Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo yesterday sacked the embattled Managing Director and Chief Executive Officer of the Wema Bank for illegally taking over the bank and causing dis-satisfaction among staff and customers.

Crisis in the bank started early in the year when the MD was accused of various financial scandals. He was subsequently asked by the Nigeria Deposit Insurance Corporation to go on compulsory leave.

In a release signed by Soludo and made available to newsmen yesterday in Abuja, the apex bank governor said the decision to relieve Omoyeni of his job was unanimously accepted by the bank's stakeholders.

He said the forceful taken over of Wema bank by Omoyeni contradict the earlier agreement by the bank's stakeholders which Omoyeni signed.

According to the release, the CBN, Nigeria Deposit Insurance Corporation (NDIC), Security and Exchange Commission (SEC), ODUA Group, Board Members of WEMA Bank met on August 20 and agreed to find a lasting solution to the crisis bedevilling the bank.

"Whereas the Central Bank of Nigeria is further satisfied that the forceful take over 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 fi-nancial system and is in violation of the Memorandum of Under-standing jointly signed by Mr. Omoyeni and the other relevant stakeholders of WEMA Bank Plc.

Now therefore, I, Professor Chukwuma C. Soludo, Governor of the Central bank of Nigeria in exercise of the powers conferred upon me by section 32 and 33 of the Banks and Other Financial Institutions Act, 1991, as amen-ded, hereby remove Mr. Jeremiah Adebisi Omoyeni as a Director/Managing Director (CEO) of Wema Bank, Plc", he said.

In Omoyeni's place was ap-pointed Mr. Layi Alabi, Acting Ma-naging Director/CEO but the Ag. MD, Mr. John Aboh will continue to act and will hand over to Mr. Alabi on Monday, September 8.

Other members of the board of the bank appointed include Mrs. Christy Okoye, Executive Director and Mr. Iliya Dauda Rapu Ndir-paya, Executive Director.