Surely,
these are not the best of times for Mr Herbert Wigwe, the Group Managing
Director and Chief Executive Officer of Access Bank Plc, one of Nigeria’s most
visible financial institutions.
Wigwe
is indeed in the eye of the storm and is facing
sundry court cases and has been
mentioned in multi-billion-naira graft allegations involving some high
net-worth individuals.
To
some, this may be a familiar turf for Wigwe, having been previously involved in
one business transaction or the other that either caught the fancy of
anti-graft agencies or led to an explosive legal battle.
Wigwe’s
sterling qualities and track record of achievements as an accomplished banker
are never in doubt.
Asides
having a degree in Accountancy from University of Nigeria, Nsukka, Wigwe has in
his kitty an MA in Banking and Finance from the University College of North
Wales (Now Bangor), an MSc in Financial Economics from the University of
London, and is an Alumnus of the Harvard Business School Executive Management
Program. He is also a chartered accountant.
Despite
his impressive professional trajectory, Wigwe has, however, been involved in a
myriad of court cases and some controversial deals.
For
instance, in the wake of the moves by Access Bank to buy Intercontinental Bank,
an obviously bigger bank then, a number of court cases were filed to challenge
it. Wigwe at that particular point in time was the Deputy Managing Director of
Access Bank, and played a lead role alongside the then Managing Director,
Aigboje I. Aig-Imoukhuede in the deal.
One
of the cases filed then was a petition before the Federal High Court in Lagos
by aggrieved shareholders of Intercontinental Bank, accusing Wigwe and
Aig-Imoukhuede of being indebted to Intercontinental Bank to the tune of N16.2
billion.
The
shareholders, in the petition, filed by their lawyer, Mr Onyebuchi Aniakor, had
queried the planned sale on the strength of the fact that it was unthinkable
that the same people who were indebted to the bank would also be making moves
to buy it.
The
shareholders – Okoli Emeka, Ibekwe Adinuba, Sangobiyi Oluyemi, Fatola
Olufunmilade, Afolaranmi Olufemi, Quadri Sulaiman, Muogbo Obiora, Awosanya
Ojubayo, Ogunyemi Olusegun and Ighekpe Imoape had said they were shocked to
discover that the Central Bank of Nigeria (CBN) listed one United Alliance
Company of Nigeria Limited amongst the largest debtors of Intercontinental Bank
in an advertorial dated August 18, 2009.
They
added that upon a search at the Corporate Affairs Commission (CAC), it was
discovered that the said United Alliance Company of Nigeria Limited is wholly
owned by Aig-Imoukhuede and Wigwe, who are the only shareholders of the company
with each holding 450,000,000 shares.
The
shareholders further stressed that as at May 31, 2009, Aig-Imoukhuede and Wigwe
owed Intercontinental Bank a total of N16,247,686,168.18.
In
another legal battle, sometimes in early 2014, Wigwe was slammed with a
contempt of court case before an Igbosere High Court over an allegation that
Access Bank under his watch, allowed a judgment-debtor to move funds out of its
accounts despite being aware of a court order made in favour of a
judgment-creditor, one NIYOD Construction Nigeria Limited.
The
judge handling the case then, Justice Candide Johnson, had at a point in the
course of the matter, said he would not hesitate to refer the matter to the
Economic and Financial Crimes Commission (EFCC) for investigation of the
criminal aspect of the transactions.
According
to the main matter, Silverbird in 2009, secured a multi-billion contract from
the Akwa Ibom State Government for construction, design and maintenance of an
entertainment centre that would contain inter alia an American styled mall, a
250 bedroom five-star hotel, cinema complex, convention centre and two parks.
Silverbird,
in execution of the contract, awarded part of the contract to NIYOD, which is a
construction company.
However,
in 2010, Silverbird dragged NIYOD before an Akwa Ibom State High Court seeking
return of N281.1 million over alleged breach of contractual agreement.
NIYOD, in turn, filed a counter-claim and demanded payment of N382.4 million, being the debt payable for the works done, inclusive of N211 million, which Silverbird earlier admitted via a letter dated March 18, 2010 as amount it owed NIYOD.
Trial
judge, Justice Eno Isangedighi, had in a judgment delivered on December 19,
2013, ordered Silverbird to pay NIYOD N211 million representing the special
damages for breach of contract which had been proved.
However,
in an attempt to enforce the judgment, NIYOD registered it at the Lagos High
Court, while Justice Candide-Johnson on February 25, 2014 made an order Nisi
directing five banks to file various affidavits to show the state of finance of
Silverbird.
The
banks were Access Bank, Union Bank, Zenith Bank, First City Monument Bank
(FCMB) and Skye Bank. Union, FCMB and Skye banks were later discharged after
their affidavits proved that Silverbird had no account with them, while Access
and Zenith Banks were accused of allowing the judgment-debtor to move funds out
of their accounts.
Also,
in May 2016, the EFCC arrested Wigwe over his alleged involvement in money
laundering through Access Bank by officials of the Nigerian Maritime Administration and
Safety Agency (NIMASA), as well as multi-million dollars deal traced to the
former Minister of Petroleum Resources, Diezani Alison-Madueke.
Recently
also, Wigwe has been battling with two major cases. One is an alleged $6.3
million fraud case before an Ikeja division of Lagos State High Court, and the
other is an alleged N2.5 billion fraud case before an Ogun State High Court
sitting in Sagamu.
Already,
the Lagos State Government has taken over the prosecution of the matter before
the Ikeja High Court through the office of Attorney General and Commissioner
for Justice.
The
defendants in the case are Cast Oil & Gas Ltd as the first defendant; Seyi
Sanni, second defendant; Adekunle Adebayo, third defendant; Access Bank, fourth
defendant; and Mr Wigwe, as the fifth defendant.
The
others are Titi Oshontoki, sixth defendant; Chinyere Bishop-Adigwe, seventh
defendant; Sunny Amos Offiong, eighth defendant; Augusta Energy Nigeria Ltd,
ninth defendant; and one Tunji Abraham who is at large.
The
defendants were accused of a $6.3 million fraud, and are being prosecuted
before Justice Hakeem Oshodi.
Specifically,
the defendants are facing a four-count charge bordering on conspiracy,
obtaining by false pretences, fraud, and stealing, preferred against them by
the Police Special Fraud Unit (SFU).
The
prosecutor, Emmanuel Jackson, a Chief Superintendent of Police, alleged that
the defendants committed the offences between January and December 2015.
He
said they conspired with one another and with Augusta Energy of Geneva,
Switzerland, to allegedly defraud Top Oil &Gas Development Ltd to the tune of
over $6.3 million.
Mr
Jackson claimed the defendants obtained the said money from Top Oil & Gas
Development Ltd by falsely telling the chairman of the company, Don Etiebet,
and other officers of the company, that Cast Oil and Gas Ltd had a contract
with Augusta Energy of Geneva, Switzerland.
They
said the contract was for the supply of 10,000 metric tones of automatic Gas
Oil (AGO) by Augusta Energy of Geneva to Cast Oil & Gas, and that the price
of the products was $6,382,665.71. They allegedly claimed Top Oil & Gas was
the consignee of the products.
Mr
Jackson said the defendants had also informed the complainant that after
financing, purchasing, supply and importation of the said products into Nigeria
from Switzerland, it would take delivery of same in its capacity as a consignee
of the product and authorise Cast Oil & Gas to sell the said products on
its behalf.
He
further said the defendants also ensured that Top Oil & Gas Development
recovered the monument invested for the purchase, supply, and importation of
the said products, which they allegedly knew was false but induced the
complainant to invest the said sum in the purported business, and fraudulently
converted it to their own use and benefit.
According
to the prosecutor, the defendants allegedly stole $6.3million, the property of
Top Oil & Gas Development Ltd, which they deceived company to pay to
Augusta Energy of Geneva Switzerland on behalf of Case Oil & Gas as the
cost price of 10,000 metric tonnes of Automotive Gas Oil (AGO).
It
was further alleged that the product which Top Oil & Gas Development Ltd,
was deceived to pay for, was not supplied or imported into Nigeria, but they
instead converted the money into their own use and benefit.
Mr
Jackson said the alleged offences are contrary to Sections 422 of the criminal
code, Cap C38, Laws of the Federation 2004, 8 (a) of the Advanced Fee Fraud and
other related offences Act, No 14 of 2006.
On
the other hand, the Federal Government, through the Directorate of Public
Prosecution (DPP) in the Federal Ministry of Justice, has taken over the N2.5
billion alleged fraud case against Wigwe, Access Bank and two others before an
Ogun State High Court in Sagamu.
Makeitglobal.biz
has authoritatively confirmed that the Federal Government had taken over the
case.
According
to an impeccable source, “The state of the matter right now is that it has been
taken over by the DPP of the Federal Ministry of Justice. They will review the
case and take appropriate action. That is the state of the matter for now.”
Asides
Wigwe and Access Bank Plc, others charged before the court included 41-year-old
Alawode Oluseye and Bayo Adesina before Justice N.I. Agbelu of the Ogun State
High Court in Sagamu.
The
allegations border on conspiracy, fraudulent disposal of trust property, fraudulent
conversion, stealing and false representation.
In
the charge marked HCS/010/19, SFU alleged that the Access Bank boss and others,
sometime in June 2017, at the premises of Metal Africa Steel Products Limited,
Kilometre 16, Ikorodu/Sagamu road, Ewe Jagun, Ogun State, conspired among
themselves to have unlawfully effected the sale of 23,754.413 metric tonnes of
steel billets, belonging to BMCE Bank International Plc for N2,572,500 billion
to Africa Steel Products Limited.
Wigwe
and other defendants were also alleged to have obtained the sum of N2,572,500
billion, from Africa Steel Mills Limited by false representation that they were
the owners of the said steel billets.
SFU
also alleged that Wigwe and other defendants, in 2017, forged bill of lading
numbers: MJINLOS150007’1A’; MJINLOS150007 ‘1B’; MJINLOS150007 ‘1C’;
MJINLOS150007 ‘2A’; MJINLOS150007’2B’; MJINLOS150007 ‘2C’; MJINLOS150007 ‘2C’;
MJINLOS150007 ‘2D’; MJINLOS150007 ‘2E’; MJINLOS150007 ‘2F’; MJINLOS150007 ‘2G’;
MJINLOS150007 ‘2H’; MJINLOS150007 ‘2I’; MJINLOS150007 ‘2J’; MJINLOS150007 ‘2k’;
MJINLOS150007’2L’ andMJINLOS150007’2M’, which they claimed were issued on
January 9, 2016.
The
offences, according to the prosecutor, Mr. E. Jackson, a Chief Superintendent
of Police (CSP), are contrary to and punishable under Sections 518(6), 434,
383(1)(f) and 390(9), 516 and 464 and 467 of the criminal Code of Ogun State of
Nigeria, 2006.
The
offence is also said to have contravened Section 1(1)(a) and 1(3) of the
Advance Fee Fraud and Other Related offences Act No. 14 of 2006.
In
another development, Wigwe is also said to be currently under investigation
over his controversial business transactions with a former Governor who is also
being investigated by the EFCC. Though investigation is still ongoing on the
numerous alleged transactions between the said Governor and Wigwe, however top
on the list is an allegation that the former Governor heavily funded the deal
through which Access Bank acquired Diamond Bank, allegedly using state funds.
According to a legal expert who opted for anonymity, Wigwe is presumed innocent
in the numerous cases he is standing trial for until he is discharged or
acquitted by the courts
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