by George Ozalla
Fresh and detailed allegations have surfaced against Access Bank Plc over an alleged 2002 boardroom action that the family of the late Paul Adedoyin Odunaiya claims led to the loss of shares, dividends and profits now valued at ₦494,913,658.35.
Petitions, correspondence and supporting documents obtained by journalists indicate that the dispute dates back to the early 2000s when Access Bank, then under the leadership of Aigboje Aig-Imokhuede, allegedly informed certain shareholders that a directive from the Central Bank of Nigeria required the surrender of their share certificates as part of a regulatory or restructuring process. The Odunaiya family maintains that the directive cited by the bank never existed.
According to the family, bank officials represented the instruction as mandatory, leaving them with little choice but to comply. They allege that upon surrendering their share certificates, the shares were subsequently absorbed, reassigned or cancelled within the bank’s records, effectively extinguishing their ownership stake. No replacement shares, dividends or compensation were paid to the estate, despite repeated follow-ups over the years.
The family’s claim details losses spanning more than two decades, covering unpaid dividends, bonus shares and capital appreciation that would have accrued as Access Bank expanded its operations, grew its balance sheet and recorded sustained profitability. Their calculation places the cumulative financial loss at nearly half a billion naira.
Documents referenced by the family include letters and internal communications which they say show that regulatory authority was repeatedly invoked to justify the action, creating the impression that compliance was unavoidable. They argue that this alleged misrepresentation disadvantaged ordinary shareholders while the bank and its insiders benefited from subsequent growth.
Over the same period, Access Bank transitioned from a relatively small financial institution into one of Nigeria’s leading banks, driven by aggressive expansion, mergers and improved market capitalization. The Odunaiya family contends that their disputed shares formed part of the capital base that supported this growth, yet the estate was excluded from all financial benefits.
As of the time of filing this report, Access Bank Plc has not issued a public response to the allegations, and Aigboje Aig-Imokhuede has also not commented on the claims. The Central Bank of Nigeria has not confirmed whether any directive requiring the surrender of share certificates was issued in relation to the matter.
The family is demanding full restitution, including the return of the original shares or their current market equivalent, alongside accumulated dividends, bonuses and other entitlements. They describe the matter as a clear test of corporate governance standards and shareholder protection within Nigeria’s banking system.
Access Bank Plc, founded in 1989, later became Access Bank Group following a series of mergers and acquisitions and now operates across several African countries and international markets, positioning the institution as one of Nigeria’s most prominent financial brands.
