Imoukhuede, younger relative of the Access Bank GMD, also sits on the board of another company, Marina Securities.The younger Aig-Imoukhuede is a co-owner of Ice Energy Petroleum Trading CompanyLimited which was also indicted by the Lower House. Another company owned by Mr. Omokore, Ceoti International Limited, defaulted in itstax payment, the House committee discovered.
Spog Petrochemicals which was alleged in a petition to the Attorney General of theFederation in 2011 to have imported 3000 metric tones of petrol despite receivingsubsidy for 13,000 metric tonnes early 2011, came highly recommended by Mr. Aig-
Imoukhuede’s Access Bank.
In a letter addressed to the executive secretary of PPPRA, dated May 31, 2011 andsigned by Tope Ogunfusika and Ojeifoh Okosun, Access Bank stated that it had had agreat relationship with Spog since 2006.
“We recommend the company (Spog) as being suitable for normal businessengagements with your company (PPPRA),” the bank told PPPRA, in order to
strengthen the company's application to participate in the subsidy regime.PREMIUM TIMES learnt that that letter helped shore-up the image of Spog which atthat time was almost blacklisted by PPPRA over suspicion of underhand dealings.
Access Bank made no reports
Investigations show that Access Bank, into whose accounts the Federal Governmentpaid about 40 per cent of the N2trillion subsidy, never reported any marketer either tothe CBN or the PPPRA for underhand dealings.
“The bank was just interested in its money. As long as the marketers could get the
even through subsidy, we (Access Bank) didn’t see a reason to report them tothe CBN. Though we knew many of them were not selling any products,” our source
stated. Access wouldn't comment on its role in the subsidy regime. Our reporter triedconsistently for a week to get the bank's reactions to the facts at our disposal. Itsspokesperson, Segun Fafore, demanded an email enquiry on Thursday last week. ByThursday evening, Mr. Fafore, after receiving our emailed enquiry, called to say that thebank would respond to our enquiry on Friday. After failing to respond on Friday aspromised, Mr. Fafore did not answer subsequent calls from our reporter.
Covering-up the banks