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Wema Bank explains Omoyeni’s invitation by EFCC

Posted by By Festus Akanbi and Sunday Ojeme on 2006/10/05 | Views: 775 |

Wema Bank explains Omoyeni’s invitation by EFCC


The Management of Wema Bank Plc said on Wednesday that the invitation of the bank’s Managing Director/Chief Executive, Mr. Adebisi Omoyeni by the Economic and Financial Crimes Commission had nothing to do with his activities in the bank.

The Management of Wema Bank Plc said on Wednesday that the invitation of the bank’s Managing Director/Chief Executive, Mr. Adebisi Omoyeni by the Economic and Financial Crimes Commission had nothing to do with his activities in the bank.

The bank also insisted that it did not at any time, assist the embattled Ekiti State Governor, Mr. Ayo Fayose, to launder money.

Our correspondent gathered that Omoyeni, who left the Ikoyi’s office of the EFCC by 9pm on Tuesday, held a crucial meeting with the top management of the bank on Wednesday, in an apparent move to douse the tension brought about by the commission’s invitation.

The bank’s Head of Public Relations, Mr. David Adeagbo, said in a statement that Omoyeni was not arrested but was invited for a routine chat with the crime commission.

“For the avoidance of doubt and in order to disabuse the mind of the general public against the wrong impression created by the various publications, the management states emphatically that Omoyeni, the GMD/CEO of Wema Bank Plc was never at anytime arrested or detained by the EFCC or any of its officials on Tuesday October 3, 2006 or on any other day at all,” Adeagbo said.

He said his boss was invited to report to the Lagos office of the EFCC while he was holding a meeting with other management staff around 6pm and was released to return home shortly before 9pm contrary to reports that he was held for several hours.

On why the EFCC invited his boss, he said he would want to seek clarifications on that since the matter had to do with investigation on the part of the EFCC. He said it was a normal process for bank chief executives to be invited by the EFCC at one time or the other.

Speaking on the allegation that the bank boss assisted the embattled Ekiti State Governor, Mr. Ayo Fayose, to launder money abroad while he was the deputy governor, Adeagbo said it was not true but that having been there as the deputy governor even if it was for one day, was enough for him to be invited especially now that they are investigating the governor for corruption.

He said all the monies alleged to have been looted by the governor could not be traced to Wema Bank.

The Wema Bank boss was once a deputy to Fayose before his appointment as CEO of the bank. Although the details of his discussion with the EFCC were sketchy as at press time on Wednesday, source stated that Omoyeni was made to explain his role as a one-time second in command to the Ekiti State Governor.

The EFCC is said to be investigating the governor on alleged money laundering activities.


Efforts to get the EFCC comments on Wednesday did not succeed as calls put through to the Corporate Affairs Manager of the commission; Mr. Osita Nwajah was not picked.

The EFCC Chairman, Mallam Nuhu Ribadu had warned financial institutions to avoid being used by political office holders for financial fraud and money laundering activities. He said recently that some bank chiefs were being investigated and that they would be made to face the full wrath of the law.

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Comments (3)

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Abieyuwa(Edo, Nigeria)says...

Otasowie means evening life is better than morning life. There is an error in your “evening life is better than evening life”?

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Naija g(Houston, Minnesota, US)says...

Sokari doesn’t mean joy. Joy is Biobela. Go to the village and ask the meaning of the name.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.