The on- going rescue mission initiated by the Central Bank of Nigeria (CBN) to save the soul of some financial institutions in the country may hit the stone walls soon, if the apex bank fails to wade into allegations of official profligacy leveled against some of the presiding officers it appointed recently.

Information available to Daily Sun for instance, reveals that the Managing Director of Bank PHB Plc which only a few weeks ago reported a net loss of about N438.65 billion may have been engrossed in some activities that may undermine the bank’s recovery process and leave it in deeper trouble at the end of the two year tenure given the interim managers.

A highly placed banking industry source told Daily Sun at the weekend that the Managing Director and Chief Executive of Bank PHB, Mr Cyril Chukwuma, appointed last October to steady the drifting ship of the organization may have taken some questionable policies steps that could further jeopardize CBN’s efforts to resuscitate the bank.

Among the numerous allegations leveled against him, was that he demanded and collected a whopping $120,000 as off-shore vacation allowance for the financial year ended December 31, 2009, even though he has spent only three months in office as chief executive of the ailing institution.
According to Daily Sun sources, the annual offshore vacation allowance in Bank PHB is meant for management staff who have spent a minimum of six months in the service of the organization, an indication that the new chief may not have qualified for it, having been in the employment of the bank for only three months.

The revelation comes on the heels of a report that he authorized the movement of about $3.13 million cash which was recently intercepted at the Murtala Mohammed International Airport by law enforcement agents.
Other faulty policies which some observers say may vitiate recovery effort at the bank if not checked include his unilateral change of the bank’s policy on status cars for executives to monetization, and for which he was alleged to have been collecting a monthly allowance of N2 million in lieu of official cars.

Whats your taking on this fellow nairalanders, truly pathetic,

mimon79:

Information available to . . .

A highly placed banking industry source . . .

According to Daily Sun sources. . .

Some observers say


Whats your taking on this fellow nairalanders, truly pathetic,

I agree you are quite pathetic to read SUN newspaper! All the sources in the world of Sauces