Wema Bank's Former MD Petitions CBN Governor over Crisis says ‘Acquisition will result in N30 billion loss’

The former managing director of Wema Bank Plc, Adebisi Omoyeni has petitioned the Central Bank Governor, Sanusi Lamido Sanusi over alleged hostile and illegal acquisition of the bank by the SW8 Investment Limited and the liquidity crisis of the bank.

The CBN handed over Wema Bank to the new core investor early this month after SW8 bought the hitherto warehoused 2.7 billion units of shares of the bank formerly held by the Odua Group.

Omoyeni is also asking the new CBN governor to look into his “illegal and unjust removal as Wema Bank’s managing director by a mafia led by the former managing director of the bank, Tunde Lemo” who is now a Deputy governor with the CBN.

He also wants Sanusi to look into the "massive fraud" perpetrated by Tunde Lemo, during his tenure as the managing director of the bank.

In his petition dated June 10 2009, Omoyemi urged the new CBN governor to reverse the “hostile acquisition” because the shares were “illegally and secretly sold to the new core investor at a ridiculously low price that would result in a loss of over N30 billion to the bank.”

Omoyeni further alleged that the new investors were simply agents of Tunde Lemo, who is now a deputy governor with the CBN and are just “masquerading as core investors.”

Omoyeni queried: “Mr. Tunde Lemo’s group masquerading as SW8 Investment was registered with the Corporate Affairs Commission on 28th August, 2008, with a share capital of N10 Million, three days before I was scheduled to return to office in line with the MOU. Could that be said to be in good faith?”

The former Wema Bank managing director urged the CBN governor to set aside the sale of shares and the hand over of the bank to SW8 until all the issues raised in the bank’s crisis have been investigated “as directed by President Umaru Yar’Adua and resolved.”

In the petition, Omoyeni asked the new CBN governor to take a second look at his alleged illegal sack and the role of Lemo in the liquidity crisis being faced by Wema Bank.

He urged Sanusi to look into the “complete disregard for presidential directive, court orders and judicial proceedings by the former Central Bank governor (Soludo) in the Wema Bank Crisis.”

The petition reads further: “ As you settle down to work, I consider it pertinent to bring to your esteem attention the aforementioned issues which have contributed to the rather comatose position of Wema Bank Plc and to request your kind consideration in addressing them as a matter of urgency. I wish to state from the onset, that the present crisis at Wema Bank are directly or indirectly traceable to the actions and omissions of Mr. Tunde Lemo.”

Omoyeni alleged that as at the time Lemo was leading the Bank, he plunged the Bank “into a debt and mess of N8, 125,011,003 non-performing credit, but which was concealed by him through some nefarious methods and means, including but not limited to recourse to fictitious recovery from debtor customers.”

He alleges further: “In the 2002/2003 financial year, the actual profit made by the bank was a sum of N891, 000,000 but what he (Lemo) declared as profit on paper was N3.1Billion (N2.3Billion finally approved by CBN).  In order to cover up this farce, Lemo directed the purchase of cheques from other banks, using the funds of Wema Bank and some of its subsidiaries like Wema Securities and Finance Plc and presenting them as if the debt-owing customers were repaying their debts to Wema Bank through the instruments of other Banks.

“Through this means or method, each of the customer’s account would be credited before the regulatory authorities came for their inspection and reversed into debits immediately after inspection. We are not unaware of your very tight schedules, however, we attach herewith 12 cheques, totaling N755, 000,000 (Seven hundred and fifty five million naira) together with three instruments of transfer of funds to WEMASEC as per the instruction of Lemo. Unfortunately, the Bank had to pay taxes and dividends on this fake profit.”

The former Managing Director also alleged in the petition that two or three months before Lemo’s exit as Managing Director/Chief Executive of Wema Bank, Lemo approved a “staggering loan facility of N4.8Billion to Sirpi Alusteel Construction Ltd and Suffolk Engineering and Construction Company, both companies owned by one Mr. Henry MacPepple.

He alleged that as at December 31, 2006, the outstanding on these facilities was N6.71Billion. “A most painful aspect of these transactions is that while the board of the bank directed that no money should be released to the companies until the perfection of some securities and domiciliation of contract proceeds in respect of the contract from Shell Petroleum Development Company to Wema Bank, the funds were released by Lemo without the customer meeting the conditions precedent stipulated by the bank’s board.

“In addition, Mr. Tunde Lemo obtained post-dated manager cheques and corporate guarantee of defunct Fortune Bank Plc even though the Board of Wema Bank Plc had decided not to place any money with Fortune Bank because of its poor financial position.

“The debt had remained unpaid up till March 2007 when Wema Bank, after a very painstaking approach, got Suffolk Engineering and Construction Company to make a covenant to pay N2.75billion towards the repayment of the facility from other sources within the next 24months. As at when I was illegally sent on compulsory leave, the present Management has been able to recover N600,000,000 (Six hundred million naira) from the debt which has grown to over N7 billion.”

Omoyeni continued on the loan to Sirpi Alusteel Construction Ltd and Suffolk Engineering: “More painful to the Bank in this transaction is the fact that Mr. Tunde Lemo had turned down all appeals made by the Bank to him to help her talk to Mr. Henry MacPepple to settle his  companies’ staggering indebtedness to the Bank. Mr. Henry  MacPepple happens to be Mr. Tunde Lemo’s friend.  The present Board and Management had not come on Board as at the time the bookings were made and funds released.  These funds that were released were used to settle the indebtedness of First City Monument Bank.  The Board of Odu’a Investment Ltd  including its nominees on Wema Bank Board were dissolved at the material time and were not reconstituted when the credits were approved by Mr. Tunde Lemo and as such, he was therefore the Acting Chairman and Chief Executive Officer of the  Bank.”

Omoyeni also alleged that  apart from the two companies mentioned  above, Mr. Tunde Lemo during his tenure of office as the Bank’s Managing Director and shortly before he vacated office, appro-ved diverse loans and facilities to several customers in the sum of N8.2Billion.  "One of such customers is one Yesin International Oil & Gas, a Port Harcourt based customer to whom a credit facility of N600, 000,000 (six hundred million naira) lease and overdraft facility was granted without any board approval and collaterals.  The letters of credit and disbursement were made two months before Mr. Tunde Lemo presented the credit proposal for Board approval without any disclosure to the Board that the credit had been disbursed."

The former Wema Bank's MD alleged further: " Mr. Tunde Lemo worked in tandem with the First City Monument Bank (FCMB) as represented by Otunba Subomi Balogun, its alter ego, to acquire the Odu’a Investment Company Ltd shares in Wema Bank Plc.  We wish to draw your attention to a letter dated 4th January, 2007, written by FCMB to Odu’a Investment Company Ltd, making a proposal for the acquisition of Odu’a shares in Wema Bank Plc.  The letter was received by Odu’a Investment Company Ltd on 5th January, 2007.  On the same 5th January, 2007, Odu’a Investment Company Ltd also received from NDIC, a letter forwarding the report of the NDIC Routine Examination on Wema Bank Plc to it. The Bank is at pains to inform you that the said NDIC report for which my Management Team is being vilified covers substantially the terms of Mr. Tunde Lemo."

The former MD alleged that the CBN arrow that government should divest their holdings in banks to a maximum of 10% was substantially directed at Wema bank Plc "in this forceful acquisition bid."

Omoyeni said, " for instance, in the February 2007 meeting of Wema bank board and management with CBN, we were threatened that a CBN Edict would be put in place to revoke the license of any bank that is unable to conclude the divestment latest by 31 March 2007. Truly the Edict dated 23rd January, 2007 was hurriedly put in place, but immediately Wema Bank complied the Edict became  ineffective. As at today nothing has been done to other banks for non-compliance. Also Wema Bank was not allowed to raise money in the capital market to dilute the shares, which was what a bank like Skye did. The point we are making here is that it was another effort to ensure that Wema bank was hijacked by their cronies. We equally call for an independent investigation into the
implementation of this Edict to find out whether or not this is a wide allegation. This is another case of abuse of Office/Power by Tunde Lemo of CBN.

" The ripple effect of all the foregoing, is that while the bank is hamstrung by the activities of its past Chief Executive, particularly Mr. Tunde Lemo, my Management and Board of the Bank is being crucified for lapses and offences not committed by them.  Strangely enough, Mr. Tunde Lemo is now using his vintage and vantage position at the Central Bank to frustrate and kill the bank in order to cover his past deeds, some of which have been highlighted above."

Omoyeni urged Sanusi to ensure that justice is done and that all those responsible for the bank’s liquidity crisis be brought to book.

He also urged him to ensure his reinstatement as the Group Managing Director/Chief Executive Officer of Wema Bank Plc “as already directed by The President of the Federal Republic of Nigeria.”

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Let me start by saying people like abbey oladele should not be allowed to contribute to public discourse like this. He is very uncoth and unrefined.

Deji Lawi if that is his true name come to me as an apologist of tunde lemo. He must have been one of the accomplices in the staggering fraud committed by Lemo at wema since he admitted he worked to packaged some of the non-performing loans to Lemo friends.

Tunde Lemo is working in cahoot with Gbenga Daniel, Olagunsoye Oyinlola, Segun agagu using their fronts in the corporate world bought wema- our collective heritage for peanut for their selfish ego tripping.

Daniel or oyinlola children and lineage will never lack becos their father govenors have secured their future with our collective wealth. Mr. Omoyeni from investigation reported the case to former president obasanjo, Lemo's benefactor and he only swept it under the carpet. Wema board reported Lemo to EFCC and ICPC but Soludo and Lemo bribed them and swept it under the carpet. The question is who are the SW8 people who bought wema. They are the ibadan business boys fronting for the governors mentioned above and Lemo/Soludo.

SW8 is the streets/house numbering system in the old western region. The popular Oke-Ado and Liberty Stadium area is called SW8. The ibadan business boys comprising Samuel Adegbite, Samuel Bolarinde, Oba Otudeko and Arisekola Alao are the brain behind SW8 the so-called new owner of Wema

Bolarinde and Otudeko are in-laws, Otudeko and Arisekola are business partners. The money SW8 used to buy wema is First Bank money assetted in Skye Bank. People should know, Otudeko and Arisekola are major shareholders in First Bank where Otudeko is a board member. Gbenga Daniel is a major shareholder in Skye Bank through his Bond Bank now part of skye bank. Cooperative Bank where Otudeko worked as accountant and still a major shareholder is also part of the banks that merged to become Skye Bank. Oloketuyi who is now Wema MD was a former Executive Director in Skye where he was seconded to Wema. Bolarinde, a director of SW8 is now the chairman of Wema.

What am saying is that this is a mafia deal and Omoyeni was a victim of their conspiracy becos he refused to join hand with them to destroy wema.

All CBN/NDIC/Soludo/Lemo allegations against Omoyeni as MD of wema have been found to be lies by Police and security agencies that was why Predident Yar adua ordered that Soludo should set up an independent panel to probe the allegations and counter allegations by both Lemo and Omoyeni. We know how Soludo and Lemo frustrated the setting up of the panel by bribing the Former SGF, Baba Gana Kingibe with $1million dollars. If Lemo is clean as his apologists such as Deji Lawi & co are posting on SR, why is he (Lemo)afraid to face the panel.

For those who do not know, after CBN/SOLUDO/LEMO abused their offices and placed illegal suspension on Omoyeni, the current CBN Governor, Mr. Sanusi was approached to go to Wema and do hatchet job in wema for Otudeko/Lemo and Soludo but he refused saying he would not allowed himself to be used. John Aboh, an over-ambitious ED at First Bank accepted the offer and it consumed him as he was used and dumped.

The akotileta yorubas i mentioned as fronting for the governors claimed SW8 is a company owned by yoruba sons from, Ogun, Oyo, Osun, Ekiti, Ondo,Kogi and Kwara. Let us ask Deji Lawi and his crook bosses if Uche Nwokocha, one of the eight directors of SW8 is a Yoruba man. whose interest is he serving at SW8 other than Soludo's interest.

In all of these some of us who know the deceit and intrigues in wema crisis cannt believe that all opinion leaders in Yoruba land, Afenifere, OPC, YCE,AC and others have been compromised. We know some of these otherwise vocal leaders have been fed with tissue of lies and given money so that public sentiment and anger will not rise against the quislings among us.

Some of us have sent articles like this one by Gbenga Ayeni SR to Nigeria newspapers on wema but agents of Tunde Lemo and co using money ensured reports like this never come out in our papers. Even paid advertorials that reveal the truth about wema saga are not accepted by newspapers becos they are heavily funded by agents of darkness masqurading as sw8 investors. One day God will deliver us.

The ignorant wema bank staff who were misled by agents of darkness now know beta today as they nd to write tests to determine their suitability for their job. Some of them are being eased out and replaced by Skye bank staff.

finally, wema bank is not a shame of Omoyeni as some uninformed are saying it is a shame of yoruba people and nigeria corrupt system where those who are supposed to be in jail are the ones presiding over us at all levels both in public and private sector.

whether he(omoyeni) did something wrong or this is vendetta is just bluster,who are the sw8 and what does 'elder' lemo know about them. how many banks complied with the divestment directive.
they all need to come out including omoyeni to tell us how they looted wemabank

lemo should come out and say what he knows
being in touch is irrelevant if u do not have hard facts,SR has reported earlier b4 this on tunde lemo n wemabank problems

I Think Bisi Omoyeni is a bad looser that should burry his head in shame. He has unfinished dispute with Tunde Lemo and has been looking for every avenue to square up with him. The problem started when he -omoyeni wanted to become MD with the help of Asiwaju Rufus Giwa (of blessed memory) in 2002- 2003, but never it never worked out.

All points and allegation made in his petition are lies. The credits he mentioned were all performing credit when Lemo left Wema bank, I happened to be one of the officer that worked on some of the accounts. The issue with Alusteel was that they had a contract review (Kidney island Project) with fed govt, though the credit was collaterised and guaranteed with/by Fortune Bank, but bank consolidation exercise forced fortune bank to close shop in 2005. I think the director in charge of credit (Wema bank)Mr Afolabi could testify to this that we had cheques wema was drawing on Alusteel via Fortune Bank till sometimes mid- 2005 before consolidation problem to service Alusteel exposure. And wema bank almost acquired fortune bank then, but it never worked.

Omoyeni had the opportunity to turn arround Wema fortune, but he never did, instead he turned himself to a small god who will not allow a contribution form anyone that will not come to pay homage in his dolphin home. I personally wrote a paper for him on how wema could shore up its bottom line, but he did nothing about it. He will never allow anyones contribution but his Ekiti (strong head) sense. he should just leave the new CBN governor alone to face the new chalenges ahead of him. Wema bank is taking shape I quess and omoyeni is not happy about it. I lefet Wema Bank some years now but still in touch with latest events happening. Omoyeni is a person that rewards mediocrity over excellence. that he was doing as the bank's md. he should redirect his strenght to something else and ask God for forgiveness because Wema Bank made him and he almost killed the bank.

odili, atoyebi is one of 'those men of god' slobbs

i grew up a foursquarian and i can tell u the church is disciplined cos its not one man rule church but when i see pple like lemo who has been fingeredon fraud longtime ago it makes me ask questions

mr 'Jesus'John atoyebi, of course i know that is not your real name, we have too many of you, you advice omoyeni to cry to Jesus, which Jesus? the one at redemption camp, pastor see evil say nothing or the one at foursquare,where lemo sits like a king. abeg spare us that sermon from the pit of hell,Abeg let them expose themselves before we common men before they face their Maker for judgement to eternal damnation.

THIS 'I NO GO GREE' THING IN MR. OMOYENI IS VERY OBVIOUS OR YOU SAY PhD. PULL HIM DOWN THING WILL NOT HELP MR. OMOYENI,IF YOU HAVE ANY CASE AGAINST MR LEMO WHY NOT GO TO GOD IN PRAYER OR IF YOU DON'T BELIEVE GO TO COURT.YOU KNOW THE WAY YOU ARE HURTING IF ANY THING PARADVENTURE HAPPENS TO MR LEMO; YOU COULD BE No.1;SUSPECT IF A GOOD DETECTIVE STEPS INTO HIS'murder'WE PRAY THIS DON'T HAPPEN YOU'D BETTER BE CAREFUL ABOUT YOUR FEELING.IF YOU FEEL CHEATED TELL IT TO JESUS AS HE'S THE ONLY ONE THAT CAN FIGHT FOR YOU.OR I WILL NOT ADVICE YOU TO GO TO NIGERIAN COURT AS WE ALL KNOW. GOOD LUCK.

Both Tunde Lemo and Bisi Omoyeni are the same.But I am not surprised that the best factory in Ekiti State has dished out another petition.Shame to the two them

both of them should be properly investigated by appropriate security agent. thanks

Looking at Mr Omoyeni's picture, he strikes me like a crook also. He did not tell us what he did as the CEO of Wema Bank.Were his hands clean? He who lives in a glass house must not throw stones. He should be in jail with Tunde Lemo by now if Nigeria were a serious country.I lost 80percent of my investment in that bank to these crooks!!!

omoyeni or what is ur name?why are u writing this petition at this eleven hour?WHERE ARE U LAST YEAR?I DON'T KNOW HWY YOU YORUBAS DON'T RESPECT YOUR TRADITION AND IMAGE?WHY ON EARTH IS IT DONE?BECAUSE THE WORKERS IN WEMA BANK PROTESTED AGAINST YOU.I KNEW MANY IKERE EKITI YOU EMPLOYED ILLEGAL IN THE NAME OF MD.?AFTER ALL THESE,YOUR GAIN WILL BE WHAT?YOU WANT YARDUA TO SACK HIM.ABBI BEKO NI.YOU ARE A ROGUE.IF YOU CAN HIDE THIS FPR LONG.YEYE MAN.IDIOT

This is medicine after death. Why didn't Mr former MD petition the CBN while still in office? Lets give Tunde Lemo the benefit of doubt and judge him after thorough investigations.

If these allegations are true; Tunde Lemo should be suspended from his position in Central Bank to pave way for proper and unbiased investigation.

One question that I like to ask is: is Tunde Lemo from states that own Oodua group? This question is very important because if he is truly from one of the states that own Oodua group, he would find it difficult to sell OUR commonwealth just like that. Oodua group that was build by our fore-fathers with sweat and pain; for somebody to just sell it off because of selfish motive is very unfortunate.

If at the end of thorough investigation, it is detected that Tunde Lemo is guilty of the accusations, he should be banned for life from practising banking, removed from his current position with Central bank and be made to restitute for all the money that he gave out illegally.

Why do we have so much wicked people using religion to cover up as leaders? It is very sad that the church in Nigeria today is populated by rogues who are made leaders because of their stolen wealth that they give to the church. If the state of the church is like this in the early church, there would be no church again today. We see Pastors, GOs easily fraternising with known crooks in the society without rebuking them of theit evils. Such people are accorded vantage positions in the church. Church leaders in Nigeria need to repent. Hardly do we see any of these GOs openly criticise or rebuke our failing govts but instead invite them to their meetings, even to the extent of giving them microphone to read BIBLE passages in their meeting and talk rubbish.

Mr. Omoyeni- "cry cry baby,you want to see your mummy". You are original Ekitiman,petition after failure.

awon ako ti ile ta

olodumare oni gbafun gbo gbo yin o
all those approprating Ooduas' wealth ,their deeds will be rejected by the mosthigh.amin

we have one of the most brazenly corrupt financial system in the world, we dont even use creative accounting we just do it.

lemo will go to foursquare gospel as a elder in the church while he is stealing from the commonwealth of the yorubas, oluwa ri e tunde lemo and mininons

mr femi falana please we have to fight this,it must not stand
opc,yce u have talked abt the atlas cove misadventure,will u keep mum on this? cos all of u are corrupt,unhealthy,hungry,money grabbing elders anyways.

gani fawehinmi olodumarea toju e o,cases like this make me miss you get well soon.

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