EFCC quizzes Access Bank MD, other top shots

Posted by News Express | 12 January 2020 | 2,836 times

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•Access Bank GMD Herbert Wigwe

The Economic and Financial Crimes Commission (EFCC) interrogated the Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe, along with some other officials of the bank.

Access Bank confirmed the development in a notice to the Nigerian Stock Exchange (NSE) sent on Friday by the Company Secretary, Sunday Ekwochi.

Denying reports (not by News Express) that Wigwe had been arrested for alleged fraud by EFCC, Access Bank explained that he and the other officials were only invited for interrogation over credit facilities extended to Slok Nigeria Limited (owned by imprisoned former Abia governor Orji Uzor Kalu) by the defunct Diamond Bank Plc (which Access Bank had inherited following its merger with Diamond Bank) and which were secured by Slok’s assets charged to Diamond Bank.

The notice reads: “Our attention has been drawn to a trending report on social media regarding the alleged arrest of Mr. Herbert Wigwe, the Group Managing Director of Access Bank Plc (Access Bank) by the Economic and Financial Crimes Commission (“the Commission”).

“We wish to state that the issue essentially relates to the credit facilities that were availed Slok Nigeria Limited (“Slok”) by the defunct Diamond Bank plc (“Diamond”) and which were secured by Slok’s assets charged to Diamond. Access Bank had inherited the Slok credit following the recent merger of Diamond with Access Bank.

Given the differing interest of the Commission and the Bank on the assets of Slok deriving from the court’s recent judgment on Slok, the Commission had invited for interrogation officials of Access Bank who were handling the Bank’s recovery efforts on Slok credit including its Group Managing Director.

“Following fruitful engagement between the Bank and the Commission, we are of the opinion that the issues relating to Slok investigation have been resolved.

“As an institution built on best practice, we wish to assure our esteemed stakeholders that the Bank will continue to conduct its business in line with extant laws and relations.”

Source: News Express

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