Access Bank Refutes GMD’s Arrest Allegations
UMORU ABDULKADIR
Access Bank has Monday dispelled rumours on the social media of the arrest of its Group Managing Director, Herbert Wigwe, by the Economic and Financial Crimes Commission (EFCC)
In a statement filed to the Nigerian Stock Exchange (NSE) today, January 13, 2020, and signed by its Company Secretary, Sunday Ekwochi, the bank explained that the issue over which its Group Managing Director (GMD) was invited by the EFCC was in connection with the credit facilities availed Slok Nigeria Limited by the defunct Diamond bank Plc and which were secured by Slok’s assets charged to Diamond.
The statement said 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.
It further stated that the discussions with the EFCC were in a bid to find a common ground to resolve the matter, noting that the encounter with the Commission was a fruitful one.
The statement 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, by the Economic and Financial Crimes Commission.
“We wish to state that the issue essentially relates to the credit facilities that were availed Slok Nigeria Limited by the defunct Diamond bank Plc and which were secured by Slok’s assets charged to Diamond.
“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.”
Slok Group of Companies is owned by former Governor of Abia State, Orji Uzor Kalu, who was recently found guilty and jailed by a Federal High Court over allegations of mismanaging the state’s resources.
Slok Nigeria Limited was reported to have received an undisclosed amount of loan from Diamond Bank Plc before its merger with Access Bank in 2019, using its assets as collateral in the process, but following Diamond Bank’s acquisition, Access Bank automatically inherited the Slok Nigeria loans as part of it liabilities.
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