No Plan to Remove Paul Usoro from Board—Access Bank

By Modupe Gbadeyanka

Last year, the Economic and Financial Crimes Commission (EFCC) dragged President of the Nigerian Bar Association (NBA), Mr Paul Usoro (SAN), before Justice Muslim Hassan of a Federal High Court sitting in Lagos for an alleged N1.4 billion fraud.

The anti-graft agency, which arraigned the respected lawyer on a 10-count charge, had claimed he converted and laundered the N1.4 billion in connivance with the Governor of Akwa Ibom State, Mr Udom Emmanuel.

According to the EFCC, Mr Usoro in connivance with others had conspired among themselves to commit the offence in 2015 “within the jurisdiction of this honourable court,” which it said was contrary to Section 18 (a) of the Money Laundering (Prohibition) Act, 2011.

However, the NBA chief had pleaded not guilty to the charges and was granted bail in the sum of N250 million.

Mr Usoro is a member of the board of Access Bank Plc and when his issues with the EFCC was ranging, there were speculations that he might be asked to leave the lender’s board to clear his name so as not to put the company in disrepute.

But Access Bank has said such will likely not happen because Mr Usoro’s case with the commission was mere allegations, which have not been proven.

Business Post reports that the Group Chief Executive of Access Bank, Mr Herbert Wigwe, gave this assertion while addressing analysts recently.

“I think the issue of Paul Usoro is a very simple issue and I don’t mind taking it here. If you need further information, it would be taken offline.

“There is clear evidence that there is no issue and our compliance guys have basically reviewed all the issues and the case with respect to Paul, who is presently the President of the Nigerian Bar Association, and we remain comfortable that it falls well within the guidelines and for him to remain on the board. So, there is no such issue (of removing him) and I don’t think the charges against him are things that we can say anything about at this particular point in time.

“If you basically speak to your lawyers, until such a time there is any conviction of any sort before issues can be taken. As you know Paul, he is a respectable gentleman, he is the President of the Nigerian Bar Association, which by any stretch of imagination represents a person of high integrity,” Mr Wigwe said during a conference call in Lagos monitored by Business Post.