Access Bank Former MD, Aig-Imokuede In $19m Fraud

This is certainly a trying time for Aigbogun Aig-Imokuede, the handsome managing director of Access Bank, as his dirty deals with James Ibori, formed Delta State governor

presently on trial in the United Kingdom and Mr. Gohil, the ex-governor’s British resident lawyer serving 7-year jail term for fraud over the controversial Delta State shares is now in the open. Like an orphan, the ‘Ogidigborogbori of Delta’ is now carrying his cross all by himself. But, Aig-Imokuede has been having nightmares since the issue became a public opinion and he is allegedly trying to win the confidence of majority of the shareholders who are loosing sleep over the unethical behaviour of the banking boss.

Position of the law
Going by the statutory provision in Nigerian constitution, anyone who receives stolen items, knowing them to be stolen, is labeled an accomplice and equally as guilty as the committer of the crime. Ibori and Lucky Igbinedion are two formers governors currently facing graft charges; while those who teamed up with them to pilfer and launder state funds walk free.  

Societywatch learnt Aig-Imokuede played a prominent role in helping Ibori and creating an accessory in their looting the funds of Delta State through the bogus shares controversy.  Regardless of his moral make-belief, the lanky banker is regarded “dirty” in the business community due to his notoriety for aiding corrupt government officials. 

How Aig-Imokuede aided James Ibori in converting V-Mobile shares
Investigation by Societywatch reveal that in 2005 Delta State owned 18% of the shares in V- Mobile, whilst Ibori was the Governor and on the board of V- Mobile (through a proxy) where he had fore-knowledge to all the dealings. In June 2005, a sale of the company was considered, and submissions were made by notable telecom firms, such as Vodaphone, Virgin, Celtel and Econet amongst others.    

Towards the end of 2005, Ibori decided to convert Delta State’s shares in V-mobile into his personal asset. In order to pull this off, Ibori hired Mr. Gohil, a UK based Indian lawyer, to think up modalities of achieving the rip-off. Mr Gohil then set up a dummy corporation called Africa Development Finance (ADF), designed to charge inflated fees for its services. According to a document obtained by an online media, ADF bills for services were six times higher that those charges by leading UK solicitors.  

Mr. Gohil, who is currently serving a-7 years in a London jail for this crime, said that it was a requirement for Delta State to consult the dummy corporation (ADF), and subsequently charged $19 million as consultation fee.

Aig-Imokuede transfers $19m
Further investigation by Societywatch reveals that the entire proceeds ($19m) was then transferred to Access bank Plc in Nigeria, where Dere Otubu, an Ibori proxy, works as a director.

Sources who did not want their names in print said that the fraudulent rip off was coordinated with Aig-Imokuede`s blessings, who received monetary compensation for allowing them use his bank.  

Former Access Bank employees confirmed story
Former employees of Access Bank, who were privy to the dealing, said that as soon as the funds were received at Access bank in Nigeria, Aig-Imokuede gave express passage to Ibori, who used an assortment of company vehicles to launder the cash. Some of the companies used include Brookes Aviation, E F Samuels, Ascot Offshore Nigeria Ltd, Econet and Cran Brasil Nominees Ltd.     

Access Bank shares! How Aig-Imokuede assisted Lucky Igbinedion
According to the Economic and Financial Crimes Commission (EFCC), Lucky Igbinedion converted Access Bank Plc, shares valued at $775, 000 (N120m) for his personal use. Our checks shows that Igbinedion purchased the shares of Access bank Plc, on behalf of Edo state at the rate of two naira (N2) per share, after the transaction, Edo state had sixty million shares of Access Bank shares, which represented five percent of total shares of Access Bank.    

As the value of the shares began to appreciate, Igbinedion with the active connivance of top management (Aig-Imokuede and Hebert Wigue) of Access bank, changed ownership of the shares from Edo state government to Igbinedion.  

Sources who did not want to be named, reveal that the proceeds from the illegal transfer of ownership of Access bank shares was split three ways between Igbinedion, Aig-Imokuede, Group Managing Director/CEO of Access bank, and Wigue, Group Deputy Managing Director of Access Bank.
Further checks reveal that for the three men, it was a winning situation. For Igbinedion, it meant more money to maintain his life style; while Aig-Imokuede and Wigue ensured their control of the bank was not encroached.  

Government brings full weight of the law
Societywatch gathered that since then the government has seized 11 choice properties owned by Igbinedion, while Ibori is facing charges of corruption and money laundering, and is likely get 15 years jail time in London.