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8th September 2008, 03:58 AM
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Re: Wema bank
From The Vanguard
WEMA Bank: And the Drama Continues Written by *************** Monday, 08 September 2008 Lucky Fiakpa writes that the latest development in the bank must have thrown up fresh challenges and given the fighting spirit of the embattled Wema Bank chief executive another bout of legal fireworks might commence very soon Adebisi OmoyemiThe fear of the Central Bank of Nigeria, CBN, most banks chief executives would say, is the beginning of wisdom in the Nigerian banking sector. For this reason, most banks chief executives would run for cover for the mere mention of CBN not to talk of when the Nigerian Deposit Insurance Corporation, NDIC, and the Securities and Exchange Commission, SEC, are all headed in the same bank’s direction. Such was the odd that confronted the embattled Group Managing Director and Chief Executive Officer of Wema Bank Plc, Mr. Jeremiah Adebisi Omoyeni some eight months ago. But like a dogged fighter who does not give in that easily, rather than run for cover, Omoyeni braced up to the challenges posed by the three formidable institutions. But just as the curtains were about to be drawn on him as the hero of the epic, something went wrong. The audience was told he ran foul of the rules so after just two days of resumption in office from his eight months suspension, Omoyeni was again thrown out and arrested last Thursday on the orders of the Inspector General of Police, Mr. Mike Okiro. But this may very well be the beginning of yet another scene of the unfolding drama. In a statement signed by the CBN Governor, Professor Chukwuma Soludo, last Thursday, the apex bank noted that CBN, NDIC, SEC, ODUA Group, Board Members of Wema Bank, met on August 20 with the desire to finding a lasting solution to the crisis bedevilling the bank and signed a Memorandum of Understanding outlining the road map for the resolution of the crisis jointly signed by the relevant stakeholders of the bank and it was resolved that additional directors be appointed to strengthen Wema Bank’s management team. All the stakeholders described the terms as “excellent,” with Omoyeni’s counsel scoring the terms of the MoU as 98 per cent, while the O’dua representative scored it 90 per cent. The meeting resolved that all six pending lawsuits relating to the crisis in Wema Bank be withdrawn by the parties who initiated them on or before August 29, 2008 and copies of the notices of discontinuance served on CBN. It said 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 Mr. J. A. Omoyeni, to duty by September1, 2008. But as at August 29, 2009, some of the cases in court (essentially ones instigated by Mr. Omoyeni) had not been withdrawn nor notice of discontinuance served upon the CBN. The 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. For failing to comply as agreed to by all stakeholders, a letter was issued to Omoyeni on August 30, 2008, by the Director of Banking Supervision which directed the embattled Wema Bank Managing Director not to resume on September 1, pending the implementation of the conditions. However, last week Tuesday, Omoyeni was alleged to have forcefully assumed office backed by over 40 policemen who arrested the acting managing director Mr. John Aboh and seven others. This was said to have kindled the anger of the CBN governor who immediately petitioned the IG who in turn ordered the arrest of Omoyeni. His arrest, according to a source in the bank, was on the strength of his failure to get due clearance from the CBN before resuming at the bank on Tuesday. On Wednesday, his first full day in office, Omoyeni reportedly reversed all decisions taken since January when he was suspended from office by the CBN over allegations of fraud. This included the recall of all those indicted during his tenure in office and suspended. He was also said to have suspended top officials including the bank’s only existing executive director, Alhaji Nurudeen Fagbenro indefinitely. Consequently, the apex bank noted that it was “satisfied that Wema Bank Plc 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 Wema Bank Plc and in further satisfaction that the business of Wema Bank Plc requires immediate strengthening to protect the interest of its depositors and shareholders. “The Central Bank of Nigeria is further satisfied that the forceful takeover of the affairs of Wema Bank Plc by Mr. Jeremiah Adebisi Omoyeni despite the Central Bank’s express instruction to the contrary portends grave danger for the bank and the financial system and is in violation of the Memorandum of Understanding jointly signed by Mr. Omoyeni and the other relevant stakeholders of Wema Bank Plc. “Under the Acting Managing Director since January 2008, Wema Bank has relatively stabilised, the forceful and illegal takeover of the bank by Mr. Omoyeni has created tension amongst the rank and file of the staff of the bank, trepidation amongst customers and shareholders thus necessitating that the Central Bank as the Regulatory Authority takes urgent steps to secure and strengthen the bank and safeguard the financial system. “Now, therefore, I, Professor Chukwuma C. Soludo, Governor of the Central Bank of Nigeria in exercise of the powers conferred upon me by Sections 32 and 33 of the Banks and Other Financial Institutions Act, 1991, as amended, hereby: “Remove Mr. Jeremiah Adebisi Omoyeni as a Director/Managing Director (CEO) of Wema Bank, Plc and appoint the following to complement the existing members of the Board: Mr. Layi Alabi, Acting Managing Director/CEO; Mrs. Christy Okoye, Executive Director; Mr. Iliya Dauda Rapu Ndirpaya, Executive Director. “The Ag. MD, Mr. John Aboh, will continue to act and will hand over to Mr. Alabi on Monday, 8th September, 2008. Given under my hand at Abuja this 4th day of September, 2008.” After eight months of absence from his office, characterized by series of legal fireworks and detention by the police, Omoyeni, last week Tuesday resumed duties at his desk accompanied by stern looking policemen who provided protection for him. The tough fighting Managing Director of Wema Bank was initially scheduled to resume on Monday but protest by a section of the workers who did not favour the return of Omoyeni to the bank as its Chief Executive Officer prevented him from resuming on that date. But the workers agreed to sheath their sword after meeting with the CBN Director of Banking supervision Dr. Ignatius Imala. After Imala’s meeting with the protesting workers, the bank management issued a three-point statement. In the statement, Mr. Tunde Olofintila said: “All stakeholders of the bank are assured that the resolution of the crisis as marshalled during the August 20, 2008 stakeholders’ meeting in Abuja is clearly in sight. That the CBN has designed a road map toward the resolution of the crisis and that the entire workforce of the bank is in support of the said CBN road map.” Apart from that, the police also had to intervene to save the situation. Suspecting that the presence of the acting managing director, Mr. John Aboh, and the arrow-head of the workers protest, Alhaji Akorede Olorunsogo, Manager, Special Credit Record Unit and leader of the bank protesting workers, Taiwo Amore, Samuel Adetayo and Lasisi Taiwo, will not pave the way for peace, the police decided to invite them to the Police Command Headquarters, Ikeja, for some “chats” and were let go at about 4 p.m. Mr. Aboh was sighted at the force headquarters, Ikeja at about 2.30 p.m. and ushered into the office of the state Commissioner of Police, Mr. Marvel Akpoyibo. It was not clear what the police boss discussed with Aboh and others but inside sources told Financial Vanguard it was in connection with Monday’s protest by staff of the bank against the return of Omoyeni. The state Police Public Relations Officer, Mr. Frank Mba, said Mr. Aboh and other officials were invited by the Police Commissioner over the situation in the bank. “Mr. Aboh was not arrested let alone detained. The commissioner of police invited him and others so as to ensure peace,” Mr. Mbah said, adding: “Nobody detained anybody. We had to send a detachment of anti-riot policemen to the bank because of what happened on Monday. The Police will not fold its hands and watch a breakdown of law and order. Our presence at the bank is for peace.” The decision to recall Omoyeni was reached last month following a meeting involving officials of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Odu’a Investment (Wema Bank’s former core-investor), representatives of the bank, and Omoyeni, who was suspended in January by the CBN. A statement issued by the CBN after the meeting and signed by the Head of Corporate Affairs, Mr. Festus Odoko, said the meeting also resolved 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 August 29, 2008 and copies of the notices of discontinuance served on CBN. Full report at Vanguard Online Edition
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“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes     
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8th September 2008, 10:26 AM
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Re: Wema bank
As much as you can afford to read on the Wema crisis in today's dailies (The Nations and The Mirror particularly report "uncommon" stories). have a good day.
The Punch: WEMA Bank: Odu’a Group boss lauds CBN’s intervention National Mirror News Online! BusinessDay... the voice of business - Confusion at Wema Bank NIGERIAN TRIBUNE - News http://www.sunnewsonline.com/webpage...9-2008-008.htm Battle for the soul of Wema Bank Omoyeni to reopen Wema’s legal battle THISDAY ONLINE / Nigeria news / African views on global news
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9th September 2008, 02:50 AM
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Re: Wema bank
Alabi Assumes Duty, Solicits Support
By Moses Obajemu, 09.09.2008 The new acting Managing Director/Chief Executive Officer of Wema Bank Plc, Mr Lai Alabi yesterday assumed duty after his predecessor, Mr. John Aboh handed over to him at a ceremony at the bank’s head office. Speaking after taking the reigns of power at the bank, Alabi said he has come to reposition the bank and make it one of the strongest banks in the industry. He said he has no grouse against anybody and urged the workers to be dedicated. Alabi listed his programme of re-inventing the bank to include focusing on the development of the bank’s human resources, building on the initiatives of the former acting Managing Director in the area of deposit mobilisation and improving the quality of the bank’s assets. Other key priorities of his administration, he said, include building a robust information technology infrastructure, continuing with the bank’s creative re-branding programme, development of innovative products and boosting the bank’s capital base. Alabi said Wema Bank is strong and healthy going by what he had seen on ground, noting that deposits had been growing just as the customer base was expanding. He called for the co-operation of the management, staff and the media to make his tenure very successful. Speaking earlier, the former acting managing director, Aboh said Wema Bank has come out of its crisis. He said the only enemy of the bank (Omoyeni) had been removed. He also denied report in a newspaper that he was arrested in addition to having his passport seized, saying the rumour was spread by the enemy of the bank. He then displayed his international passport. Aboh said the decision of the CBN to appoint three professionals in the persons of Alabi, Mrs. Christy Okoye, and Mr. Illiya Dauda Rapu Ndiirapaya, was a solid indication that the situation in the bank is normal and stable. He listed his achievements in office to include expanding the bank’s branch network, adding momentum to the bank’s rebranding, launch of five new products and stabilising the bank. “We are not unmindful of the challenges ahead especially against the backdrop of the dynamics of the banking industry and this is where the new management has gotten the assurances of all members of staffing ensuring that our legacy and wealth are preserved in Wema Bank”,he said. He thanked the bank’s workers for their loyalty and commitment during his tenure.
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“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
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16th September 2008, 01:53 PM
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Re: Wema bank
THISDAY ONLINE / Nigeria news / African views on global news
Nigerian Compass: Wema Bank crisis: 26 senior officers lose jobs
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17th September 2008, 06:28 AM
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Re: Wema bank
Quote:
The power game in Wema Bank seems to continue unabated despite the aborted return of Adebisi Omoyeni, former managing director of the bank. Twenty six staff of the bank believed to be loyal to Omoyeni have been recommended for indefinite suspension by John Aboh, former acting managing director for the role they played when Omoyemi reportedly forced himself back to resume as managing director. A memo authorized by Aboh as acting chief executive of the bank, directed Dele Olaolu, human resource head, to relieve the 26 staffers of their jobs for their alleged role when Omoyeni briefly resumed duty after his recall from a seven-month forced leave. Sources in the bank further claim that the suspended staff are accused of holding allegiance to Omoyeni and were placed on indefinite suspension without pay until their cases are investigated and determined. The decision was said to have been hastily taken by the Aboh-led management of the bank without recourse to the due process of query-and-response system known in corporate governance. The sacked officers incidentally are key officials of the bank’s local wing of Association of Senior Staff Union of the Banks Insurance and Financial Institutions (ASSUBIFI).
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17th September 2008, 10:41 AM
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Re: Wema bank
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27th September 2008, 05:11 AM
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Re: good read
Wema Recalls Staff from Suspension
09.26.2008 The new management of Wema Bank Plc led by the acting Group Managing Director, Mr. Lai Alabi, has recalled 14 out of the 26 employees who were suspended by the immediate past administration. The former acting Managing Director, Mr. John Aboh had suspended the workers on account of what he called their closeness to the former Group Managing Director, Mr. Bisi Omoyeni. In a statement issued yesterday, the bank said their recall was as a result of an internal investigation to determine their level of involvement in Omoyeni’s forceful resumption on September 2.
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“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
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12th October 2008, 01:48 PM
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Re: Wema bank
WEMABANK PLC:
The Nigerian Stock Exchange today lifted the technical suspension placed on the Bank’s share price following the expiration of its application for a supplementary issue. This is a bit of market news from UBA on wema last friday.
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12th October 2008, 07:34 PM
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Re: Wema bank
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The standard of living of any society is based on the goods and services available therein. The result of business ventures. Investing in Nigeria is the road map to a better society and wealth creation.
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12th October 2008, 08:11 PM
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Re: Wema bank
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"Concentration builds wealth, Diversification preserves it." - Warren Buffet
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17th October 2008, 07:25 PM
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Re: Wema bank
Proshare News and Analysis
Wema Bank Plc placed on Technical Suspension Posted Friday, October 17, 2008 Wema Bank Plc has today been placed on technical Suspension. The Board of Directors of the Bank applied for this, we understand, to avoid a hostile take-over of the bank.
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The secret of stock investment lies in the ability of the stock investor to hybridize the growth and value theories of stock analysis-by billions.
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17th October 2008, 07:33 PM
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Re: Wema bank
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Any rumour/infor on dis "hostile take-over"? 
__________________
The secret of stock investment lies in the ability of the stock investor to hybridize the growth and value theories of stock analysis-by billions.
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17th October 2008, 08:59 PM
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Re: Wema bank
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who are the directors protecting? on whose interest are they acting? themselves or the general public or other investors? why wont they give us detail of HOSTILE TAKEOVER? Well, things are happening really
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18th October 2008, 12:22 AM
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Re: Wema bank
I think one of the reasons why they decided to apply for technical suspension is because they don't want the MICROSOFT vs YAHOO saga to happen to WEMA bank.
If anybody recalls you'd remember that Yahoo really suffered a great loss at that time. So it may be a good decision. Combination of the bears and the probable loss may lead WEMA price all the way down to any amount below N5.
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