A serious crisis is engulfing Access Bank, PLC., one of Nigeria’s prominent commercial banks, with two ongoing legal cases that could potentially cost the company N1.05 trillion.
The controversy began when minority shareholders, including Mr. Iheanyi Wigwe, a cousin of the late former CEO Herbert Wigwe, filed a lawsuit alleging breaches of corporate governance and conflicts of interest involving Access Holdings Chairman Aigboje Aig-Imoukhuede and Access Bank Chairman Paul Usoro.
The dispute centres on the administration of Herbert Wigwe’s estate and the bank’s handling of a rights issue following his tragic death in February 2024.
Aig-Imoukhuede was reappointed Chairman of Access Holdings in March 2024, sparking concerns among minority shareholders about potential conflicts of interest.
The minority shareholders claim that Aig-Imoukhuede’s actions have undermined the interests of the late CEO’s estate and beneficiaries.
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The minority shareholders have demanded Aig-Imoukhuede’s removal as Chairman of Access Holdings and Usoro’s suspension as Chairman of Access Bank.
However, Access Holdings has engaged legal counsel to restrain the minority shareholders from interfering with the company’s management and operations.
According to the company’s financial statements, the potential financial impact of these claims cannot be reliably estimated, and no provision has been recognised in the financial statements as of the reporting date.
In a separate lawsuit dating back to 2022, Access Holdings is facing allegations of trademark infringement related to the “African Films Festival.”
The company maintains that it merely provided a donation to the African International Films Festival Limited as part of its corporate social responsibility initiatives and did not engage in any trademark violation.
The outcome of these legal cases remains uncertain, and the banking sector may face further instability if the disputes are not resolved amicably.
As the situation unfolds, stakeholders are eagerly awaiting a resolution that will restore confidence in Access Bank and its leadership. [Culled and rejigged story from National Waves]
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