Some minority shareholders of Access Holdings Plc have demanded the removal of the Group Chairman, Aigboje Aig-Imoukhuede.
The demand is based on the breaches of corporate governance and conflicts of interest following the death of the former chairman, Herbert Wigwe.
In a note on its 2025 half-year financial statements released on Friday, October 23, Access Holdings disclosed that the shareholders included a relative of the former chairman.
“In the second legal case (2025), following the letter dated March 29, 2025, from IPL, acting on behalf of certain minority shareholders of Access Holdings Plc, namely, Mr Iheanyi Wigwe (a parental relative and first cousin of the late Herbert Wigwe, CFR), Dr Donatus Ogu, Prof. Bond Anyaehie, and Mr Chukwuma Chukwurah, allegations were made regarding breaches of corporate governance and conflicts of interest involving Mr Paul Usoro, SAN, and Mr Aigboje Aig-Imoukhuede, FCIB.
“These allegations pertain to matters relating to the shares of the late Herbert Wigwe, CFR, and the conduct of Access Holdings Plc in connection with the rights issue undertaken following his death, as well as the administration of his estate.
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“In light of the foregoing, the minority shareholders have demanded the removal of Mr Aigboje Aig-Imoukhuede as Chairman of Access Holdings Plc and the suspension of Mr Paul Usoro, SAN, as Chairman of Access Bank Plc,” Access Holdings stated.
Pinnacle Daily reports that Aig-Imoukhuede returned as board chairman of Access Holdings in March this year, following the tragic death of Wigwe in February.
Wigwe, the former chairman, tragically passed away in a helicopter crash on February 9, 2024, at 57 years old.
The fatal accident occurred near Halloran Springs, California, killing him, his wife, Chizoba, their son, Chizi, and business associate, Abimbola Ogunbanjo, former chairman of the Nigerian Exchange Group (NGX).
The helicopter, identified as an Airbus EC130, was en route from Palm Springs, California, to Boulder City, Nevada, when it crashed under mysterious circumstances.
Meanwhile, as of December 30, 2024, Aig-Imoukhuede has a total of 4,998,212,144 units of Access Holdings shares. The same units of shares were reflected in the bank’s 2025 half-year result.
On his part, as of December 30, 2025, Wigwe held a total of 5,020,596,285 shares. His stake was, however, not mentioned in the half-year report.
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In its financial statements released on Friday, Access Holdings noted that in response to the said letter, its board of directors resolved that an external legal opinion be obtained.
“Pursuant to the legal opinion from the external solicitor, Access Holdings Plc engaged the services of Olaniwun Ajayi LP to commence legal proceedings against the named minority shareholders, seeking injunctive relief to restrain them from interfering with the management and operations of Access Holdings Plc.
“Management has assessed the potential financial impact of these claims, and, based on professional legal advice, it is not possible to reliably estimate the timing or amount of any potential outflow of resources that may arise from these legal proceedings,” it stated.
Consequently, no provision has been recognised in the financial statements as of the reporting date.
However, Access Holdings is a party to numerous legal actions arising out of its business operations.
According to the company, it is currently involved in two legal cases as a defendant.
The total amount claimed against the company is estimated at ₦1.05 trillion. It stood at N11.3 trillion as of December 2024.
“These claims are pending resolution, and as of the reporting date, the outcome is uncertain,” Access Holdings stated.
It, however, hinted that an N8.63 billion provision has been made as of June 30, 2025.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
