Embattled Director General Securities and Exchange Commission (SEC) Arunma Oteh, was Wednesday queries by the House of Representatives Ad-hoc Committee chaired by Hon. Ibrahim El-Sudi, for approving the Access Bank acquisition of Intercontinental Bank at the time both the Managing Director and Deputy Managing Director of Access Bank were indebted to Intercontinental Bank plc to the tune of N16 billion.
But the DG who was questioned for more than five hours claimed that she was not aware of the debt. “I was not aware that the MD and DMD of Access Bank were owning Intercontinental,” she responded.
The controversial decision to allow Access Bank acquire Intercontinental Bank has lately Ben brought back to the front pages with the arrest and questioning of both the interim Managing Director of Intercontinental, Alhaji Lai Alabi and Senator Bukola Saraki over debt over to the bank by Saraki but which was written off by Alabi.
Many questioned the deal that allowed Access to acquire the much bigger Intercontinental especially when both managing director and deputy managing director of Access were listed by thee Central Bank of Nigeria (CBN) as bit time debtors of Intercontinental.
The Ad-hoc committee also directed the DG to make details of why and how SEC under her leadership okayed the acquisition of other banks by the Union Bank, when it was owing about N8billion at the time of the transaction.