Access Bank MD, Aig Imoukhuede, DMD, Hubert Wigwe Under Investigation Over Acquisition Of Intercontinental Bank

…’They are the bank’s biggest debtor’ accusers

There, is a growing furore over the acquisition of troubled bank, Intercontinental by another financial institution- Access Bank.

Information at the disposal of www.societynowng.com revealed that the Managing Director of Access Bank, Aig-Aigboje Imoukhuede and the Deputy Managing Director, Hubert Wigwe are jointly listed as one of the bank’s biggest debtors.

They are said to owed Intercontinental Bank to the tune of N10.3B via corporate entity United Alliance Company.

The enterprise – Imoukhuede and Wigwe as Directors- had obtained a loan facility of N16.2B from Intercontinental Bank.

The loan was reduced to 10.3B as at March 2010- and a new repayment agreement that pegged the interest rate at 18% and loan security to include 894,690,600 units of Access Bank ‘as well as joint and several personal guarantees of the two’ were reached.

This was after the CBN published the names of the two bank chiefs as some of the biggest debtors of the Intercontinental Bank.

According to the accusers ‘ curiously the same CBN now allowed the Access Bank top shots to acquire their creditor for an amount usually listed as the troubled bank’s quarterly profit!’

Allegations are rife on how this became possible- but there is a consensus in the cross pollination of opinions. Mr. Imoukhude leveraged on his current image as the most influential bank M.D in the country to achieve this.

The notable member of the Presidential Economic Team was said to have perfected his strategy working behind the smoke screen of earlier talks of Senator Bukola Saraki’s move to take over Intercontinental Bank.

Mahmoud Lai Alabi, the Managing Director that replaced sacked Erastus Akingbola was an immediate former employee of Shonga Farms- owned by the former governor.

Alabi on assumption of office had written off an N8.1B loan owed Intercontinental by Saraki. He also sacked some Directors and replaced them with Staffers of Societe Generale Bank- owned by the Saraki’s.

These actions had created a furore that Senator Saraki was running the Bank by proxy- and about to acquire it.

Accusers now claimed this development turned out the perfect ploy for Imoukhuede to cash in on his familiarity with the Presidency and alleged friendship with Central Bank Governor, Sanusi Lamido to acquire the bank.

Though the acquisition process is at a tail end- accusing fingers at impropriety in the whole process is yet to desist.

The clamour for proper investigation in the whole process is increasing with the fresh petitions to the E.F.C.C, the National Assemble and other relevant authorities mounting by the minute.

Insiders revealed a fresh investigation is on to review the whole process- and concerned parties keenly waiting for the outcome.

Access Bank’s spokes person, Segun Fafore maintains ‘I can’t make any comment on the issue’ when contacted for the Bank’s position.

Additional reports from thestreetjournal.org and saharareporters.com