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Real Reasons Mainstreet Bank Chairman, Falalu Bello Was Sacked +His Violations and Misappropriations



Information we have authoritatively gathered has revealed real reasons behind the sack of Mallam Falalu Bello, Chairman of Mainstreet Bank Ltd.

A source who confided in us, said Bello’s former employer, Unity Bank appealed against him to the Central Bank of Nigeria (CBN), over allegations bordering on breach of corporate governance when he was the managing director of the bank.

The petition alleged his violation of corporate governance from his former bank over one-party approval of N3.4 billion ($21.067 million) foreign exchange deal is also a factor underlining his resignation.

Unity Bank had in a petition to the CBN alleged that Bello unilaterally approved the said amount for his company to import fertilizer, but he had been foot-dragging to pay back the facility.

The source further disclosed “After the consideration of the petition written by Unity Bank against him, the CBN wrote a response to the bank and copied the management of Asset Management Corporation of Nigeria (AMCON), indicting the former managing director of gross breach of corporate governance. This consequently prompted the AMCON management to advise him to resign from his position as the Chairman of Mainstreet Bank on the strength of CBN’s letter.”

According to the petition signed by Ahmed Yusuf, Acting Executive Director, Enterprise Risk Management and Umar M. Adamu, Divisional Head, Legal and Compliance, with Ref. No UB/L&C/UMNHJSIMB5FB/02l14, dated3rdFebruary, 2014, to the Governor of CBN stated in part: “We hereby humbly write to bring to your notice instances of Violation of Code of Corporate Governance. Sometime between June to September 2013, three Deferred Letters of Credit (LCs) totaling$21,067,500.00 were opened in favour of MBS Merchants Limited”.

Besides the CBN, Unity Bank also petitioned the Inspector General of Police, Mohammed Abubakar, over the matter, which prompted the invitation of Bello for questioning by the Force Criminal Investigation Department (FCID) Headquarters in Abuja.

A statement issued by MBS Merchants also admitted that Bello was invited to the Office of the Inspector General of Police (IGP) in Abuja to clarify issues in connection with a petition by Unity Bank Plc to the Central Bank of Nigeria (CBN) and the IGP.

The statement said the petition was based on three deferred letters of credit issued by the bank on behalf of MBS Merchants.

“In this regard, the MBS has answered all CBN enquiries on the matter. Also, Mallam Falalu Bello was invited by the IGP to discuss the same issues involved, being a recipient of the same petition”.

“Based on his position as chairman of MBS, Bello equally answered the invitation of the IGP just as he did that of the CBN so that such high level discussions between the parties involved will bring closure to a matter, which is basically a financial transaction between two parties that have been business partners for over seven years,” the statement said.

It could be recalled that Bello retired as the Group Managing Director of Unity Bank Plc on June 30, 2011, and was shortly afterwards, appointed chairman of Mainstreet Bank, one of the three banks nationalised by the Sanusi Lamido Sanusi-led Central Bank of Nigeria.

According to a source, there has been no love-lost between Bello and the managing director of Mainstreet Bank, Ms. Faith Tuedor-Matthews, a woman was reported in the media sometimes last year February to have resigned over alleged misappropriation of funds in the bank. It was alleged that she transferred funds into her private accounts abroad, which was said to have impelled the Board led by Bello to suspend her. However, the story was unfounded.

Nevertheless, their rivalry was said to have polarised the staff of the bank and affected their productivity. During the height of hostilities, staff perceived to be loyal to Bello was allegedly transferred from the head office and the partitions in all the offices, except on the executive level, were dismantled to allow a see-through floor plan. It was also purported that the strategy was to unmask any clandestine movement or motives by Bello loyalists.

In the meanwhile, there is no replacement yet for the former chairman, Falalu Bello. But, a source in AMCON who claim anonymity said “his successor would, most likely, be selected from current Board members since the bank would be sold to a new core investor soon.”

All efforts to reach corporate communications personnel of Mainstreet bank were futile.

– societyreelnews

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News and Report

Police Deploy More Personnel To Seaports In Lagos Over Nigerian Students, NANS’ Protest



Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.

The Nigeria Police Force has announced that it has deployed personnel to adequately secure seaports across the nation following a threat by the National Association of Nigerian Students (NANS) to shut down commercial activities at the nation’s busiest seaports ¬¬¬¬¬¬- the Apapa and Tin-Can Island Ports in protest over the lingering strike by the Academic Staff Union of Universities (ASUU).
Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.
The aggrieved students who protested on Monday at the Murtala Muhammed International Airport also reportedly threatened to ground commercial activities at the Apapa and Tin-Can Island Ports in Lagos State.
Disclosing the security beef up to Daily Trust, the Commissioner of Police in charge of Western Port Authority Command, Jonathan Towuru, said security was tightened around the Western Ports to avoid any breakdown of law and order although the student body did not show up as threatened.
The commissioner said, “People went about their businesses while operations at the terminals went on seamlessly, without any hindrance. But if the students eventually turn up, we will engage them in discussions. I must say that they conducted themselves well on Monday at the airport even though you still saw police monitoring the protest.”


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Evans The Billionaire Kidnapper Bags 21 Year Imprisonment



Justice Oluwatoyin Taiwo of the Ikeja Special Offences Court on Monday sentenced kidnap kingpin, Chukwudumeme Onwuamadike, also known as Evans, and his co-defendant, Victor Aduba, to 21 years imprisonment for kidnapping one Sylvanus Hafia.

They were accused of conspiring and kidnapping Sylvanus Ahanonu Hafia at about 5:30 pm on June 23, 2014, at Kara Street, Amuwo Odofin in Lagos and were alleged to have captured and detained Hafia and demanded a ransom of $2m.

But they pleaded not guilty to the four charges.

The judge held that the sentence would serve as a deterrent to other aspiring kidnappers

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Poverty, Hunger in the Country, Okowa Blames APC



…says Delta healthcare will curb medical tourism

Delta State Governor and Vice-Presidential Candidate of the Peoples Democratic Party (PDP), Ifeanyi Okowa, weekend, said that poor management of the nation’s economy by the ruling All Progressives Congress (APC) caused the rising hunger and poverty in the country.

He stated this at an empowerment programme for the people of Ika Federal Constituency at Boji-Boji Owa, Ika North Council by the member representing the constituency at the House of Representatives, Mr. Victor Nwokolo.

The governor, who commended Nwokolo for his gesture, described the event as “empowerment programme with a difference. He said Nigeria was troubled because people were hungry and out of job due to mismanagement of the nation’s economy.

He added that even students were having lots of challenges because their parents could not meet their needs owing to the level of poverty resulting from ineptitude of the APC-led Federal Government.

He, therefore, urged Nigerians to support the PDP, saying it was the only party with clear understanding of the nation’s challenges and had clear solution to rescue the nation.

Earlier, Nwokolo said his motive for the empowerment was to restore hope to the hopeless amid rising hunger and poverty in the land.

MEANWHILE, Okowa, also at the different forum, said the huge investment being made by his administration in the health sector was to improve healthcare delivery and reduce medical tourism in the country.

He disclosed this in an interview with journalists shortly after inspecting facilities at the Advanced Diagnostic Medical Centre and Mother and Child Hospital, Owa-Alero in Ika Council of the state.

He said the twin medical facilities would, on completion, reduce medical tourism as it would provide first-class medical services to people who would have sought medical treatment abroad.

“I am glad we have gotten to this stage. I had high hopes that by today, we would have inaugurated these projects.

“The equipment are fully on site and we are trying to get things fully sorted out and I am sure that in the next one month, it should be ready and opened to the public for use.

“The two projects are obviously very important. The Mother and Child, as it is so stated, is supposed to take care of every illness concerning our women and children,” he said.

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