Stella Dimoko Korkus.com: Management Writes Acting President Osinbajo On How Tunde Ayeni Wrecked Skye Bank

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Tuesday, 1 August 2017

Management Writes Acting President Osinbajo On How Tunde Ayeni Wrecked Skye Bank

The management of Skye Bank Plc has written to Acting President Yemi Osinbajo, detailing how Tunde Ayeni, chairman of the bank between 2010 and 2016, allegedly wrecked the financial institution.



In a series of letters and documents seen by TheCable, the management listed details of how Ayeni allegedly used his office to perpetrate illegality.
After sending several warnings, the Central Bank of Nigeria (CBN) had taken over Skye Bank on July 4, 2016.


Godwin Emefiele, governor of CBN, said then that the action followed the failure of the lender to meet the regulator’s minimum key liquidity and capital adequacy ratios.
Ayeni had resigned after the development and CBN announced the appointment of Muhammad Ahmad as the new chairman, while Adetokunbo Abiru took over from Timothy Oguntayo as group managing director (GMD).



SUSPENSE ACCOUNT


In the letter signed by Abiru and Ahmad, the bank gave details of how Ayeni allegedly used loans from the bank to acquire major government companies.
“Upon the assumption of duty by the new board, one of the immediate concerns that needed to be addressed was to ascertain the true state of the affairs and financial position of the bank and the credibility of the IT and information systems of the bank,” the letter read.

“To this end, the following were undertaken: engagement of PWC do to half-year audit as of June 30, 2016. This was later extended to cover the full year to December 31, 2016.
“Engagement of KPMG to do a forensic audit of the bank’s IT platform and management information systems.

“The forensic audit revealed that the bank operated two sets of financial accountability/books and this was responsive for the regulators/auditors inability to detect the massive losses and infractions, particularly the balance of N280bn in suspense accounts.



INDUSTRY INDEBTEDNESS

“The bank’s total exposure to Ayeni as of the date is about N70bn. It is clear that he used his position as the chairman of the bank to obtain inside loans well above the regulatory thresholds for the acquisition of the following government enterprises: Ibadan Electricity Distribution Company, Yola Ibadan Electricity Distribution Company and Nitel/Mtel. All the facilities are presently seriously challenged.

“As of today, Ayeni’s total industry indebtedness, covering both Nitel and the Electricity Distribution Companies (Discos) is estimated at about N150bn, and little, if any, of these obligations, are being doubtful that he will ever be in a position to service these loans satisfactorily.”

The letter also said another N33 billion was traced to Ayeni, saying there was suspicion that that out of this amount, N7 billion was spent on the re-election campaign of former President Goodluck Jonathan.
“The sum of N7bn was disbursed without due process to various individuals and corporate organisations on the request of Godknows Igali, a former permanent secretary of the federal ministry of power,” it read.

“The monies appear to have been expended essentially on the Jonathan-Sambo electoral campaign in 2015. That sum remains outstanding as at today.
“There is ample evidence that he (Ayeni), among others, received large amounts of cash, totalling N29.5bn, from the bank, which appears to be connected to the purchase of Mainstreet Bank Limited, but which has not been accounted for.

“He was instrumental in the approval and disbursement of the liquidity management which went on throughout his tenure.”



‘SEIZE ASSETS’
The management recommended that the government assist it to seize Ayeni’s assets.
“The former chairman should be brought to account for his central role in many of the identified infractions,” it read.
“We have been able to perfect the debenture on the fixed and floating assets of Natcom, the vehicle that was used for the acquisition of Nitel and Mtel with asset estimated at N282bn (Open market value) and N183bn (forced sale value) by Knight Frank in 2014.

“This will put us in a position to place the company into receivership for recovery. However, in order to come to fruition, this approach will require strong and unyielding support from the regulatory and political authorities in the country.”

The management also indicted Akinsola Akinfewa, Kehinde Durosinmi-Etti and Oguntayo, all former GMDs of the bank.
Other individuals listed in the petition for various acts of infraction are Femi Otedola, chairman Forte Oil Plc, Festus Fadeyi and Jide Omokore.
Ayeni could not be reached for comments as he failed to respond to a text message TheCable sent to his telephone.
 

12 comments:

Anonymous said...

With the help of the likes of Mo Abudu?

Anonymous said...

This is a common occurrence in Nigeria especially from his folks that love too much partying.

jelly said...

Ghengen!

Yemi7up said...

People need to be jailed.

joy said...

Don't they get tired of acquiring properties? Na wa o

Yori Yori Princess Loveme Jeje said...

All these big men spoiling banks, God will punish you all. You can see the way they are just sacking bankers anyhow. Majority are at home now because of non payment of loans from these sharks that called themselves billionnaires.

Una case dey God hands

Chidinma Grace said...

Hmmmm. Alright

posh candy said...

No wonder lots of people lost their jobs. They should write EFCC to investigate him

Anonymous said...

I knew this man in 1998.he was a successful estate management guru. His best friend was former NBA chairman. Dele Adesina. They used to be born again xtians but from what I read ,this man obviously became a rogue ..jail awaits u. This is how they steal depositors money. Anyone has any gist about Gtb? I de fear Nigerian banks

Anonymous said...

Word of Wisdom. Be careful of this so called fake Billionaires. Said it before and will say it again. Take bank money out of their so called fake billions and they were all as poor as church rats. Please don't believe the fake hype around them as everything that blink is not diamond

Anonymous said...

God is on the throne ! It's absolutely baffling when i read stories like this ! A chairman destroying his own bank to give loans to his so called billionaire friends !!! Why can't they see they are destroying a whole economy with their actions !!!!! Bankers are sacked and people of the land are suffering why o why would they do things like that !!!?! Having The Fear of God is very important for a human being ! One thing i know is that it shall be well with the country !! I also know that i will play a very big role in reliving the economies of many african countries by God's Grace ! Thank you Lord Jesus because you gave me the vision and it shall come to pass in Jesus Name Amen.

Anonymous said...

Rats like Moji Wusu too should be indicted. All thieves that have mastered the art of deception to steal in broad day light!!!!!!!! Yet they'll be fronting, all na wash. Thieves in suites.

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