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Access Bank (Ghana) takes measures to address breaches of Foreign Exchange ACT 2006 by former employees

Access Bank (Ghana) Limited has confirmed that it has cooperated fully with the Bank of Ghana in relation to past irregularities in foreign exchange transactions committed by some of its former employees.

It should be noted that Access Bank (Ghana) did not approve of, nor gain any financial profit or advantage from these irregularities.

The Managing Director of Access Bank (Ghana), Mr Dolapo Ogundimu, said in the course of its normal internal audit reviews, Access Bank (Ghana) identified certain transactions which contravened the bank’s internal operating procedures.

He said those contraventions were immediately brought to the attention of the Bank of Ghana. The Bank is currently in discussions regarding the Bank of Ghana’s recent decision to take action on Access Bank (Ghana) with a view to ensuring that they are lifted as soon as possible. The sanction announced by Bank of Ghana is currently expected to take effect on August 6, 2012.

Access Bank (Ghana) had earlier taken several measures, including disciplinary actions, limit reviews and additional risk mitigation processes, to ensure that high standards and reputation for compliance are maintained, he said.

Mr Ogundimu said Access Bank (Ghana) will continue to collaborate with all relevant institutions to uphold the laws and regulations governing its operations.

In addition to significant actions to enhance its systems and controls, disciplinary action was taken against the individuals associated with the improper transactions, including Yomi Akapo, the former Managing Director, who had to leave the Bank.

Fees and commissions from foreign exchange transactions in Access Bank (Ghana) are a fraction of one percent of Access Bank’s Group income. Therefore, the financial implications of the sanction will be immaterial to Group results.

Mr Ogundimu said: “The actions which resulted in today’s announcement relate to past activities of certain individuals which regrettably fall short of Access Bank’s commitment to responsible banking practices. We have taken measures to ensure that the foreign exchange transactions of our customers will continue to be processed smoothly and without disruption.”

“The Board of Directors of Access Bank (Ghana) who were briefed of the findings of our internal investigations, viewed them as serious and requiring the highest level of monitoring and supervision. Prompt and decisive measures were taken by the Board and Management to address all the issues,” he said.

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