• Latest
  • Trending
  • All
  • News
  • Intimacy
  • Politics
  • Dear Kemi
Access Bank Denies Any Wrongdoing In Sale of Customer’s Goods

Access Bank Denies Any Wrongdoing In Sale of Customer’s Goods

March 12, 2019
Gbajabiamila: Federal Employees At All Tiers To Receive ₦25,000

Gbajabiamila: Federal Employees At All Tiers To Receive ₦25,000

October 1, 2023
BBNaija All Stars: Ilebaye Wins Big Brother Season 8

BBNaija All Stars: Ilebaye Wins Big Brother Season 8

October 1, 2023
Nigeria @ 63: Tinubu Delivers Inaugural Independence Day As President

Nigeria @ 63: Tinubu Delivers Inaugural Independence Day As President

October 1, 2023
Mohbad: Father Explains How Late Singer Met His Wife At Marlian Music

Mohbad: Father Explains How Late Singer Met His Wife At Marlian Music

October 1, 2023
TPresident Tinubu Approves Temporary Allowance For Federal Workers

President Tinubu Approves Temporary Allowance For Federal Workers

October 1, 2023
Happy Independence Day, Nigeria! Reflecting On Our Journey

Happy Independence Day, Nigeria! Reflecting On Our Journey

October 1, 2023
Asake, Kizz Daniel, Chike Become A Brand Ambassador For Glo

Asake, Kizz Daniel, Chike Become A Brand Ambassador For Glo

October 1, 2023
Mohbad: Event Planner Calls Out Sam Larry For Lying In His Statement

Mohbad: Event Planner Calls Out Sam Larry For Lying In His Statement

September 30, 2023
Phyna Responds to Accusations of Abandoning Her Family After Winning BBNaija 'Level Up' ₦100 Million Grand Prize

Phyna Responds To Accusations Of Abandoning Her Family After Winning BBNaija ‘Level Up’ ₦100 Million Grand Prize

September 30, 2023
BBNaija: Phyna Father Cries Out Over Daughter Neglection

BBNaija: Phyna Father Cries Out Over Daughter Neglection

September 30, 2023
BBNaija All Stars: Kiddwaya Writes Open Letter To Fans

BBNaija All Stars: Kiddwaya Writes Open Letter To Fans

September 30, 2023
Portable Tackles Police Following Sam Larry’s Arrest

Portable Tackles Police Following Sam Larry’s Arrest

September 29, 2023
  • Politics
  • Sports
  • Privacy
  • About
  • Contact
Kemi Ashefon Love Haven
  • News
  • Politics
  • Tech
  • Entertainment
  • Sports
  • Intimacy
    • Just Singles
  • Dear Kemi
  • News
  • Politics
  • Tech
  • Entertainment
  • Sports
  • Intimacy
    • Just Singles
  • Dear Kemi
No Result
View All Result
Kemi Ashefon Love Haven
No Result
View All Result
Home Featured

Access Bank Denies Any Wrongdoing In Sale of Customer’s Goods

Kemi Ashefon by Kemi Ashefon
5 years ago
in Featured, Financial Institution
Reading Time: 3 mins read
0
Access Bank Denies Any Wrongdoing In Sale of Customer’s Goods
513
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Access Bank Plc has vehemently denied any wrongdoing in the alleged sale of a customer’s goods worth N2.5billion.
The Police Special Fraud Unit in Lagos had charged Access Bank Plc, its managing director and chief executive officer, Herbert Wigwe, and others with 21 counts of conspiracy, fraudulent disposal of trust property, fraudulent conversion, stealing and false representation before an Ogun State High Court.

Access Bank Plc , Mr Wigwe, Alawode Oluseye and Bayo Adesina are accused of conspiring and stealing 23,754.413 metric tonnes of steel billets valued at ₦2.5 billion belonging to BMCE Bank International Plc.

But in a notice to the Nigerian Stock Exchange (NSE), on Monday, Access Bank however denied the allegations stressing that at no time did the bank or any of its executives or officers commit any of the alleged offences.

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 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 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 statement concluded.

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 Kemi Ashefon Love Haven - Designed by Phatfirm.

No Result
View All Result
  • Dear Kemi
  • Newsmakers
  • Entertainment

© 2022 Kemi Ashefon Love Haven - Designed by Phatfirm.