Access Bank MD, Aig-Imoukhuede, Not On Our Board But His Younger Relative Is, Says Indicted Oil Firm

Aig-Imoukhuede is one of President Goodluck Jonathan's closest friends
By Bassey Udo, Emmanuel Ogala and Idris Akinbanjo

Ice Energy says the Access Bank Managing Director is not probing own company but one in whose his brother has interest.

Abuja-based Ice Energy Petroleum Trading Company Limited on Monday rose in stout defence of Aigboje Aig-Imoukhuede, claiming the Access Bank Group Managing Director, is not superintending over the probe of his company with his assignment as Chairman, Special Committee on Subsidy Payment Verification and Reconciliation, but that of his younger relative.

PREMIUM TIMES had faulted President Goodluck Jonathan's appointment of Mr. Aig-Imoukhuede as Chairman of the special committee after receiving findings of searches conducted at the Corporate Affairs Commission (CAC) to unmask the faces of owners of companies indicted in the House of Representatives subsidy payments probe report.

The CAC finding had indicated  that Ice Energy, whose three-man Board of Directors has Aigbovbioise Aig-Imoukhuede as member, had links with the Access Bank boss, a development observers say raises conflict of interest issues about the role of the Chairman of the presidential committee in carrying out his mandate.
 

"Juniour relative" of Mr. Aig-Imoukhuede on Ice's board
Incensed by the report, Ice Energy, in a release by its Managing Director/Chief Executive Officer, Chuks Iroche, said the company, alleged by the Farouk Lawan Committee to have pocketed $2,131,166.32 in hard currency (about N345.3million)  in 2011 without supplying petroleum products, has no relationship whatsoever with the Access Bank boss, rather with his "junior relative", Aigbovbioise Aig-Imoukhuede.

"Aig-Imoukhuede on our Board is a younger relative of the CEO of Access Bank," Mr. Iroche said in his statement  Monday.

But even this disclosure has got critics arguing that heading a committee that is considering an issue in which his close relative's company has a case to answer  raises serious questions about the presidential committee chairman and his understanding of conflict of interest dilemma in assignments.

Available information at the CAC on the current ownership structure of Ice Energy shows that the younger Mr. Aig-Imoukhuede controls three million of the total nine million shares of the company as one of the three directors, and some sources believe he is still on the company's board as a proxy of the Access Bank's MD, a charge Ice Energy has denied.

Mr. Iroche, who also used the statement to absolve his company of any complicity in the alleged massive fraudulent activities by marketers in the fuel subsidy scam, said Ice Energy did not appear before the Farouk Lawan probe committee because no invitation was extended to it, contrary to claims by the committee that it flagrantly ignored same.

Similarly, he claimed that allegations by the former House Committee that his company collected huge foreign exchange for products not supplied as well as claims that Ice Energy benefitted from subsidy payments, were false, as the oil firm had written to the Petroleum Products Pricing Regulatory Agency (PPPRA) to cancel the importation allocation it received when it became obvious that it would not be able to meet the deadline set for product delivery.

Having been indicted by the Farouk-Lawan probe panel, Ice will have to explain this to the House of Representatives, anti-corruption agencies and presidential subsidy verification committte to clear its name.
Network of intrigues

The web of intrigues involving the two Aig-Imoukhuedes, who often answer to similar abreviations of their names as Aig Aig-Imoukhuede, is no less evident in another position held by the younger relative in another company, Marina Securities, whose links with Access Bank is so overtly undeniable.

Marina Securities is a Lagos-based stock-brokerage and portfolio management firm, with Paul Usoro, a Senior Advocate of Nigeria (SAN), as chairman of the Board and Aig Aig-Imoukhuede as director, Wealth Management.

Curiously, two other directors of the company, Idaere Ogan and Angela Jones, are all senior officials of Access Bank Plc.

While Mr. Ogan is a member of the Audit Committee of Access Bank, Ms Jones still works as General Manager in charge of Wealth Management in Access Bank, according to information available on the company's official website.

Despite the bold-face posturing of the Ice Energy management, Mr. Aigboje Aig-Imoukhuede, the GMD of Access Bank, would still  preside in judgement over the activities of companies indicted in the fuel subsidy scam, including one belonging to his "younger relative", except the president thinks otherwise.

It is not clear if Mr. Aig-Imoukhuede availed both the Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, and President Jonathan the full disclosure of his knowledge of the involvement of his "younger relative" in the ownership of Ice Energy before he accepted the appointment as head of the presidential verification and reconciliation committee.

Public officials and bank chiefs in Nigeria often sit on boards of several companies using fronts or proxies, tapping their connections to facilitate businesses for the firms.

SOURCE: PREMIUM TIMES

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COMMENT ON AIUGBOJE AIG IMOUKHUEDE

I MET MR IMOUKHUEDE BRIEFLY AT AN INVESTORS' FORUM ORGANIZED BY THE ACCESS BANK GROUP /DEUTSCHE BANK AT THE METROPOLITAN CLUB, VICTORIA ISLAND IN 2008
HE STRUCK ME AS AN UNASSUMING PROFESSIONAL BANKER WITH BRIGHT PROSPECTS
PLEASE IGNORE THE PULL HIM DOWN ATTEMPT BY A PERSON WHO CAN NOT BE IDENTIFIED
THE GENTLEMAN NEEDS ALL THE SUPPORT AND ENCOURAGEMENT OF WELL MEANING NIGERIA
NS

DAPO SHOGBOLA
LAGOS, NIGERIA
TEL: 070 33 44 56 78

Aig is a fraud

the other directors who are staff of Access Bank should be asked how they get to those position, am sure Aig's company has also benefited from this subsidy thing too.

This is a mega corrupt contraption. May God help us.

Aig has successful sold jonathan a dummy or better still they are all in it.

God will punish them all, relative my foot

ACESS BANK MD

Excuse, me can someone explain what conflict of interest means??? Even if it is his relation, it is still a conflict of interest anyway you look at it.
How is it that this explanation has only arisen after Mr Ifeanyi Ubah has started to talk.
My brothers and sisters, there is a lot of truth to what Mr Ubah is saying. Although it is said that HE WHO COMES TO EQUITY MUST COME WITH CLEAN HANDS, we are ready to forgive Mr Ubah if he helps to expose all the nefarious activities of the so called elite. This is just a tip of the ice-berg!!!
YOU BE THIEF, I NO BE THIEF, YOU BE ROBBER I NO BE ROBBER... ARGUMENT ARGUMENT ARGUE..... LONG LIVE MY BROS FELA KUTI

Does anyone have any

Does anyone have any information about a guy called Wole Ogunjobi rumoured to be one of the most influential people in the Nigerian oil and gas sector? Gist is that this man makes a huge fortune acting as an agent for foreign companies and has strong ties to 3 ex-presidents and secretly owns major stakes in a number of companies. They say he's preparing to run for office. Or is he just a myth?

Which younger brother?

Where is that invisible younger brother that nobody knows. Is he a spirit? We want to meet/see him.
Let's stop all this beating about the bush. He is a shareholder with them. Or the so called younger brother should come out boldly and save his elder If he love him.

The business and the banking

The business and the banking environment have never been more challenging than now. Apparently some people think they can play with the system. I can only say that you can never forget the benefits of your account, once you have that nothing else can affect you.

Nigeria the corruption machine.

If I wanted to make tons of illegal money, I would be in Nigeria. I know enough people. lol. Ngozi and that her mouthing innocent self. Why was Aig appointed in the first place? Why Aig? Thank God we are no longer in a jungle (as human beings). Thank God for the law.

Another Committee

Of course, this is CONFLICT OF. INTEREST of the first order. Just wnder how the Presidency did not see this while setting up the committee. However, what really bothers me about the committee goes beyond its leadership. Take a look at the membership, and you will see the same heavily indicted organisations - NNPC, PPPRA, Office of the Accountant General of the Federation, etc. Is the Presidency really serious about tackling this matter? Tunde Ilevbare

You are the moron

U r the most foolish person on this strap. How do u think d guy would turn down such an appointment? U r now blaming the man for accepting an appointment cos u can't use ur senses. Who is to blame? Is it the so called president who doesn't know he should do a grassroot investigation of the guy before giving him d appointment to probe people? Did he bother to even ask d guy if he was related to the board member of Ice energy cos their surnames are so glaring and it is not as if the surname is even a common one. So u r trying to tell me it did not occur to the president to check if these men have anything in common. It is only a dull idiot like u that will blame the guy for accepting the appointment dunce.Mtcheeew!

You are the moron

U r the most foolish person on this strap. How do u think d guy would turn down such an appointment? U r now blaming the man for accepting an appointment cos u can't use ur senses. Who is to blame? Is it the so called president who doesn't know he should do a grassroot investigation of the guy before giving him d appointment to probe people? Did he bother to even ask d guy if he was related to the board member of Ice energy cos their surnames are so glaring and it is not as if the surname is even a common one. So u r trying to tell me it did not occur to the president to check if these men have anything in common. It is only a dull idiot like u that will blame the guy for accepting the appointment dunce.Mtcheeew!

You are the moron

U r the most foolish person on this strap. How do u think d guy would turn down such an appointment? U r now blaming the man for accepting an appointment cos u can't use ur senses. Who is to blame? Is it the so called president who doesn't know he should do a grassroot investigation of the guy before giving him d appointment to probe people? Did he bother to even ask d guy if he was related to the board member of Ice energy cos their surnames are so glaring and it is not as if the surname is even a common one. So u r trying to tell me it did not occur to the president to check if these men have anything in common. It is only a dull idiot like u that will blame the guy for accepting the appointment dunce.Mtcheeew!

What shame do you speak of???

What shame do you speak of??? You must be dreaming... Not everyone is that fake pastor come banker of Intercontinetal bank abeg. AIG is a great man and that will NEVER change. Now go and drink water.

The Death of Conscience

@ josh darajo, chuks nnami & et al

I hope you got paid for the mentally myopic views you dared to utter here. I am very sure you cannot repeat it out loud anywhere, xcept of course where retarded people like you meet.

Ice Energy have said that the Aig on their board is a relative (of whatever level) of the Aig doing the probe. Does your conscience, if you have any, not prick you that the Aig probing should not be involved at all in a matter where his relative is involved? This is not about Ice Energy being guilty or innocent. Its about ethics, and due process, and fairness!

SO what exactly have the Media done wrong? If they had not told us, would we even know that they're related and as such Access Aig's involvement is wrong?

Typical of our time; people either think through their anus or throw away self respect and reason for a price. Your children will judge you.

Why so Gullible?

I am amazed that we truly don't see the masked agenda behind this poor piece of reporting by Sahara Reporters. I wont be surprised if this was another scheme/tool/plot to discredit what might be the most credible (with substantial evidence) report to uncover the subsidy scam. Again they leverage our thirst for justice to derail our logical reasoning. Not to take aig's side but if you found your brother guilty of a crime, would you expose him??? guess what Aig did and in the document i saw in TheWill yesterday, Ice Energy clearly didnt get the funds as attested by Union Bank...Common people you are being played again by the master puppeteers, pulling your strings with a piece of lazy journalism and you fall for it already. God help us.

Common!

You guys are too shallow too unintelligent to see the truth even after the explanation has been made. Aigboje has nothing to do with the company and the company has explained that they did not benefit, showing proof. What else do you want.

Fuel subsidy is Jonathan's June 12

IBB's nemesis was June, 12; Abacha's June 12 was Saro Wiwa; Obj's June 12 were the May, 2007 elections; and Jonathan's June 12 is the $6.4 bn fuel subsidy fraud.

We can change if...

We can change, if we change our perception.. www.nigerianpro.com

EXCUSE ME. IT IS STILL CALLED CONFLICT OF INTEREST MORONS

HOW ON EARTH CAN YOU CONDUCT AN OBJECTIVE INVESTIGATION WHEN YOUR BROTHER IS INVOLVED IN THE SCANDAL? HE SHOULD HAVE INFORMED THE PRESIDENT AND DECLINED TO BE A MEMBER OF THAT COMMITTEE. THIS IS THE WISE DECISION ANY SINCERE PERSON WOULD HAVE MADE. RATHER, HE ACCEPTED THE DAMN APPOINTMENT, BECAUSE IT IS ALL ABOUT HIS EGO TO BE A STUPID CHAIRMAN. THEREFORE, MAKING A FOOL OUT OF THE PRESIDENT. WHAT AN EMPTY SUIT?

www.gistyinka.com

As the reforms agenda of the the CBN over the Nigeria banking sector that affect some notable bank before such as oceanic bank and intercontinental bank and BANK PHB...have come and gone ,but now here are some strong financial bank in Nigeria who still make the top 1000 list of the banking sector in the world..before oceanic bank and intercontinental bank make the list of the 1000 best bank in the world before have merge now,the list of the best bank by financial settlement was compiled by the The Banker magazine, a publication of the Financial Times of London.

http://www.gistyinka.com/2012/07/tiop-7-banks-in-nigeria-listed-among.html

Rubbish!

Here we go again! Dumb report! Instead of accepting their gaffe, Saharareporters and Premium Times have decided to continue to celebrate their ignorance. Why should they report a shallow story in the first place? This is really absurd! i have a feeling that this is an attempt by the cabal to cast doubt on the good job being done by the committee!

HOW DO YOU FOLKS REASON?

@Anonymous, go and talk to many people in Oghara, they would tell you that Onanefe Ibori is an angel who could not stoop to such low levels.
On Aig Imonkhuede, how come you folks can't see CONFLICT OF INTEREST here? Whether is his "junior brother" or "junior relative" it is the same thing, C of I. How could Aig Imoukhuede honestly probe an entity headed by his relative? Jonathan is actually asking Aig to probe himself. Everytime I read comments from you folks, it reinforces my believe that a people gets a government that is just like the people. You all will remain in the wilderness for a long time.
Ka Chineke mezie okwu!

tell us ur NAME

@mr Anonymous tell us ur name. This is ABRAHAM AS A FATHER.
Igbos said 'A child who's father is d judge can not go to jail'
no matter how innocent d father is'''

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All lies..And more lies

Junior relative! What sort of relative(no pun intended) description is that? What happened to definitive terms like brother, cousin, nephew? Whatever the relations, Imokhuede should hve declared a conflict of interest and recused himself from being sitting as a chair or member of this ruse of a community. Hmmmm! Only in a corrupt society like Nigeria will things like this be conceived, much less even happen!
Nigerians have so excused and sweetened corruption that it no longer has an offensive smell in Nigeria.
We have to rise up in defense of a just society, or else we are all doomed!

Naija I hail thee

Naija I hail thee the land full of corruption , web of lies intertwined with religious and political bigotry .

www.gamugaza.blogspot.com

Who is decieving who ?

Nigerians please don't dull its the same person jooor .... I think the questions is that why is he even on the board in the 1st place and where did these guys make their money from ...
How could they have even acquired the Large and great intercontinental bank in the 1st place ?

God help us all

In a saner clime, Premium

In a saner clime, Premium Times ought to come out and apologise to Nigerians for insulting their intelligence. Investigative journalism is now a means of blackmail and being hawked for the highest bidder. This is quite unfortunate!

CONFLICT OF INTEREST

HIS BROTHER MAKES IT TO BE AN ISSUE OF CONFLICT OF INTEREST. HE SHOULD HONORABLY STEP THE FUCK DOWN.CAN YOU PROBE FAMILY? WHY ARE WE LIKE THIS IN NIGERIA.IN SANER CLIMES,HE WOULD REJECT THE APPOINTMENT.THE SHAMELESS CHUKS IROCHE HAS THE NERVE TO SAY IT IS AIG'S BROTHER. THIS CHICKEN WILL SURELY COME HOME TO ROOST.

Typical

This is so Nigerian.....leaving the inmates in charge of the asylum. Clear conflict of interest....what a sham!

Believe everything you read?

Innocent until proven guilty! Aigboje Aig-Imoukhuede is a man of high prestige and is not perceived to stoop to such low levels. I do not believe he is capable of such an act. And neither should anyone else. I mean since when did the media start telling the full truth?