Access Bank, Intercontinental Bank, and the Forgotten Legacy of Ijesa Ownership: Unraveling a Takeover Story
By HeadlineNews.News Special Investigative Team. April 2025
Lagos, Nigeria – In a country where political power, corporate ambition, and historical revisionism often intersect, few stories illustrate the complex entanglement of finance, ethnicity, and influence as vividly as the little-known origins of Access Bank Nigeria.
Today, Access Bank stands as one of Nigeria’s largest financial institutions. But buried beneath its meteoric rise lies a tale of Ijesa enterprise, backdoor acquisitions, and the dismantling of what was once known as “the Ijesa Bank.”
At the center of this narrative is Chief Lawrence Abiodun Omole, the famed Ijesa industrialist and founder of International Breweries Plc, Ilesa, makers of the popular Trophy Lager Beer. Lesser known is the fact that in 1988, he and a group of Ijesa entrepreneurs secured the original banking license that would become Access Bank Nigeria Ltd.
The Ijesa Vision: Banking on Heritage
Chief Omole and his associates, including Chief Farodoye, a successful businessman with offices in Western House, Lagos, envisioned a bank run with the famed “Omoluabi” ethos of discipline, integrity, and thrift. For years, Access Bank operated as a modest but well-governed institution, echoing the legacy of other notable Ijesa businessmen like Da Rocha, S.B. Bakare, and Ajanaku.
However, the bank’s trajectory changed dramatically in the late 1990s and early 2000s. According to insider accounts, its original ownership structure was diluted through regulatory schemes and strategic share buyouts, allegedly enabled by top-level political maneuvering at the Central Bank of Nigeria (CBN).
The Takeover: From GTBank to Access Bank
In the early 2000s, Aigboje Aig-Imoukhuede and Herbert Wigwe, both then executive managers at Guaranty Trust Bank, orchestrated what some former shareholders describe as a hostile acquisition. The duo reportedly secured loans from Intercontinental Bank—a leading Yoruba-owned financial institution at the time—to purchase controlling shares in Access Bank.
Critics allege that this purchase was not only secretive but also conducted without adequate oversight. Ironically, Intercontinental Bank, which allegedly funded this acquisition, was later declared insolvent in 2009 under then-CBN Governor Sanusi Lamido Sanusi following a controversial “stress test.” No official probe was conducted into its credit portfolio.
Within months, Access Bank acquired Intercontinental Bank for N50 billion, despite its sprawling assets—350 branches across West Africa and Europe, and a large retail and investment banking footprint. Analysts have since described the deal as one of the cheapest corporate takeovers in Nigeria’s banking history.
The Collapse of the Ijesa Presence
Following the acquisition, nearly all Ijesa stakeholders and executives were removed, including Tokunbo Aromolaran, the last MD appointed by the original shareholders. Insiders allege that even low-level staff—security officers, clerks, and mid-management professionals of Ijesa descent—were systematically replaced.
Chief Farodoye, the founding partner, was said to have fled into exile in England, where he reportedly worked menial jobs to survive. Another original partner, Abiola Ojo, narrowly escaped an assassination attempt. The Ijesa legacy, it seemed, was not only erased—it was rewritten.
“It was like pirates hijacking a ship in the high sea,” one former shareholder remarked. “They changed the flags and rewrote the logs.”
Intercontinental Bank’s Fall: The Akingbola Ordeal
At the heart of the Access-IB saga is Dr. Erastus Akingbola, founder and former CEO of Intercontinental Bank Plc. Under his leadership, IB became a top-tier institution, with a reputation for strong yields, ethical banking, and regional expansion.
However, Akingbola’s political neutrality reportedly cost him dearly. In 2009, following the “stress test” led by Sanusi, IB was declared “distressed” without a forensic audit. The CBN swiftly removed Akingbola, imposed an interim management, and later facilitated the bank’s sale to Access Bank—ironically, its debtor.
“It was an orchestrated bank robbery dressed in regulatory clothing,” remarked a senior banking analyst who requested anonymity.
In a dramatic turn, Access Bank then assumed ownership of Intercontinental Bank—its creditor.
Karma, Comeback, and Court Victories
Years later, the fallout from the saga continues to unfold:
Dr. Akingbola, now 78, recently won a court judgment reclaiming 999c Danmole Street, the former IB headquarters, from Access Bank.
The EFCC returned multiple estates seized during the 2009 crackdown, located in Victoria Island, Lagos.
Meanwhile, Sanusi Lamido Sanusi has since been dethroned and exiled from the Kano Emirate.
Herbert Wigwe tragically passed away in 2024 in a helicopter crash en route to Las Vegas.
Aig-Imoukhuede, once hailed as a reformer, now reportedly suffers from vision complications and has receded from public financial leadership.
Conclusion: A Tale of Power, Loss, and Legacy
This story is more than a banking dispute—it is a chronicle of Yoruba enterprise, political intrusion, and the fragility of indigenous capital in Nigeria’s volatile financial landscape. It raises questions about how regulatory instruments can be weaponized, how regional pride can be undermined, and how justice, though delayed, still finds its voice.
“Bi iro ba lo logun odun, ododo a ba lojo” – “If a lie travels for twenty years, truth catches up with it in one day.”
As Access Bank moves into a new era, the question remains: will it acknowledge the roots it severed, or continue to wear the crown of a kingdom it quietly conquered?
Only time—and history—will tell.
Headlinenews.news Special Investigative Report
“Hijacked Heritage: The Untold Story of How Access Bank Was Taken from Its Ijesa Founders” – The National Patriots.
“From Ilesa to Lagos: The Rise and Fall of Yoruba-Owned Access Bank”- Tinubu Support Group.
“The Forgotten Founders: How Political Power Rewrote Access Bank’s Legacy”- House of Representatives Member.
“Banking on Injustice: How Access Bank and Intercontinental Were Stripped from Yoruba Control” – Former CBN Governor.
“The Corporate Coup: Inside the Takeover of Nigeria’s Indigenous Banking Giants”- Former Senator.
“When Power Replaces Ownership: Revisiting the Access-Intercontinental Bank Takeover”- Elder Statesman.
“Truth on Trial: Dr. Akingbola, Ijesa Entrepreneurs, and the Real Story of Access Bank” – Former Governor Osun State
“Yoruba Wealth, Lost and Reclaimed: What Really Happened to Intercontinental Bank?” – OsunTraditional Ruler
“Banking, Betrayal, and Redemption: The Ijesa Legacy in Nigeria’s Financial History” – Legal Luminary
“Access Bank’s Hidden Past: Justice, Karma, and the Erasure of Indigenous Ownership” – Prof. Adetokunbo
