King of Fraud: How Access Bank MD, Herbert Wigwe Allegedly Launders Money for Ambode

If there is one thing Access Bank Managing Director, Herbert Wigwe knows how to do best, it is arguably money laundering, as many of his activities have pointed towards this. The latest revelation is his involvement in allegedly laundering billions for former Lagos State Governor, Akinwunmi Ambode.

One may not be far from the truth to say Wigwe’s cup is full in money laundering business, and there should be no surprise if he is eventually convicted.

The good people of Lagos State under the aegis of Eko Heritage Group would also like to know, among other things, how the state’s commonwealth was diverted to private accounts in countries like Seychelles and Mauritius.

In this latest development, the Eko Heritage Group did not mention Wigwe directly as the chief launderer but his past toils towards that as his hands have been soiled already in the multi-million naira deal.

Many revelations are still to come as the group promises more details on the shady deals between Ambode and Wigwe.

This is not the first time that the cowboy of Access Bank will have his fingers burnt in fraud related cases. In 2016, Wigwe was arrested by the Economic and Financial Crimes Commission, EFCC, for allegedly helping former Minister of Petroleum Resources, Diezani Alison-Madueke, launder millions of dollars. It is therefore befuddling to Lagosians that against sustained dissuasion, Ambode still chose to do business with him.  

Also, the Special Fraud Unit (SFU) of the Nigeria Police Force, Milverton Ikoyi-Lagos, had made a N2.5billion fraud charge against Herbert Wigwe, Access Bank Plc, and two others before an Ogun State High Court, Sagamu. Therefore, thorough investigations are currently conducted to ascertain the volume and variety of businesses Ambode did with Wigwe’s Access Bank; why he was both a banker and a contractor to the state; whether the businesses went through due process and why Access Bank was the sole bank of the state for four years.

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