Facts have emerged that the Craneburg Construction firm owned by the late Mrs Chizoba Doreen Wigwe, wife of the late Dr Herbert Wigwe of Access Bank had used a loan from the bank to finance contracts across the country.

Herbert Wigwe, who was the Group Chief Executive Officer (GCEO) of Access Holdings Plc, had his late wife serving on the legal board of the bank before venturing into the establishment of the Craneburg Construction in 2016.

A document obtained by SaharaReporters on Wednesday shows how Craneburg Construction Company received a loan from Access Bank to finance N50 billion contracts awarded by the Abia State government.

In one of the several letters that Access Bank wrote to the Abia State government through the Commissioner for Finance in the state, the bank stated that the Borrower was Craneburg Construction Company Ltd (CRANEBURG) while the Lender was Access Bank Plc (the Bank" or "the Lender".

The letter titled: "Consent Letter", dated October 1, 2023, states: "Further to the application from Craneburg Construction Company Limited for a credit facility and our subsequent discussions, we are pleased to inform you that the Management of Access Bank Plc (the Lender", an Institution regulated by Central Bank of Nigeria, has approved a N50 Billion term loan (facility) under the following terms and conditions:

"Borrower: Craneburg Construction Company Ltd (CRANEBURG); Lender: Access Bank Plc (the Bank" or "the Lender"; Contract Employer: Abia State Government (ABSG); Facility Type: Term Loan- Contractor Infrastructure Development Scheme (CIDS); Amount: N50,000,000,000.00 (Fifty Billion Naira Only).

"Disbursement: The facility shall be availed and disbursed only into the account of Craneburg, nominated by ABSG (Abia State Government) upon Craneburg and ABSG meeting all conditions precedent to drawdown. Every disbursement shall be authorized by ABSG.”

"Purpose: To finance the Construction of several roads awarded by the Abia State Government. Tenor: 42 (Forty-Two) months. Processing fee: 1% flat payable upfront upon acceptance of offer and pre-disbursement of the facility," the document also reads.

Meanwhile, some residents of Abia State have condemned the borrowing, insisting that the contract didn't go through the official bidding and approval process.

A source privy to happenings in the state government said it was not approved by the state House of Assembly.

The source said "the N50 billion heist called borrowing from Access Bank has no specific road mentioned to be used for it, rather by implication Craneburg Construction Company will determine how many roads will consume our N50 billion.

"This is fraudulent, if there was a House of Assembly; just like Chuba Okadigbo, the House should have summoned Otti and issued an impeachment notice if he failed to offer a logical explanation concerning these unnecessary loans”.

Efforts to reach the state information commissioner, Okey Kanu and Chief Press Secretary to Governor Otti, Kazie Uko, for comments and clarifications failed. They did not answer calls and also did not reply to the text messages sent to them.

Jogs1900:
I hope they are yet to disburse the loan..
Heard that Tony Elumelu got forty billion naira from UBA and it has turned to bad debt..Very soon, the bank will write it off while Tony is balling.
Fraud in the banking industry is just too much.

Goodvibes007:

Nigerian Bank executives are the real Nigerian mafias.

TINTINABULATION:
There is nothing so special here until we are privy to the Memorandum of Understanding between Abia State Government & Cranburg Construction. That is the document that will list all the roads to be constructed with the money. There is no law forbidding a private organization, such as Cranburg to approach its bankers for facility to execute a contract. If Access Bank finds her customer, Cranburg Construction credit worthy, then public opinion holds no sway

Ibrahimcoomasie:
How Wigwe-led Access Bank Funded N50Billion Contracts Awarded To His Wife’s Company By Abia Governor, Otti



https://saharareporters.com/2024/03/06/exclusive-how-wigwe-led-access-bank-funded-n50billion-contracts-awarded-his-wifes

thesicilian:
At the top it's man know man.
All these submit 1 liter of your grandfather's blood as collateral and bring your village chief priest as guarantor they do with the poor doesn't apply to the rich when they want to borrow money from banks. Just a phone call and the money is wired in