Aig Imoukhuede’s Access Bank Sells Former Intercontinental Bank’s Branches To SGBN To Return As Heritage Bank!

The process to return Societe Generale Bank Nigeria (SGBN) Limited- as Heritagebank, with a refined ownership structure has reached an advanced stage.

Sources just confirmed the new management- with the Saraki’s (famous kwara clan, with Oloye Olusola Saraki as patriach) retaining 10% -on paper- has finalised arrangement with those in charge of Access Bank to utilised some of the branches of absorbed bank, Intercontinental Bank towards this end.

Access bank had acquired Intercontinental Bank in a manner that raised a lot of dust in and out of the financial community.
Aigboje Aig Imoukhuede As at the time of purchase- the lead men at Access Bank, Mr Aigboje Aig Imoukhuede and Hubert Wigwe were reportedly hugely indebted to Intercontinental Bank.

Here is a link to the story as reported by societynowng.com …Access Bank M.D, Aig Imoukhuede, DMD, Hubert Wigwe Under Investigation Over Acquisition Of Intercontinental Bank
…’They are the bank’s biggest debtor’ accusers.’

Mr Bukola Saraki was fingered in the deal alleged that unfairly favoured the Access bank team.

And presently the financial institution his family formerly owned- but now retained 10% ownership of (on paper) is set to take over branches formerly belonging to Intercontinental bank, in a hidden deal with the new owners (Access bank).

Informants claimed that the whole exercise is being done quietly- and is as good as done with.

The secrecy is aimed at taking off the scent of asset stripping touching the move.

Prior to this development, Access bank suffered several accusations of purchasing Intercontinental Bank cheap- and making huge profits from the asset.

The management of Access bank had moved its corporate head office from it’s Oyin Jolayemi Street, Victoria Island abode- to a bigger and more spacious one formerly utilised by Intercontinental Bank on Danmole Street,also in Victoria Island, after purchase.

And branches of Intercontinental allegedly quietly placed on the property market, after facilities on ground are done away with- on the excuse avoid having multiple outlets in the same area.

Heritagebank, the beneficiary of the latest sale of former Intercontinental bank’s branches will operate as a regional bank- with a 10 billion naira capital requirement approved by Central Bank of Nigeria.

It has International Energy Insurance (IEI) plc, which has Ifie Sekibo, as executive vice chairman as major shareholder with the Sarakis having about 10 percent in the new bank.