Crisis Rocks Access Bank As Wigwe’s Cousin, Minority Shareholders Demand Removal of Aig-Imoukuede

A crisis of monumental proportion is currently rocking one of Nigeria’s commercial banks, Access Bank.

So bad is the situation that it has snowballed into two legal cases with the total amount claimed against the company estimated at N1.05 trillion.

In one legal case, following a letter dated March 29, 2025, from IPL, acting on behalf of certain minority shareholders of Access Holdings Plc, namely, Mr. Iheanyi Wigwe (a parental relative and first cousin of the late Herbert Wigwe, CFR), Dr. Donatus Ogu, Prof. Bond Anyaehie, and Mr. Chukwuma Chukwurah, allegations were made regarding breaches of corporate governance and conflicts of interest involving Mr. Paul Usoro, SAN, and Mr. Aigboje Aig-Imoukhuede.

It would be recalled that Mr. Aig-Imoukhuede was recalled and made Chairman of Access Holdings Plc, following the tragic death of former CEO Herbert Wigwe.

According to MoneyCentral, these allegations by the minority shareholders and Wigwe’s cousin pertain to matters relating to the shares of the late Herbert Wigwe, and the conduct of Access Holdings Plc in connection with the rights issue undertaken following his death, as well as the administration of his estate.

On account of this development, the minority shareholders have demanded the removal of Mr. Aigboje Aig-Imoukhuede as Chairman of Access Holdings Plc and the suspension of Mr. Paul Usoro, SAN, as Chairman of Access Bank Plc.

In response to the said letter, the Board of Directors resolved that an external legal opinion be obtained.

Pursuant to the Legal Opinion from the external solicitor, Access Holdings Plc engaged the services of Olaniwun Ajayi LP to commence legal proceedings against the named minority shareholders, seeking injunctive relief to restrain them from interfering with the management and operations of Access Holdings Plc.

Management has assessed the potential financial impact of these claims and based on professional legal advice that it is not possible to reliably estimate the timing or amount of any potential outflow of resources that may arise from these legal proceedings.

Consequently, no provision has been recognized in the financial statements as of the reporting date.

In another legal case (2022), the Plaintiffs claimed ownership of the trademark and copyright to the literary work titled “AFRICAN FILMS FESTIVAL” and alleged that African International Films Festival Limited (“AFRIFF”) violated their rights by organising events under the name “African International Films Festival” without their permission.

The plaintiffs stated that their trademark “African Film Festival” has been registered since 2003. Access Holding Plc, as a co-defendant to the respondent, in its defence refuted the plaintiffs’ claims, stating that it merely provided a donation to AFRIFF as part of its corporate social responsibility (CSR) initiatives and was not involved in any trademark violation.

Efforts by NATIONAL WAVES to speak to Olakunle Aderinokun, Head of Media and Public Relations of Access Bank, were fruitless as calls to his line were not answered, and he has yet to respond to a message sent to him on the matter. (National Waves)