Posted by By Sun News on
About a month after the sack of the former Chairman of Citizens' Bank, Mrs. Joy Udensi Ifegwu, there were indications that the whole incident was the outcome of a powerplay which characterized the bank in the past decade.
About a month after the sack of the former Chairman of Citizens' Bank, Mrs. Joy Udensi Ifegwu, there were indications that the whole incident was the outcome of a powerplay which characterized the bank in the past decade.
Some insiders even said the Central Bank's Governor, Professor Charles Soludo and a bank guru at the Nigeria Deposit Insurance Corporation (NDIC), were behind the removal in order to pave the way for a childhood friend of theirs.
It is believed that a relative of the NDIC boss who was on the board of Citizens Bank must have exploied his childhood relationship with the top shots to oust Mrs. Udensi Ifegwu.
But in a swift reation, CBN's spokesman, Mr. Tony Ede dismissed any unprofessional reason behind the removal, stating that it was unspeakable to blame it on some back door operation, rather than the interest of the banking industry.
He noted that the CBN governor could not have connived with anyone. "Come to think of it, do you know the composition of the CBN board? It comprises of men like Apostle Hayford Alile, Dr. Uche Azikiwe and many others. I tell you my friend, that is unthinkable"
However, some sources insited the plan to get Udensi off her position allegedly began sometime in 1997 during a disagreement between the former manging director and his deputy, leading to the removal of the former.
That same managing director was subsequently appointed the acting chief executive of the bank only for the bad blood that had been generated between him and his predecessor, the entire work force to lead to its polarization.
This development, it was gathered, greatly hampered the smooth functioning of the acting MD culminating in the hiring of a consulting firm to advise on the way forward. In its report, the consultants advised that the position of the MD be advertised where outsiders and the incumbent could apply.
The Board of the bank followed this up and at the interview that led to the emergence of Chika Mbonu as the the bank's chief executive. A major party in the dispute was alleged to have spearheaded moves, using one a relation of an NDIC to get Udensi out of the way but for the maturity of the then CBN Governor, Paul Ogwuma.
Reacting to a petition jointly signed by some board members alleging financial impropriety against the chairman, the CBN governor immediately passed the petition to the NDIC boss for investigation. Udensi was believed to have got a wind of the petition against her and the moves to remove her.
Her representation came within three days to the CBN governor who in turn, referred it to Ganiyu Ogunleye to look into the response
It was at this stage that the CBN governor allegedly summoned an emergency Management/Board meeting of the bank and the so called recommendations of the NDIC MD presented and she was subsequently removed as Chairman despite a notice of an injunction from a court ordering that she should not be removed. of the bank.