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Access Bank Reacts: True Story Of N2.6billion Fraud Case”

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Access Bank Plc has reacted to the story that it was involved a N2.6billion fraud for which its Managing Director/CEO, Herbert Wigwe is also standing trial.

In Statement, the bank laid out the facts of the matter, insisting that it has no case to answer and was shocked by the case taken to court by the Special Fraud Unit (SFU) of the Nigeria Police.

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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Peter Obi Confirms Defection from ADC, Blames Toxicity, Lack of Solidarity

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Candidate of Labour Party in the last Presidential election, Mr. Peter Obi, has confirmed that he is on his way out of the African Democratic Congress (ADC).

In a personally signed statement released on Sunday, Obi said he arrived at the decision after deep reflection, describing the move as necessary despite “every constraint.”

“I woke up this morning after my church service with a deeply reflective heart… and felt compelled to share these thoughts,” he wrote, adding that many people do not understand the “silent pains” and private struggles faced by those trying to serve in Nigeria’s political space.

Obi painted a grim picture of the current political climate, describing it as increasingly hostile and discouraging.

“We now live in an environment that has become increasingly toxic, where the very system that should protect and create opportunities… often works against the people,” he said, pointing to intimidation, insecurity, and persistent scrutiny as defining features of the system.

The former Anambra State governor also expressed disappointment over what he described as a lack of solidarity, even among close associates.

“Some who publicly identify with you privately distance themselves or join in unfair criticism,” he noted, lamenting that humility is often misinterpreted as weakness, while compassion is seen as foolishness.

Obi, however, clarified that his decision was not driven by personal grievances against key leaders within the party. He specifically exonerated ADC National Chairman, David Mark, and former Vice President, Atiku Abubakar, saying neither treated him unfairly.

“Let me state clearly: my decision to leave the ADC is not because our highly respected Chairman… treated me badly, nor because… Atiku Abubakar, or any other respected leaders did anything personally wrong to me,” he said.

Instead, Obi attributed his exit to what he described as a recurrence of the same challenges that plagued his time in the Labour Party, including internal divisions, legal battles, and external interference.

“The same Nigerian state and its agents that created unnecessary crises… now appear to be finding their way into the ADC, with endless court cases, internal battles, suspicion, and division,” he stated.

He further lamented that sincere contributions are often undervalued, with individuals becoming scapegoats for broader systemic failures.

“Even within spaces where one labours sincerely, one is sometimes treated like an outsider… as though honest contribution has become a favour being tolerated rather than appreciated,” Obi added.

Despite stepping away, the former governor said he continues to face criticism and attacks on his character, even as he seeks to pursue national development with sincerity.

Reflecting on Nigeria’s broader challenges, Obi questioned societal values that, according to him, often misinterpret integrity and prudent management of resources.

“Why is doing the right thing often misconstrued as wrongdoing in our country? Why is integrity not valued?” he asked.

Obi reiterated that his ambition is not driven by a quest for political office but by a desire to see a better Nigeria.

“I am not desperate to be President… I am desperate to see a society that can console a mother whose child has been kidnapped or killed,” he said, highlighting issues of insecurity, poverty, and displacement.

He concluded on a hopeful note, affirming his belief in Nigeria’s potential for transformation.

“Yet, despite everything, I remain resolute. I firmly believe that Nigeria can still become a country with competent leadership based on justice, compassion, and equal opportunity for all,” he said.

“A new Nigeria is possible.”

Source: Daily Trust

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Peter Obi Weeps for Nigerian Workers, Says Minimum Wage Can no Longer Guarantee Modest Living

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A frontline presidential aspirant on the platform of the opposition African Democratic Congress (ADC), Peter Obi, has regretted that the minimum wage can no longer guarantee a most modest standard of living in Nigeria.

In a post on his X handle on Friday to mark Workers’ Day, the former Governor of Anambra State said this has happened as inflation, rising food prices, transportation costs, and economic hardship continue to erode the value of honest work.

He said no nation can truly develop beyond the strength, productivity, and wellbeing of its workforce, stressing that the progress of any society rests on the quality of its human capital, the skill of its people, and the commitment of its workers.

‘When workers suffer, the nation suffers. When workers are empowered, the nation prospers,” he noted.

The presidential candidate of the Labour Party (LP) in the 2023 general elections said a productive nation must be built on justice, fairness, and respect for labour, adding that “it is the Nigeria we must work together to achieve.”

Obi said through democratic participation, the Nigerian workers have the power to shape governance and determine the future direction of the nation.

He, therefore, urged Nigerian workers to recognise the strength they hold collectively.

“But beyond their labour, workers also possess another powerful tool, their voice and their vote.

“They owe it to themselves, their children, and future generations to support and demand leadership built on competence, character, capacity, credibility, and compassion. By refusing to reward failure, corruption, ethnic division, and bad governance, they can help build a nation where hard work is respected and rewarded with dignity.

“With the support and participation of Nigerian workers, a new Nigeria is possible,” said Obi.

He saluted workers across the world, especially Nigerian workers whose daily sacrifices continue to sustain our families, communities, institutions, and national economy in the face of severe hardship and uncertainty.

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Attorney-General Asks Court to Deregister ADC, Accord, Three Other Parties

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The Attorney-General of the Federation has urged the Federal High Court in Abuja to compel the Independent National Electoral Commission (INEC) to deregister five political parties, arguing that their continued existence violates constitutional provisions and undermines Nigeria’s electoral integrity.

In court filings, the Attorney General contended that unless the court intervenes, INEC would “continue to act in breach of its constitutional duty” by retaining parties that have failed to meet the minimum requirements prescribed by law.

The filing stressed that the right to associate as a political party is not absolute and must be exercised within constitutional limits. It further argued that it is in the interest of justice for the court to grant the reliefs sought by the plaintiffs.

The suit, marked FHC/ABJ/CS/2637/2026 and filed at the Abuja Judicial Division of the Federal High Court, lists the Incorporated Trustees of the National Forum of Former Legislators as the plaintiff.

The defendants include INEC as the first defendant and the Attorney General of the Federation as the second defendant, alongside five political parties: African Democratic Congress (ADC), Action Alliance (AA), Action Peoples Party (APP), Accord (A), and Zenith Labour Party (ZLP).

At the center of the issue in the case is whether INEC has a constitutional obligation to remove parties that fail to meet electoral performance thresholds set out in Section 225A of the 1999 Constitution (as amended) and reinforced by the Electoral Act 2022 and INEC’s own regulations.

The plaintiffs argue that the affected parties have persistently failed to satisfy the constitutional benchmarks required to retain their registration. These include winning at least 25 per cent of votes in a state during a presidential election or securing at least one elective seat at the national, state or local government level.

They contend that the parties performed poorly in the 2023 general elections and subsequent by-elections, failing to win seats across key tiers of government, yet continue to be recognised by INEC as eligible political platforms.

The plaintiffs maintain that this continued recognition is unlawful and undermines the integrity of Nigeria’s electoral system.

In the affidavit supporting the suit, the forum’s national coordinator, Igbokwe Raphael Nnanna, states that allowing parties that have not met constitutional requirements to remain on the register “is unconstitutional, illegal and a violation” of the governing legal framework.

The suit asks the court to declare that INEC is duty-bound to deregister such parties and to compel the commission to do so before preparations for the 2027 elections advance further.

Beyond declaratory reliefs, the plaintiffs are also seeking far-reaching orders that would bar the affected parties from participating in the next general elections or engaging in political activities such as campaigns, rallies and primaries. They further request injunctions restraining INEC from recognising or dealing with the parties in any official capacity unless and until they comply strictly with constitutional provisions.

Central to the plaintiffs’ argument is their interpretation of the law as imposing a mandatory duty on INEC. They argue that the use of the word “shall” in the Constitution leaves no room for discretion once a party fails to meet the stipulated thresholds.

In their written address, they rely on statutory provisions and judicial precedents to contend that electoral performance is an objective condition that must be enforced to maintain discipline, transparency, and accountability in the political system.

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