Beverlyjean:
So what's the problem with that??

There is a very big problem with Wigwe Herbert awarding a N50Bn loan to his wife's company. Let's even overlook Alex Otti giving them contract and whine ourselves and ASSUME the contract followed due process and was awarded on competence.

Not forgetting that after the plane crash, Alex Otti sharing his fond memories of Hebert said it was Hebert that gave him the drive and push and kept telling him, Abia needs you, now I see why Hebert kept saying Abia needs Alex Otti. In any case, looks like Herbert gingered the right man for the people of Abia, so Abia people no go complain

This is part of the rot happening in the Nigerian banking sector. Directors taking unsecured loans from their banks contributed to the collapse of many banks in the past. The real manufacturing sector that need the loans will not be given

Sangoamadioha1:




Please tell me what 'conflict of interest is'

Mr. Theory, there is no conflict of interest here. The wife is also a board member of Access Bank. If the wife was not, it will be a different issue.

Let me break it down for you Sir, if you & ur wife operate a Restaurant, does taking Breakfast or Dinner in the restaurant amount to conflict of interest?

The 5 Cs for accessing credit facilities are:
Capital, Condition, Capacity, Collateral, and Character. If any company meets the above, they are good to go!

There is no crime here .
Allow the family to mourn the loss of their brightest stars.

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

Tankio. Any laws broken? Nope. It seems Abia State govt didnt put funds upfront for the project. Craneburg took out a loan from Access that was guaranteed by Abia govt. This is a good ppp.
Alex Otti and Herbert were friends and banking executive colleagues
Na pikins wey their parents no get anything dey suffer.
When Dangote cried while paying tribute to him.
Gov Sanwo Olu said that they had known each other for about 35yrs. Govornor’s son and daughter were mentored and hired by Herbert and his Wife. He was one of the first people to donate to his campaign ..and a huge donor to his wife’s foundation. So pesin wey no get connect, and money for Naija na walking spirit.

Ghost projects everywhere round the country. Na Elumelu own worst pass.

seborrhic:
Don't see what is wrong with the loan.
It's not as if it's free and there is a express proviso that it can only be disbursed on authorisation by the ABSG.
Some today billionaires with no family connection to bank owners have been given loans on far more favorable terms that this one granted to Wigwe's wife.
Ok,just saw that one of the worrying issues is that there was no specification of the exact roads to be constructed and their contract sums.

A director of bank getting loan from that same bank to fund a company which she has controlling interest?

Go and learn about codes of corporate governance.

It’s one of the reasons Enron and many big companies died.

Who is external auditor to Access Bank please? O know it’s going to be one of those Big 4. Can someone help us check the bank’s audited financial statement for the year the loan was taken for us to know if it was properly disclosed?

Let’s check under RELATED PARTY TRANSACTIONS.

Can we check that of Craneburg please? And that if Abia State Government? Let’s compare all their disclosures.

Truly, our mumu too much.

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

Of course, you would not see anything special about the fraud. If it's Tinubu or APC Gov now, I'm sure your view will be different.

If we say you're tribal bigotry now, you would say it's Tinubu.

appini:
Ghost projects everywhere round the country. Na Elumelu own worst pass.

Elumelu ehn......that is the biggest whale among all of them

las las, na loans big men take dey expand their business empires massively...

So all dis quick credit loan sharks ppl shld learn to be calming down for their defaulters body!

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.

Zero to no oversight in the banking sector.

We all have seen it with cbn and BDC romance.

ppogba:
Those that will castigate Sahara Reporters are still on the way.

They are closer. Dem don call say dem dey next street.

Babalegba:
Read what you wrote again and then ask yourself the level of your morality

This discussion is not for POS Agents Sir

Money😳

VanuatuWycombe:


A director of bank getting loan from that same bank to fund a company which she has controlling interest?
Go and learn about codes of corporate governance.
It’s one of the reasons Enron and many big companies died.
Who is external auditor to Access Bank please? O know it’s going to be one of those Big 4. Can someone help us check the bank’s audited financial statement for the year the loan was taken for us to know if it was properly disclosed?
Let’s check under RELATED PARTY TRANSACTIONS.
Can we check that of Craneburg please? And that if Abia State Government? Let’s compare all their disclosures.
Truly, our mumu too much.

even those ones own bad pass, they don't audit nada, they basically work to clean up the books for dem wigwe, elumelu and co. Auditors wey be say bank MDs dun use gift kill them. the gifts they receive from the people they audit even pass their salary

All over the south of Nigeria, we can see the beautiful roads built by Cranemburg construction company. The company is another Julius Berger of the North.

So what’s the issue here

Folks, this is how the entire racket works.
After they have fed fat on the populace, they push one of their own into govt to protect their interests.

Alex Otti was a banking top wig. This kind of deal must have been pulled off in the golf course.

Meanwhile the BATIfied and OBIdients will be wasting their energy on social media.

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

If this had happened in Lagos or any other APC state, you would have been wailing and crying about Tinubu by now.
Blind delusional brainwashed HYPOCRITE.

Tareq1105:


Of course, you would not see anything special about the fraud. If it's Tinubu or APC Gov now, I'm sure your view will be different.

If we say you're tribal bigotry now, you would say it's Tinubu.

Mr. Man,

My Moniker has nothing to do with Tinubu or APC. It appears you have a poor glossary of words. Kindly use Oxford Advanced Learners Dictionary or at best Google. All the best bro.

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


Sahara Reporters, move down to Aba and see that nearly all the internal urban roads of Aba have been reconstructed under six months.

Those roads were abandoned to rot by previous governments of Abia state since 1999.

BigIyanga:

Tankio. Any laws broken? Nope. It seems Abia State govt didnt put funds upfront for the project. Craneburg took out a loan from Access that was guaranteed by Abia govt. This is a good ppp.
Alex Otti and Herbert were friends and banking executive colleagues
Na pikins wey their parents no get anything dey suffer.
When Dangote cried while paying tribute to him.
Gov Sanwo Olu said that they had known each other for about 35yrs. Govornor’s son and daughter were mentored and hired by Herbert and his Wife. He was one of the first people to donate to his campaign ..and a huge donor to his wife’s foundation. So pesin wey no get connect, and money for Naija na walking spirit.

So a client can guarantee a contractor’s banks that the contractor won’t default in repaying loan and if incase a contractor defaults, the bank should hold the client (Abia State government) responsible?

Chai! All these Okija Uni graduates go finish Nigeria in their generation.

No surprise how much these people “stole”. For them to be in Los Angeles taking a helicopter to the superbowl, they were super rich people. & their house alone. Mtchew.

Enugurangers:
Nigeria is a big crime scene.

Open mafia club

Hmmm! It is well. We don't even know the other monetary corruption that were perpetrated by Wigwe that made him so much money. Bode George exposed him and Elumelu

obaidan:


even those ones own bad pass, they don't audit, they basically work to clean up the books for dem wigwe, elumelu and co. Auditors wey be say bank MDs dun use gift kill them

You are absolutely correct.

From how wigwe acquired access bank with 17bn loan he got from akingbola which he never paid back and conspired with with sanusi and other to take away intercontinental bank from akingbola, the man was never clean.

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

Sahara reporters are just confused with this publication. What's the aim actually?

I hope ai read it right, loan wasn't taken by Abia state government but Cranburg construction.

In as much we want transparency, let's be clear on the details before we raise dust where there is none.

Where Cranburg gets fund to start off their job before being paid by the state government should not be the problem of the state.

As business owners too, we borrow money to finance contracts.

quote author=FreeStuffsNG post=128809571]Beyond the allegation that the late wife is on the legal board of Access bank that should have raised the conflict of interest, I don't see why Craneburg as an independent entity should be vilified.

If the law mandates the Governor to always obtain loan approval from the State Assembly yet he failed to do so then he must go and rectify it before the loan is disbursed.

It's just unfortunate that those who know the right thing to do fail to do until things go bad. At this point I will not be surprised if Abia state has already started paying the interest on the controversial loan and this is why EFCC must immediately move in to investigate this report.
Anyone found guilty must be prosecuted.

God bless Nigeria for ever!Check my signature for free stuffs![/quote]

The EFCC chairman has said it all
All fraud in Nigeria has the bank involved

Tjra:
There is no issue here.

If Craneburg has delivered the project, then Abia state government should pay up. And Craneburg will fulfil their obligations to a Access Bank in turn.

The facility was given to the corporate entity- Craneburg and not Chizoba Wigwe.

Sowore and his gossip mill should STFU.

You no Sabi anything about company's code of ethics. She is one of access bank lawyers. She now has a construction company. Her company was issued a contract y Abia state government. Then access bank still financed the contract awarded to her personal company by the government. Summary: she used her influence in access bank to get money out of there bank to finance a project awarded to her personal company by the government. It is big time 'conflict of interest'. If this was done by a nobody-staff, he would be sacked in my company.

CommonSense1967:


If this had happened in Lagos or any other APC state, you would have been wailing and crying about Tinubu by now.
Blind delusional brainwashed HYPOCRITE.

You are very far from your moniker. How does Tintinabulation amount to Tinubu? When they say you should go to school and read, see where it landed you now? Proud Illiterate!