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Home | Banking | Wema Bank boss assures investors, customers on investments, deposits safety

Wema Bank boss assures investors, customers on investments, deposits safety

27 January, 2008 01:00:00 MADUKA NWEKE
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image John Aboh

Newly appointed group managing director of Wema Bank Plc, John Aboh has allayed the fears of customers and stakeholders that the change effected in the bank’s leadership following the directives of the regulatory bodies does not mean that the bank is not healthy.

According to him, depositors and investors have nothing to fear as their deposits and investments are safe as the bank remains solid and sound. A source close to the management of the bank said that the appointment of Aboh to hold forth at the bank’s management which was an intervention of the regulatory authorities at the board level was meant to strengthen the bank and take it to the next level.
John Aboh, who, prior to his appointment was the executive director banking operations and services at First Bank of Nigeria Plc during his maiden speech sought the cooperation of all stakeholders to ensure that the aim behind such change is actualized.
It would be recalled that for various offences levelled against the management of Wema Bank led by Adebisi Omoyeni, a high powered examiners from Central Bank of Nigeria, (CBN) and Nigeria Deposit Insurance Corporation (NDIC) has been set up to do a forensic audit of the bank’s books.
Following the change, Aboh resumed at the Wema Bank on an acting capacity pending the determination of the cases under examination.
According to sources from the examiners, some of the issues to be investigated included the sale of Wema Bank shares previously held by the Odua Group, loans administration procedure, contracts award processes, purchase of official vehicles and controversial housing grant awarded the GMD and the transactions of Ayo Fayose, former governor of Ekiti State with the bank.
Sources from the apex bank said that the group managing director and Yinka Onifade, head of financial control have already been sent on compulsory leave with effect from Friday January 18, 2008 to pave way for a thorough investigation and auditing of the bank’s books.


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