Governor Alex Otti’s transactional relationships — The untold Access Bank saga | #NwokeukwuMascot

 Opinion 

Governor Alex Otti and Transactional Relationships: The Access Bank Example By Ucheoma Uchendu | #NwokeukwuMascot

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A transactional relationship is defined by mutual exchanges where each party expects something in return. It embodies the essence of give and take, often with an implicit quid pro quo.

Relationships, including friendships, naturally evolve and mature over time. Individuals often invest in these connections even when immediate benefits are not apparent or anticipated.

However, our Governor appears to be driven solely by transactional motives. His banking background seems to influence the way he navigates relationships.

Currently, he has neglected and forgotten those who fought for him during the last election. Instead, he is preoccupied with forging new friendships, having discarded the old allies who sacrificed for his success. This raises concerns about the lack of significant stakeholders who have consistently supported Governor Otti from 2014 to the present, aside from a few who continue to seek his assistance.

The latest casualty in this scenario is Access Bank Plc. Herbert Wigwe, before his untimely death, enjoyed a close relationship with the Abia Governor, who supported his ambitions. Governor Otti's tribute to Herbert and his family was heartfelt and widely circulated.

However, it now appears that the relationship was primarily driven by account benefits, as recent events suggest. The transfer of the FAAC and VAT accounts from United Bank for Africa (UBA) to Access Bank was already in progress before Herbert's tragic passing. 

Previously, loan takeovers had been approved for Zenith and UBA, given Abia State's indebtedness to these banks.

Adding to that, Letters to the Federal Ministry of Finance and the Debt Management Office (DMO) had been sent, and a contractor finance scheme had been approved, with contractors such as Craneburg Construction Ltd anticipating the eventual transfer of the FAAC account to Access Bank before the helicopter crash that claimed Herbert's life.

Access Bank had been designated as the clearing bank for all cheques and drafts of Signature Bank, adding further incentives to the arrangement.

Tragically, Herbert's death halted these plans, leaving Access Bank as merely the lead bank for Internally Generated Revenue (IGR), primarily to assist in repaying loans guaranteed by the state to various contractors.

Given the close relationship that existed, one would have expected the account transfer process to be completed, fulfilling Herbert's last wishes. Unfortunately, it seems that those driven by capitalist motives often prefer old alliances over new ones.

The movement of accounts to Access Bank was abruptly canceled following Herbert Wigwe's passing.

Amid earlier allegations by Gov Otti that UBA and Union Bank colluded to misappropriate Abia funds through false entries and compromises during former Governor Ikpeazu's administration, it was surprising that Abia State would continue its relationship with these two banks, especially given Governor Otti's initial denunciations of them.

Despite these claims, UBA and Union Bank have maintained their roles as the official banks for FAAC and JAAC, while Signature Bank has emerged as the value chain bank in Abia. It is noteworthy that Governor Otti has a vested interest in Signature Bank, as the founder, which today serves as the quasi-official bank of Abia State. This raises serious questions about conflicts of interest.

We now see that personal interests often overshadow the rhetoric surrounding integrity and the fight against corruption.Let us hope to be around to witness the outcomes of these dealings, as people’s motivations can shift with changing circumstances. Herbert, Access Bank will undoubtedly miss you.

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