*ANOTHER ANGLE OF ACCESS BANK STORY*
(Copied from another WhatsApp Forum):

"May Herbert's soul rest in peace. I however look at the story of Access Bank from another prism based on my inside knowledge of what happened. The story of Access Bank can't be complete without looking at it's foundation. The money to buy Access Bank didn't come from any investors but a loan of about N16B from Intercontinental Bank (IB) managed by Akingbola. It was Akingbola that gave them that break to buy Access. That money was never paid back. Sanusi (Aig's school mate at KC)as the CBN gov declared IB insolvent and put it up for sale. It was offered to Aig and Access Bank for N50b. A bank that was many times the size of Access bank. A bank with 350 branches offered for such ridiculous sum. Check the records, no other bank has been so cheaply sold in Nigeria. Access Bank didn't have the money but Evelyn Oputu of BOI who is Aig's mother in-law gave them the loan to buy IB. They paid the funds, took over the bank and then refunded the loan the next day. It was the biggest scam in Nigeria banking history. Of course the N16B loan was never repaid. I want to be clear that this is not talking evil of the dead but setting the records straight. I do not hold the Access scam against Herbert personally but I can't keep quiet when records are being misrepresented. Akingbola was literally destroyed. But all said and done, to what purpose is our rat race and wealth acquisition. May the souls of Herbert, his family and others in this accident rest in peace."

Odibembem:
*ANOTHER ANGLE OF ACCESS BANK STORY*
(Copied from another WhatsApp Forum):

"May Herbert's soul rest in peace. I however look at the story of Access Bank from another prism based on my inside knowledge of what happened. The story of Access Bank can't be complete without looking at it's foundation. The money to buy Access Bank didn't come from any investors but a loan of about N16B from Intercontinental Bank (IB) managed by Akingbola. It was Akingbola that gave them that break to buy Access. That money was never paid back. Sanusi (Aig's school mate at KC) as the CBN gov declared IB insolvent and put it up for sale. It was offered to Aig and Access Bank for N50b. A bank that was many times the size of Access bank. A bank with 350 branches offered for such ridiculous sum. Check the records, no other bank has been so cheaply sold in Nigeria. Access Bank didn't have the money but Evelyn Oputu of BOI who is Aig's mother in-law gave them the loan to buy IB. They paid the funds, took over the bank and then refunded the loan the next day. It was the biggest scam in Nigeria banking history. Of course the N16B loan was never repaid. I want to be clear that this is not talking evil of the dead but setting the records straight. I do not hold the Access scam against Herbert personally but I can't keep quiet when records are being misrepresented. Akingbola was literally destroyed. But all said and done, to what purpose is our rat race and wealth acquisition. May the souls of Herbert, his family and others in this accident rest in peace."

Wow
This is interesting
Later they'll make us the averagely well doing folks feel like we're not working hard or smart enough.
Meanwhile it's all man-know-man corrupt practices up there, chances that the regular guy will never get

Why didn't you speak out when the perpetrator of a scam of such magnitude is still alive so he can defend himself??
It's not everything you people must turn into tribal confrontation, try to be sensible sometimes.

2aces:
Why didn't you speak out when the perpetrator of a scam of such magnitude is still alive so he can defend himself??
It's not everything you people must turn into tribal confrontation, try to be sensible sometimes.

It was common knowledge that Erastus Akingbola was deliberately destroyed

Witness. An official of the Nigeria Deposit Insurance Corporation, Mr Paul Akali, told the Federal High Court in Lagos on Friday that Access Bank owed the now-defunct Intercontinental Bank N14. 2bn as of the time it went under

thesicilian:

Wow
This is interesting
Later they'll make us the averagely well doing folks feel like we're not working hard or smart enough.
Meanwhile it's all man-know-man corrupt practices up there, chances that the regular guy will never get

That's it. No one really is a superstar. Most of these people became what they are by subverting and cheating d system cos they had someone to help them crack their palm kernel. And in d course of doing what they do, so many people will lose out on their jobs, investments and even their lives, all sacrificed so that Aig and Herbert can become d mega stars they became. Just think of Erastus Akingbola, he was a benefactor to Herbert and Aig but they screwed him, its a miracle he didn't develope a stroke and he is still alive

An official of the Nigeria Deposit Insurance Corporation, Mr Paul Akali, told the Federal High Court in Lagos on Friday that Access Bank owed the now-defunct Intercontinental Bank N14.2bn as of the time it went under.

Akali, a member of the NDIC team that investigated Intercontinental Bank for regulatory infractions in May 2009, told the court that despite the N14.2bn debt, the distressed Intercontinental Bank was sold to Access Bank by the Central Bank of Nigeria.

The probe and indictment of Intercontinental Bank, as well as the removal of then-Managing Director, Dr Erastus Akingbola, happened under the watch of Lamido Sanusi as the CBN Governor.

Akingbola is being prosecuted by the Economic and Financial Crimes Commission before the court for an alleged fraud of N179bn.

The EFCC alleged that Akingbola used N179bn belonging to the now-defunct Intercontinental Bank for “fictitious transactions.”

Fielding questions under cross-examination by Akingbola’s lawyer, Prof Taiwo Osipitan (SAN), Akali told the court that while going through Intercontinental Bank’s books in May 2009, his team discovered that Access Bank was indebted to Intercontinental Bank in the sum of N14.2bn.

Apart from this, he said his team also found that contrary to the law, then-Managing Director and Deputy Managing Director of Access Bank, Aigboje Aig-Imoukhuede and Herbert Wigwe were directors of a private company also indebted to Intercontinental Bank.

Akali said, “When you are the MD of a bank, you are not expected to be a director in any other company that is not a subsidiary of the bank. Incidentally, I was a member of the team that conducted special examination on Access Bank. I raised some issues with Access Bank with the MD and DMD of Access Bank; that they were directors of a company. They denied the allegation; they said they resigned from the company in March 2008. But we were not satisfied with their explanation. We told them that evidence before us showed that they were still directors of that company; and we indicted them for being directors of a company that borrowed from Intercontinental Bank.

We indicted them in our special report for that borrowing. Incidentally, Akingbola was also a director of two companies that borrowed from Access Bank. The companies had an outstanding balance of N9.28bn.

“If we had examined Access Bank before examining Intercontinental Bank, we would have equally indicted Akingbola for being a director of two companies that were not subsidiaries of the bank. What they did was back-to-back borrowing.”

When Osipitan asked Akali to confirm that in spite of the indictment of Access Bank’s MD and DMD, the CBN still sold Intercontinental Bank to Access Bank, Akali said, “It was long after our report that the CBN sold Intercontinental Bank to Access Bank.”

Let me define APC for u using this simple maths

Pdp= bag of rice N9,000
APC= bag of rice N75,000

2aces:
Why didn't you speak out when the perpetrator of a scam of such magnitude is still alive so he can defend himself??
It's not everything you people must turn into tribal confrontation, try to be sensible sometimes.

This is not a tribal thing. The story recounted by the OP has some truth to it and there are several news reports and even law suits regarding some aspects of it.

It is said that it is not good to speak ill of the dead but the success story of Aigboje Aig-Imokhuede and Herbet Wigwe is tainted with betrayal and wickedness.

See some of the stories dating back to 2009 in the news media:

https://www.nairaland.com/3038066/revealed-how-access-bank-fraudulently

https://yemojanewsng.com/revealed-how-access-bank-fraudulently-took-over-intercontinental-bank-the-bukola-saraki-lamido-sanusi-script/

https://saharareporters.com/2010/09/29/erastus-akingbola-petitions-agf-fraudulent-take-over-intercontinental-bank-plc-dr-bukola

https://m./1511772025757940/permalink/2123937621208041/

2aces:
Why didn't you speak out when the perpetrator of a scam of such magnitude is still alive so he can defend himself??
It's not everything you people must turn into tribal confrontation, try to be sensible sometimes.

No offence meant but how old are u? If u were an adult and had a little interest in politics and d economy ten years ago, then u should had known this was one of d major news during d era of Jonathan, Sanusi and Aruma Otteh as DG of SEC from 2011 to 2014. There was even a House of Reps Committee sitting on d issue when Hon Hembe questioned Arumah Otteh on d issue of selling Intercontinental to it's debtors and by d time Jonathan removed Sanusi as CBN Gov, Jim Obazee who is presently auditing d CBN was asked to investigate d petition by Akingbola regarding d fraudulent sale of Intercontinental Bank. Obazee started a sitting but was stopped by a court and d matter fizzled away. So go and do a little research, a simple Google check will even reveal to u that these are not new issues, they have been in d court of public opinion for over ten years and those who should know know.
And what is tribal here? Am an Edo man, Aig Imoukhuede is an Edo man, does that mean I should now lie to cover up where he did wrong? Some of us are not wired to be primordial

2aces:
Why didn't you speak out when the perpetrator of a scam of such magnitude is still alive so he can defend himself??
It's not everything you people must turn into tribal confrontation, try to be sensible sometimes.

In the right up above who mentioned anything like yoruba, ibo, hausa, ijaw or urhobo??

U need to check ur brain if its still functioning..


And besides, u re talking as if u re not in Nigeria where the influentials would assassinate whoever tries to dig their past....mu²

2aces:
Why didn't you speak out when the perpetrator of a scam of such magnitude is still alive so he can defend himself??
It's not everything you people must turn into tribal confrontation, try to be sensible sometimes.

Cos you had been Linda Ikeji’s gossip blog..
Here is a 2014 published article
https://thewillnews.com/judgement-day-for-sanusi-oputu-imoukhuede-wigwe-others-at-financial-reporting-council/

Wonderful