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Before they died, late Access Bank co-founder Herbert Wigwe and the wife, Chizoba, bought a yacht, which was a shiny toy for them.
The yacht was named after their first daughter, Otutochi, who ironically is the person today managing the vast wealth that the parents left behind on behalf of the surviving siblings who are younger than her.
The yacht was a 2016 Custom Line 108 luxury yacht measuring approximately 33 meters (108 feet) in length, and the cost of acquiring it was $6.5 million.
The yacht primarily served Herbert, his wife, and his close friends anytime they wanted to escape from the reality of the daily life hustle by relaxing and sailing on the sea.
The yacht was also deployed for charter for big boys and girls who can afford to rent it.
The yacht was purchased in 2016, and to escape the wahala that comes with tax, an offshore company, Grosvenor Marine Ventures Ltd., a company registered in the British Virgin Islands (BVI), was incorporated.
The offshore company was owned by the late Herbert and the wife, and the offshore company's only asset was that luxury yacht.
Herbert is no more, the same with the wife.
Tochi, the 26-year-old finance graduate who is the heiress to the wealth that the parents left behind, is struggling to maintain the luxury yacht.
The annual cost to own and maintain a luxury yacht typically ranges from 10% to 20% of the vessel's initial purchase price
Main Expense Categories
Crew Salaries: Often the single largest expense, scaling from a small self-operated team to full-time staff costing anywhere from $300,000 to over $1.4 million for mid-size vessels and $1.5 million to $4 million+ for superyachts.
Routine Maintenance & Upkeep: Accounts for 2% to 10% of the yacht's value annually (covering engine servicing every 100–200 hours, bottom paint, hull cleaning, and HVAC repairs).
Periodic dry-docking and major refits are required every few years.
Fuel: Varies heavily by engine power and usage. Larger motor yachts can burn hundreds of gallons of diesel per hour while cruising, easily running into $400,000 to $1 million+ a year.
Berthing & Dockage: Marina slips range from $30,000 to over $500,000 annually depending on the vessel's length and the prestige of the port (e.g., Mediterranean vs. local marinas).
Insurance: Comprehensive marine, hull, and third-party liability (P&I) policies cost roughly 0.5% to 2% of the yacht's total value per year (spanning from $30,000 to $500,000+).
So since the parents died, Tochi has been struggling to keep up with the cost because the asset in question is a depreciating asset.
At the beginning of this year. She made the difficult decision to sell the yacht because the estate the parents left behind can no longer afford to maintain it.
It is taking too many resources from her and the estate she is managing on behalf of her surviving siblings.
But there was a problem.
The offshore company that her parents floated was no longer active, as it had been dissolved because, since the parents died, the offshore company has stopped filing at the jurisdiction it was registered in.
So Tochi had to approach the High Court of Justice of the British Virgin Islands (BVI) to secure control of a company holding a luxury yacht belonging to her late parents.
She also paid the necessary debt the offshore company was owing before the status of the company was restored for the transaction of the sale of the luxury yacht to be completed.
The luxury yacht was sold in Florida for the sum of $6.5 million, and the money remitted to the estate that Tochi is controlling on behalf of her siblings
$6.5 million is 8.7 billion naira.
Herbert was a very wealthy man in his lifetime.
I wonder how he managed to stay under the radar that the public did not know he was this wealthy until he was no more.
I’m sure Tochi would have been astounded by the staggering wealth that the late dad left behind....👇
Tinubu's wife recently launched Mummy's Men Movement to counteract the influence of Seyi Tinubu's City Boiz.
To "pepper" the other divide, she has gifted them vehicles worth 120M naira each.
They are not even hiding it. https://t.co/1as4yurAHY
I saw a documentary on "Igboho", a town in Oyo State. The town has three kings (yes, 3), and they are all claiming to be the legitimate traditional rulers of the town.
How can a town with a population of less than 500,000 have 3 traditional rulers?
"Leave Your Comfort Zone"
I never advise anyone to leave their comfort zone. Don't leave where you have peace of mind because they told you to leave comfort zone. Discomfort dey kill ooo.
They tell you what doesn't kill you, makes you stronger. What they didn't tell you is that, it can also damage you. I don't weigh stregth by who suffer pass. If you are leaving your comfort zone, please go to a more comfortable zone. There is no glory in being the most stressed.
Always weigh the risk, opportunity cost of taking that decision, potential fall outs. Don't just jump into it because motivational speakers asked you to leave your comfort zone. You can leave your comfort zone and zone out completely. Life no send your papa
If you can stay with your parents after graduation or employment, stay with them till you have enough money for independence. Don't leave family house to go squat with somebody and be at their mercy when your parents live in same city. That is not growth. You're a mumu.
If you are growing in your job and it brings you much peace with good work culture, stay and grow there. If you are leaving, make sure you're leaving for a more comfortable place not leaving comfort zone for stress. More money is not always good money. Some office politics and work culture will fuck with your mental health.
You have a good life in Nigeria, you have a good job, good family, you travel with family, you get to see your love ones often, you enjoy the life in Nigeria. But they are telling you to japa because you have to leave your comfort zone. If abroad will make you depressed, please stay where you are. Japa because you want it and it is in your best interest not because you habe to "leave your comfort zone."
"Leave your comfort zone" ended Owen, Hazard, Coutinho, Song's career. I can go on. Staying in comfort zone made Xavi, Iniesta, Gerrard, Totti, Messi, Scholes, Maldini, legends. Everybody will not be Ronaldo or Zlatan. Even CR7 might have won more Ballon D'or if he didn't leave Madrid. Some of you habe changed job and regretted because the work culture is toxic.
Please don't just leave comfort zone for the sake of leaving comfort zone. Enjoy comfort. Nobody hurts from comfort. If you are leaving comfort zone, move to a more comfortable zone. I know we have to dare the impossible. Please have strong background so that if you knack back for ground, they will pick you up.
There is a Yoruba proverb that says “Irorun igi ni irorun eye”. This means that, if the tree is not conducive enough, the bird cannot perch. Don't go and perch where is not conducive. I have said my say. Good luck!
Guys APC are budgeting 2.3 Trillion for just Kaduna rally!
Bruh this is an APC government that budgeted 36 million Naira for Health for the entire federation.
This same people are making plans to spend 2.3 trillion for a day’s event.
This is why you must vote NDC.
Pastor Kumuyi preached this sermon in 1993, I could have mistaken it for a sermon preached yesterday.
“The Last Days, Rapture and the Great Tribulation”
https://t.co/L7PpEn6GsO
Dear yahoo boys and other cyber criminals,
The FBI has launched "Operation Blackout" and they are coming for you.
The big fishes are who they're looking for, and their network of apprentices.
So you sef wey be small yahoo boy fit be collateral damage.
You content creators or skit makers or musicians wey dey help dem front fit enter gbege too ooo.
Efcc is more lenient than FBI ooo.
I say make I warn una.
You can run, but you cannot hide forever ooo.
Every day for the thief, one day for the owner.
End.
The Nigerian Police Force in Ekiti stage out a rescue operation.
Beautiful amazing coordination. Tactical command also on point.
God bless the Nigerian Police Force. The best Police Force in the world. 👏👏👏👏
Please where is this life going?
This is supposed to be a church and a Christian.
What exactly are these ladies turning harvest to?
Selling Oko Esin in church? And opolopo Oko Lori phone.
Jesus should just blow the trumpet fast fast! Watch for yourself………
اور پھر ان کی خوشی ماتم میں بدل گئی۔۔
مان لیا کہ غیر اخلاقی حرکت تھی لیکن اس کی سزا موت نہیں ہو سکتی۔۔۔
کوئی قران اور حدیث کی روشنی میں یہ بات ثابت کر دے کہ ان جو سزا دی گئی ہے وہ درست ہے۔۔
Info! Info! Info!
Today Nigeria's electricity generation fell from 3840 megawatts, to ordinary 476.70 magawatts.
The lowest in the history of this country at any time.
People in LAGOS, OGUN, and ABUJA how far? Do you have light? They will not tell you why. They will hide it from you because they want you to vote for them. But Pidom will always leak it.
Remember, the fall in electricity generation doesn't affect or concern Tinubu. They have solar in AsoRock, so they don't care about your wellbeing.
Tinubu has spent well over 7.3 trillion naira in the power sector since 2023 till date, but nothing to show for it.
We have to chase this man away in 2027 to save this nation. We are sinking, and we are sinking very fast.
Vote Peter Obi. Vote NDC.
JUST IN: 🚨 THIS COUNTRY IS GONE. 💔
Politicians infiltrate the NYSC list with fake identities, sew NYSC uniforms for them, and deploy them as polling officials on Election Day.
— Mike Igini, former senior INEC official.