The former Managing Director of Bank PHB, Frank Atuche.


Bank PHB's chief executive resigns

By Atom Lim


October 2, 2009 08:45AMT
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The Managing Director of Bank PHB, Frank Atuche, has resigned his position as the bank's chief executive.

Mr. Atuche made his decision known in a farewell letter to staff of the bank on Friday.

In the letter, Mr. Atuche did not say why he is leaving the bank at this time but said, "As in all things however, there is a time to say GOOD BYE. As I bow out today from the Bank, I earnestly urge each and everyone of you to keep the PHB passion aflame so that the height, the mount everest which we envisioned shall not only be accomplished, but shall be surpassed and we would have created an institution that would outlive".

He also said, "In the course of my stewardship we took decisions which affected all of us in different ways but they were in the best and overall interest of the Bank".

Mr. Atuche's resignation comes after sources told NEXT last night that the Central Bank of Nigeria had concluded plans to sack him today.

The central bank's decision, the sources said, was as a result of the inability of Bank PHB to pass its latest audit of banks. Since the audit began some months ago, the chief executives of five banks have been sacked. Four of the former executives are now being prosecuted by the Economic and Financial Crimes Commission for various offences.


http://234next.com/csp/cms/sites/Next/Money/Finance/5466377-146/Bank_PHB's_chief_executive_resigns_.csp

He did not resign, actually. It doesn't seem like he did anything wrong.