Disquiet In Living Trust Mortgage Bank As CBN Probes Alleged Misconduct
A recent measure taken by the nation’s apex bank, the Central Bank of Nigeria (CBN) has reportedly caused a sense of disquiet in the Living Trust Mortgage Bank Plc.
Sources told Team@orientactualmags.com that the CBN is probing alleged misconduct in the financial institution and it is currently carrying out an audit which made stepping aside become imperative for the Managing Director, Mr Adedeji Olumide and he has reportedly proceeded on compulsory leave.
Birds whispered that the CBN is looking into what caused millions in losses to the financial institution while adding that the audit and investigation reportedly borders on ‘huge executive management expenditures, sudden creation of Office of Chairman with salaries and monthly allowances that are not known to any governance structure, questionable purchase of Vehicles, a top official’s insistence on earning salary that cannot be substantiated by his own term of appointment , lack of segregation of duties and limitation of approvals and weak internal control that allows executive rascality’.
While financial pundits are still at a loss and asking why it took the CBN so long to launch an investigation and now surprisingly changed its initial posture of ‘hear no evil, talk no evil’, the apex bank, they noted, may however not be interested in how CitiTrust paid for its shares cognizant that it gave approval in 2019 with its certificate of ‘No Objection’.
They also said the management of the financial institution may have deliberately created obstacles and took steps that made the board of the Living Trust Mortgage Bank Plc exist and function on sufferance.
‘While Osun State is expected to nominate the Chairman, the CitiTrust which now owns 41% ownership will nominate Managing Director for balancing.
However, the recent creation of Office of the Board Chairman with about N 8 million voted for the office in question and N45million for a car is very unusual and could be a way of making the board members amenable and controllable’ said a source-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08035023079, 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
