Otutochi Wigwe: The Battle for a Luxury Yacht
One of the most devastating tragedies to hit Nigeria’s financial sector in recent years was the death of the Managing Director and Chief Executive Officer of Access Bank, Herbert Wigwe.
The death of Access Bank's Managing Director and CEO, Herbert Wigwe, along with his wife Doreen, has left the Wigwe family under public scrutiny. Among the notable developments, Otutochi Wigwe, Herbert and Doreen's daughter, has sought control of the family's luxury yacht, Chitochi, through the British Virgin Islands' high court.
The yacht, a 33-meter vessel based in Fort Lauderdale, Florida, is owned by Grosvenor Marine Ventures Ltd., a company jointly owned by the deceased parents. The British Virgin Islands-registered company was dissolved on November 5, 2024, due to unpaid annual fees. Otutochi and Uchechukwu Wigwe, described as intended administrators and a cousin-in-law of the deceased couple, are seeking permission to manage the company's shares and facilitate the eventual sale of the yacht.
The yacht is considered a depreciating asset with mounting maintenance and insurance costs, and its sale has been delayed. Chitochi, a Custom Line 108 yacht, currently awaits its fate as legal proceedings determine the restoration of the company's status.
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