Bank MD suspended, Board dissolved after forensic audit

....the decision was also based on recommendations made by appointed financial consultants and an audit report by the CBN.

0
Bank MD suspended, Board dissolved after forensic audit
Gov. Inuwa Yahaya of Gombe State

Gov. Inuwa Yahaya of Gombe State has approved the dissolution of the Board of Directors of the state-owned Bubayaro Micro Finance Bank.

Secretary to the State government, Prof Ibrahim Njodi who conveyed the approval, said Gov. Yahaya also suspended the bank’s Managing Director, Mr Mohammed Amtai.

2024: Embrace Change to thrive, FirstBank boss urges businesses

The governor’s media aide, Mr Ismaila Uba-Misilli, made the board dissolution and suspension of the managing director known in a statement he issued in Gombe on Saturday.

He quoted Njodi as saying the governor’s decision followed the findings of a forensic audit into the financial activities of the bank.

He added that the decision on Bubayaro Micro Finance Bank was also based on recommendations made by appointed financial consultants and an audit report by the CBN.

“The managing director is to hand over responsibilities to the most senior official in the bank.

“All suspended board members and members of management are instructed to promptly hand over all official assets in their possession,’’ Njodi said in the statement read.

He said an interim management had been established for the bank and would report to Mr Abubakar Dauda, Permanent Secretary, Ministry of Finance and Economic Development for further directives.

Editor’s Picks  CBN targeting to reduce Inflation to 21% in 2024, says Cardoso

“The directives are aimed at ensuring transparency, accountability and the safeguarding of the bank’s integrity and maintaining public trust in the system,” Njodi added.