Access Bank MD, Aig-Imoukhuede, has "younger relative" on our board, says indicted oil firm

Abuja-based Ice Energy Petroleum Trading Company Limited on Monday admitted that  Aigboje Aig-Imoukhuede, the Access Bank Group Managing Director, has a family interest in the company.

It said although the chairman, Special Committee on Subsidy Payment Verification and Reconciliation is not personally on the board of the company, he has a younger relative, who holds three million shares and sits on the board of the firm.

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.

Junior relative of Mr. Aig-Imoukhuede on Ice’s board

Access Bank MD, Aig-Imoukhuede, has "younger relative" on our board, says indicted oil firm

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.




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  • Sikirat_76

    Obviously, you goofed in your original report. Instead of you to own up, you resorted to another mischief. Premium Times is becoming another saharareporters. It’s not good for your image.

  • Kenny Sammy

    The tragedy of your report is evident in the fact that you neither contacted the “accused” nor other persons that you maligned. It is all the more tragic when you realize the damage your report is trying to inflict as it is being reproduced and circulated all over the internet. It is regrettable that in your haste to destroy others, you failed to obey two basic principles of investigative journalism, which are: crosscheck your facts and listen to all sides to the story. The most honorable thing was to retract the story. It may injure your professional ego, but you will do it if you truly believe in the virtues that you preach.

  • Efe1982

    Should Premium Reporters, Bassey Udo, Emmanuel Ogala and Idris Akinbanjo, be allowed to report stories in which their “younger relatives” are involved? Should Jonathan be allowed to be president in a country where his family lives?

    • Iffy

      Does it make sense to you that a brother is being asked to probe a brother? Please answer this. It is a simple objectivity test.

  • Premiumtimes should be sued for every penny its worth (if any)…. Just yesterday you authoritatively confirmed ice energy was owned by access md…today you say otherwise yet add another ill-intentioned interpretation. It never gets better with you guys. Bunch of useless, attention seeking journos, mis informing the public on a daily basis. Nothing from you guys should be trusted ever. #shame shame shame…

    • Akpabio

      Mr. Gbamila, why are you running away from a simple issue? Imagine a scenario. You are alleged to be involved in a fraud. And your brother or sister has been asked to probe you. You may be happy about that. But what is the objectivity in that? Answer. it is a straight question.

  • Tunde

    You guys are obviously another Sahara Reporters in the making. Rather than own up to your error, you’re desperately trying to justify it. Stop bringing the noble profession of journalism into disrepute!

  • Amazed

    All you guys are dumb. I’m very familiar with this family. The younger brother is a front for the ACCESS BANK GMD in Ice Energy, Marina Securities. Who are they deceiving? Why must the banker be a judge in his brother’s case. That is a clear conflict of interest. Did he disclose that?

    • naubiko

      But is it not the job of the president to vet him before appointing the man in the first place ?Jonathan according to Balarabe Musa is confused and inept.This is another display of Dumboism.

  • Busaman

    I should know, and I’m telling you ICE largely belongs to the Access bank man. but he is a clever guy. as bank md, he cannot be on the board of any company that’s not part of the bank. Yet he has his hands in many pies. He has many fronts in several companies.

  • Michael Ijere

    This Elrufai sponsored online paper had better be careful, not everyone will take slander lightly , why can’t there be two brothers sucessfully involved in business ? Why can’t you seek to verify a story before publication? We do not need junk journalists

    • SamsonIfeajuna

      That is not the issue. The issue is one brother has been asked to probe the other one. Okay? That is the issue. It is important that you address that and do not dodge it.

  • Ayodelealiyu

    The statement from Ice Energy does not make the elder of the two brothers suitable for the appointment. It is a clear case of conflict of interest.

  • Ibraheem_aliu

    The real question is: did Ice Energy benefit from subsidy? Did they do any wrong? If the answer is no, of what use is the argument over relatives or no relatives?

  • Relativitytheory

    The moral of this story is that your relatives must never go into business because one day your paths may cross. Therefore, once you are working (and making it to the top), your relatives must resign and sit down at home. If not, Premium Times will come after you. Lol.

    • Adenikeomobello

      be like so them be o

    • ChukwudiAchebe

      The moral of the story is that when a brother takes on a public job to probe another brother the former MUST make FULL DISCLOSURES of his PRIVATE and PUBLIC interests. It is immoral and unethical for a brother to be probing anrother and hiding it in collusioion with the presidency. Did Mr. Aig of Access tell Dr. Iweala and President Jonathan about a possible conflict of interest when he was asked to probe a scandal his “brother’s” company is allegedly involved in? You need to respond to this. That is the moral of the story. The universal practice is that you do not probe a case if you have the slightest conflict of interest. Finally, take this scenario. Someone Mr. X is accused of raping Ms. Y. Mr. Z is the brother of X. Mr. Z is asked to probe the case. Mr. Z knows that he is a brother to Mr. X yet he Mr. Z did NOT DISCLOSE it to the public. So what is Mr. Z up to? Mr. Relativity theory, that is the REAL MORAL issue. Okay?

  • M

    Any credible person would have informed President Jonathan of the potential conflict of interest in the appointment. He probably thought he could get away with it to be quite frank. Lack of “Integrity” is the key word in the unfolding events.

    Having your brother front for you clearly shows the depts of a deceitful chap, having deceived Access Bank management all these years. Can he categorically claim that his brother funded Ice Energy Ltd as a startup company from his own pocket?

    Nigerian stood speechless at the list of seized assets from the other jailed Bank MD (Ibru) with hundreds of homes worldwide. This Aig-Imoukhuede has learnt very fast by creating fronts to hold his loot.

    I can see all the hangers-on from the gravy train are castigating Premium Times (PT) for investigating and revealing the secret. PT has presented us with raw facts. If your greatest defence is that Ice Energy director is ONLY “Aig-Imoukhuede’s Blood Brother”, then Nigerians REALLY DESERVES THE LEADERS IT CURRENTLY GETS.

    My consolation with your ODD train of thoughts are that…even “Hitler had he’s own supporters”.

    Looter Republic.

    • Access Profile Lock

      Very obvious M. you could at least pretend not to work for them. Clear intent to pull down the credibility of the subsidy report right???

      • M

        @ Access Profile Lock

        I am blogging from the UK, so your insinuation of “Working for Them” theory is completely laughable. Who are these imaginary “Them” people you so mystically refer to?

        Secondly, what has Subsidy Report got to do with anything? This Aig-Imoukhuede Committee has been constituted to investigate a clear POLICE MATTER. Lawan has admitted bribery guilt, Odetola has evidence of the encounter. Why appoint another committee about a spin-off criminal issue from Subsidy Report?

        Don’t even count on this Subsidy Report produced by a pack of “Compromised Lawmakers” be taken serious by President Jonathan. There is no honour amongst Thieves! Even this so called “Report” should have already been investigated and charges made by the police. Lawmakers moonlighting as “Criminal Judges” is absurd at best.

        The UK and the rest of the world are having a big laugh at Nigeria right now. Our last hope of restoring the country is based on a subsidy report produced by shady parlimentary characters. That alone discredits the report completely if constituted in an ACCOUNTABLE NATION. How can a “Whore Give Lessons On Morality?” That is what this subsidy report amounts to.

        Every committee the government sets up ends up being led by compromised characters. If you had elected credible people into government house last year, we wouldn’t be in this position today.


    • Adenikeomobello

      i find your comments quite subjective and utterly conclusive especially as you do not have facts to support or incline your position.
      and except you have you facts proven beyond doubts, i do not think you are in a moral position to castigate anyone. Besides, how do we know you are not dancing to the gallery

      • ChukwudiAchebe

        Adenikeomobello, Now take this scenario. I gave it earlier to Mr. Relativity theory. But I wil change the symbols slightly Someone Mr. X is accused of raping Ms. Adenikeomobello’s daughter. Mr. Z is the brother of X. Mr. Z is asked to be the judge in the case. Mr. Z knows that he is a brother to Mr. X yet he Mr. Z did NOT DISCLOSE it to the public nor to the court., nor to Ms. Adenikeomobello’s lawyers. So what is Mr. Z up to? What will Ms adenikeomobello do? , Does Ms. Adenikeomobello think she can get justice from the judge Mr. Z if she knew before Mr. Z starts the case? And if Ms Adenikeomobello and her lawyers suddenly know in the middle of the proceeding what will they do? Answer this straight. I am putting this ON YOUR FACE since many of us pretend a LOT. Now answer .

  • Abdulhakeem1

    Premium Times and Sahareporters should just accept this gaffe instead of this bold face report. It is clear that the report is just an handiwork of the cabal to rubbish the report of the committee.


    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!

    • MichaelDamisi

      So when a brother is being asked to probe his sibling in an alleged case of robbing Nigeria, we should keep quiet.? What kind of person are you Josh?

    • ShehuMusa

      Josh, do you remember what President Jonathan said when he was asked to disclose his assets publicly? Now I can see why he said it is not right for him to disclose these assets publicly because if he did every other person will have to do the same. In other words, I keep stuff with my aides, and they will be asked to disclose these assets. See? So access bank md does not have interest in Ice, but his brother does hmmhmm and he is being asked to probe his brother hmmmhmm hm and that is fair . This is the reason the world WILL NEVER TRUST the sense of justice of any nigerian abroad-period.

  • Lucy

    this report on Aig Imoukhaede is so funny as Nigerians we do not want to be distracted, they have to get their facts right, i have noticed that in this our country when people are going down the tend to drag innocent people along. I think Aig is innocent of all theses allegations

    • Nancy

      Look Lucy, let me tell you this. And I will deliberately bring western societies in here. Why? This is where members of our ruling class and middle class run to for safety and where they send their children to for education. In western societies, and I live in Europe, there is what is called :PUBLIC DISCLOSURES AND PUBLIC DISCLAIMER. Okay? What does this mean? Whenever you decide to take a job that has public trust in it like Mr Aig has done(heading a probe panel) YOU MUST DISCLOSE ALL YOUR INTERESTS INCLUDING CONNECTIONS YOU MAY HAVE WITH YOUR RELATIVES WHO HOLD VISIBLE PUBLIC AND PRIVATE POSTS. Do you understand? Did Mr Aig do this? Is he not part of the Nigerian middle class that junket to western societies and in and out of Nigeria? So he and his presidency friends MUST know what they ought to do. Why did he not DISCLOSE ALL THESE TO THE PRESIDENCY? So whether Ice is guilty or not, and whether Mr. Aig is innocent or not, IT IS UNETHICAL AND IMMORAL for Mr. Aig to know that ‘his brother” sits on the board of the company he is probing yet he never disclosed this or he disclosed this, but the presidency said “go on “!!! Either way, we are dealing with questionable middle class people.

  • Lookhere23

    Very confusing stroy! We need to look at the committee’s report on its merit! Have they acted professionally? Have they carried out their assignment with due diligence? The answer I believe is YES! The committee is not about the Access Bank MD. There exist men and women who are competent and have integrity on that committee!

    • M

      Who? Where? They all got into politics to get rich! Are you going to stop them meeting their TARGET? There is NO HONOUR AMONGST THIEVES!!!!!!!!!!

  • Kalu Ojo

    they should leave Access Bank MD and face their lives all these is so irritating lets be real

    • Nduka

      No Nigerians cannot leave this alone. The access bank MD has ben asked to probe his sibling among other accused. Why do you want us to just go and sleep.? The best thing is for President Jonathan to change the head of the so-called panel -remove the acesss band MD and put another person there. It is that simple.

  • Abdul

    If not for the fact that I know the keyboards some arguments here are typed from, one may tend to believe all Nigerians are daft.

    • Innocent

      Which of the arguments are you referring to? How do you mean? Can you explain more?

      • Correctman

        Guys, Premium Times should be ready to face the consequences of thier inepitude and stupidity. The first report and the one after are clear indications of attempts by the promoters of this platform to rubbish the Aig-Imoukhuede report laying on the Presodent’s table for activation. As professionals, let you cabal sponsors know that the train has left the station and too late for them to act. They will face the consequences of their corrupt practices. I mean, they will be the much awaited examples of corrupt individuals facing the wrath of the Law. President Jona, let them pay the price for this. Mr. Aig well done and thank you for exposing the oil theives!

        • Chairman

          Ha! ha! ha! una don come again! why cant we appreciate sincereity and dedication in this country? nation building is a demanding and huge sacrifice! Aig has consistently made this to the nation and he is unfortunately slandered each time! what is the matter with people, especially thsi faceless diasppora online platforms? Sahara Reporters, Huhu Oline, Street Journal and Elendure Report, The Will etc?
          Like the slaves, freedom usually becomes an underserved privilege; such is the concept of freedom of press to these imbecilic pen men one of whom pedigree at the then University of Lagos clearly showed can never be sincere and honest. We know his role as a cultist and why he was injected with poisonous substance. Well, that is for another day but sincerely you guys are dirty liars and fabricator of falsehood. You collect bribe here and there yet you go about deceiveing people. The cabal will ay for this, you cant salvage the situation.Please return their money! Nigerians are now clever.
          lIKE THE

          • DanMusa

            Mr. Chairman, can answer a simple question: Should Mr. Aig be asked to probe Mr. Aig? This is a straight ethical question. So answer to this and do not muddle issues.

        • Amina

          So Mr. Aig should probe his brother. eh? No wonder the benin Republic President beat President Jonathan flat in the race to the African union Presidency. Carry Go Naija’s contribution to world ethics via Mr. Aig probing Mr Aig.

  • Michael

    i do not think this will be true with the way probe is going on this subsidy if Aig Imoukhuede is really involved in the Ice Energy company i do not think he will want to accept the appointment to avoid all this scandal. Personally i think he is innocent of the accusation

  • Joshnniker

    The committee assignment is never about the MD of Access bank. it is about doing a thorough job to expose those that milked this nation. I believe the committee have done that to the best of their ability. the committee is consist of highly respected individuals who understand the meaning of integrity.

  • Joshnniker

    The committee assignment is never about the MD of Access bank. it is about doing a thorough job to expose those that milked this nation. I believe the committee have done that to the best of their ability. the committee is consist of highly respected individuals who understand the meaning of integrity.

  • Joshnniker

    The committee assignment is never about the MD of Access bank. it is about doing a thorough job to expose those that milked this nation. I believe the committee have done that to the best of their ability. the committee is consist of highly respected individuals who understand the meaning of integrity.

  • Jafbawa

    Nigerian people will continue to take all bullshit and dubious act of our leaders,until a time when the people can’t no longer take it anymore.I am afraid of what would be the outcome of that day.

  • How does one contact the authors of this piece?

  • Kenny Sammy, according to the report, Abuja-based Ice Energy Petroleum Trading Company Limited on Monday admitted that Aigboje Aig-Imoukhuede, the Access Bank Group Managing Director, has a family interest in the company. What tragedy are you alluding to? If the company is said to have confirmed that in fact a relative of Aig-Imoukhuede Aigboje is in fact on the company’s board, and we are to believe that report, what tragedy are you referring to?