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Access Bank Hunts Million Naira Debt From Muyiwa Bakare Days After Throwing Lavish 50th Birthday Party For Wife

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8 years ago

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The lives of some Nigerian millionaires and billionaires will resonate as one dismal lie from one end to the other, by the time Access Bank Plc completes its revenue recovery drive.

While this sad reality extends beyond the reaches of Access Bank, the pathetic case of Muyiwa Bakare and some other bank debtors has become hot gossip across the cubicles and halls of first generation banks and Nigeria’s high society circuits.

According to The Capital, Bakare, who is the son of a former billionaire auto magnate, Chief S. O Bakare, founder of Oluwalogbon Motors, and also the former MD of the moribund Metropolitan bank, is currently indebted to Access Bank in several millions and this has incited the dissatisfaction of the bank’s management led by meticulous banking Czar, Herbert Wigwe.

The latter has reportedly embarked on a debt recovery scheme as part of his drive to recover outstanding debts from the bank’s chronic debtors.

It is interesting to know that Bakare is simply one of many debtors of Access Bank whose outrageous debts may put the bank in precarious financial situation if the bank’s management does not recover loans owed by them by year’s end.

At the backdrop of Access Bank’s debt recovery drive, pundits note that Skye Bank may need to initiate a similar scheme to recover debts owed it by debtors such as Festus Fadeyi, Pan Ocean Corporation boss, who allegedly owes the bank N196 billion.

Besides Access Bank and Skye Bank, several other new generation banks are doing battle to recover outrageous debts owed them by career debtors.

The latter despite their disgraceful insolvency and indebtedness in billions, continually parade themselves as Lagos big boys and sophisticated members of Nigeria’s high society.

In reality, they are chronic debtors and poor managers of wealth who have gone bankrupt, argued a highly placed source in one of the banks affected by their debts.

Interestingly, however, you couldn’t have forgotten so soon the Bakare’s expensive 50th birthday shindig for his wife recently.

The party was allegedly borne of his desperation to save face and make the world believe that even though Access Bank aggressively seeks to recover debts owed it by him, he is still rock solid.

Further findings substantiated the fact that for Muyiwa, the birthday celebration goes beyond just celebrating his wife; it presented a platform and opportunity to keep up appearances.

An alumnus of California State University in Northridge California, Warwick Business School and Lagos Business School, not even his education and exposure and privileged background could save his bank from going under then. And so went his cash cow too.

Several friends gave up on him and business associates deserted him but he was blessed to still have the likes of Saraki and Access Bank MD, Herbert Wigwe, in his corner.

The CBN governor, Godwin Emefiele, contended that the intervention became inevitable in view of the bank’s liquidity and non-performing loan ratios which had been below and above the required thresholds respectively for a while.

 

 

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Business

FirstBank Partners Eko Hotels & KEY Academy for ChessMasters 2026 Tournament

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8 hours ago

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April 9, 2026

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

FirstBank Partners Eko Hotels & KEY Academy for ChessMasters 2026 Tournament

 

Lagos, 30 March 2025 – FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, has announced its strategic sponsorship of the second edition of ChessMasters, Africa’s largest school chess tournament. The announcement was made at the official press conference of the tournament held on 16 March 2026 at Eko Hotels and Suites, Lagos.

 

ChessMasters is an annual chess tournament designed to equip the next generation with critical thinking, problem-solving, and leadership skills. The competition targets children in primary school aged between 6 and 11 years old. Organised by Eko Hotels and Suites & KEY Academy , ChessMasters was created to provide thousands of children across Nigeria with opportunities to develop modern educational skills, bringing schools together on a national stage.

 

Speaking at the press conference, Olayinka Ijabiyi, Acting Group Head, Marketing & Corporate Communications at FirstBank, said, “Our sponsorship of ChessMasters 2026 reflects our commitment to building talents and communities, driving inclusion, and deepening engagement through our First@Sports initiative, a platform that celebrates talent and promotes social impact through sports. With over a century of supporting legacy sports in Nigeria, we are proud of our enduring partnerships – 105 years with the Georgian Cup, 65 years with the Lagos Amateur Golf Championship and 35 years with the Dala Hard Court Tennis Championship.”

 

Ijabiyi further highlighted how the sponsorship aligns with FirstBank’s sustainability pillars of Education, Health, and Welfare. “We recognise the potential of chess to help school-age children challenge themselves, think critically, and compete at the highest level, hence we see the tournament as a launchpad for a pan-African movement leveraging chess as a tool for education, empowerment, and leadership development. We are utilising this platform as another avenue to promote social impact and drive positive change in the community.”

 

Caline Chagoury Moudabar, Director and Co- Founder of ChessMasters and her partner Damilola Okonkwo of Key Academy, expressed appreciation for FirstBank’s support, noting that the partnership will help scale the impact of ChessMasters and inspire more schools to participate. “We are happy to welcome FirstBank on board. This collaboration will boost chess development in Nigeria and promote critical thinking among young minds. With support from partners like FirstBank, we are opening the doors of participation to more children and more schools in this year’s edition.”

 

Prince Adeyinka Adewole, Vice President of the Nigeria Chess Federation, commended the initiative, emphasising its role in nurturing future chess talents. “Chess connects people, ideas, and opportunities. It teaches children to be analytical, patient, and manage their time and resources effectively. Chess also improves concentration and has been particularly beneficial for children with autism.”

 

The second edition of ChessMasters will be held on Saturday, 2 May 2026 at Eko Hotels and Suites, Lagos. The competition is open to 150 schools across Lagos, with over 700 students expected to participate and vie for a total prize pool of N10 million.

 

FirstBank’s involvement in the 2026 edition of the tournament reinforces the potential of ChessMasters to become a launchpad for African children, leveraging chess as a tool for education, empowerment, and leadership development.

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Business

Alpha Morgan Bank Reinforces Commitment to Education at Redeemer’s University Business School Commissioning

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2 days ago

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April 7, 2026

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Alpha Morgan Bank Reinforces Commitment to Education at Redeemer’s University Business School Commissioning

Alpha Morgan Bank has reaffirmed its commitment to education and institutional development through its support for the commissioning of the Redeemer’s University Business School.

The Business School was officially inaugurated by Pastor (Mrs.) Folu Adeboye, at the commissioning ceremony attended by distinguished guests including Her Excellency, Mrs. Bola Obasanjo; the Pro-Chancellor and Chairman, Governing Council of Redeemers University, Professor Oluwatoyin Ogundipe; the Vice Chancellor, Professor Shadrach Olufemi Akindele; and other notable dignitaries.

Speaking at the event, the Managing Director of Alpha Morgan Bank reiterated the  Bank’s commitment to supporting institutions that drive intellectual growth and national development.

As part of its broader focus on knowledge sharing and thought leadership, Alpha Morgan Bank will host its Economic Review Webinar in May 2026, bringing together experts to share insights on key economic trends and opportunities.
The Bank’s involvement reflects its continued dedication to empowering institutions and shaping the future of business and leadership in Nigeria.
Read more about Alpha Morgan Bank on www.alphamorganbank.com

 

 

PHOTO

L-R: Prof. Shadrach Olufemi Akindele, Vice Chancellor, Redeemers University, Engr.  Eloka Eje, Dr Perez Araka, Pastor (Mrs) Folu Adeboye, Mother-In-Israel, The Redeemed Christian Church of God, Mr Ade Buraimo, MD/CEO Alpha Morgan Bank, Dr (Mrs) Oluwatomi Somefun, Dr. Simeon Ifere, at the inauguration of the Redeemer’s University Business School, Redemption City, Ogun State on Thursday 2nd April, 2026

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Business

Tinubu Aide Rebuts Rufai Oseni Over ₦3.3tn Power Debt Deal

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2 days ago

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April 7, 2026

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Otega Ogra: Online Misinformation Endangers Public Trust and Stability

Tinubu Aide Rebuts Rufai Oseni Over ₦3.3tn Power Debt Deal

The Presidency has strongly refuted allegations of “accounting fiction” and misinformation surrounding Nigeria’s ongoing power sector financial reforms.
O’tega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu on Digital and New Media, took to social media to challenge comments made by Rufai Oseni, accusing the broadcaster of misrepresenting government efforts to resolve legacy debts in the electricity value chain.
At the heart of the dispute is the reconciliation of longstanding debts owed to Generation Companies (GenCos) and gas suppliers—an issue that has long constrained liquidity within Nigeria’s electricity market.
₦1.4 Trillion Reduction Explained
Responding to criticism over debt figures, Ogra clarified that total legacy obligations were reduced from ₦4.7 trillion in initial claims to a verified ₦3.3 trillion, representing a roughly 30% reduction.
“That is not spin. It is the difference between a claim and a verified obligation,” Ogra stated.
“In a regulated electricity market, submitted claims must be validated against contracts, market rules, and settlement records.”
Ogra also outlined tangible progress under the reform program, emphasizing that it has moved beyond “paper restructuring” to actual financial disbursements:
₦1.23 trillion structured under Phase I
₦501 billion already raised for the first series
₦223 billion disbursed to GenCos and gas suppliers
₦197 billion currently being processed
As of March 31, 2026, eight GenCos—covering 17 power plants—have signed settlement agreements totaling ₦2.28 trillion.
According to Ogra, the reform timeline, from President Tinubu’s July 2024 directive for a sector-wide review to Federal Executive Council approval in August 2025, demonstrates a deliberate push for transparency in a sector historically plagued by opacity.
“The real question is whether the final figure reflects verified contractual exposure. That is exactly what the review process was designed to achieve,” he said.
While defending the administration’s approach, Ogra acknowledged that clearing debts alone will not resolve Nigeria’s electricity challenges. He noted complementary reforms underway, including:
Tariff alignment based on service quality
Nationwide metering expansion
Improved payment discipline
Targeted subsidies for vulnerable citizens
In a pointed remark, he urged media commentators to distinguish between incomplete progress and misinformation:
“This is not the end of the problem, but it is a structured attempt to fix it.”
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