Access Bank CEO Herbert Wigwe To Stand Trial For Alleged N2.5bn Fraud

The Special Fraud Unit (SFU) of the Nigeria Police Force,
Milverton Ikoyi-Lagos, has preferred a N2.5billion fraud charge
against Herbert Wigwe, the Managing Director and Chief Executive
Officer of Access Bank Plc, his bank and two others before an Ogun
State High Court, Sagamu.

Wigwe and Access Bank Plc are standing trial on a five-count
charge, alongside 41-year-old Alawode Oluseye and Bayo Adesina
before Justice N.I. Agbelu of the Ogun State High Court in
Sagamu.

The allegations border on conspiracy, fraudulent disposal of
trust property, fraudulent conversion, stealing and false
representation.

In the charge marked HCS/010/19, SFU alleged that the Access
Bank boss and others, sometime in June 2017, at the premises on
Metal Africa Steel Products Limited, Kilometre 16, Ikorodu/Sagamu
road, Ewe Jagun, Ogun State, conspired among themselves to have
unlawfully effected the sale of 23,754.413 metric tonnes of steel
billets, belonging to BMCE Bank International Plc for N2,572,500
billion to Africa Steel Products Limited.

Wigwe and other defendants were also alleged to have obtained
the sum of N2,572,500 billion, from Africa Steel Mills Limited by
false representation that they were the owners of the said steel
billets.

SFU also alleged that Wigwe and other defendants, in 2017,
forged bill of lading numbers: MJINLOS150007’1A’; MJINLOS150007
‘1B’; MJINLOS150007 ‘1C’; MJINLOS150007 ‘2A’; MJINLOS150007’2B’;
MJINLOS150007 ‘2C’; MJINLOS150007 ‘2C’; MJINLOS150007 ‘2D’;
MJINLOS150007 ‘2E’; MJINLOS150007 ‘2F’; MJINLOS150007 ‘2G’;
MJINLOS150007 ‘2H’; MJINLOS150007 ‘2I’; MJINLOS150007 ‘2J’;
MJINLOS150007 ‘2k’; MJINLOS150007’2L’ andMJINLOS150007’2M’, which
they claimed were issued on January 9, 2016.

The offences, according to the prosecutor, Mr. E. Jackson, a
Chief Superintendent of Police (CSP) are contrary to and punishable
under Sections 518(6), 434, 383(1)(f) and 390(9), 516 and 464 and
467 of the criminal Code of Ogun State of Nigeria, 2006.

The offence is also said to have contravened Section 1(1)(a) and
1(3) of the Advance Fee Fraud and Other Related offences Act No. 14
of 2006.

During their arraignment, only one of the defendants was present
in court, who pleaded not guilty to all the charges.

However, Edoka Dox Onyeke, lawyer to the defendants, informed
the court that his clients are exploring means of settling the
matter with the complainant.

Onyeke pleaded with the court for a short adjournment.

The matter has been adjourned for report of settlement.

See the charges below:

Statement of Offence (1st Count): Conspiracy to effect an
unlawful purpose, to wit: an unlawful sale of Steel Billets
property of BMCE Bank International Plc, contrary to Section
518 (6) of the Criminal Code of Ogun State of Nigeria,
2006.

Particulars of Offence: That you Herbert Wigwe ‘M’, Alawode
Oluseye ‘M’, Bayo Adesina ‘M’ and Access Bank Plc, on 22 day of
June, 2017, at the premises at Met Africa Steel Products Limited,
Km 16, Ikorodu-Sagamu Road, Ewe Jagun, Ogun State within the
jurisdiction of this honourable court, conspired among yourselves
to effect unlawful purpose to wit: the unlawful and unauthorised
sale of 754.413 metric tonnes of steel billets, property of BMCE
Bank International Plc without its permission or consent.

Statement of Offence (2nd Count): Fraudulent Disposal of
Trust Property, contrary to Section 434 of the Criminal of Ogun
State of Nigeria, 2006.

Particulars of Offence: That you Herbert Wigwe ‘M’, Alawode
Oluseye ‘M’, Bayo Adesina, ‘M’ and Access Bank Plc on 22nd day of
June, 2017, at the premises of African Steel Products Limited, Km
16, Ikorodu/Sagamu Road, Jagun, Ogun State, within the jurisdiction
of this honourable court, with intent to defraud converted
23,754.413 metric tonnes of steel billets property of BMCE Bank
International Plc, to your own use and unlawfully sold same without
the authority of BMCE International Bank Plc.

Statement of 0ffence (3rd Count): Stealing of Money,
contrary to Sections 383 (1)(f) and 390 (9) of the Criminal Code of
Ogun State of Nigeria, 2005.

Particulars of Offence: That you Herbert Wigwe, ‘M’, Alawode
Oluseye ‘M’, Bayo Adesina, and Access Bank Plc, sometimes in June
2017, in Ogun State, within the jurisdiction of this honourable
court, unlawfully sold 23, 754.413 metric tonnes of steel billets,
property of BMCE Bank International Plc to African Steel Mills
Nigeria Limited for N2,572,500,000.00 and fraudulently converted
the money to your own use and benefit.

Statements of offence (4th Count): Conspiracy to
commit a felony to wit: stealing of 23,754.413 metric
tonnes of Steel Billets, property of BMCE Bank
International Plc, contrary to Section 516 the Criminal Code of
Ogun State, 2006.

Particulars of Offence: That you Herbert Wigwe, ‘M’ Alawode
Oluseye ‘M’, Bayo Adesina, and Access Bank Plc, between 2016 and
2017, at Ewe Jagun, Ogun State, Within the jurisdiction of
this honourable court, conspired among yourselves to sell
23,754.41 metric tonnes of steel billets property of BMCE Bank
International Plc.