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Why apex bank removed Adenuga

THE Central Bank (CBN) removed   business mogul, Chief Mike Adenuga, from the board of Equitorial Trust Bank (ETB) in compliance with its policy to discourage sole proprietorship in the industry, Sunday Vanguard can reveal.

Adenuga was removed by the apex bank on Friday following the last round of bank audit in the country. The chairman of the Mike Adenuga Group was the brain behind the bank.

Chief Mike Adenuga
Chief Mike Adenuga

The CBN also sacked the bank’s managing director, Ike Oraekwuotu and those of Spring Bank (Charles Ojo) and Francis Atuche (Bank PHB). Similarly sacked were all the on-executive directors of Spring Bank. The CBN said the banks were in “grave situations”.

The CBN governor, Mallam Lamido Sanusi, had told capital market operators in Lagos on September 16 that he would not allow banks to be run as sole proprietorship but as institutions that would imbibe the tenets of good corporate governance.

Adenuga in his initial reaction to the CBN action faulted his removal, declaring that he was not in any way indebted to the bank or any other one in Nigeria for that matter.

He said his account with ETB was in credit with deposits in very high balances and requested the bank management to provide details of any facility traceable to him including the mode of utilisation and disbursement. He vowed to immediately pay any loan traceable to him.


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