Wema Bank Plc, one of the third tier financial institutions in Nigeria is now home of unending crisis, no thanks to its Managing Director, Ademola Adebisi, whose rapidly declining reputation is currently robbing off on and sinking the bank.
Since 2018 when Ademola Adebisi assumed office as Managing Director and Chief Executive of Wema Bank it has been endless crisis, most of which were orchestrated by incompetent leadership.
Upon resumption at Wema Bank, Ademola Adebisi, a greenhorn banker first launched a manhunt for loyalists of his predecessor, Segun Oloketuyi; axing them from key positions.
His onslaught soon gave rise to a tsunami, which almost ravaged the bank when some board members who frowned at the hatchet job quickly rose up to question, his audacity. The outburst which was reported in some sections of the media projected the bank in bad light.
Again in 2019, a report in the media exposed a money laundering ring in Wema Bank allegedly administered by its Chief Executive Officer, Adebisi Ademola.
According to the report, Adebisi allegedly supervised a smartly executed money laundering exercise in the tune of over N1billion alongside some of his loyalist. The money was reportedly laundered through the account of a customer in the bank whose account balance at the time was N300,000 without his consent, we gathered
Not long after, they were rounded up by the Economic and Financial Crimes Commission (EFCC). The scandal gave rise to another episode of wide negative media reports.
Another scandal in the front burner was a report of money laundering involving the management of Dana Air and Wema Bank.
Another report in the media space revealed how Dana through Sri Sai Vandana Foundation, mopped up all its inflight donations running into millions of naira between January 2014 and October 2018 and deposited into a Wema Bank account number 0121291839 without due registration with the Corporate Affairs Commission (CAC).
By the above action, the management of Dana Air subverted the Money Laundering Prohibition Act, which mandates every Designated Non – Financial Institution, DNFI, to register with SCUML in order to legally operate in Nigeria.
Contravening the SCUML guidelines have some specific penalties, including “suspension or revocation of license, fines or imprisonment or both,” according to Sections 15 to 17 of the Money Laundering (Prohibition) Act 2011 (as amended).
It stipulates a maximum of 14 years jail term for an individual but, in the case of a corporate organization, the law says such organization would pay “a fine of not less than 100 percent of the funds and properties acquired as a result of the offense committed” and would also have its license withdrawn.
Under the leadership of Ademola Adebisi, Wema Bank has become a laughing stock in the banking sector, with a profile scarred by multiple scandals.
Asides the aforementioned it is also worthy of note that Wema Bank’s daily banking operations are repeatedly marred by irregularities and technical downtimes, creating room for fraudulent staffers of the bank to carry out criminal manipulations on customers’ accounts domiciled in the bank.
Despite previous efforts by its stakeholders to turn the fortune of Wema Bank around, it is mind-boggling to note that WEMA Bank has declined into an abysmal state under its current leadership.
Source: E-nigeria!
