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Zenith Bank The Zen Of Fraud Now As Boardroom Saga And Huge Billions - Nairaland / General - Nairaland

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Zenith Bank The Zen Of Fraud Now As Boardroom Saga And Huge Billions by davidayo: 9:18am On Apr 29, 2010
Why I decided to post this ?

1. Because it is true
2. Because I know Zenith Bank well and I'm not happy with the way the management are treating staff
3. Because the management of the bank is trying by all means to suppress this information by blocking news, information and blog sites within the bank. Can you imagine, blocking CNN, BBC News, Google, 234Next from the entire bank's internet access Hmm but not Nairaland.
4. Because the bank is busy paying off news media organisations not to publish this information
5. Because I honestly hope the bank can be more transparent

So here goes, the article is copied from a well known online reporting site and below are comments from readers. Even these reporters are trying to hide the news within their website. Maybe they've been compromised as well.attached are some comments from site .
READ ON !

A seeming board room crisis that may rock zenith bank to its foundation is currently brewing in the bank. It involves the loyalists of the current managing director and chief executive of the bank, Mr. Jim Ovia and the incoming successor and current deputy managing director, Godwin Emefiele.


Competent sources within the bank trace the imbroglio to the emergence of Emefiele, who has served Ovia as Deputy for eight years, as the new helmsman of the bank. Emefiele is said to be a mere puppet of Ovia and lacking in vision and direction which may explain why his appointment his yet to be ratified by the Central bank of Nigeria (CBN). It is said that Ovia and Emefiele are putting pressure on the CBN to approve the appointment of the latter to ensure the status quo remains long after Ovia’s exit in August 2010. The Central Bank of Nigeria (CBN) governor, Lamido Sanusi had earlier in January directed that all bank managing director who had served more than ten years in office should vacate their seats by July 31, 2010.

The subtle but fierce infighting among the board members came to a head two weeks ago when, according to sources at the bank, one of the younger executive directors, Apollos Ikpobe and Emefiele were engaged in an open war of words in the very glare of many members of staff, including those in the junior cadre.

A staff, who witnessed the show of shame but who will not want his name in print, said trouble started when Mr. Emefiele while presiding over a Credit Committee meeting, allegedly ordered a Deputy General Manager, Sola Ladipo, to present a Credit report which Ikpobe, his supervising Executive Director, had asked him to step down as the report did not contain all information necessary to scale through the committee screening. Our source added that the executive director, feeling slighted decided to excuse himself from the deliberation as his efforts to make Emefiele understand his position on the need for more information fell on deaf years. Events however took a turn for the worse as Emefiele, apparently feeling threatened by Ikpobe’s position, issued a query to Ikpobe for walking out of the meeting and went further to announce to everyone one’s hearing that the board had to choose between Ikpobe and himself, insisting that he could not work with some the current executive directors, particular Ikpobe. Emefiele was said to have told Ikpobe “you make me nervous, JO (Jim Ovia) will have to choose between the two of us”. It was revealed that this event led to a decision by Ovia, who controls the board of directors, immediately took sides with his surrogate and informed Ikpobe that he would have to leave the bank immediately. Our source further revealed that Ovia quickly changed his decision when confronted by Ikpobe of his willingness to leave the bank but he and Emefiele would also have some explanations to the shareholders and particularly CBN of some shady transactions and transfers involving Ovia and Emefiele running into several billions of naira. Our source who kept sealed lips on the alleged illegal transactions said they were indicting enough to calm all nerves and a return to status quo.

It was gathered that Ikpobe who joined the bank 18 years ago was reinstated to his position in exchange for his silence. “That was what saved his job”, our source added. Another senior staff of the bank who corroborated this story further revealed that one other executive director who opposes the appointment of Emefiele is Udom Emmanuel who though a close confidant of Ovia, insists that he would only support Emefiele if he is named the Deputy Managing Director, a position that is yet to be filled due to the scramble among the contending parties.

Zenith Manager Defrauds Bank of N4.5Billion
Security agents are on the trail of a manager with Zenith bank Leonard Okoh who is believed to have defrauded the bank of over N4.5billion over eighteen month period. Police sources confirmed that the fraud took place at the Area 8, Abuja branch of the bank.
The lid on the fraud was uncovered when Okoh resigned his appointment suddenly and did not wait for approval of his resignation before fleeing the country. According to information from his colleagues, the run-away manager had been siphoning money from accounts of his customers over a period of time. The last deal took place about three weeks ago while he went to relieve a branch manager in another branch in Area 7 branch, just opposite his own branch where he is the assistant branch manager. Okoh is alleged to have forged signatures of officials of Aso Savings Limited, which he is the relationship manager, and transferred the sum of 1.5 billion naira from the said account to several accounts abroad. He resigned his appointment the next day and his whereabouts have not been known since then. He is said to have fled his home leaving his wife and aged parents who are presently being detained by the police.

Investigations revealed that a Deputy General Manager of the bank, Mr. Awe Leh, who is also the Zonal head of Abuja office where the fraud took to place has been redeployed to Lagos while investigations are on. He is being blamed for allowing a fraud of such magnitude to happen in his zone. Enquiries at the Economic and Financial Crime Commission said they are aware of the fraud but no formal report has been made to the agency by the bank.
It was gathered that the bank refused to invite the Economic and Financial Crimes Commission, EFCC because of its belief that the commission may celebrate the case and make it a public issue just as it did when Ovia was arrested by the EFCC in December 2008 and the subsequent arraignment of three of its staff by the commission in Port Harcourt. Another source said the reason may also be that Okoh, whose flamboyant life-style is well known within the bank, is a nephew of an executive director of the bank who may become the number one topshot in the bank in a matter of months.
Re: Zenith Bank The Zen Of Fraud Now As Boardroom Saga And Huge Billions by SunTzu1: 1:21pm On Apr 29, 2010
This one big pass me o! I no fit shout.

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