Embattled Managing Director of Wema Bank Plc, Mr. Adebisi Omoyeni, was on Wednesday arrested in Abuja and brought to Lagos by officers of the Special Fraud Unit of the Nigeria Police Force.

Adebisi Omoyeni, Wema bank MD

He is being questioned over allegations of forgery and granting unsolicited credit facilities.
Omoyeni, who had been sent on compulsory leave since January along with the bank’s Head of Financial Control, Mrs. Yinka Onifade, to pave way for a forensic audit of the bank’s books covering his two-year tenure, was being held at the SFU’s Club Road, Ikoyi, Lagos office as at Wednesday evening.

Omoyeni’s arrest, our correspondent learnt, was sequel to a complaint by the Nigeria Deposit Insurance Corporation that he and the Secretary to the bank’s board, Mr. Biodun Ogunlade, allegedly conspired to alter minutes of some board meetings held recently.
Ogunlade had been arrested earlier but released on bail on Tuesday to enable him attend the 40-day prayers for his deceased wife.

The NDIC, which recently concluded a comprehensive examination of the bank along with Central Bank of Nigeria officials, in its report, had raised issues about poor corporate governance and failure to adhere to due process in granting loans to some big customers.

Immediately upon his arrival at the SFU office at about 5 p.m. in company with another director, Senator Omololu Meroyi and seven others, Omoyemi, who was dressed in black suit and cream shirt was ushered into a room where his initial statement was taken.

He was still undergoing rigorous interrogation by officers at press time on Wednesday.
It was also gathered that the police had questioned other members of the bank’s board as the authorities tried to unravel various irregularities that allegedly took place under Omoyeni’s watch.

The Commissioner of Police, SFU, Mr. Olayinka Balogun, said on Wednesday that Omoyeni was being interrogated based on his written statements, after which the issue of bail might be considered.
He, however, indicated that the bank boss would be held overnight in the first instance.

A statement by Mr. Olusola Amore, an Assistant Commissioner Police attached to the SFU said that a case of conspiracy was reported to the police by the NDIC in which it was alleged that the bank boss and Ogunlade forged and altered minutes of the bank’s board meeting regarding a decision to purchase a house for the MD.

The NDIC claimed that the said minutes were altered to read that the board approved a N450m upfront housing allowance for Omoyeni to be written off at the rate of N90m per year for five years instead of a direct purchase. The money was said to have been collected by Omoyeni. Also, the NDIC complained about a N29m cash withdrawal on January 2, 2008, from account no. 171050001 at the bank’s Marina, Lagos branch under the heading, “Provision for Productivity Bonus”.

According to the statement, upon discovery of the withdrawal, the NDIC directed that the money be refunded but only N20m was refunded while the balance of N9m was paid to two directors – N5m to Mr. Olapade Mohammed and N4m to Senator Meroyi.