Access Bank Plc has denied the fraud charges filed against it and its chief executive officer by the police alleging a ₦2.5 billion fraud.
The police special fraud unit had charged the bank, Herbert Wigwe, its CEO, alongside two others with 21 counts of conspiracy and stealing of 23,754.413 metric tonnes of steel billets allegedly belonging to BMCE Bank International Plc.
“Consequent upon the grant of the facilities, the Bank opened Form M and Letters of Credit to facilitate the importation of the billets for which the shipping documents were consigned to the Bank,” Access Bank said in the statement signed by its secretary, Sunday Ekwochi. “The Bank, in line with its duty to protect its depositors’ funds, reported the alleged crime to SFU which obtained a court order to take over the company’s business operations.
“The Receiver/Manager subsequently obtained a court order from the Federal High Court and sold the billets and distributed the proceeds amongst the beneficiary banks.”
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