₦airaland Forum

isaacosas01:
I looked at their AFS 2025 and they made profit, plus they have the lowest PE ratio in the insurance sector. I’m just thinking now if I exit or take my small loss and run

Just a profit for one year; this is not a consistent company with respect to annual profit.

Agbalowomeri:
Nothing else but money laundering. I am sure most of those properties didn't make it to his will

Don't forget he is a billionaire in US Dollars.

Maybe he partly acquired the properties through the proceed of bank loans.

Wigwe na big name dead or alive.

awesomeJ:
Q1 2025, I started with a N2m portfolio, and then took loans at up to 156%, now i reject loan offers, I even reject money from friends at 0% cost

God is awesome!

mentorship pls

@awesomej

Come and mentor us o

zendi:
4 million dollars is for building his Ikoyi palace and other toys, not for acquiring chunks of London with pound sterling.

We have come to condemn corruption, not to condemn the dead.

We like to pretend in this life.If you are bad and do some kind of things. You don't even need to rest in peace when dead.That is how I see it.I only pray the effect those not transfer to your fouth generation. The holy book says,curse is in the house of a thief.

EDUECO:
Wigwe's total annual income cannot be less than 40 million US Dollars; so he can afford those properties.

Each of these London property cost between 400 hundred thousand to 3 million US Dollars.

Maybe,he partly purchased these properties with bank loans and the properties will serve as collateral for the loans .

Oga pls stop making excuses for the grand scale corporate greed of Wigwe and Ogbonna. We also found out last year that Roosevelt Ogbonna (the current CEO) bought a £15 million property on London billionaires Row. I believe Access bank shareholders are the rightful owners of all those London properties

The regulator in conjunction with the EFCC should pressurise the UK government to apply for an Unexplained Wealth Order (UWO) to recover those properties asap

ppogba:
The same Access Bank that was indebted to the same Intercontinental before the acquisition or which one?

Banks always have inter-bank transactions so owing one another is normal. What is not acceptable is for a CEO or management to violate the banking law, rules and regulations and indulge in or perpetuate fraud or criminal activity that jeopardizes depositors funds and financial health of the bank

Greed may be immoral but it different from fraud or crime! .

The 109 properties in London (IF TRUE), paints a picture of a greedy person who amassed wealth in the midst of poor people around him that may be suffering. But did he break any law?
If yes, then let the CBN go after his estate and anybody that may be involved.
Access Bank started operations in 1989, and with the kind of money that these bank CEOs made during Soludo's bank recapitalization of 2004-2006 when dollar was around N120, these guys could have acquired billions of their bank shares for as low as 0.50k (nominal value) at inception and sold as high as N30 or N40! Imagine someone having N50billion when dollar was N120 or N150. That is about $300m - $400m which could conveniently buy 100 houses in London (as investments for future streams of income). Then add the billions of dividends received annually.

It could be morally wrong, but did he break any law or steal depositors' or the bank's money?

And sometimes, we should even blame shareholders who only care about receiving dividends and close their eyes to bad corporate governance. As long as dividend is paid, they keep singing praises of management until the bubble bursts. That was the case of banks like Intercontinental and Oceanic Bank.
If Access Bank directors are also guilty of breaking the rules, the CBN must deal with them as well. Simple

Even Sanusi Lamido is reported to make N474m just as non-executive director of MTN, just for contributing to corporate governance and attending board meetings

EDUECO:
I believe he had other shares of other Nigerian or foreign companies.He likely had other side businesses unknown to you and me .

Even though he was never in the official Forbes billionaire list; Wigwe is/was a billionaire in US Dollars.

Keep believing


I know you also believe in our current politicians.

isaacosas01:
I looked at their AFS 2025 and they made profit, plus they have the lowest PE ratio in the insurance sector. I’m just thinking now if I exit or take my small loss and run

The insurance index will rally soon.

EDUECO:
Wigwe made more than $US 4 million from ACCESSCORP dividends annually.

Do you even know the power of 4 million dollars?

He could have acquired those London properties mostly from the proceeds of his annual dividends.

EDUECO:
Wigwe's total annual income cannot be less than 40 million US Dollars; so he can afford those properties.

Each of these London property cost between 400 hundred thousand to 3 million US Dollars.

Maybe,he partly purchased these properties with bank loans and the properties will serve as collateral for the loans .

Leave Nigerians and their poverty driven pull him down syndrome

KarlTom:
Drill baby drill...

Dip has turned to dip dipper dippest

EDUECO:
Many of una think say stock investment na baba ijebu lotto?

UNIVINSURE is basically a dead company.

It will resurrect in Heaven

isaacosas01:
Drill fire! Me that is thinking of realizing my loss and running. I just don’t wanna look like an impatient investors who couldn’t hold for even a week.

I so know this feeling and I don't envy you

World people will not give you your money back. Sell if you want to sell

Bovis:
Oga pls stop making excuses for the grand scale corporate greed of Wigwe and Ogbonna. We also found out last year that Roosevelt Ogbonna (the current CEO) bought a £15 million property on London billionaires Row. I believe Access bank shareholders are the rightful owners of all those London properties

The regulator in conjunction with the EFCC should pressurise the UK government to apply for an Unexplained Wealth Order (UWO) to recover those properties asap

I am really not understanding. Did auditors find fraud in the company books?

So every rich man in Nigeria is a thief

nosa2:
I am really not understanding. Did auditors find fraud in the company books?

So every rich man in Nigeria is a thief

How did "thief" come into the discussion?


Let's talk about Money laundering and financial misappropriation.

Other financial crimes too.

Red sea just trying to start

The CBN releasing the chokehold on the banks will alter this trend within a split second.

ogawisdom:
Red sea just trying to start

mikeapollo:
Banks always have inter-bank transactions so owing one another is normal. What is not acceptable is for a CEO or management to violate the banking law, rules and regulations and indulge in or perpetuate fraud or criminal activity that jeopardizes depositors funds and financial health of the bank

Greed may be immoral but it different from fraud or crime! .

The 109 properties in London (IF TRUE), paints a picture of a greedy person who amassed wealth in the midst of poor people around him that may be suffering. But did he break any law?
If yes, then let the CBN go after his estate and anybody that may be involved.
Access Bank started operations in 1989, and with the kind of money that these bank CEOs made during Soludo's bank recapitalization of 2004-2006 when dollar was around N120, these guys could have acquired billions of their bank shares for as low as 0.50k (nominal value) at inception and sold as high as N30 or N40! Imagine someone having N50billion when dollar was N120 or N150. That is about $300m - $400m which could conveniently buy 100 houses in London (as investments for future streams of income). Then the billions of dividends received annually.

It could be morally wrong, but did he break any law or steal depositors' or the bank's money?

And sometimes, we should even blame shareholders who only care about receiving dividends and close their eyes to bad corporate governance. As long as dividend is paid, they keep singing praises of management until the bubble bursts. That was the case of banks like Intercontinental and Oceanic Bank.
If Access Bank directors are also guilty of breaking the rules, the CBN must deal with them as well. Simple!

If you are familiar with the position of the two banks then, what Access was owing Intercontinental had nothing to do with the normal short term inter- bank settlement or indebtedness. Akingbola bailed out Access at a point when their position was precarious.
You may wish to argue further perhaps just like I said, if you are not deeply familiar with the case then.

As a caveat, my position is not to pass judge me on any body.

mikeapollo:
Banks always have inter-bank transactions so owing one another is normal. What is not acceptable is for a CEO or management to violate the banking law, rules and regulations and indulge in or perpetuate fraud or criminal activity that jeopardizes depositors funds and financial health of the bank

Greed may be immoral but it different from fraud or crime! .

The 109 properties in London (IF TRUE), paints a picture of a greedy person who amassed wealth in the midst of poor people around him that may be suffering. But did he break any law?
If yes, then let the CBN go after his estate and anybody that may be involved.
Access Bank started operations in 1989, and with the kind of money that these bank CEOs made during Soludo's bank recapitalization of 2004-2006 when dollar was around N120, these guys could have acquired billions of their bank shares for as low as 0.50k (nominal value) at inception and sold as high as N30 or N40! Imagine someone having N50billion when dollar was N120 or N150. That is about $300m - $400m which could conveniently buy 100 houses in London (as investments for future streams of income). Then add the billions of dividends received annually.

It could be morally wrong, but did he break any law or steal depositors' or the bank's money?

And sometimes, we should even blame shareholders who only care about receiving dividends and close their eyes to bad corporate governance. As long as dividend is paid, they keep singing praises of management until the bubble bursts. That was the case of banks like Intercontinental and Oceanic Bank.
If Access Bank directors are also guilty of breaking the rules, the CBN must deal with them as well. Simple!

Oga non of those cowboys was worth N50B that time. How much did was recapitalization capital that time that they were running helter skelter? Just N25B

nosa2:
I am really not understanding. Did auditors find fraud in the company books?

So every rich man in Nigeria is a thief

If the so called Auditors were to be doing their job as expected, there wouldn't have been terms like " Insiders abuse" and bad loans to top management. If fact, maybe the undertaker that took over bad debts of banks would have wound up by now.

leo1234:
How did "thief" come into the discussion?


Let's talk about Money laundering and financial misappropriation.

Other financial crimes too.

Financial crimes no be thief?

From Morgan Capital Securities Ltd
Attached...

isaacosas01:
Drill fire! Me that is thinking of realizing my loss and running. I just don’t wanna look like an impatient investors who couldn’t hold for even a week.

ppogba:
If the so called Auditors were to be doing their job as expected, there wouldn't have been terms like " Insiders abuse" and bad loans to top management. If fact, maybe the undertaker that took over bad debts of banks would have wound up by now.

The game of money is very different in that billionaire circle. He didn't buy these properties in one day, he most likely accumulated them over several decades, and remember these men have family offices that make these investments on their behalf. What we are seeing is a property portfolio, not like the man went to do home inspection for each property.

Anyway Agenda must agend.

P.S. Have you bought some ETI today

KarlTom:

When I dey trade stock options only me go siddon for office get full blown 30 min conference with me, myself and I as to if I should sell or not.

I don't envy frequent traders or technical traders

Dear Esteemed Client,
We sincerely acknowledge the recent service challenges you may have experienced, particularly the delays in turnaround time.

These disruptions are due to an ongoing operational transition, which forms part of our broader efforts to improve our systems and service delivery. While this transition is essential for long-term improvement, we recognize that it has temporarily affected our service efficiency.

Please be assured that we have taken proactive steps to address these issues. Corrective measures have been implemented, and we are closely monitoring all processes to ensure a prompt return to normal service levels. Our goal is to deliver seamless, timely, and consistently high-quality service going forward.

This transition is aimed at strengthening our operational infrastructure, enhancing efficiency, and ultimately providing you with a better service experience.

We sincerely apologize for any inconvenience this may have caused and appreciate your patience and understanding during this period. We remain fully committed to delivering the reliable and professional service you expect from us.
For any inquiries or requests, please contact us via:

Email: info@morgancapitalgroup.com
Phone: +234 811 519 0510 | +234 811 519 0550
Thank you for your continued trust and confidence in us.

Management

nosa2:
Financial crimes no be thief?

Let's look at Farouk Ahmed.

Dangote alleged that Ahmed used his position to "indiscriminately" issue licenses to fuel importers—including for products from Russia—to undermine local refining and protect an "import cartel". 


Will you consider the gifts (money and otherwise) he received from the cartel as stolen money?

WAPCO qualification date for dividends is coming Friday, which is a holiday. What should normally happen, a shift of the date to Tuesday or back to the earlier date on Thursday?

leo1234:
Let's look at Farouk Ahmed.

Dangote alleged that Ahmed used his position to "indiscriminately" issue licenses to fuel importers—including for products from Russia—to undermine local refining and protect an "import cartel". 


Will you consider the gifts (money and otherwise) he received from the cartel as stolen money?

We are talking about the founder of one of the largest banks in Africa and you are mentioning a public servant.

You no see where the problem start to begin?

https://www.youtube.com/watch?v=5jmyn6VloNU

NGX Midday Update for today.

ekkywolex:
I paid around 10am and it's already credited

That's is Good news

nosa2:
We are talking about the founder of one of the largest banks in Africa and you are mentioning a public servant.

You no see where the problem start to begin?

So you do not believe that there was money laundering involved?