Gombe suspends state microfinance bank MD, dissolves board
Following the Central Bank of Nigeria audit report, Gombe State Governor, Muhammadu Yahaya, has approved the dissolution of the board of directors of Bubayero Micro Finance Bank.
The state governor also suspended the Managing Director and Chief Executive Officer from office.
The Bubayero Micro Finance Bank is jointly owned by the Gombe and Local Governments in the state.
The Secretary to Government of Gombe State, Professor Ibrahim Njodi, who on Saturday conveyed the governor’s approval, said the decision was sequel to the findings of a thorough forensic audit of the financial activities at Bubayero Micro Finance Bank.
“Based on recommendations from appointed Financial Consultants as well as the audit report of the Central Bank of Nigeria, CBN,” he said.
Njodi urged the Managing Director to hand over responsibilities to the most senior bank official.
He added, “While all suspended board members and management are instructed to promptly hand over all official assets in their possession, an interim management, headed by the Executive Director, Financial Control and Operations, has been established, and is to report to the Permanent Secretary, Ministry of Finance and Economic Development for further directives.”
“These directives, which take immediate effect, are aimed at ensuring transparency, accountability, and the safeguarding of the institution’s integrity and maintaining public trust in the system.”
The CBN three days ago had with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union, and Keystone Banks.
