Wema Bank: Shareholders call for Omoyeni’s return

Friday Ekeoba, Lagos
Adebisi Omoyeni

Shareholders across the country have expressed disappointment with the way the Central Bank of Nigeria (CBN) has so far handled the Wema Bank crisis, while calling for the recall of Adebisi Omoyeni and his reinstatement as the bank’s group managing director. Speaking with our correspondent in Lagos over the weekend, the National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu said, “I think a responsible agency of the government should carry out the directive from the number one citizen of the country and anything contrary to that is an aberration.”

On the non-recall of Omoyeni from leave, he declared, “I think people should carry out instructions, knowing well that the president would not want to give out an instruction that would embarrass Nigerians. “I don’t know what is the matter causing the non-implementation of instructions, but I think the Federal Government should look into it as anybody could rise up tomorrow to flout its orders, especially now that it is an agency of the Federal Government, something has to done quickly to cushion the effect of this matter. ”e continued, “It is very bad for the person of Mr. President to make an order and somebody disobeyed him without any explanation from any quarter about it. We need to know why this order was not obeyed. If it is fraudulent, they should also let us know that the order was fraudulent and whatever happened to it, we have a right to know.”

According to Nwosu, all the problems in Wema Bank were created by the Central Bank.“So, the Central Bank should be held responsible for any failure in Wema, because if you are a regulator, you must regulate well, and you must not also be part of those jeopardising the laws of the land. I believe as a regulator they also must be very prompt to act on the laws of the land, they must not take the laws into their hands. “I think, as a regulator, they mishandled the issue of Wemaby bringing a competitor to head a bank which they had not taken over; whose board they had not dissolved. That, on its own, is wrong in approach and action. So these are some of the wrong steps CBN has taken. On his own part, the Zonal Coordinator of South West Shareholders Association, Chief Aderemi Oyepeju, said, “My stand is that if there is nothing found with Omoyeni, he should be returned with immediate effect.”

“All shareholders with Wema Bank want him to return with immediate effect because what is happening in the bank is a power play and politicking, and I don’t believe that politics should be allowed to ruin the fortunes of the bank. “Look at the appointment of Aboh, it is not in the interest of Wema Bank, we want them to remove Aboh; if you want to sanitize an organization, you look inward. I am saying this because more that 40 to 50 people in the bank are qualified to run the bank. Why should they bring an outsider to run the bank; it is an aberration to shareholders of the bank.” He continued: “Agreed, all of them cannot be saints neither can all of them be sinners, so the appointment by the Central Bank of an outsider is very bad. If the man that was supposed to run the bank was found not fit, then you bring another one. It is like a family, when the head is not around, the most senior should stand in the place of the head. Our stand as shareholders is that it is high time that Aboh left.”

On the federal government’s order to the apex bank on the reinstatement of Omoyeni, Oyepeju said, “CBN is an organ of the federal government and its governor must abide by the government’s decisions. “The governor was appointed by the government. When the governor of an institution now declines the order of he who appointed him, that person is indirectly saying that he has no confidence in the person that appointed him and what he should do is to resign. “The CBN is not an institution that set up itself, it was created by statute of law in Nigeria and I believe that if the directive of the Federal Government has been listened to, definitely, things would have been different for the bank. He continued, “Anybody that defies a government’s directive should be sanctioned heavily, because it is a test on the presidency, so nobody, no matter how highly placed, should flout government’s directive. It is government that appointed the Central Bank governor and not the other way round. It is an insult on Nigerians for the CBN to continue to flout the government’s directives.”

Bank PHB garners more awards

Odidison Omankhanlen, Lagos

Francis Atuche, MD, Bank PHBWhen the phone rang, he thought it was another in the day’s transactions but how wrong he was. It was a member of the awards panel, himself a former major player in paradigm shifting banking, calling to ask him: aside from your bank, which other banks will you nominate for these categories. Positivelytaken aback, but delighted that the global process was now being applied in the Nigerian terrain, he offered his list of the top considerations for each category. It didn’t end there. A few hours later, the same person called again to ask him “having had some time, would you like to alter any of your nominations?” It was such a painstaking process, transparent and simple.

As the nominees were announced, guests present at the event as well as those watching at home, easily identified the winners, even before they were announced: it was that transparent. Little wonder that the gems of the night: Most Innovative Bank and Banker of the Year went to Bank PHB and its CEO, Francis Atuche, respectively. What makes this Bank so unique? How have they so highly leapfrogged into our consciousness and life style since after the consolidation? Indeed, many will aver if any bank has made the most of the consolidation, it is Bank PHB. And the accolades have been on a conveyor belt akin to Heathrow’s newest terminal! non-stop. Last year alone, the Bank garnered close to a dozen awards as Most Improved Bank, Best Corporate Social Responsibility, CSR, to Advert of the Year. Remarkably, these awards came in doubles.

At the first Vanguard Banking Awards last year, and just on the heels of a most-impressive half year financial, and the emergence of its shares as one of the most sought after shares on the exchange, Bank PHB won the “Most Improved Bank” award.
Announcing the criteria that qualified Bank PHB for the most improved Bank award, Chairman of the awards panel Mr. Victor Hammond, a chartered accountant, management consultant and former chairman Africa Board of Deloitte and Managing Partner Akintola Williams Deloitte, said the most improved bank award seeks to “show the bank that has taken strategic steps to up its service delivery to customers, providing value added services to its numerous customers and over coming weaknesses it had at consolidation.” The criteria used in selecting Bank PHB as the winner in this category according to the award committee included asset quality, corporate governance, capital adequacy, customer service, new products and services and noticeable changes in the bank’s policies and practices post consolidation.

Within the same period, the Bank carted away two awards at the maiden Social Enterprise Report and Awards (SERA) held at the MUSON centre, and co-organized by the Nigerian Institute for Public Relations. It did not come as a surprise to those knowledgeable in the CSR world. The first award was for its service to the larger community as Best Bank in Corporate Social Responsibility in recognition of the Bank’s paradigm-shifting, consistent implementation of innovative and sustainable people-focused CSR programmes; and the second award to Mr. Francis Atuche, MD/CEO of the bank for the leadership role in socially responsible practices and investment in individuals and communities in Nigeria. From the early nineties especially, a recurring minus for the banking industry had always been its avowed and high street opulence in the midst of squalor and hopelessness. Indeed, while the banks continued the rat race to the biggest profit, the real sector especially the manufacturers kept recording dwindling capacity utilization and productivity. Those who struggled to give something back were largely confined to tokenisms in charity and philanthropy. Worse still, the noise that came with the alms was far heavier than the act themselves. Reminds you of the classic Philip Morris case where the company spent $75m on its philanthropic activities, and promptly launched a $100m advertising campaign to publicize it.

When Bank PHB lighted on the banking scene, it always had more than banking on its mind. It wanted to make the kind of impact that would affect society in a way that no other corporate organization had done before. Even its communication campaigns sought to bring out the best in us in the mould of J. F. Kennedy’s paradigm shifting goal of putting an American on the moon. From cars running on water, to Nigeria winning the world cup, and now to impossibilities do not exist, it is first class aspirational ideas all the way. This year, the Most Innovative Bank was awarded to the Bank based on the following criteria: Creativity in improved banking environment (halls); innovative products development for service delivery; customer centricity; accessibility of officers to customers. Bank PHB’s banking environment has become a model for others to follow. With its cutting edge design, the bank’s interiors are a delightful departure from the starchy environment with which banks in Nigeria are associated. Product development is coloured by a deeply innovative streak: from the Nigerians in Diaspora, NIDO, to the recent ground-breaking UK Educational loans and Islamic banking, the bank’s products and services continu-ously speaks to the specific needs of each sub group.

Francis Atuche won Banker of the Year based on selfless services to banking industry; products pioneered by the individual; compliance with regulatory authorities; innovation introduced into the industry; general acceptance by colleagues; leadership traits, and succession planning. Most importantly, for Bank PHB, the Most Innovative Bank award resonates with, and is affirmation of what they are deeply passionate about: redefining standards. To emphasise the credibility of the awards, described as the essential Es in banking – ethics, excellence, expertise, the winners emerged through an empirical process instituted by an independent panel of judges made up of very credible Tanzania, Kenya and Uganda. The Apprentice Africa, is anchored by Biodun Shobanjo, the advertising mogul who also has interests in other sectors of the economy. Mr. Shobanjo says “Apprentice for me represents that platform to educate young Nigerians and Africans on the skills they must possess to run successful businesses. Again it is a platform that offers opportunity for practical knowledge as against the theoretical. As respective contestants get fired or escape being fired, people can easily relate with the experiences and draw necessary lessons. The greatest asset or capital a business can have is the human capital. It is high time we started paying much attention to our human capital even in our national life. For me, The Apprentice Africa could not have come at a more auspicious time. It is important to also show the rest of the world that our young men and women are equally capable of rigorous intellectual and business tasks.” Well said. For Bank PHB, it is apt to say congratulations, and as our people say, the reward for hard work is more hard work. We expect more.