Home News Billion naira deal that crashed Access Bank

Billion naira deal that crashed Access Bank

by News Echo
1 minutes read

Clients and customers of Access Bank in Imo State are having it rough and hard in the past three weeks as the financial giant has been sealed by a federal high court in Owerri.

The summary of the matter one Hon. Ebigu Mike Ogechi from Uvuru in Aboh Mbaise Area executed projects awarded to his company in the Federal University of Technology Owerri.

After the second phase of the contract, going to the third phase, Ebigu, according to information made available to this newspaper, directed FUTO to make the project payment to one of his subsidiaries through a First Bank. FUTO complied accordingly. The subsidiary firm did more projects with FUTO and payments were made.

After sometime, Ebigu redirected FUTO to stop further payments to his subsidiary and pay to parent company and to Access Bank account. FUTO obeyed. Meanwhile, FUTO sued that it made some payments in error. Ebigu objected and insisted whether Company A or Company B, both were the same. As it turned out, the court ruled in favour of Ebigu who made about N1. 4bn damages claim which was awarded.

With that the bank remained sealed. Perhaps, Access Bank has appealed but all its customers are having it rough and hard in about three weeks all over Imo State.

Remember, the matter is still in court, and so, there are certain aspects of the case that must not be highlighted. This newspaper is compelled to report the above in performance of its social responsibilities to the society who have the right to know.

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