Wema bank

[hispy99]

Wema: Omoyeni Stays Away, as Workers Protest His Return
By Moses Obajemu, 09.02.2008


As workers of Wema Bank Plc staged a protest march against the proposed return of their recalled Group Managing Director (GMD), Mr. Adebisi Omoyeni at its Marina Lagos head office yesterday, Omoyeni did not show up.

The recalled GMD might have shunned his resumption following information on the workers’ action which began as early as 7am.

THISDAY gathered that he was obviously avoiding an encounter with the protesting staff opposed to his return.

Under the framework for the resolution of the bank’s crisis brokered by the Central Bank of Nigeria (CBN) at a stakeholders’ meeting on August 20, Omoyeni was expected to resume duty yesterday after the withdrawal of all pending cases in court.

THISDAY learnt that the Independent Shareholders Association of Nigeria (ISAN) led by Mr. Sunny Nwosu, was yet to withdraw the suit it instituted at an Enugu High Court, just as Omoyeni himself has not provided evidence to suggest that he had withdrawn the suits he filed on his suspension from office last January.

The workers, who chanted anti-Omoyeni songs, accused him of planning to destroy their future and inheritance.

Attempts by the acting Chief Executive Officer, Mr. John Aboh, to calm the workers down was unsuccessful.

However, a detachment of riot policemen led by Chief Superintendent of Police Akinyede Olusola was brought in to restore law and order.

The situation was brought under control when CBN Director of Banking Supervision, Mr. Ignatius Imala, called for restraint and invited them to a meeting.

Leader of the workers, Alhaji Akorede Olorunsogo, who spoke after the meeting, said Omoyeni’s resumption was to enable the board consider the report of the CBN and Nigeria Deposits Insurance Corporation (NDIC) examination reports on the bank.

The board, he continued, would thereafter report back to the CBN before September 15, for further action.

“The CBN roadmap is on course. We support the roadmap put before us. We appreciate that the CBN wants to follow due process on the matter,” Olorunsogo said, as against the earlier impression of the staff that the regulators had been compromised on the issue.

With the meeting, the workers have agreed to allow Omoyeni to return to his desk.

He is expected to resume duty in the next 48 hours, by which time he is expected to have withdrawn the three suits he instituted at various courts on the matter.

The National Co-ordinator, Independent Shareholders’ Association of Nigeria (ISAN), Mr. Sunny Nwosu, has also agreed to withdraw the case instituted at the Enugu Division of the Federal High Court on the issue.
Odu’a Group is believed to have withdrawn the two cases it instituted.

Omoyeni was suspended from office January 18, 2008 by the CBN over allegations ranging from illegal approval of about N350 million to himself as housing loans, controversial sale of Oodua shares in the bank, among others.

[riskreturn]

CBN calms Wema workers over MD’s return

[hispy99]

Police storm Wema Bank headquarters
By Sesan Olufowobi and Udeme Ekwere
Published: Wednesday, 3 Sep 2008
A detachment of about 40 policemen from the Lagos State Area A Police Command and the Commissioner of Police Monitoring Unit on Tuesday stormed the headquarters of Wema Bank Plc on Marina, Lagos and arrested several staff of the bank.

The detachment, which arrived the bank around 1pm in company with the bank’s reinstated Group Managing Director, Mr. Adebisi Omoyeni, was said to have cordoned off all entrances and exits and also prevented vehicular movement around the bank’s premises.

Our correspondent gathered that the action was a result of a petition by Omoyeni to the Commissioner of Police, Lagos State, Mr. Marvel Akpoyibo, complaining about the refusal of some staff of the bank to let him resume duty as directed by the Central Bank of Nigeria on Monday.

Some bank workers had staged a protest at the headquarters on Monday saying that Omoyeni should not be allowed to return and accusing him of working against the interest of the bank.

It was gathered that prior to the arrival of the police detachment on Tuesday, Akpoyibo had invited the erstwhile CBN appointed Acting Managing Director, Mr. John Aboh, to his office.

Our correspondent learnt that the police later decided to draft a team to the bank to bring Aboh, in case he shunned the invitation.

By the time the policemen arrived, however, Aboh was on his way to the police headquarters in Ikeja. But the policemen arrested some of the bank’s staff.

Some of them told our correspondents that the policemen manhandled staff and ransacked offices in an attempt to arrest those considered the ringleaders of Monday’s protest.

According to a source, those arrested included Manager, Special Credit Record Unit and leader of the protesting workers, Alhaji Akorede Olorunsogo. Others were Taiwo Amore, Samuel Adetayo and Lasisi Taiwo. They were arrested at about 2pm but released three hours later.

A senior management staff was reported to have fainted during the police invasion.

Spokesman of the Lagos State Police Command, Mr. Frank Mba, however, said there was never an attempt to arrest Aboh. He said the policemen went to the bank to ensure peace.

He said, “You are aware that the staff caused disruption of peace yesterday (Monday). The police owed it a duty to ensure peace. That is why we went there today (Tuesday). There was nothing like arrest.”

He also said he was not aware that any member of staff was arrested or manhandled, adding, “It would be crazy for us to do that. It is a lie. The commissioner merely pleaded with both Aboh and Omoyeni to ensure peace at the bank.”

Attempts to speak with the GMD were unsuccessful as our correspondent were denied entry into the premises, but a senior bank staff said Omoyeni was in his office at about 5pm while Oboh had returned to First bank Plc, where he is an executive director.

[riskreturn]

Some interesting (or, is it "entertaining"?) links are posted below from Nigerian dailies.

But, why should the outgoing Acting GMD think he can get the job of substantive GMD of Wema (which is being alleged to be the incentive for him to forment the trbouble through the rioting workers), particularly as he is not from any of the Odua states and given how such a sentiment looms large in the thinking of Odua states?

More important, is the congratulatory message (see the posted Nation link) to the GMD by the GMD of Intercontinental Bank (but in his capacity as the Chaiman of CIBN) not prone to suspicion as to whether Intercontinental Bank too (in competition with FCMB) may be eyeing being core investor (to buy the 2.7 billion warehoused shares)?


Omoyeni retakes CEO’s seat at WEMA
::: Welcome to Independent Newspapers Limited -- A VOICE OF YOUR OWN
Nigerian Compass: Wema Bank: Police kick out Aboh for Omoyeni
BusinessDay... the voice of business - Amidst security cordon, Wema Bank MD resumes office

[emmanuel ewumi]

l dont think Mr.Aboh from First bank will be eyeing the position of Wema GMD,rather one Mr. Fagbenro an ED in Wema bank and one of the boys of Tunde Lemo is the cause of the problem.Let us see what the result of the bank will be like.

[riskreturn]

Originally Posted by emmanuel ewumi

l dont think Mr.Aboh from First bank will be eyeing the position of Wema GMD,rather one Mr. Fagbenro an ED in Wema bank and one of the boys of Tunde Lemo is the cause of the problem.Let us see what the result of the bank will be like.

But his statement that he "is not desperate about the job" (instead of "I do not have interest in the job") as stated in the Independent suggests that he eyes it. Beside, the GMD must have had some insight into the politics before requesting for his arrest by the police. The GMD would not have done that if he is believed to be neutral, and not having his own agenda. These were the basis of my curiousity as to whether he too wants the GMD position. Or is he merely trying to please that Mr. Fagbenro and, hence, CBN's Mr. Lemo so enthusiastically (if not fanatically)?

And, as a minor correction to my earlier observation: The GMD of Intercontinental Bank sent that strong (and suspicious) congratulatory message, NOT in his capacity as CIBN Chairperson, but in his capacity as GMD of Intercontinental Bank. Curiously (or, rather, understandably), no such letter comes from GMD or Chairman of FCMB. Out of the 3 apparently eligible "suitors" as potential core investors of Wema (viz: GT Bank, FCMB and Intercontinental Bank), it seems GT Bank has no interest whatsoever. Fola Adeola of GT Bank fame was rumoured in the papers to have been approached last year but declined.

[emmanuel ewumi]

You can not blame Akingbola for congratulating the re instated GMD of wema bank.They hav always had business relationship with wema bank,before lntercontinental became a big bank.One of the people reported to have ruined wema bank thru un secured loans,is Samuel Adegbite a former MD of Wema bank.
lnteretingly this man is a big shareholder in lntercontinental bank and also a director in lntercontinental.This man is also the Chairman of lntercontinental savings and loans.lf not for the out of court settlement Tunde Lemo and Adegbite would have being affected by this politics.
When Omoyeni became the GMD,he repossesed Wemasec and lnvestment.This is a company fraudulently taken over by Adegbite,even thought he used Wema money to set it up.He also made sure that Wema invested in his company,that is the Oasis group at a premium.Lemo is Adegbite boy,Lemo took over from Adegbite to cover up the illegality commited by Adegbite.
We also heard that part of the seed capital to start lnter continental,is also a loan from Wema.Wema used to be the registrar of lntercontinental.When CBN said you can not be a director in two banks at a time.Adegbite sent his son to represent him on the board of wema,since he is also a director in lntercontinental.And Omoyeni and Adegbola attend the same church,so we can not stop him from congratulating Omoyeni and Wema bank.

[riskreturn]

Originally Posted by emmanuel ewumi

You can not blame Akingbola for congratulating the re instated GMD of wema bank.They hav always had business relationship with wema bank,before lntercontinental became a big bank.One of the people reported to have ruined wema bank thru un secured loans,is Samuel Adegbite a former MD of Wema bank.
lnteretingly this man is a big shareholder in lntercontinental bank and also a director in lntercontinental.This man is also the Chairman of lntercontinental savings and loans.lf not for the out of court settlement Tunde Lemo and Adegbite would have being affected by this politics.
When Omoyeni became the GMD,he repossesed Wemasec and lnvestment.This is a company fraudulently taken over by Adegbite,even thought he used Wema money to set it up.He also made sure that Wema invested in his company,that is the Oasis group at a premium.Lemo is Adegbite boy,Lemo took over from Adegbite to cover up the illegality commited by Adegbite.
We also heard that part of the seed capital to start lnter continental,is also a loan from Wema.Wema used to be the registrar of lntercontinental.When CBN said you can not be a director in two banks at a time.Adegbite sent his son to represent him on the board of wema,since he is also a director in lntercontinental.And Omoyeni and Adegbola attend the same church,so we can not stop him from congratulating Omoyeni and Wema bank.

This educates me more about the relationships. It also clarifies that the Intercontinental Bank's GMD's congratulatory note is not because of intention to be a core investor of Wema. But, why is the GMD of Intercontinental not able to use his cordial relationship with both Chief Adegbite and Mr. Omoyeni to broker a truce between the two?

[dare834]

When would the full suspension on Wema Bank be lifted, i really need to sell some shares there

[hispy99]

Originally Posted by emmanuel ewumi

You can not blame Akingbola for congratulating the re instated GMD of wema bank.They hav always had business relationship with wema bank,before lntercontinental became a big bank.One of the people reported to have ruined wema bank thru un secured loans,is Samuel Adegbite a former MD of Wema bank.
lnteretingly this man is a big shareholder in lntercontinental bank and also a director in lntercontinental.This man is also the Chairman of lntercontinental savings and loans.lf not for the out of court settlement Tunde Lemo and Adegbite would have being affected by this politics.
When Omoyeni became the GMD,he repossesed Wemasec and lnvestment.This is a company fraudulently taken over by Adegbite,even thought he used Wema money to set it up.He also made sure that Wema invested in his company,that is the Oasis group at a premium.Lemo is Adegbite boy,Lemo took over from Adegbite to cover up the illegality commited by Adegbite.
We also heard that part of the seed capital to start lnter continental,is also a loan from Wema.Wema used to be the registrar of lntercontinental.When CBN said you can not be a director in two banks at a time.Adegbite sent his son to represent him on the board of wema,since he is also a director in lntercontinental.And Omoyeni and Adegbola attend the same church,so we can not stop him from congratulating Omoyeni and Wema bank.

we have some investigative reporters in the house ....thx for the info jare

[hispy99]

IG Wades into Wema Bank’s Crisis
By Moses Obajemu, 09.04.2008

The Inspector General of Police has waded into the on going crisis at Wema Bank Plc following the forceful manner its recalled Group Managing Director of Wema Bank Plc, Mr. Adebisi Omoyeni, took over the affairs of the bank.

THISDAY gathered that Omoyeni resumed office without a formal letter of recall issued to him by the Central Bank of Nigeria (CBN), which suspended him last January. His resumption is said to be in negation of the Memorandum of Understanding (MoU) signed at the stakeholders’ forum of August 20.

Indeed, Omoyeni was alleged to have ignored the August 30, 2008 letter written to him by CBN’s Director of Banking Supervision, Mr. Ignatius Imala, not to resume on September 1 (last Monday) until he had withdrawn all the cases he instituted and served CBN notices of withdrawal.

Given this scenario, the acting Managing Director of the bank, Mr. John Aboh, still remains the boss of Wema Bank.

Among the terms of the MoU signed by all parties include the requirements that:

All the six pending lawsuits relating to the present crisis in Wema bank shall be withdrawn by the parties who initiated them on or before 29th August, 2008 and copies of the notices of discontinuance served on CBN.
The withdrawal shall be on the basis that each party undertakes to bear its own cost.

Following the withdrawal of all the suits as mentioned above, CBN shall recall the Managing Director of Wema bank . Omoyeni, to duty by 1st September, 2008 .

THISDAY checks however, revealed that as at the 29th August, 2008, some of the cases in court (essentially ones instigated by Omoyeni) had not been withdrawn nor notice of discontinuance served upon the CBN.
O’dua Group was said to have complied with the terms of the MoU by ensuring that cases instituted by other parties related to it were withdrawn.
Consequently, THISDAY gathered that in a letter issued to Omoyeni on 30th August, 2008, the Director of Banking Supervision had noted the non-full compliance with the conditions precedent to the implementation of other terms of the MoU, and hence directed Omoyeni not to resume on September 1, pending the implementation of the conditions in the MoU.

But Omoyeni damned all consequences and resumed on Tuesday, September 2, assisted by a detachment of policemen numbering about 50.
He was said to have restricted the movement of the acting Managing Director of the bank, Mr. Aboh, his aides and leaders of the workers union on resumption of duty.

Meanwhile, Omoyeni has extended an olive branch to the workers of the bank and assured them that he had come back for peace and genuine reconciliation in order to move the bank forward.

Addressing a cross section of the staff at the bank’s head office yesterday, Omoyeni, who returned to work last Tuesday after about eight months of compulsory leave, asked for forgiveness just as he said he would forgive whoever offended him.

“Nobody has offended me and I have nothing against anybody. And if anybody thought he has offended me, I forgive him. And for those who feel I have offended them, they should equally forgive because nothing happens to man except it is ordained by God and such happenings are for the good of that man ”, he said.

He added: “Whatever anyone has done or said about me in the last 71/2 months does not count, and would not be used against him or her, but whatever anyone does as from today will determine whether you will offend me or not. The past has been consigned to the basket of history”.
He said he did not feel bad because of the events of the recent past, stressing that he wanted to take a cue from Jesus Christ and former President Nelson Mandela of South Africa who served a 27-year jail term and came out without bitterness towards anybody.

He noted that Wema Bank is bigger than any individual, including himself, stressing the need for all hands to be on deck to return the bank to the path of profitability and redeem its battered image.
He also harped on the need to return Wema Bank to its rightful place in the comity of banks.

He encouraged all stakeholders to put the events of the last 10 months behind in the interest of the bank and the collective interest of all.
“Wema must move forward. A situation of crisis or war will not do anyone any good. We should avoid fighting one another so that we can all live together in peace, work together in peace to achieve the corporate goals and objective of the bank” he said”.

Omoyeni encouraged staff to avoid playing politics, but rather do banking the way banking should be done, pointing out if there is any forceful take over of the bank today, it would affect most of the staff of the bank.
He confessed that he was not happy about the present situation of the bank, a development, which he said has made it mandatory for all stakeholders to join hands, work together to get the bank to the expected position.

Omoyeni said there must be a new roadmap to determine the direction of the bank and how to get there, pointing out that “we must do everything possible to regain the confidence of all the stakeholders, the customers, the staff members, the depositors, service providers, the regulators and the general public who are all watching.”

[riskreturn]

THISDAY ONLINE / Nigeria news / African views on global news

[riskreturn]

NIGERIAN TRIBUNE - News

[emmanuel ewumi]

Originally Posted by riskreturn

This educates me more about the relationships. It also clarifies that the Intercontinental Bank's GMD's congratulatory note is not because of intention to be a core investor of Wema. But, why is the GMD of Intercontinental not able to use his cordial relationship with both Chief Adegbite and Mr. Omoyeni to broker a truce between the two?

Being a member of the same board does not mean a cordial relationship.lt is just a businss relationship.Board members also have their own internal politics to contend with.

[hispy99]

CBN removes Omoyeni as Wema Bank MD
Posted Thursday, September 4, 2008
-Layi Alabi to resume on Sep’ 08 as Ag MD

PETER OBIORA

Proshare NI

September 04, 2008 at 19:28 GMT

Following recent developments in Wema Bank Plc, the Central Bank of Nigeria (CBN) has removed Adebisi Omoyeni as the Managing Director/ Chief Executive Officer (MD/CEO) of the bank and has subsequently appointed Mr. Layi Alabi as the new Acting MD.

This was contained in a release made available to Proshare NI this evening Thursday September 04, 2008 from Abuja Nigeria.


The release affirms that in exercise of powers under Section 32 of Banks and Other Financial Institutions Act 1991 (BOFIA) a Special Examination of WEMA Bank was ordered and the Special Examination Report concluded.

However, the release further affirms that the CBN is satisfied that WEMA Bank faces challenges in the circumstances described under Section 32 of BOFIA and it being in the interest of the public to ensure good corporate governance in the management of the bank; and in further satisfaction that the business of WEMA Bank requires immediate strengthening to protect the interest of its depositors and shareholders.

As earlier reported by most media organisations, the release also affirmed that the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (