Omoyeni, Wema Bank MD, arrested - To face financial crimes charges

Adelowo Oladipo and Olalekan Olabulo, Lagos - 27.03.2008

THE Police Special Fraud Unit (SFU) on Wednesday arrested the Managing Director of Wema Bank, Mr. Adebisi Omoyeni, in Abuja. He was subsequently brought to Lagos. He is currently on suspension as the managing director of the bank.

Omoyeni, who was brought on board Arik airline at noon, was immediately driven to the Club Road, Ikoyi annex of SFU for interrogation over alleged forgery and stealing of N450 million at Wema Bank during his tenure as the Managing Director.

Omoyeni was also a deputy governor of Ekiti State during the administration of Mr. Ayo Fayose. The managing director, who wore a black suit and a pair of black shoes, appeared at the SFU annex at about 3.30 p.m. in company of some relations and friends as he was ushered upstairs for further interrogation.

Addressing newsmen, Mr. Olushola Amore, an Assistant Commissioner of Police, said Omoyeni was arrested following a case of conspiracy made against him by the Nigeria Deposit Insurance Commission (NDIC) and the bank’s former secretary, Mr. Biodun Ogunlade.

He explained that Omoyeni was alleged to have forged and altered the minute book of the board meeting to read five years upfront housing allowance of N450 million to be written off in five years at N90 million per year.

According to him, the amount was supposed to be meant for the purchase of a house worth N450 million as official residence for the managing director to be written off in five years.

Amore added that the money had since been collected by the managing director and chief executive of the company.

He stated that also on January 8, 2008, the finance division of Wema Bank allegedly withdrew N29 million from the Marina branch of the bank and was debited to Provision for Productivity Bonus Act No.171050001.

“The NDIC examiners got wind of the transactions and sought to know the purpose of the withdrawal. Sequel to NDIC’s knowledge of the regular transaction, N20 million was refunded on January 9, 2008.

“The sum of N9 million was paid to Messrs Olapade Mohammed and Senator Omololu Meroyi with the men receiving N5 million and N4 million respectively,” Amore said.

He said that Omoyeni claimed that the N29 million had already been refunded at a meeting attended by the CBN, NDIC and the bank’s board on January 18, 2008.

Amore said investigation later revealed that the bank merely debited the account of the two directors, creating an unsolicited credit facility.

He added that investigations into the receipt of N450 million by the ex-GMD by CBN and NDIC revealed that he paid about N182,671,000 to implementation committee on the lease of Federal Government properties and also paid N263 million to Stone Pavers International Limited.