AIG Imoukhuede is eyeing CBN top job & planning for Herbert Wigwe to succeed him, fact are emerging on his fraudulent practices. Imoukhuede, swings his might like a tyrant and afflicts his peers and underlings like an enfant terrible tin-god; now everybody is talking about AIG Imoukhuede as the worst thing to ever happen to the financial institution.
That the MD of Access Bank is a cowboy is a known fact. However, recent incidents in the banking institution reveal even more emphatically, the amazing corruptibility and brazenness with which Imoukhuede holds sway atop the management of the bank. The Central Bank of Nigeria (CBN)’s recent investigation of the bank exposed Imoukhuede and all his dirty deals with his directors. Consequently, one of his directors was sacked but Imoukhuede emerged unscathed from the apex bank’s inquest into its banking practices.
In furtherance of its corporate governance compliance directive, the CBN addressed violations of its rule as it affects members of the board of the quoted financial institution.
Actions taken by the CBN includes the formal removal of Cosmas Maduka, Chairman of its board of credit committee and a N3 million fine against the bank for serially violating lending rules which put the bank and its shareholders at risk. Maduka had previously stepped aside as director of the bank in the wake of the controversy that surrounded a N34.4 billion loan he obtained from the bank to finance the importation of petrol in partnership with Ifeanyi Ubah, the Chief Executive Officer (CEO) of Capital Oil.
The CBN said Access Bank Plc. contravened its rule which barred banks from lending not more than 10 per cent of it’s paid up capital to directors or their institutions and affiliated companies – and goes to name two other directors of the bank who were granted such loans as Gbenga Oyebode and Tunde folawiyo.
Imoukhuede has however, been identified as the mastermind of the dirty deals that cost Maduka his membership of the bank’s board. However, in order to save his hide and guarantee the safety of his ambition to become the next governor of the CBN, Imoukhuede offered Maduka up as sacrificial lamb.
In pursuit of his dream, he has been very ruthless and quite desperate to the consternation of all. He takes expensive decisions and perpetrates schemes that stop short of destroying the lives and businesses of his victims. It could be recalled that Access Bank had earlier in the week, represented to the Nigerian stock exchange (NSE) that Cosmas Maduka has ‘retired’ from the board of the bank in compliance with the CBN code of corporate governance for banks that stipulated a maximum 12 year term without variation.
However, to the consternation and shock of Access Bank rank and file, Imoukhuede had orchestrated the removal and sanctioning of his bank in order to further his personal ambition.