ACCESS BANK REFUTES GMD'S ARREST CLAIM THAT HAD GAINED TRACTION.

Much as the news had gone near viral about the arrest of the hardworking Herbert Wigwe who is the GMD of Nigeria's current biggest financial institution after it had merged with Diamond Bank to now become a banking powerhouse now known as Access Bank Plc, the bank has had come out to vehemently refute the claim of arrest, that it is very very far from the truth.

All of last week and even till this weekend, the news has gone about that the EFCC had arrested Herbert Wigwe. Much as we had tried to get clarification from the right quarters about the supposed arrest, the bank had only subtly said the arrest claim was not entirely true, but even with that, the story had refused to go to sleep, not until the bank had to now officially send out a statement, especially to the Nigerian Stock Exchange to powerfully refute the claim.

See the official statement above signed by the bank's Company Secretary, Sunday Ekwochi.

See the statement sent to the NSE here -

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 (Access Bank) by the Economic and Financial Crimes Commission (“the Commission”).

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

Sunday Ekwochi

Company secretary

WHEN ACCESS BANK TOOK OVER LONDON AT THE WEEKEND

Asa

Senator Florence Ita-Giwa 

Group MD, Herbert Wigwe, former AIG Imoukhuede 

Herbert & AIG with the Emir of Kano

Seem like they are not just only relevant in Nigeria, but they are in a steady climb to take over the world as the "premium/premiere banking institution" in Nigeria. After their merger with Diamond Bank which before the merger was one of the top Nigerian banks, the new entity that emerged from the merger and that is still referred to as Access Bank h, still under the able stewardship of Herbert Wigwe, their Group MD have since become probably Nigeria's biggest and number 1 banking institution bar none and they are still climbing.

The goodness of the season has even touched or extended to their UK, London subsidiary too as well, as they recently too, declared some good profit for the year ended. So it's not just only about trailblazing as per expansion and profitability in Nigeria, they are also big-big when it comes to CSR, by that we believe you all know that that means "corporate social responsibility".

So their annual charity train moved again to London like they normally do every year. It is the annual "Access Polo Tournament" which they do in conjunction or in collaboration with Fifth Chukker. This beautiful relationship is a charity event aimed at helping to raise funds annually towards raising fund in partnership with Unicef Nigeria for education projects in the North to build and equip 70 new classrooms.

The annual event has become a must visit or better still must be a part of for Nigerians both at home and abroad. This year's multi-days event was another exciting one as expected and those who attended were in their summery best, with both the current Group MD, Herbert Wigwe and the former GMD, Aigboje Aig-Imoukhuede looking super dapper over the 2 days. The Emir of Kano, who who knew to be a dapper and stylish prince before he became a Royal father, showed that even in his full traditional royal garb, he still knows what's up as he dazzled in his Christian Louboutin spike shoes. Amechi Okobi and many others who were in attendance like Yutee Rone, Adrianna Sarz, Linda Ikeji, Senator Florence Ita-Giwa and very many others, all looked like fine or should we say pretty peacocks in dazzling array.

The incomparable Asa was on the bandstand to dazzle all comers as the guests over 2 days enjoyed the best of the game of kings.

See their pictures.

More after the break.

Access Bank Grows Deposit to N1.33 Trillion for 2013

One of Africa’s largest banking groups, Access Bank Plc, has announced its audited result for the financial year ended December, 2013. An analysis of the results released on the floor of the Nigerian Stock Exchange today validated the Bank’s capacity for sustainable growth.  

The results showed an increase in the Bank’s deposit base from N1.201 trillion N1.33 trillion, an 11% growth over last year’s figure while its loan book rose impressively by 33%, from N609bn in 2012 to N810bn in 2013, demonstrating the Bank’s resolve to empowering critical sectors of the economy. The performance for the financial year under review is strong testament to Access Bank’s positioning as one of Nigeria’s Tier 1 Banks. 

A glance through the numbers also revealed that the Bank’s earnings grew to N206.7bn from N206.4bn in 2012. Similarly, the Bank recorded an improvement in its cost of funds from 4.5% to 4.6% while Non-Performing Loans (NPL) ratio decreased to 2.7% from 5.0% which is owed to the Bank’s enhanced risk management framework. 

Also, the Bank posted a Profit Before Tax (BPT) of N44.9bn which is a 3.4% decrease compared to the N46.bn recorded for the corresponding period in 2012. This is however attributable to regulatory changes in the operating environment, some of which include raising of the cash reserve requirements (CRR) on public sector deposits to 50% from 12%, reduction and removal of a number of fee income lines such as ATM and CoT charges as well as the increase in AMCON levy from 0.3% to 0.5%  amongst others.

 MORE AFTER THE BREAK. PLS CLICK ON READ MORE BELOW

HERBERT WIGWE TO TAKE OVER AT ACCESS BANK

HERBERT WIGWE

AIGBOJE AIG-IMOKHUEDE

So finally all the speculations have now been laid to rest. The take over is going to smooth and without stress. Access Bank's board of directors have ratified the appointment of the bank's current DMD to become the next Managing Director of the bank. 

So come December 2013, when the current MD, Aigboje Aig-Imokhuede would have finalised his exit from the bank after 11 and half years as the boss, his current Deputy, Herbert Wigwe would take over as the GMD/CEO of the award winning bank. 

Mr. Wigwe yesterday was announced as the CEO designate by the bank's Chairman, Mr. Gbenga Oyebode. 

Both the retiring GMD and the CEO Designate left Guaranty Trust Bank over a decade ago to steer the ship of Access Bank. And now that the Aigboje Aig-Imokhuede chapter as the boss is coming to end, a new chapter with Herbert Wigwe as the boss beckons.