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EFCC arrests Omoyeni, ex-Wema Bank MD, for stealing
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Adebisi Omoyeni
The drama at Wema Bank plc over alleged insider abuse climaxed yesterday with the arrest in Abuja of Adebisi Omoyeni, a former group managing director of the bank by the Economic and Financial Crimes Commission (EFCC).
He was flown to Lagos and may be charged for forgery and stealing.
According to the EFCC, Omoyeni is being investigated for allegedly stealing N450 million from Wema Bank.
An assistant commissioner of Police with the Special Fraud Unit (SFU), Olusola Amore, made this known to newsmen yesterday in Lagos.
Amore said Omoyeni was arrested based on a complaint by the Nigerian Deposit Insurance Corporation (NDIC), to the effect that he conspired with the former secretary of the bank, Biodun Ogunlade, to steal the amount.
Omoyeni’s travail began third week in January when he was directed to proceed on indefinite leave by the Central Bank of Nigeria (CBN), following what was described as “weighty allegations” of fraudulent activities.
The suspension directive was to pave way for regulatory authorities have access to the bank’s books to supervision, alleging that Omoyeni had been preventing officials from the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation from conducting routine examinitions.
In his place, Nurudeen Fagbenro, the bank’s only executive director was named acting chief executive.
This followed by the appointment of John Aboh as acting managing director of the bank.
A former executive director in the bank, Omoyeni was re-called by the board from the Ekiti State Government where he was former deputy to then Governor Ayodele Fayose in December 2005 to take over the mantle after the sack of ex-MD, Musuliu Alade Adeleke.
Among the allegations against Omoyeni was that he asked for and got a N90 million housing allowance upfront for five years, amounting to N450 million.
Although, this was without board approval, the directors became culpable in the anomaly when they agreed that they approved after the regulators discovered it.
Other allegations against him include exposing the bank to N8.9 billion in lending to Wema Assets Management and N11.7-billion to Independent Securities Limited and for writing off non-performing insider related facilities without regulatory authority’s approval.
There was also the allegation that Omoyeni took undue advantage of a CBN directive to acquire shares of Wema Bank last year.
The CBN had directed that cumulative government stake in any of the nation’s 25 banks by March 31, last year be no more than five per cent. As a result of this, the banks had made spirited efforts to comply before the deadline through a “special offer” of its shares to the public on the Nigerian Stock Exchange (NSE).
Taking advantage of this, Omoyeni was said to have set aside about N4 billion, with which he mopped up a substantial portion of the 40 percent stake in the bank until recently owned by the governments of five South Western States of Ogun, Ondo, Oyo, Osun and Ekiti.
According to the EFCC, Omoyeni is being investigated for allegedly stealing N450 million from Wema Bank.
An assistant commissioner of Police with the Special Fraud Unit (SFU), Olusola Amore, made this known to newsmen yesterday in Lagos.
Amore said Omoyeni was arrested based on a complaint by the Nigerian Deposit Insurance Corporation (NDIC), to the effect that he conspired with the former secretary of the bank, Biodun Ogunlade, to steal the amount.
Omoyeni’s travail began third week in January when he was directed to proceed on indefinite leave by the Central Bank of Nigeria (CBN), following what was described as “weighty allegations” of fraudulent activities.
The suspension directive was to pave way for regulatory authorities have access to the bank’s books to supervision, alleging that Omoyeni had been preventing officials from the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation from conducting routine examinitions.
In his place, Nurudeen Fagbenro, the bank’s only executive director was named acting chief executive.
This followed by the appointment of John Aboh as acting managing director of the bank.
A former executive director in the bank, Omoyeni was re-called by the board from the Ekiti State Government where he was former deputy to then Governor Ayodele Fayose in December 2005 to take over the mantle after the sack of ex-MD, Musuliu Alade Adeleke.
Among the allegations against Omoyeni was that he asked for and got a N90 million housing allowance upfront for five years, amounting to N450 million.
Although, this was without board approval, the directors became culpable in the anomaly when they agreed that they approved after the regulators discovered it.
Other allegations against him include exposing the bank to N8.9 billion in lending to Wema Assets Management and N11.7-billion to Independent Securities Limited and for writing off non-performing insider related facilities without regulatory authority’s approval.
There was also the allegation that Omoyeni took undue advantage of a CBN directive to acquire shares of Wema Bank last year.
The CBN had directed that cumulative government stake in any of the nation’s 25 banks by March 31, last year be no more than five per cent. As a result of this, the banks had made spirited efforts to comply before the deadline through a “special offer” of its shares to the public on the Nigerian Stock Exchange (NSE).
Taking advantage of this, Omoyeni was said to have set aside about N4 billion, with which he mopped up a substantial portion of the 40 percent stake in the bank until recently owned by the governments of five South Western States of Ogun, Ondo, Oyo, Osun and Ekiti.
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Comments (3 posted):
But it will be the right thing to do to send clear signals to people of like disposition that its not business as usual again. The interests of this Nation including that of our children (born and unborn) supercedes that of some develishly inclined few and must not be mortgaged for whatever reason.
If found guilty, he must face the full wrath of the law; no more cosmetics. All assets so acquired must be seized and used in off-setting the Loans at Wema Bank. In like manner, the members of the Board of Wema should be investigated for complicity; they are severally liable also.
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