

“Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country is in conformity with the agreed production limits,” he said.

“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals, and continue to meet our obligations under the DoC.”

OPEC RETAINS PRODUCTION OUTPUT POLICY

At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to start raising output in December.

According to a statement by OPEC, the group reviewed the crude oil production data for the months of July and August 2024 as well as current market conditions.

“During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September,” the oil cartel said.

OPEC said the three countries reiterated their resolve to maintain full conformity and compensation throughout the remaining period of the agreement.

Final estimates of September’s crude oil production levels, according to the oil cartel, would be based on authorised secondary sources that would be accessible by the second week of October.

The oil alliance added that it will provide production figures for the nations that are part of the declaration of cooperation (DoC).

“The committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources,” OPEC said.

“The meeting was aimed at discussing September production details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat while also emphasising the need for some members to make further cuts to compensate for overproduction.

“The JMMC emphasised the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024.

“The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.”

Furthermore, according to OPEC, the committee would continuously assess market conditions.

OPEC said the next meeting of the JMMC is scheduled for December 1, 2024.

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Trading activities on Nigerian Exchange drop 0.33% after holiday

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Equities Market Reacts To Nationwide Protests, Down 0.42%

Resuming from the 1 October Independence Day holiday, trading activities on the Nigerian Exchange Ltd. (NGX) declined by 0.33 per cent on Wednesday, driven by sell-offs in MTN Nigeria and Tier-one banks.

Specifically, the NGX market capitalisation, which opened at N56.635 trillion, lost N187 billion or 0.33 per cent to close at N56.448 trillion.

The All-Share Index also shed 0.33 per cent or 327 points to close at 98,232.39, against 98,558.79 reported on Monday.

Consequently, the All-Share Index Year-To-Date return fell by 331.3 per cent.

Losses in MTN Nigeria, Guaranty Trust Holding Company(GTCO), FBN Holdings, Access Corporation, Dangote Sugar, and Transnational Corporation, among other declined equities, were the primary drivers of the market’s downturn.

Analysis of the market activities showed trade turnover settled lower, relative to the previous session, with the value of transactions down by 92.43 per cent.

A total of 425.76 million shares valued at N8.45 billion were exchanged by investors in 11,954 deals, in contrast to 1.86 billon shares valued at N111.58 billion were exchanged in 10,583 deals posted previously.

Market breadth also closed negative with 32 losers and 26 gainers.

On the losers’ chart, Ellah Lakes led by 9.93 per cent to close at N3.99 per share, while International Breweries led the gainers’ chart by 9.98 per cent to close at N4.41 per share.

Meanwhile, the United Bank for Africa (UBA) led the activity chart in volume and value with 108.02 million shares worth N3.01 billion.

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Black market dollar (USD) to naira (NGN) exchange rate today 3rd October 2024

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Black market dollar (USD) to naira (NGN) exchange rate today 3rd October 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 2nd October, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1640 and sell at N1680 on Wednesday 2nd October 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

 

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Nigeria’s crypto dealings hit $59 billion between July 2023 and June 2024

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Nigeria’s crypto dealings hit $59 billion between July 2023 and June 2024

According to the Chainalysis Global Adoption Index, the West African nation ranked second overall, trading roughly $59 billion in cryptocurrency value between July 2023 and June 2024.

About 85% of transfers received in Nigeria are for less than $1 million, with smaller denomination retail and professional transactions being the main drivers of the country’s cryptocurrency activity.

Stablecoins have become an essential part of Sub-Saharan Africa’s crypto economy, making up about 43% of the region’s overall transaction volume, according to Chainalysis research. High inflation readings and the naira’s decline—which caused it to hit a record low in February 2024—are key factors driving the adoption of stablecoins in Nigeria.

Rob Downes, the Head of Digital Assets at ABSA Bank CIB, a significant African bank operating in 12 African nations, disclosed that stablecoin adoption in Africa has been significantly influenced by the widespread foreign exchange (FX) crisis. Chris Maurice, CEO and Co-Founder of Yellow Card, stated that businesses in about 70% of African nations face difficulties accessing the foreign exchange they require to run their operations. Stablecoins offer a welcome substitute in Nigeria, where the naira has suffered severe depreciation.

Maurice further highlighted, “The government and the banks don’t have money, and even if they did, they wouldn’t give it to you.”

“People are starting to see the real-world utility of cryptocurrency, especially in day-to-day transactions, which is a shift from the earlier view of crypto as just a get-rich-quick scheme,” said Moyo Sodipo, COO and Co-Founder of Busha, a cryptocurrency exchange with a presence in Nigeria.

Stablecoins are starting to take precedence over other cryptocurrencies for small to medium-sized transactions, indicating widespread adoption even though cryptocurrencies like Bitcoin and altcoins still hold value and have received billions of dollars in investment. Stablecoins are becoming popular, and DeFi is experiencing significant growth in Nigeria.

Many Nigerians send money overseas using stablecoins because traditional remittance channels are expensive and inefficient. According to Sodipo, “Cross-border remittances are a major use case for stablecoins in Nigeria. It’s significantly quicker and less expensive.”

This aligns with the larger pattern that Sub-Saharan Africa is leading the world in DeFi adoption. Nigeria is at the forefront of this trend, having received over $30 billion in value from DeFi services in the past year.

Dollar-pegged stablecoins like Tether and USDC have grown in popularity, especially in countries battling unstable national currencies and restricted access to hard currency, allowing people and companies to store value, make international payments easier, and promote cross-border trade.

Important to this momentum has been the central bank’s decision to lift its ban on banks working with cryptocurrency companies, which was announced in December 2023. “A lot of opportunities for collaboration and more seamless transactions have arisen since the banking ban was lifted,” Sodipo said.

The Nigerian Securities and Exchange Commission (SEC) launched the Accelerated Regulation Incubation Program (ARIP) in June 2024. Under this program, virtual asset service providers (VASPs) must register and undergo an evaluation process to receive full approval.

The sector is optimistic about ARIP, according to Sodipo, because it represents a move away from uncertainty and a path toward clearer regulations.

Nairametric

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FG secures $200 million loan from Afreximbank for Nigeria’s creative economy

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Hannatu Musawa, Minister of Arts, Culture and the Creative Economy, has secured a $200 million financing facility with the African Export-Import Bank to support the growth of the country’s creative industries.

Ms Musawa disclosed this in a statement on Wednesday.

The minister said this partnership with the African Export-Import Bank was a crucial component of the Destination 2030 vision and one of the ministry’s ambitious goals for the creative economy.

Ms Musawa urged investors, development partners, and global collaborators “to join us in creating two million jobs and contributing $100 billion to the national GDP.”

Afreximbank president Benedict Oramah, who also announced the partnership in New York, stated that the $200 million facility would support the ministry’s new initiatives for sustainable economic growth.

He emphasised the importance of investing in the creative industry and positioning Africa as a global cultural leader.

“The bank has deployed the Creative Africa Nexus (CANEX) programme to enhance Africa’s share of global trade in creatives and cultural products. Enhancing Africa’s share of global trade would be by offering tailored financial solutions, facilitating technical capacity building, and opening avenues for market access for creative entrepreneurs.

“It is for this reason that we are pleased to be working with the Federal Ministry of Arts, Culture and the Creative Economy to put in place a financing facility in an amount of $200 million. This facility will be used to support new laudable initiatives in support of the creative and cultural industries.

“We are impressed by the commitment and passion of the Ministry and its alignment with the African Export-Import Bank (Afreximbank) creatives’ strategy. We hope that we can work together to entrench this fully and use it to support the industry in a way that boosts pan-African cross-country partnerships,” Mr Oramah said.

The ‘Destination 2030’ initiative aims to establish Nigeria as a global soft power leader by 2030, with clear key performance indicators set by President Bola Tinubu.

As of 2024, the ministry reported a 36 per cent increase in Nigeria’s cultural influence alongside an 18 per cent increase in the Brand Perception Index.

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Fuel scarcity looms as NNPCL portal closure delays petrol supply

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Independent Petroleum Marketers operating filing stations in Abia State are dispensing their Premium Motor Spirit (PMS) to their

Petroleum marketers have raised an alarm that the Nigerian National Petroleum Company Limited, NNPCL, portal used for the purchase of Premium Motor Spirit (Petrol) has been shut down against dealers, making it impossible to apply for the commodity.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in a statement on Wednesday.

According to him, marketers have more than 2,000 pending tickets for the purchasing of 45,000 liters of petrol.

He hinted that the situation may lead to another round of fuel scarcity nationwide.

“I can’t confirm the price now because the portal is still shut down.

“We have more than 2,000 tickets for 45,000 liters (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million liters it will be. This is just an estimate, you know I don’t work with NNPCL and I don’t know what is on their system,” Ukadike stated.

He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.

Reacting to the development, the spokesperson of NNPCL, Olufemi Soneye admitted that the state-owned firm has a significant backlog to address.

He said that the portal closure was intended to prevent the company from holding marketers’ funds for an extended period.

Soneye assured that the portal would soon be reopened; however, he failed to state the date when it would happen.

“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.

“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he stated.

The development comes as Nigerians struggle with high energy costs.

Recall that NNPCL in September 2024 announced a fresh price increase for petrol nationwide after lifting the product from Dangote Refinery.

Nigerians currently buy petrol between N950 and N1,100 per liter nationwide.

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