Just in! 👇🏾👇🏾👇🏾👇🏾

This is from a very close friend of 50 years!!
It has been edited to remove pieces that could identify the person just for safety purposes!

“Let me start this way. I traveled to Houston Texas for an MBA in Banking and Finance. I returned to Nigeria and started my career with Godwin Emefiele in a Merchant Bank. I later left that bank for a Commercial Bank which we started from scratch with the late Dr. Pius Okigbo, Chief Chris Ogubanjo, K.U. Kalu, and Chief Emeka Anyaoku as Directors amongst others. After some years as a banker, I resigned to start my own thing.

I went down memory lane to let you know that I am part and parcel of the Banking Sector. I know a lot of the rot in the system.

Just recently, I was appointed as one of the 5 special Investigators by Mr. President to investigate CBN and other Government Business Entities. We commenced work on 1st August 2023 even though we knew the great risk associated with the project. Even with soldiers and police armed to the teeth, we knew that only God could guarantee our safety in a fantastically corrupt country as ours where most heinous crimes go unpunished.

I didn’t announce the appointment on any platform I’m in because we kept everything under wrap for security reasons. I also went silent on social media platforms and didn’t place or take calls for a while. We have been able to unravel a lot of stealing by our so-called financial gurus in this country. Our report has been submitted in part to Mr. President. Most of it is classified so I am not at liberty to speak elaborately on it. There is also the oath of secrecy aspect. Anyways……

The greatest enemies of the Nigerian people are not the politicians I’ll say even though they too are very corrupt! The Bank CEOs have done more harm than good to the economy and our future than you can ever imagine. A few pertinent questions speak to who the likes of Wigwe, Elumelu and Jim Ovia are.

1. How did Herbert and Aig his partner establish Access Bank?
2. How did they swallow Intercontinental Bank which was far bigger than Access? A case of a Tilapia swallowing a whale? And how did they pocket Paschal Dozie’s Diamond Bank? Financial whiz kid? 😄😃😁😀
3. What role have they played in enriching themselves at the expense of everyone else and reducing the Naira to a worthless currency?

There are yet many more intrigues on this subject but let’s stop here for now.

I have some social media talk on Herbert and Co.
I may share one or 2 subsequently if I don’t consider them boring and annoying to recount.

Stealing can be direct and indirect. Oftentimes, the indirect stealings are more monumental and devastating. See where Nigeria is today. The picture is that of doom and gloom.

We shall all leave this stage someday. While they say, don’t talk ill about the dead, I ask, why not? Society gets better when evil is exposed and despised.

Bros built a first-class University structure called Wigwe University. It’s being advertised currently on CNN. The fees are in Dollars and as usual out of reach of the common man.

I hear the man loved God and contributed to Christendom. May he find a place in God’s bosom Amen And for those of us still around, may God help us to number our days and apply our hearts to wisdom as the Holy Book said.

The saga of a Tilapia swallowing a whale, which is the true story of Access Bank acquiring the Intercontinental Bank has been in the public domain since 2012. It is therefore never hidden at any time.
I had a hard time contemplating posting that article by NAIRALAND because of our emotional and sentimental environment.
Wigwe and his co-travellers in the house of a scam called Access Bank did business, took advantage of the loose system, and became rich. It is our environment that is a cesspit of corruption.

Let us ask some critical questions:
1. During Soludo and Sanusi’s tenures as CBN governors, mergers and acquisitions in the banking industry were forced because some of the third-tier banks were collapsing. Capitalize or be acquired by the strong ones; From what emerged, Access Bank management approached Intercontinental for a loan to remain afloat and recapitalize.
Some of the Executives of Access Bank also took personal loans to enhance their positions in the bank. Enter a well-connected crook from North Central, whose father had a family bank that was moribund through mismanagement and fraudulent practices, who took loans from the same intercontinental bank to purchase 4 properties in Ikoyi.
Somehow, Governor Sanusi found Intercontinental Bank, the strongest in Nigeria then, with an asset base of over 400 billion to be distressed, despite expert reports to the contrary, that this bank has no nonperforming loans in its books.
Then against every other option that could be applied, Intercontinental was considered too distressed and had to be sold. The 11 billion loaned to the north central guy, and the 16 billion to Access and sundry loans to its directors were part of what was used to justify that Intercontinental was distressed, and must be sold off! Who was the buyer? Access Bank, which needed 16 billion to stay afloat, found 50 billion to buy an asset worth 400 billion. It was the greatest heist ever pulled off in the Nigerian Banking System to date!!
If Intercontinental would be sold off, should Access buy it, if there is anything called MORALITY? Of course, ‘there is no morality in business anywhere”.
But what about with God?
2. At the point it was declared insolvent and must be sold, one share of Intercontinental was about N7. Access was about N1.
1 share of access was exchanged for 20 shares of access: meaning that a person who invested a live savings to buy 1,000,000 of Intercontinental Bank shares has a 7 million Naira investment. He now has 50,000 shares of Access Bank at N1.0 so 7 million Naira investment became 50,000 Naira overnight.
I had always believed that CBN must protect investors’ funds!!
3. ⁠QUESTION: if you were that man who invested 7 million in Intercontinental how would you feel?
4. The years 2005 to 2008 were years that Banks and the stock exchange saw very limited supervision and oversight. The director general was a woman called Okereke-Oyuike, who knew next to nothing about the Stock Exchange, parading herself all over the place as a Professor but was eventually unveiled as a fraud. There was too much exposure from the banks in the Stock Exchanges to the extent that companies without any track records were priced very high. Virtually all the banks, including Intercontinental, became reckless in their exposure at the stock exchange. The bubble burst and most of the banks and insurance companies went under. Intercontinental was too strong to be so adversely affected. Erastus Akingbola went to court to challenge the takeover, but the forces against him were too strong. The system had passed to Jonathan then and the principal officers of Access were all from the Niger Delta area. 5. Was Wigwe or any Bank Chief Executive in Nigeria a promoter of the Nigerian economy? Absolutely not! Check their books: they are all scammers and money launderers. The big banks are the ones that drove us to the level we are at today!!

Using Access as the typical bank: check their half-year report for 2023: Access Holdings Plc (ACCESS.ng) HY2023 Interim Report (africanfinancials.com)
Go to page 45: Fair Value and Foreign Exchange gain was 192 billion Naira.
Got to page 165: Total Net Foreign Exchange Gain: N244,335,000,000.00 (two hundred and forty-four billion Naira)
For God’s sake, how much more rotten can a system get? Emefiele just helped some to rape the Nigerian nation and its hapless citizens.
Compound this for the full year 2023 and see what it means!!
So much for the bank Chief Executives who are advancing the economy of Nigeria.
I am not trying to discredit late Wigwe but any attempts at apotheosis of any of the Nigeria bank Chief Executives, dead or alive, is a fraud and a slap on the faces of innocent Nigerians that are daily bearing the brunt of their shenanigans. 🙆🏽‍♀️🤦🏾‍♀️🙆🏽‍♀️🤦🏾‍♀️”

Posted as received