We’re not warehousing shares in Wema Bank - Odu’a

By Tope Abiola - 07.03.2008

The board and management of Odu’a Investment Company Limited have denied claims that the company is still warehousing 30.2 per cent of its shares in Wema Bank Plc.

A release signed by the company’s Media Relations Manager, Mr. Victor Ayetoro, described as untrue, a publication in a national newspaper that 30.2 per cent of Odu’a shares in Wema Bank which ought to have been shed, was still with the investment arm of the Odu’a Group.

“The publication is malicious and we wish to state as a matter of fact that ODU’A is not warehousing 30.2 percent of her shares in Wema Bank.

“As a responsible corporate citizen, Odu’a complied with the Central Bank of Nigeria’s (CBN’s) directive that government and any of its agencies should reduce shareholding in any bank to a maximum of 10 per cent.

“The allegation is not only untrue but also gives semblance of a sponsored publication aimed at tarnishing the good image of Odu’a,” Ayetoro said.

On Wema Bank boss’ compulsory leave issue, the Odu’a spokesman said the decision was solely that of the CBN. He said further that as explained by the regulatory authority, the compulsory leave was as a result of the Managing Director’s refusal to allow the National Deposit Insurance Corporation (NDIC) examiners who were on routine examination of the Bank to have unfettered access to the books, records and information required to determine the financial condition of Wema Bank.