Nairaland Forum

Faith Tuedor-Mathews, MD/CEO of Mainstreet Bank Limited, and her cronies are really really wrecking the bank with reckless abandon. Apart from the fact that she runs the bank from Abuja, she doesn't carry the board along in most of her decision making. Any time she comes to Lagos, her out-of-station allowance is N3 million. And she visits Lagos every forthnightly. Abeg I no fit shout. Follow the link below

An alleged fraud involving N160 million is set to rock the management of the newly-formed Mainstreet Bank, formerly Afribank Ltd, according to a whistleblower’s report obtained by LEADERSHIP, a week ago.

The money in question was withdrawn from the bank on December 29, 2011, without the knowledge of the board and even some of the executive directors, through a new account created by the management.

Early on, there had been rising tension between the chairman of the board, Mallam Falalu Bello, and the group managing director (GMD), Mrs. Faith Tuedor-Matthews, over the way the bank was being run, which has led to the intervention of the Assets Management Corporation of Nigeria (AMCON), the Central Bank of Nigeria (CBN), and the Nigeria Deposit Insurance Corporation (NDIC).

One of the contentious issues was the appointment of 11 top management staff members of the level of general managers, deputy general managers and assistant general managers by the GMD without the board’s approval, which is in contravention of the governance rules of both the bank and the CBN.

The board of directors frowned on the appointments on the grounds that character checks had not been carried out on the new staff members and that there was a serious imbalance in the appointments, for a bank now owned by the federal government. Of the 11 new staff members, only one is a northerner.

According to LEADERSHIP checks, the fraud was committed by some of the new GMs and an AGM newly appointed by the GMD without board’s approval.

Indicted in the transaction are the group financial officer; the group head, banking operations; and group head, internal control.

The group chief financial officer was accused of putting five debit entries amounting to N159,520,325.13 to the newly created accounts on December 30, 2011.

The group head, banking operations, was accused of authorizing the five debit entries of the same amount and it was under the supervision of the group head, internal control, that the alleged fraud was committed.

It was alleged that nine bank drafts totaling N80 million were issued on December 29, 2011, in favour of Imam Ahmed Nigeria Limited, thus leaving a balance of N79 million in the newly created suspense account. It has also been alleged that there were no documents to support any of the transactions.

All efforts to speak with any of the top management staff members of the bank proved unsuccessful up until press time.

But in an answer to a question from LEADERSHIP, the chairman, Falalu Bello, and another non-executive director claimed ignorance of the event. Both said that no such matter had been brought to the notice of the board.

http://www.leadership.ng/nga/articles/17148/2012/02/23/fraud_rocks_new_government_bank.html

This scenerio smells of Union Bank of yore

Same happened with Cyril Chukwuma when he was appointed to manage Bank PHB and that was why I once stated in my post that I do not trust Sanusi because all the petitions people wrote, nothing was heard about them and so it is possible he gets of this loots.

she is preparing for 2015 election.

Just a word of advice to those of you who post your business in any random thread. NO SERIOUS MINDED PERSON WILL WANT TO TRANSACT BUSINESS WITH YOU because you come off as mannerless and very unbusinesslike. You can formally introduce your business and then post appropriately in the appropriate thread. Not this agbero business model that you guys run around with. Coming here and acting like Eze goes to school. It is not a good look for your business

Outstrip:

Just a word of advice to those of you who post your business in any random thread. NO SERIOUS MINDED PERSON WILL WANT TO TRANSACT BUSINESS WITH YOU because you come off as mannerless and very unbusinesslike. You can formally introduce your business and then post appropriately in the appropriate thread. Not this agbero business model that you guys run around with. Coming here and acting like Eze goes to school. It is not a good look for your business

THANK YOU and GOD BLESS YOU

Some Nigerians are just incorrigible. What sort of nonsense is this. How can you be stealing from a bank on life support. This is akin to grave robbing. I sincerely hope staff of the bank rally round and scream to high heavens because no one will listen to pity paty stories of retrenchment when the till is empty. And where is the NLC when you need them.

Reference:

Some Nigerians are just incorrigible. What sort of nonsense is this. How can you be stealing from a bank on life support. This is akin to grave robbing. I sincerely hope staff of the bank rally round and scream to high heavens because no one will listen to pity paty stories of retrenchment when the till is empty. And where is the NLC when you need them.

And when Bank Sharteholders and staff screamed over some CBN Managed Bank MDs looting the bank what did Sanusi do to them? It is just a case of no goal in mind else, Sanusi should have been fired following the CBN rescued banks failing more than they did before the CBN intervention.

@outstrip thank you jare!
I thought I was the only person looking at this mannerlessness if their such a word we are talking serious issue and some semi educated illiterate is posting irrelevances to the economic sector all over the topics that should serve as a form of information MODERATOR what are you guys looking at.

Outstrip:

Just a word of advice to those of you who post your business in any random thread. NO SERIOUS MINDED PERSON WILL WANT TO TRANSACT BUSINESS WITH YOU because you come off as mannerless and very unbusinesslike. You can formally introduce your business and then post appropriately in the appropriate thread. Not this agbero business model that you guys run around with. Coming here and acting like Eze goes to school. It is not a good look for your business

Another scandal in the making. Na wa for this woman o! I just hope she's innocent of all these.

Outstrip:

Just a word of advice to those of you who post your business in any random thread. NO SERIOUS MINDED PERSON WILL WANT TO TRANSACT BUSINESS WITH YOU because you come off as mannerless and very unbusinesslike. You can formally introduce your business and then post appropriately in the appropriate thread. Not this agbero business model that you guys run around with. Coming here and acting like Eze goes to school. It is not a good look for your business

come. I love ya talk. Wish d moderators take note of this. This guyz make it hard to scroll thru comments

The banking licence is not even up to one year and they are fabricating figures

The banking licence is not even up to one year and they are fabricating figures

This is the reason why we are a hopeless bunch of people.

The problems ofcorruption is not limited to politicians it entrenched in the psyche of all Nigerians. It is a systemic problem and blaming the ills in society is just not enough. "we the people" are the problem of this country and i no longer have sympathy or mercy for the poor.

Our country is chaos and we are not living anymore we are simply existing. And we bring forth millions of innocent children (future impoverish frustrated adults) in to the world via this awful mess of a nation.

I hope Sanusi and Aganga can now understand that "uneasy lies the head that wears the crown".

Ibo people at work, trying to run down the name of a great Yoruba stallion.


epic fail!!!

Igbaodun d cat,wat has d igbo (not ibo) people got 2 do with this u uneducated, shallow-minded, tribalistic . Re u d only uneducated ''ofe mmanu" that read this thread? Why dont u follow d link nd confirm d stori b4 u open dat ur smelling mouth 2 say it is an igbo (not ibo) oriented thread?

Mcdondayan:

Igbaodun d cat,wat has d igbo (not ibo) people got 2 do with this u uneducated, shallow-minded, tribalistic . Re u d only uneducated ''ofe mmanu"  that read this thread? Why dont u follow d link nd confirm d stori b4 u open dat ur smelling  mouth 2 say it is an igbo (not ibo) oriented thread?

Why did u bother to reply the shallow minded miserable bastard ?

@igbaodun, there was no need for that your comment, if we are preaching peace and unity then we should also practice it in our actions, ur comments makes it seem like ur a village boy just heading to Lagos (the big city) for the first time,

@Mcdondayan, nd , @bilaya,
Please drop the tribalistic dude aside so we don't deviat from the real subject upon which the thread is dedicated upon,

Naija, una dey para Ooº°˚ ,

Anyway, Ibru did worse so let's see how dis drama unfolds, I think I'll start moving ma savings out of Naija cos if u keep for house, robbers go come collect am like say na their father work for am nd if you save in the bank, some lunatics will withdraw it nd if the bank crash, ur totally on your own,

Can naija ever get good?, talkes. Of being better or best??

Please guys N100+ million is no longer news - infact it is chicken-change compared to N3 billion Lucky Igbenidion stole and was penalized with a N3 million naira fee Make we hear word ala whistle-blower. when the embezzled sums hit N1 billion you can start raising eye-lashes

women are beginning to lose self respect in offices.

fraud? na wa o