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Nigeria: Police Arrest Ex-Wema Bank MD
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Daily Champion (Lagos)
27 March 2008
Posted to the web 27 March 2008
Lukkey Abawuru
Lagos
EMBATTLED former Group Managing Director of Wema Bank Plc, Mr. Adebisi Omoyeni was yesterday arrested by detectives from Special Fraud Unit (SFU), Lagos for alleged mismanagement of the bank's funds.
Daily Champion gathered that Omoyeni was arrested in Abuja by plain clothe policemen who purportedly laid ambush for him at the Federal Capital Territory (FCT).
Omoyeni was suspended from office in January by the Central Bank of Nigeria (CBN) and directed to proceed on an indefinite leave, following allegations of fraudulent activities. Among the allegations were that he without the approval of the bank's board asked for and got a N90 million housing allowance upfront for five years, amounting to N450 million, and also took advantage of a CBN directive to acquire shares of the bank last year.
Omoyeni who was arrested yesterday in Abuja was later flown to Lagos for interrogation.
Commissioner of Police, incharge of SFU, Mr. Olayinka Balogun, who confirmed the arrest explained that Omoyeni was picked following a petition by the management of the bank.
Balogun noted that the management had written his office alleging huge financial mismanageemnt against Omoyeni and requested him to investigate the matter.
According to him, "we invited him for discussion but he declined to honour our invitation and that was why we trailed him to Abuja where we arrested him."
Omoyeni's journey to SFU started last year when allegations of financial mismanagement and wilful disregard of relevant banking laws were levelled against him.
Following the allegation, examiners from Nigeria Deposit Insurance Corporation (NDIC) were sent to investigate the issue and inspect the books and financial position of the bank.
But the examiners also alleged that Omoyeni was not giving them access to carry out their work which made CBN to direct him (Omoyeni) to proceed on leave to pave way for the examiners to do their work.
Since the incident, there have been several allegations and counter allegations from various camps.
The heat however forced Omoyeni to petition Presidents Musa Yar'Adua informing him of the situation as well as accused examiners from NDIC and some named official of CBN of witchunting him and the bank.
Sequel to his petition, the Secretary to the Government of the Federation, Ambassador Baba Gana Kingibe directed governor of CBN, Prof. Charles Soludo to constitute an independent committee to be headed by a retired banker and a member of Economic and Financial Crimes Commission (EFCC).
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The government further added that the compulsory leave slammed on Omoyeni be lifted in the light of the previous court injunctions asking for the maintenance of status quos in the management of the bank.
However, the lifting of the compulsory leave did not go down well with some staff of the bank who protested over his purported return. The aggrieved ones allegedly petitioned SFU to thoroughly investigate the allegation.
However, head corporate affairs of the bank, Tunde Olofintila said "we are not aware of his arrest and can't react now."
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