Chioma Chuka
5 September 2008
Lagos — Crisis rocking Wema Bank Plc yesterday deepened with the sack and arrest of its returnee group managing director (GMD), Mr. Adebisi Omoyeni by the police.
He was later released on bail. Omoyeni's arrest may not be unconnected with the Central Bank of Nigeria (CBN) claim that he did not meet certain conditions agreed by stakeholders for the resolution of the commercial bank's impasse.
Omoyeni, who resumed work on Tuesday after about eight months on suspension was whisked by police detectives at WEMA Bank headquarters Lagos about 1 pm yesterday.
A spokesman of the bank, Mr. Tunde Olofintila confirmed the arrest of Mr. Omoyeni.
"Following the intervention of the Central Bank of Nigeria in the resolution of the crisis on the premise that some of the conditions spelt out in the August stakeholders meeting were not met before he (Omoyeni) resumed last Tuesday," he noted.
Daily Champion recalls that Mr. Omoyeni's expected return was disrupted by staff protest but the workers decided to sheath their swords, following a meeting with the director of banking supervision, CBN, Dr. Ignatius Imala.
Faulting Omoyeni's resumption of duty, the CBN director of corporate communications, Mr. Festus Odoko told Daily Champion in a telephone interview Omoyeni never received any letter from the apex bank to resume duties since he was yet to fulfill the conditions for his return.
A key condition yet to be met by Omoyeni is the withdrawal of his six suits on the commercial bank's crisis.
The decision to recall Omoyeni was reached last month following a meeting involving Wednesday 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
On the agreement which stipulated that all the six lawsuits be withdrawn by the parties who initiated them on or before August 29 and copies of the notices of discontinuance served on the CBN, CBN is yet to be served with the copies of the notices of discontinuance, he said.
Another clause for the recall of Omoyeni is that two nominees (non-Executive Directors) of Odu'a would take their positions on the board of Wema Bank while three independent Executive Directors shall be appointed by the CBN from outside the South West to strengthen the bank's management team.
The independent executive directors are expected to serve for between three and four months.
The parties also agreed that the joint CBN and Nigeria Deposit Insurance Corporation (NDIC) special examination report on Wema Bank should be laid before the bank's board for immediate consideration, with the board's comments forwarded to CBN latest on September 15.
Also, the board and management of Wema Bank shall, under the supervision of the Securities and Exchange Commission (SEC) dispose of the warehoused shares of about 2.7 billion shares of Wema Bank in a transparent manner in order to improve its liquidity position and correct the irregularities in the earlier sale of the shares.
After the disposal of the shares a new list of shareholders should be compiled, and a new board constituted based on the new shareholding structure, which shall in turn appoint a full set of management team.
The disposal of the warehoused shares and the constitution of a new board and management team shall be concluded before the end of October 2008.
Meanwhile, Omoyeni on Wednesday assured all stakeholders of the bank that he was back for peace and genuine reconciliation in order for the bank to regain lost grounds.
Addressing a cross section of the staff at the Wema Towers Omoyeni
"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 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".
Taking a cue from the lives of the former South African President, Nelson Mandela and Jesus Christ, he said: "I am not aggrieved. I want to take a cue from President Nelson Mandela who was jailed for 27 years and yet entertains no bitterness against anyone and from Jesus Christ who was magnanimous to pray for his traducers".
According to him, Wema Bank is bigger than any individual, including himself and as such all hands must of necessity be on deck to return the bank to the path of profitability and redeem its battered image as well as return it 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.
According to him, 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.
He added: "It is what we do as from today that will determine how people will see us henceforth; we must reassure everybody that we are ready to do business; we must forget the past and move headlong into business. We must approach our work as a team".
"No Victor, no vanquished" slogan after the Nigerian Civil War in 1970, stressing that what has happened to him did not happen because of himself, but because of Wema Bank. "But let there be peace. Let us rebuild the Bank".
Contacted on Omoyeni's arrest, CBN spokesman refused to pick this calls.
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