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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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Breaking: Dele Momodu Resigns from PDP, Cites Hijack by Antidemocratic Forces

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By Eric Elezuo

Chairman, Ovation Media Group and a former chieftain of the Peoples Democratic Party (PDP), Chief Dele Momodu, has resigned his membership of the party.

Momodu announced his membership via a letter dated July 17, 2025, and addressed to the Chairman, PDP Ward 4, Ihievbe, Owen East Local Government Area, Edo State.

The veteran journalist said he was resigning because the party has been ‘unarguably hijacked by antidemocratic forces from within and outside in broad daylight’.

He insisted that “it is therefore, honorable to abandon the carcass to them while the majority of us earnestly sign up with the new coalition party known as African Democratic Congress (ADC).”

He thanked the PDP for the opportunity and support he received ‘at all times’.

Momodu’s resignation from the PDP came barely 24hours after former Vice President Atiku Abubakar dumped the party.

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Finally, Atiku Resigns Membership of PDP

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Former Vice President Atiku Abubakar has formally resigned his membership of the Peoples Democratic Party (PDP), ending a decades-long relationship with the opposition party he co-founded.

The resignation was confirmed in a letter dated Monday, July 14, and addressed to the chairman of the PDP in Jada 1 Ward, Jada Local Government Area of Adamawa State. A copy of the letter was shared publicly on Wednesday by Atiku’s media aide.

Atiku, who was the PDP’s presidential candidate in the 2023 general election, stated that his decision to leave the party came after reflection on the current direction of the PDP, which he said no longer aligns with its founding values.

The letter read, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

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Buhari’s Remains Arrive Nigeria from London for Burial

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The body of former President Muhammadu Buhari has arrived in Nigeria from London.

The Nigerian Air Force aircraft carrying his remains touched down at the Katsina airport, where it was received by President Bola Tinubu and Governor Dikko Radda of Katsina State, along with senior military officers.

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