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Internal Crisis Rocks Diamond Bank Plc*** Board In Face-off With Managing Director, Alex Otti

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Group Managing Director and Cheif Executive Officer of Diamond Bank, Alex Otti

Group Managing Director and Cheif Executive Officer of Diamond Bank, Alex Otti

All is not well with the Alex Otti-led Diamond Bank Plc.

This is because an internal feud bordering on Otti’s alleged political ambition has seen the bank’s boardroom in disarray.

So bad is the situation that those who should know say if it not well manage it might cause a serious setback for the financial institution.

www.theoctopusnews.com, was informed that the crisis rocking Diamond Bank’s boardroom began after its Managing Director and Chief Executive Officer, Otti announced his plans to pursue his political ambition.

Digs by our reporter revealed that the bank’s board members had initially advised him that such actions would not be in the interest of the financial institution and its depositors, as it will create an impression of instability.

However, Otti’s insistence on his plans we learnt is what has caused the face-off between him and members of the board of directors namely HRM, Igwe Nnaemeka Alfred Achebe, Chief John D. Edozien, Dr. Olubola Adekunle Hassan, Mr. Chris Ogbechie, Mr. Ian Greenstreet, Ms. Ngozi Edozien, Mr. Thomas Barry, Mrs. Ifueko Omoigui Okauru, Mr. Christopher Low and Alhaji Kabir Alkali Mohammed, as they have concluded that he is putting his interest ahead of that of the financial institution which has been there for him all this years.

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The face-off which didn’t start today became an official point of order when it was noticed that Otti had been making frequent visits to Umuahia thereby delegating his primary responsibilities to his proxy. Those who should know told us that Otti’s trips is to parlly Governor Theordore Orji in order to ensure the latter annoits him as his godson and the next number one citizen of Abia State or at least compensate him with the Abia North Senatorial seat come 2015.
This lack of a stable captain to control the Diamond Bank ship is said to be what has seen it experiencing several financial crisis emanating from internal frauds in recent times.

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You may recall that only recently a staff of the financial institution identified as Daniel Meshach attached to the Item Street branch in Owerri, Imo State, was detained at the state Police command for allegedly masterminding a robbery operation.
In the case, he was alleged to have been responsible for a lot of things including supplying the arms and ammunations used for the operation.

Do you have a story/gist for us? Kindly call 08028138687 or send to octopusnews1@yahoo.com. You can also like our Facebook page and follow us on Twitter @realoctopusnews.

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Kwara Scholarship Board Rocked By N150m Alleged Bursary Fraud***EFCC Interrogate Chairperson

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Fraud

 

The Economic and Financial Crimes Commission (EFCC), has opened an investigation into an alleged fraud running into N 150m.

The alleged fraud was orchestrated by the management of Kwara State Scholarship Board.

Operatives of the EFCC have already interrogated officials of the board, including the Chairperson, Hajia Fatimoh Yusuf, Executive Secretary, Mr. Fatai Lamidi and the Board’s Accountant, Mr. Stephen Ajewole, among others.

A source within the board who spoke with www.theoctopusnews.com, in confidence revealed that the fraud was actually perpetrated between 2017 and 2018 when the Kwara State government released the said sum as bursary allowance for 10, 000 indigenes who were students in various tertiary institutions of the state.

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However, only 6, 000 students were paid bursary while 4, 000 students allegedly failed to benefit from the bursary.

The source revealed that the 4, 000 students who were not paid subsequently alleged that their money had been converted to personal use.

Our source revealed that the fraud was carefully orchestrated such that names of the recipient were provided, but they never got their allocation.

In the course of investigations, the students who sighted their names, matriculation numbers and signature became very angry, insisting that their signatures were forged.

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They claimed not to have been the original beneficiaries of the controversial bursary allowance despite their particulars on the scholarship board documents.

During interrogation, it was revealed only a handful of the students actually got paid, as opposed to the 10, 000 students reported to have been paid.

With the investigation ongoing, heads are expected to roll in the scholarship board, with management staffs expected to be persecuted if found guilty.

 

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FIRSTBANK AGRIC EXPO SET TO PROMOTE NEW AGRIBUSINESS OPPORTUNITIES

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tunThe 2019 edition – the third in the series –  is themed Agricultural Value Chain – Spotlighting Opportunities and Managing Risks” would have Professor Benedict Oramah, President of AFREXIM Bank as the Keynote Speaker.

 

The annual FirstBank Agric Expo, launched in 2017 provides the lead in national discourse on sustainable agriculture value-chain as a substantial source of Nigeria’s economic development, improved contribution to her balance of trade as well as foreign exchange. The 2019 edition would host over 600 delegates and over 60 exhibitors to display the latest technology in farm equipment, tools and machineries as well as packaged finished agricultural produce, logistics and supply, thereby keeping the participants and sundry agribusiness practitioners abreast with new opportunities in the Agricultural industry.

Besides the plenary session, the expo will feature three (3) Masterclasses with in-depth analysis on specific areas of Agribusiness, facilitated by enterprising Subject Matter Experts (SMEs). The Masterclass facilitators include Mr. Leonard Anyanwu, Group Executive Director, Saro International Limited; Mr Segun Ogunwale, Team Lead, Kominity Digital and Mr Bamidele Ayemibo Managing Director, 3T Impex Trade Centrewho will provide insight as well as share success stories and experiences.

 

Expressing his delight on FirstBank’s leading role at not just promoting Agriculture but diversifying the Nigerian economy, the CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan said ”in the last 125 years, more than any other financial institution, we have played a key role in financing different sectors of not just the Nigerian economy but other economies in sub-Saharan Africa. As Nigeria expands opportunities in its non-oil sector – especially Agriculture – we remain committed to the growth of the agricultural sector and its contribution to the nation’s Gross Domestic Product.”

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“Our consistency in convening the FirstBank Agric Expo, which is in its third consecutive edition, is a demonstration of our commitment to building the agribusiness economy which is capable of delivering sustained prosperity by meeting domestic food security goals, generating exports, supporting sustainable income and creating employment opportunities”, he concluded.

 

 

About FirstBank

 

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for 125 years. With some 15 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

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FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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ZENITH BANK APPOINTS HENRY OROH EXECUTIVE DIRECTOR AND DR. AL-MUJTABA ABUBAKAR INDEPENDENT NON-EXECUTIVE DIRECTOR

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HENRY OROH

The Board of Directors of Zenith Bank Plc has approved the appointment of Mr. Henry Oroh as Executive Director of the bank. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within.

Also, the Board has approved the appointment of Dr. Al-Mujtaba Abubakar, FCA, as an Independent Non-Executive Director.

Both appointments are effective September 1, 2019, and have been approved by the Central Bank of Nigeria.

Henry Oroh holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of Lagos. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

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He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK, and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

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Dr. Al-Mujtaba Abubakar is currently the Managing Director of Apt Pensions Funds Managers Limited.

He is a graduate of the Leeds Polytechnic, UK. He is a renowned Chartered Accountant and a Fellow of the Institute of Chartered Accountants of Nigeria.

Dr. Abubakar has extensive and tremendous experience in the financial services industry, audit and consulting. He worked with the firm of Akintola Williams Deloitte between January 2000 and November 2008 and rose to become the Partner and Board Member of West Africa sub-region. Prior to this, he had served on the Board of several financial institutions in Nigeria.

He has attended several management and leadership training programmes and conferences both within and outside the country.

He brings to the Board of the bank tremendous track record in Risk Management, Credit & Marketing, Auditing, and very outstanding leadership skills.

 

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