[size=14pt]Access Bank MD, Aig-Imoukhuede, Not On Our Board But His Younger Relative Is[/size]

Ice Energy says the Access Bank Managing Director is not probing own company but one in whose his brother has interest.

Abuja-based Ice Energy Petroleum Trading Company Limited on Monday rose in stout defence of Aigboje Aig-Imoukhuede, claiming the Access Bank Group Managing Director, is not superintending over the probe of his company with his assignment as Chairman, Special Committee on Subsidy Payment Verification and Reconciliation, but that of his younger relative.

PREMIUM TIMES had faulted President Goodluck Jonathan's appointment of Mr. Aig-Imoukhuede as Chairman of the special committee after receiving findings of searches conducted at the Corporate Affairs Commission (CAC) to unmask the faces of owners of companies indicted in the House of Representatives subsidy payments probe report.

The CAC finding had indicated that Ice Energy, whose three-man Board of Directors has Aigbovbioise Aig-Imoukhuede as member, had links with the Access Bank boss, a development observers say raises conflict of interest issues about the role of the Chairman of the presidential committee in carrying out his mandate.


"Juniour relative" of Mr. Aig-Imoukhuede on Ice's board
Incensed by the report, Ice Energy, in a release by its Managing Director/Chief Executive Officer, Chuks Iroche, said the company, alleged by the Farouk Lawan Committee to have pocketed $2,131,166.32 in hard currency (about N345.3million) in 2011 without supplying petroleum products, has no relationship whatsoever with the Access Bank boss, rather with his "junior relative", Aigbovbioise Aig-Imoukhuede.

"Aig-Imoukhuede on our Board is a younger relative of the CEO of Access Bank," Mr. Iroche said in his statement Monday.

But even this disclosure has got critics arguing that heading a committee that is considering an issue in which his close relative's company has a case to answer raises serious questions about the presidential committee chairman and his understanding of conflict of interest dilemma in assignments.

Available information at the CAC on the current ownership structure of Ice Energy shows that the younger Mr. Aig-Imoukhuede controls three million of the total nine million shares of the company as one of the three directors, and some sources believe he is still on the company's board as a proxy of the Access Bank's MD, a charge Ice Energy has denied.

Mr. Iroche, who also used the statement to absolve his company of any complicity in the alleged massive fraudulent activities by marketers in the fuel subsidy scam, said Ice Energy did not appear before the Farouk Lawan probe committee because no invitation was extended to it, contrary to claims by the committee that it flagrantly ignored same.

Similarly, he claimed that allegations by the former House Committee that his company collected huge foreign exchange for products not supplied as well as claims that Ice Energy benefitted from subsidy payments, were false, as the oil firm had written to the Petroleum Products Pricing Regulatory Agency (PPPRA) to cancel the importation allocation it received when it became obvious that it would not be able to meet the deadline set for product delivery.

Having been indicted by the Farouk-Lawan probe panel, Ice will have to explain this to the House of Representatives, anti-corruption agencies and presidential subsidy verification committte to clear its name.
Network of intrigues

The web of intrigues involving the two Aig-Imoukhuedes, who often answer to similar abreviations of their names as Aig Aig-Imoukhuede, is no less evident in another position held by the younger relative in another company, Marina Securities, whose links with Access Bank is so overtly undeniable.

Marina Securities is a Lagos-based stock-brokerage and portfolio management firm, with Paul Usoro, a Senior Advocate of Nigeria (SAN), as chairman of the Board and Aig Aig-Imoukhuede as director, Wealth Management.

Curiously, two other directors of the company, Idaere Ogan and Angela Jones, are all senior officials of Access Bank Plc.

While Mr. Ogan is a member of the Audit Committee of Access Bank, Ms Jones still works as General Manager in charge of Wealth Management in Access Bank, according to information available on the company's official website.

Despite the bold-face posturing of the Ice Energy management, Mr. Aigboje Aig-Imoukhuede, the GMD of Access Bank, would still preside in judgement over the activities of companies indicted in the fuel subsidy scam, including one belonging to his "younger relative", except the president thinks otherwise.

It is not clear if Mr. Aig-Imoukhuede availed both the Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, and President Jonathan the full disclosure of his knowledge of the involvement of his "younger relative" in the ownership of Ice Energy before he accepted the appointment as head of the presidential verification and reconciliation committee.

Public officials and bank chiefs in Nigeria often sit on boards of several companies using fronts or proxies, tapping their connections to facilitate businesses for the firms.

http://saharareporters.com/news-page/access-bank-md-aig-imoukhuede-not-our-board-his-younger-relative-says-indicted-oil-firm

Nevertheless, there is conflict of interest.
There is a reason why company running promos tell workers that their family or relations can not participate.

In contrast to the Lawan-led committee of the House, the Aig-Imoukhuede committee conducted its investigation with professional restraint and was devoid of the public shenanigans that charactersised the House probe on the same subject. It entailed the sequestering, for weeks, at the Transcorp Hilton Hotel, Abuja, a retinue of Central Bank of Nigeria examiners, experienced bank auditors and chief compliance officers of banks who scoured through piles and piles of documents before arriving at their conclusions.

No member of the Aig-Imoukhuede made a spectacle of being pressurised by oil marketers and importers to influence the outcome of the probe. And to boot, their work was carried out in record time and was devoid of fanfare. What was more interesting was the near-thoroughness of the committee’s findings, which contrasted sharply with that of the House. The Aig-Imoukhuede committee painstakingly highlighted the infractions committed by oil marketers and importers, the Nigerian National Petroleum Corporation and Petroleum Products Price Regulatory Agency, and listed all the marketers and importers that had purportedly committed the infractions without fear or favour. Indeed, no marketer was shielded from the embarrassment of having to clear its name from the findings of the committee.

thisdaylive.com/articles/grasping-at-straws/119610/

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bayooooooo: Nevertheless, there is conflict of interest.
There is a reason why company running promos tell workers that their family or relations can not participate.

Conflict of interest in auditing parlance in this case = familiarity threat. Resolution = insititute adequate safeguards. The jury's out on whether Aig has done a proper job or not, I guess we'll call them in when we see his report. Till then y'all r free to SPECULATE.

wesley80: thisdaylive.com/articles/grasping-at-straws/119610/

In contrast to the Lawan-led committee of the House, the Aig-Imoukhuede committee conducted its investigation with professional restraint and was devoid of the public shenanigans that charactersised the House probe on the same subject. It entailed the sequestering, for weeks, at the Transcorp Hilton Hotel, Abuja, a retinue of Central Bank of Nigeria examiners, experienced bank auditors and chief compliance officers of banks who scoured through piles and piles of documents before arriving at their conclusions.

No member of the Aig-Imoukhuede made a spectacle of being pressurised by oil marketers and importers to influence the outcome of the probe. And to boot, their work was carried out in record time and was devoid of fanfare. What was more interesting was the near-thoroughness of the committee’s findings, which contrasted sharply with that of the House. The Aig-Imoukhuede committee painstakingly highlighted the infractions committed by oil marketers and importers, the Nigerian National Petroleum Corporation and Petroleum Products Price Regulatory Agency, and listed all the marketers and importers that had purportedly committed the infractions without fear or favour. Indeed, no marketer was shielded from the embarrassment of having to clear its name from the findings of the committee.

It does not matter if a judge has had a century old history of impartiality or objectivity, it does not feel right adjudicating on a matter involving your relations. Such a judge would simply be asked to recuse himself. Did the Aig Snr give detailed disclosure before his appointment to chair the committee?

wesley80: Conflict of interest in auditing parlance in this case = familiarity threat. Resolution = insititute adequate safeguards. The jury's out on whether Aig has done a proper job or not, I guess we'll call them in when we see his report. Till then y'all r free to SPECULATE.

The report on a face value appears to be ok. But there is a big question mark on this statement below:

The Aig-Imoukhuede committee .............. listed all the marketers and importers that had purportedly committed the infractions without fear or favour.

bayooooooo:



It does not matter if a judge has had a century old history of impartiality or objectivity, it does not feel right adjudicating on a matter involving your relations. Such a judge would simply be asked to recuse himself. Did the Aig Snr give detailed disclosure before his appointment to chair the committee?

My broda, Aig isn't acting as a judge he's the Chairman of a committee looking into possible infractions that may or may not lead to litigation. In this case, he's only playing the role of an auditor. The rules are clear in auditing, when there's a threat be it self interest or familiarity, the resolution is insituting safeguards but if the safeguards appear inadequate or the role played by the individual from which the threat arose is pervasive, then and only then would stepping down be considered. It isn't a matter of "feeling" its one of "best practice".

Committee to investigate Subsidy fraud is in no way JUDGING the situation?? That is a good one!

^ Correct me if I'm wrong

wesley80: My broda, Aig isn't acting as a judge he's the Chairman of a committee looking into possible infractions that may or may not lead to litigation. In this case, he's only playing the role of an auditor. The rules are clear in auditing, when there's a threat be it self interest or familiarity, the resolution is insituting safeguards but if the safeguards appear inadequate or the role played by the individual from which the threat arose is pervasive, then and only then would stepping down be considered. It isn't a matter of "feeling" its one of "best practice".

Anyone reading your comment above would assume Aig is a thoroughbred Auditor with a solid professional background to safeguard what is in your opinion a threat to self interest. That begs the question. Like the example I cited, Judges are equally professionally trained to be fair and objective. But they don't rely on self applying tools of safeguards to wriggle out of conflict of interest encounters. They simply recuse themselves. Conflict of interest either in law or auditing is the same. Conflict of interest is conflict of interest. There is no difference.

A better argument from you would have highlighted why Aig could not unilaterally determine the fate of his brother's company considering the fact that he is operating in a committee setting. That also would still not remove the inherent conflict of interest in this case because it does not stop him from passing a useful tip or leaking a strategic information that could be of help to his brother. There is no safeguard for that other than stepping down.

bayooooooo:

Anyone reading your comment above would assume Aig is a thoroughbred Auditor with a solid professional background to safeguard what is in your opinion a threat to self interest. That begs the question. Like the example I cited, Judges are equally professionally trained to be fair and objective. But they don't rely on self applying tools of safeguards to wriggle out of conflict of interest encounters. They simply recuse themselves. Conflict of interest either in law or auditing is the same. Conflict of interest is conflict of interest. There is no difference.

Well thought out response and I commend you for it but lets face the facts. Comparing Judges to auditors is like comparing apples and oranges (I'd luv to hear you try) there are few meeting points even though on the surface they both seem to have same task. What you call "conflict of interest" in law is what is merely called "threat to auditors independence" in auditing. While it seems to be the major determinant of fairness in law, it isn't so in auditing - it is very important you understand this. Auditing isn't a one man show where your "no" or "yes" determines everything, there are various stages b4 arriving at a "conclusion" and one of those is the "Peer Review" stage where your conclusion and the critical information used in arriving at that conclusion are reviewed by an independent body/individual - relate that to the current 7day review taking place. Its more like a democracy with everyone having a say and the closest thing to it in the judiciary I believe is the Supreme court.
I do understand the fears expressed and more so in a society as ours riddled with brazen corruption. An old saying says wopu aka enwe ni ofe ni oyini aka nmadu (leave out the hand of a monkey from your soup cos it looks like the hand of a human) Why? because someone might see it in your soup and conclude you're a cannibal! On that ground maybe Aig should've rejected the appointment afterall Auditing must'nt just be fair but should also appear to be fair!
THat said, must we always be led by negativity and pessimism? Why should we always conclude the fruit is rotten even before it has a chance to ripen? I don't know abt you guys but I'm sick of all the negativity. Aig has got a couple more days to submit his report, lets review it b4 we shoot him down!

For once,I am surprised that kobojunkie has made a u-turn,let them not collect your laptop o! Anyway,I can boldly stare the haters in he face and repeat what I said when this AIG's issues came up that he was probing his company. Now,I have been vindicated,.......lie spreaders and warmongers should hide their heads in shame. This also goes are long way in destroying the already shattered reputation of premium and saharareporters. People who have always aired their stu.pid misinformed views on this forum should take leave of absence from any thread where they see my name because I will always rub it in. They will never learn,their smelly mouths.

Mandelaguy: For once,I am surprised that kobojunkie has made a u-turn,let them not collect your laptop o! Anyway,I can boldly stare the haters in he face and repeat what I said when this AIG's issues came up that he was probing his company. Now,I have been vindicated,.......lie spreaders and warmongers should hide their heads in shame. This also goes are long way in destroying the already shattered reputation of premium and saharareporters. People who have always aired their stu.pid misinformed views on this forum should take leave of absence from any thread where they see my name because I will always rub it in. They will never learn,their smelly mouths.

Eejit, what U-turn are you referring to? You think I am like you,and your ilk, who comment without evidence, only to then resort to throwing around insults when cornered??

You have a committee setup to essentially[b]JUDGE [/b]the involvement of oil marketers in defrauding Nigerians. This one is trying to offer up brain-fart-filled arguments from all sides of his mouth and you come in to say I made a U-turn?

Ethical standards state that Perception of impropriety in matters of serious national interest is as bad as actual impropriety as it discolours and discredits the outcome and or deliverables.

Access Bank MD should respectfully step down so as not to waste even more of taxpayers wealth and the public's goodwill.

But, this is Naija so he will probably not resign but throw two fingers to naysayers.

Kobojunkie:
You have a committee setup to essentially[b]JUDGE [/b]the involvement of oil marketers in defrauding Nigerians. This one is trying to offer up brain-fart-filled arguments from all sides of his mouth and you come in to say I made a U-turn?

Been responding to you decently assuming you're a normal human being and not the bloviating mor0n most around here have concluded you are - I guess I was wrong. You want to be treated like the pesky troll u are? No problem.

wesley80: Been responding to you decently assuming you're a normal human being and not the bloviating mor0n most around here have concluded you are - I guess I was wrong. You want to be treated like the pesky troll u are? No problem.

oooh!!! The dingbats speaks again . . . I should run away . . . right??

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VoodooDoll: Ethical standards state that Perception of impropriety in matters of serious national interest is as bad as actual impropriety as it discolours and discredits the outcome and or deliverables.

"Perception", you said.

There is conflict of interst in the matter.

I think we are missing out the part where the EFCC investigates. It is the EFCC that investigates for crimes and prosecutes, Aig Imokhuede does not have that power.

Biggyd2: There is conflict of interst in the matter.

I would think that has been obvious from day one of this thing oo.

Kobojunkie:

I would think that has been obvious from day one of this thing oo.

Very true. Just reaffirming that position for the purpose of people that think that Mr. Aig-Imoukhede's report should fly because his committee "did a good job". The maxim "No one can be judge in his own case" will certainly apply. He is so compromised in this matter. The article clearly states that he is the "Juniour relative" of Mr. Aig-Imoukhuede on Ice's board!

wesley80: "Perception", you said.

Your point being?

^ Mere perception isn't thesame as "fact".

^^^ You obviously know nothing about ethical standards, and I'm afraid there are not enough days in many lifetimes for me to teach these standards to you. I recommend you try Google.com.

Could we please stop feeding the "trolls" on these important threads??

VoodooDoll: ^^^ You obviously know nothing about ethical standards, and I'm afraid there are not enough days in many lifetimes for me to teach these standards to you. I recommend you try Google.com.

Oh really? You mean I'm the ignorant one here?

Kobojunkie: Could we please stop feeding the "trolls" on these important threads??

Ok. I guess you're full and can take no more!

.

Biggyd2: There is conflict of interst in the matter.

I would think that has been obvious from day one of this thing oo.

Good point[img]http://www.50centloseweight.com[/img]

Nigerians need to stand up at some point.