Mainstreet suspends MD over misappropriation


Category: Business Published on Monday, 18 February 2013 05:00 Written by Kayode Ekundayo, Lagos


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Mrs. Faith Tuedor- Matthews










The board of Mainstreet Bank has suspended its Group Managing Director and Chief Executive Officer, Mrs. Faith Tuedor- Matthews over alleged misappropriation of funds.

She was alleged to have transferred funds into her private accounts abroad, an action that has irked the bank’s board led by Falalu Bello.

The management said it was left with no option than to suspend her. She was however given an option to resign.

Tuedor-Matthews and her management team were appointed in August 2011, following the nationalisation of Afribank Plc, Bank PHB and Spring Bank Plc, all known as bridged banks by the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and Asset Management Corporation of Nigeria.

The central bank in 2011 injected N679 billion into the bridged banks to help them meet the minimum capital base of N25 billion and the minimum capital adequacy ratio of 15 per cent.

Mainstreet Bank received N285 billion, Keystone Bank N283 billion and Enterprise Bank N111 billion.

Efforts to confirm the development from AMCON and CBN officials were not fruitful as a text message sent to the managing director of AMCON, Mustapha Chike-Obi’s phone was not responded to while CBN’s director of corporate affairs, Ugo Okoroafor in his reply simply said he was not aware.

“I’m not aware of this,” he said.

However, two senior staff of the bank confirmed the development to Daily Trust.

They said Mrs. Tuedor-Matthews was suspended Thursday after a crucial board meeting held at the headquarters of the bank.

Before now, there had been crisis between Falalu Bello and Mrs. Tuedor-Matthews, over the way the bank was being run.
http://173.193.92.173/index.php/business/50853-mainstreet-suspends-md-over-misappropriation

If it's true, she is trying to compete with Maina(the inheritor of pensioneers)