Money market

Access bank refutes alleged Wigwe’s arrest by EFCC

By Kayode Tokede

Access Bank Plc has refuted the alleged arrest of its Group Managing Director, Mr. Herbert Wigwe by the Economic and Financial Crimes Commission (EFCC).

The bank, in a statement Saturday signed by Company Secretary, Mr. Sunday Ekwochi and addressed to the Nigerian Stock Exchange(NSE) said its Group Managing Director was never arrested but that the Commission had only invited for interrogation some officials of the bank including Wiwge over the handling of the bank’s recovery efforts of credit facilities secured with SLOK Nigeria Limited’s asset.

The statement stated that  ”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 EFCC.

”We wish to state that the issue essentially relates to the credit facilities that were availed Slok Nigeria Limited (Slok) by the defunct Diamond Bank Plc (Diamond) and which were secured by Slok’s assets charged to Diamond.

“Access Bank had inherited the Slok credit following the recent merger of Diamond with Access Bank.

“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.”

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