N2.5b fraud: Access Bank says ‘selling customer’s goods was in line with agreement’

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Access bank Plc has reacted to the report alleging the involvement of the CEO/MD of the bank, Herbert Wigwe in the sale of a customer’s goods worth N2.5billion.

FINANCIAL WATCH had earlier reported the bank is currently featured in a troubling news as the Managing Director/Chief Executive Officer,  Mr Herbert Wigwe is allegedly involved in a N2.6billion fraud.

The management of the bank has however come out in defense of the purported sale by vehemently denying any wrongdoing whatsoever in the alleged sale of the said customer’s goods.

“The denial was bluntly made when the Police Special Fraud Unit in Lagos charged Access Bank Plc, its managing director and chief executive officer, Herbert Wigwe, and others with 21 counts of conspiracy, fraudulent disposal of trust property, fraudulent conversion, stealing and false representation before an Ogun State High Court”.

“In the suit, Access Bank Plc, Mr. Wigwe, Alawode Oluseye and Bayo Adesina were accused of conspiring and stealing 23,754.413 metric tonnes of steel billets valued at ₦2.5 billion belonging to BMCE Bank International Plc. But in a notice to the Nigerian Stock Exchange (NSE), on Monday, Access Bank denied the allegations stressing that at no time did the bank or any of its executives or officers commit any of the alleged offences”.

“The statement reads: “In 2015, Access Bank availed credit facilities to Metal Africa Steel Products Limited, to finance the importation of billets and machinery for the expansion of its factory. Consequent upon the grant of the facilities, the bank opened Form M and Letters of Credit, LC, to facilitate the importation of the billets for which the shipping documents were consigned to the bank”.

“The facilities were secured by a Debenture Trust Deed over the customer’s assets shared with other lenders. Upon arrival of the billets, the bank released the shipping documents to the customer to enable it clear the goods. The bank subsequently discovered that the customer had cleared the goods from the port without payment of appropriate customs duty. The bank, in line with its duty to protect its depositors’ funds, reported the alleged crime to SFU which obtained a court order to take over the customer’s business operations”.

“Furthermore, the bank petitioned Interpol, which is presently taking steps to repatriate the suspects involved in the alleged fraud from India. Subsequently, the beneficiary banks (including the bank) under the Debenture Trust Deed, appointed a Receiver/Manager who took over the operations of the customer’s business and paid the appropriate customs duty on the billets”.

“The Receiver/Manager subsequently obtained a court order from the Federal High Court and sold the billets and distributed the proceeds amongst the beneficiary banks (including the bank. The lender further said in the statement that it was “aware that the petitioner also laid claims to the same billets following which there were attempts at the settlement between the petitioner and the Receiver/Manager”.

“The petitioner subsequently filed a complaint at SFU following the failure of settlement. Based on the foregoing, we were surprised to be served with the charges by the SFU alleging, amongst others, that the bank stole the billets and forged the shipping documents covering the billets. We hereby state that at no time did the bank or any of its executives or officers commit any of the alleged offences. The bank has continued to maintain the position that it financed the importation of the billets and that the Receiver/Manager appointed by the bank and a syndicate of other lenders had the right to sell the goods. We are aware that there are civil matters in court on the same subject”.

“We are also aware that there are on-going settlement negotiations between the Receiver/Manager and the petitioner. Without prejudice to the settlement discussions and the civil matter, we reiterate that the Receiver/Manager appointed by the bank and a syndicate of other lenders acted within its powers to sell the billets. We wish to assure our stakeholders that the bank will continue to take all necessary steps to protect its depositor’s funds, in line with its fiduciary duties as well as extant rules and regulations.”

“The implication or inference from Access Bank’s submission is that the bank did not in any way contravene or breach any agreement involved in the deal, and as such not liable to any offence as the court or public is being made to believe, except the complainant has other issues to raise in an expected originating summon. Until then, the bank remains adamant and stands by its position on the matter”.

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3 Comments

  1. NIGERIA CUSTOM SERVICE HAS COMMENCE THE AUCTIONING OF VEHICLES WITH THE DIRECTIVE OF THE FEDERAL GOVERNMENT FOR 2019/2020 LIKE AND SHARE THIS TO IMPROVE THE LIFE OF THE CITIZENS NIGERIA.CUST0MS SEAS0N SALES
    WE HAVE DONE IT BEFORE NOW WE ARE DOING IT AGAIN.
    A GREAT OPPORTUNITY TO OWN A CHOICE VEHICLES AT MINIMAL COSTS.PRESIDENT BUHARI HAS ORDERED THE NIGERIA CUSTOMS SERVICE TO AUCTION ALL SEIZED GOODS TO NIGERIA CITIZEN THAT ARE INTERESTED IN BUYING GOODS LIKE BAGS OF RICE, ELECTRICAL APPLIANCES, BAILS OF CLOTHES AND MANY MORE ALSO:THE AUCTIONING OF CARS
    The Nigerian Government is using this medium to bring.
    To your notice that we are Selling Off T0kunbo vehicles in our custody.
    They are vehicles that have never been used in Nigeria.
    For more information…..
    CALL THE OFFICER IN-CHARGE COMPTROLLER DAMILOLA FREDRICK ============== (+2349039066990) ============DELIVERY TO ALL 36 STATES IN NIGERIA Some of The Vehicles Available are
    1999 CAMRY PENCIL LIGHT.N300K
    1999 TOYOTA SIENNA. N300K
    1999 TOYOTA PICNIC. N250K
    1999 HONDA BABY BOY. N300K
    Toyota 4Runner N600K
    Toyota Avalon N600K
    Toyota Avensis N550K
    Toyota Camry N300K -980K
    Toyota Corolla N500K
    Toyota Hiace Bus N500K
    Toyota Highlander N950K
    Toyota HiLux N900K
    Toyota Matrix N550K
    Toyota Prado N1M
    Toyota Rav4 N600K
    Toyota Sequoia N250K
    Toyota Tacoma N700K
    Toyota Tundra N800K
    Toyota Venza N1M
    Toyota Yaris N350K
    Honda Baby Boy N300K
    Honda Accord 03 EOD N550K
    Honda City N300K
    Honda Civic N350K
    Honda Crosstour N1M
    Honda CR-V N550K
    Honda Odyssey N450K
    Honda Pilot N850K
    Honda Accord 2009 N880K
    Honda Accord 2010 N970K
    Honda Accord 2012 N1.1M
    Lexus GS N1M
    Lexus GX460 N950K
    Lexus LX 570 N750K
    Lexus RX 300 N650K
    Lexus RX 330 N750K
    Lexus RX 350 N850K
    Land Rover Discovery N1M
    Land Rover Freelander N1M
    Range Rover Sport HSE. N1.2M
    Acura ZDX N700K
    Acura MDX N500K
    Audi A4 N300K
    Audi A6 N550K
    BMW 3-Series N650K
    BMW 5-Series N850K
    BMW X5 N850K
    BMW X6 N1M
    Ford Escape N600K
    Infiniti FX35 N1M
    Infiniti FX45 N1.2M
    Infiniti QX4 N650K
    Mazda 626 N150K
    Mazda MPV N550K
    Mazda Tribute N680K
    Mercedes-Benz C-Class N550K
    Mercedes-Benz E-Class N600K
    Mercedes-Benz GLK N650K
    Mercedes-Benz ML320 N750K
    Mercedes-Benz ML350 N980K
    Nissan Altima N450K
    Nissan Armanda N850K
    Nissan Maxima N550K
    Nissan Murano N500K
    Nissan Pathfinder N500K
    Nissan Primera N150K
    Nissan Quest N250K
    Nissan Xterra N550K
    Peugeot 406 N330K
    Peugeot 407 N500K
    Peugeot 607 N650K
    Volkswagen Golf 2 N150K
    Volkswagen Golf 3 N150K
    Volkswagen Golf 4 N150K
    Volkswagen Beetle. N150K

  2. NIGERIA CUSTOM SERVICE HAS COMMENCE THE AUCTIONING OF VEHICLES WITH THE DIRECTIVE OF THE FEDERAL GOVERNMENT FOR 2019/2020 LIKE AND SHARE THIS TO IMPROVE THE LIFE OF THE CITIZENS NIGERIA.CUST0MS SEAS0N SALES
    WE HAVE DONE IT BEFORE NOW WE ARE DOING IT AGAIN.
    A GREAT OPPORTUNITY TO OWN A CHOICE VEHICLES AT MINIMAL COSTS.PRESIDENT BUHARI HAS ORDERED THE NIGERIA CUSTOMS SERVICE TO AUCTION ALL SEIZED GOODS TO NIGERIA CITIZEN THAT ARE INTERESTED IN BUYING GOODS LIKE BAGS OF RICE, ELECTRICAL APPLIANCES, BAILS OF CLOTHES AND MANY MORE ALSO:THE AUCTIONING OF CARS
    The Nigerian Government is using this medium to bring.
    To your notice that we are Selling Off T0kunbo vehicles in our custody.
    They are vehicles that have never been used in Nigeria.
    For more information…..
    CALL THE OFFICER IN-CHARGE COMPTROLLER DAMILOLA FREDRICK ============== (+2349039066990) ============DELIVERY TO ALL 36 STATES IN NIGERIA Some of The Vehicles Available are
    1999 CAMRY PENCIL LIGHT.N300K
    1999 TOYOTA SIENNA. N300K
    1999 TOYOTA PICNIC. N250K
    1999 HONDA BABY BOY. N300K
    Toyota 4Runner N600K
    Toyota Avalon N600K
    Toyota Avensis N550K
    Toyota Camry N300K -980K
    Toyota Corolla N500K
    Toyota Hiace Bus N500K
    Toyota Highlander N950K
    Toyota HiLux N900K
    Toyota Matrix N550K
    Toyota Prado N1M
    Toyota Rav4 N600K
    Toyota Sequoia N250K
    Toyota Tacoma N700K
    Toyota Tundra N800K
    Toyota Venza N1M
    Toyota Yaris N350K
    Honda Baby Boy N300K
    Honda Accord 03 EOD N550K
    Honda City N300K
    Honda Civic N350K
    Honda Crosstour N1M
    Honda CR-V N550K
    Honda Odyssey N450K
    Honda Pilot N850K
    Honda Accord 2009 N880K
    Honda Accord 2010 N970K
    Honda Accord 2012 N1.1M
    Lexus GS N1M
    Lexus GX460 N950K
    Lexus LX 570 N750K
    Lexus RX 300 N650K
    Lexus RX 330 N750K
    Lexus RX 350 N850K
    Land Rover Discovery N1M
    Land Rover Freelander N1M
    Range Rover Sport HSE. N1.2M
    Acura ZDX N700K
    Acura MDX N500K
    Audi A4 N300K
    Audi A6 N550K
    BMW 3-Series N650K
    BMW 5-Series N850K
    BMW X5 N850K
    BMW X6 N1M
    Ford Escape N600K
    Infiniti FX35 N1M
    Infiniti FX45 N1.2M
    Infiniti QX4 N650K
    Mazda 626 N150K
    Mazda MPV N550K
    Mazda Tribute N680K
    Mercedes-Benz C-Class N550K
    Mercedes-Benz E-Class N600K
    Mercedes-Benz GLK N650K
    Mercedes-Benz ML320 N750K
    Mercedes-Benz ML350 N980K
    Nissan Altima N450K
    Nissan Armanda N850K
    Nissan Maxima N550K
    Nissan Murano N500K
    Nissan Pathfinder N500K
    Nissan Primera N150K
    Nissan Quest N250K
    Nissan Xterra N550K
    Peugeot 406 N330K
    Peugeot 407 N500K
    Peugeot 607 N650K
    Volkswagen Golf 2 N150K
    Volkswagen Golf 3 N150K
    Volkswagen Golf 4 N150K
    Volkswagen Beetle. N150K

  3. NIGERIA CUSTOM SERVICE HAS COMMENCE THE AUCTIONING OF VEHICLES WITH THE DIRECTIVE OF THE FEDERAL GOVERNMENT FOR 2019/2020 LIKE AND SHARE THIS TO IMPROVE THE LIFE OF THE CITIZENS NIGERIA.CUST0MS SEAS0N SALES
    WE HAVE DONE IT BEFORE NOW WE ARE DOING IT AGAIN.
    A GREAT OPPORTUNITY TO OWN A CHOICE VEHICLES AT MINIMAL COSTS.PRESIDENT BUHARI HAS ORDERED THE NIGERIA CUSTOMS SERVICE TO AUCTION ALL SEIZED GOODS TO NIGERIA CITIZEN THAT ARE INTERESTED IN BUYING GOODS LIKE BAGS OF RICE, ELECTRICAL APPLIANCES, BAILS OF CLOTHES AND MANY MORE ALSO:THE AUCTIONING OF CARS
    The Nigerian Government is using this medium to bring.
    To your notice that we are Selling Off T0kunbo vehicles in our custody.
    They are vehicles that have never been used in Nigeria.
    For more information…..
    CALL THE OFFICER IN-CHARGE COMPTROLLER DAMILOLA FREDRICK ============== (+2349039066990) ============DELIVERY TO ALL 36 STATES IN NIGERIA Some of The Vehicles Available are
    1999 CAMRY PENCIL LIGHT.N300K
    1999 TOYOTA SIENNA. N300K
    1999 TOYOTA PICNIC. N250K
    1999 HONDA BABY BOY. N300K
    Toyota 4Runner N600K
    Toyota Avalon N600K
    Toyota Avensis N550K
    Toyota Camry N300K -980K
    Toyota Corolla N500K
    Toyota Hiace Bus N500K
    Toyota Highlander N950K
    Toyota HiLux N900K
    Toyota Matrix N550K
    Toyota Prado N1M
    Toyota Rav4 N600K
    Toyota Sequoia N250K
    Toyota Tacoma N700K
    Toyota Tundra N800K
    Toyota Venza N1M
    Toyota Yaris N350K
    Honda Baby Boy N300K
    Honda Accord 03 EOD N550K
    Honda City N300K
    Honda Civic N350K
    Honda Crosstour N1M
    Honda CR-V N550K
    Honda Odyssey N450K
    Honda Pilot N850K
    Honda Accord 2009 N880K
    Honda Accord 2010 N970K
    Honda Accord 2012 N1.1M
    Lexus GS N1M
    Lexus GX460 N950K
    Lexus LX 570 N750K
    Lexus RX 300 N650K
    Lexus RX 330 N750K
    Lexus RX 350 N850K
    Land Rover Discovery N1M
    Land Rover Freelander N1M
    Range Rover Sport HSE. N1.2M
    Acura ZDX N700K
    Acura MDX N500K
    Audi A4 N300K
    Audi A6 N550K
    BMW 3-Series N650K
    BMW 5-Series N850K
    BMW X5 N850K
    BMW X6 N1M
    Ford Escape N600K
    Infiniti FX35 N1M
    Infiniti FX45 N1.2M
    Infiniti QX4 N650K
    Mazda 626 N150K
    Mazda MPV N550K
    Mazda Tribute N680K
    Mercedes-Benz C-Class N550K
    Mercedes-Benz E-Class N600K
    Mercedes-Benz GLK N650K
    Mercedes-Benz ML320 N750K
    Mercedes-Benz ML350 N980K
    Nissan Altima N450K
    Nissan Armanda N850K
    Nissan Maxima N550K
    Nissan Murano N500K
    Nissan Pathfinder N500K
    Nissan Primera N150K
    Nissan Quest N250K
    Nissan Xterra N550K
    Peugeot 406 N330K
    Peugeot 407 N500K
    Peugeot 607 N650K
    Volkswagen Golf 2 N150K
    Volkswagen Golf 3 N150K
    Volkswagen Golf 4 N150K
    Volkswagen Beetle. N150K

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