Obi Adiele
15 March 2008
opinion
Lagos — It has all the trappings of a Nolly wood soap opera: wheelingdealings, intrigues, base knuckle power tactics vengeance, justice and more. The settings are varied, but the location is the boardroom of an embattled bank.Firstly, roll the tape and let's introduce the star dramatis personae; Jeremiah Adebisi Omoyeni, SO, until recently, the chief executive of Wema Bank. A master strategist with good networking tentacles in political fields, a tactical boardroom player with his eyes focused on his goals, Omoyeni is quick to say "I am not a professional politician but a professional banker" That may be debatable; you don't get to be a deputy governor of a volatile state like Ekiti by merely being a political by-stander.
Critics in the bank argue that he is an insurance professional who strayed into main stream banking to claim the prime position. That argument is rather weak and untenable. True, he came into banking in March 1987 with an Insurance First degree from the University of Lagos, he went back to take two masters degrees in international law and Diplomacy and Banking and finance in 1991 and 1993 respectively
The portfolio he held in the bank covers administration and retail banking. Infact, he was the executive director (retail banking) in October 4,2005 when ex-governor Fayose picked him as his deputy (on leave of absence)and was recalled to be the new CEO of the bank-a prize he schemed for many years back. The second actor is Chief Samuel Adegbite. His influence on the boardroom of Wema Bank is legendary for 16 solid years,(1983-1999) he served as the bank's managing Director running the bank with the gusto of an entrepreneur. A trained lawyer, a seasoned banker, he has over 30 years of banking experience that spanned from Standard Chartered Bank (now First Bank) National Bank and NAL Merchant bank before he found his way into the boardroom o f Wema Bank. Enter Mr. (Pastor) Tunde Lemo-shall we pray? first class graduate from the university of Nigeria Nsukka, also held executive director ships.
There is also Wema Bank ,EX-CEO,before taking up the job as one of the deputy governors of the Central Bank of Nigeria. Also, Alhaji Dosumu (late) Mr Adeleke ex-CEOs' of the bank playing various starring roles in the boardroom saga
The whole drama started with the winds of change that blew across the expanded banking sector in the 90's where the generational change of corporate guards became fashionable.
After 14 years on the saddle as chief executive of Wema bank, the amiable chief knew time was running out for him. He needed to reflect deeply on his handover plans.
He sort board approval for new appellation; vice chairman/chief executive from 1998-1999 before stepping down from the exalted position.
But, then, the lobby, scheming positioning have started. The young turks on the board-Alhaji Dosumu, Adeleke, Lemo, Omoyeni-all wanted the top post. The board hoped for a thorough assessment of all the candidates.
The board members were not exactly in the picture of installing Alhaji Dosumu as the new CEO, and they complained about the imposition. But, in order not to rock the boat, they almost allowed Adegbite to have his way.
Alhaji Dosumu (an Ibadan indigene like Adegbite)was a good thorough banker but could not foist into the large "shoes" of Adegbite. He lost focus, could not the lift the bank to the next level. Unfortunately, and sadly too, he died(rather strangely)without impacting positively on the bank.
In the next corporate succession battle among the triumvirate young turks -Adeleke, Lemo and Omoyeni, Lemo got the CEO ticket having out classed thoroughly his rivals at a competitive appraisal conducted by a reputed international consulting firm
Tunde Lemo, with a first class intellect is a deeply religious man (with foursquare Church) set about redirecting focus on the bank Although he re tained the services of his rivals, he quickly moved to raise the profile of the bank along the status of its con temporaries.
But, he didn't stay long enough(two and half years) before clinching one of the Deputy Governor slot at the Central Bank (that's another story for another day)
With the exit of Lemo to CBN, it became a two way fierce battle between Adeleke and Omoyeni as characteristic of the later his manner stepped us his lobbying game leveraging on politicians as well as board members.
Infact with respect to Otunba Jobi Fele as a campaign leader,the board members were lobbied seriously to endorse Omoyeni over Adeleke. Particularly, Chief Adegbite was lobbied seriously by Omoyeni who believed the chief can swing the post for him.
For the record, Chief Adegbite was responsible for making Omoyeni an executive director and exposed him to the intricacy of wider banking perspective
How and why was Bisi Omoyeni elevated to Wema Bank's board? From a General Manager(administration)Bisi was promoted to the board.
Earlier there was a preponderence of Ibadan/Oyo indigenes in the board and management. Mere tribal coincidence? maybe, maybe not
However, in one of the board's visit to Ekiti State to encourage the state to be more equity in the bank, the governor complained about the neglect of its people on the bord and management.
In order to correct this anomaly, Omoyeni was elevated to the board to appease E kiti State government, which is not a bad idea given the geo-political complexities of the bank ownership.
But Bisi took it too far .He appeared desperate to clinch the CEO position, even when he was barely two years old on the board and as against the more experienced professional banker, Adeleke.
Anyway, Chief Adegbite told Omoyeni campaigners (with Omoyeni too) that he no longer exercise influence on board activities. By the way, Chief Adegbite was chairman of WEMASEC, (a successful subsidiary of Wema Bank). Other board members lobbied refused to give a "lending hand" to the rather hasty ambition.
In a competitive evaluation conducted by a reputed consulting firm, Adeleke dusted Omoyeni, and clinched the enviable CEO post. Omoyeni was unhappy, he sulked and became dissatisfied with the tide of events. Ambition is good but in ordinate ambition? Your guess is as good as mine.
But, fate has an uncanny hand in the way it determines the affairs of men. Immediately it became public knowledge that Governor Ayo Fayose was having problems with his deputy, Bisi started networking and tapped heavily into his political contacts. For sure Governor Fayose liked what he saw in Bisi, quiet determined mien, excellent back-room scheme to complement his gregarious and populist outlook. With extensive contacts made, Bisi the banker left Wema Bank for Government house, Ekiti to be No two.
Even as No two to Fayose (spare tyre) Bisi Omoyeni kept his sight on Wema Bank; he longed for the job, craved for the CEO seat probably prefers to be "spare tyre" for Fayose than play a second fiddle to Adeleke, chief executive of Wema Bank Probably not.
To be sure, Adeleke is a good banker any day but a poor administrator, Unfortunately he allowed the politicians (on the board/togoad him into the wrong direction .He played much of the religious card to his own detriment. In a complex society such as ours, playing up the religious card unduly can be counter productive. Predict his future.
Evenso, Adeleke did not last long as the managing director of Wema Bank. He burnt his fingers in the consolidation exercise of the bank.He didn't handle certain things right, shot himself on the foot to the extent that the CBN asked him to go -couldn't even finish the consolidation of the bank (we will give the whole details subsequently)
And so Adeleke lost his job and the coast became clear for Bisi-the master tactician-to return to the top post he clamoured for -managing director and chief executive of Wema Bank limited! As usual,it was reported in the media that the board of Wema Bank headed by the respected Alhaji Olopade Mohammed "pleaded with Governor Fayose to kindly release" Bisi Omoyeni from his deputy governorship back to Wema Bank.
But, other inside sources indicated otherwise :that it was Bisi Omoyeni that pressed all the necessary buttons-political-to get the job.Good.
Don't blame Bisi,Adeleke flunked on the job and had to go. So ,the opportunity came for Bisi to live his dream, tell his story as M.D of the bank. But, what happened/ How did this dream escape from the window or almost. How did he get shoved aside by the banking authority. What you read in the papers not the outcome of the build up that peaked just recently. Bisi came back to the job with a king-size grudge , determined to take his pound of flesh on those on the hit list [prepared by him.
For starters, Bisi Omoyeni, on resumption of duty, relieved all the the executive directors of their duties-seasoned professionals who could have helped him run the bank profitably in 2006.
These are core professionals with extensive network in the system. He singly promoted Mr Fagbenro a general manager (an Ekiti man) to the position of an Executive director. The philosophy then was to be sure of securing a prime position for the bank, being an Ekiti man will give you guaranteed leverage. If you are top staff and you are not from Ekiti state, then God will help you.
Now, the battle has begun: Bisi, now took on the giant foe: Chief Samuel Adegbite. Traditionally, the M.D of Wema bank is the chairman of WEMASEC(a securities and investment subsidiary of Wema bank).
Chief Adegbite, as the M.D was the chairman of the subsidiary firm when he retired and a mark of honor for his service to the bank, the chief was given the Chairmanship of the bank. But, its no pay back time, Bisi had the Chief in a corner.
Would he forgive the Chief for not supporting his ambition? Would he be magnanimous in victory? Would he seek to make peace with foes to move the bank forward? Questions on the lips of Corporate Nigeria watchers.
But vengeance was the watchword: Bisi Omoyeni, new chief executive of Wema bank announced the sacking of of his mentor; Chief Samuel Adegbite, even when his term was yet to expire.
Corporate friends pleaded, that he should give the chief a respite and spare him the public humiliation of a sack. Bisi refused, insisted that the chief should quit now, no courtesy, no grace.
Even with CBN intervention, Bisi had his way, Adegbite got the boot. He then descended on all Lemo and Adegbite sympathizers and forced them out to the cold labour market.
It was witch hunting galore: you are either with him or against him; loyalty was redefined as boot licking favors; there was staff unrest and the shareholders were deeply worried.
Bisi Omoyeni's fights with Tunde Lemo was quite revealing. Ordinarily, with Tunde at the CBN as on deputy governor, should be to the advantage of Wema Bank. But, it turned out to be the opposite.
It was a cat and mouse game, Bisi made it known to the media that the debt profile left behind lemo when he was M.D , had dragged the bank backwards.
However, one inescapable fact remains that Bisi reported Lemo to some south-west governors and the presidency and asked for possible removal of the CBN deputy governor.
Bisi petitioned that Lemo, rather than help him and the bank, was busy frustrating his efforts, because he had perfected plans to sell a major chunk of the banks equity shares to another bank(FCMB).
Lemo was further accused of declaring paper profit, and poor management of the banks risk assets.
According to Bisi's petition widely reported in the media; Lemo, during his period as CEO, plunged the bank into a debt mess, concealed by him through various ways including fictitious recovery from debt or customers.
Bisi kept punching; Lemo was accused of falsifying the bank's profit figures for 2002/2003 from the real figures of 891million to 3.1billion (naira).
According to Bisi, Lemo moved to cover up his track by; directing the purchase of cheques from other banks, using the funds of Wema Bank and subsidiaries (Wemasec) presented them as if the debt owing customers were repaying their debt to the bank through the instrument of other banks.
As Omoyeni explained further; through this means or method, each of the customers account would be credited before the regulatory authorities came for inspection and reversed into debit immediately after inspection. Copies of 12 cheques to the value of 755million (naira) and three instruments of funds transfer to WEMASEC were attached to the widely circulated petitions.
These are grave allegations and Lemo needs to come clean on these allegations given his exalted position.
On the other hand, what is unknown to the public is that Omoyeni ran the the bank into a 6billion loss in 2006 and reportedly refused earlier to call for AGM (infact 2006/2007 AGM was lumped together strangely).All these took a heavy toll on the progress of the bank. At the time when other banks are rushing off to the capital market to shore up further their capital base(after initial consolidation) Wema Bank is yet to do an I.P.O.
And now with the NDIC report indicting heavily the suspended Chief executive for the grave financial allegations with obvious support of the board, Omoyeni seems to be in for more troubles.
The drama is still unfolding Omoyeni is back to the trench firing more salvos, blaming opponents especially Lemo for his travails. Really?
Well, as is usual with Nollywood films Part 2 is in the works shareholders are in court battling for the soul of the bank.
Will Bisi Omoyeni survive this hurricane? Will the master tactician triumph over his travails. Or will Chief Adegbite and Tunde Lemo have the last laugh? End of a corporate dream for Omoyeni?
Questions and more questions. Watch out for part 2 of this corporate drama series. BizzzLife will keep you posted. Keep faith with this page religiously.
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