Access Bank speaks on Herbert Wigwe alleged EFCC arrest

Access Bank Plc., has cleared the air on the news making the round in the media about the alleged arrest of its Group Managing Director, Mr. Herbert Wigwe by the Economic and Financial Crimes Commission (EFCC).

According to media reports, Wigwe was on Friday arrested by operatives of the Economic and Financial Crimes Commission and picked up at the Bank’s head office in Victoria Island, Lagos State.

Sources said he spent the night at the Lagos State office of the EFCC.

In its reaction, the statement by Access Bank reads in part:

“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’).

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“We wish to state that the issue essentially relates to the credit facilities that were availed to the Slok Nigeria Ltd (“Slok”) by the defunct Diamond Plc (“Diamond”) and which were secured by Slok’s assets charged to Diamond. Access Bank had inherited the Slok credit following the merger of Diamond and Access Bank.

“Given the differing interests 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’s recovery efforts on Slok credit including its Group Managing Director.”

Access Bank further says that following engagement between them and the EFCC, issues relating to Slok investigation have been resolved. It assures its stakeholders of complying with extant laws in conducting its business.

“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 regulations” the Bank’s statement concluded.