Appointment Of Taraba Micro Finance Bank Mgt Based On CBN Guidelines – MD Taraba Investment

Contrary to the media reports on the controversy surrounding the management of Taraba State Micro Finance Bank, the Managing Director of Taraba Investment and Property Company, Mr Ezekiel Iliya on Wednesday said the company had appointed the management of the Taraba Micro Finance Bank based on CBN’s guidelines.

Iliya stated this in reaction to allegations that the company had illegally appointed the new management team led by Managing Director, Mrs Veronica Musa.
According to him, the tenure of the old management which came on board on September 15, 2014 had elapsed after four years in office in line with the CBN guidelines.
He noted that trouble started when the new MD, Mrs. Musa resumed office as some disgruntled staff attacked her, slapped her and vandalized the CCTV facilities she installed.

He explained that the barbaric action by some of the staff, apparently, to prevent the management from unraveling their corrupt practices led to the closure of the bank by the state government with security operatives guarding the premises.
“The tenure of the Benjamin Orume led Board which came into office by September 15, 2014 had elapsed after four years as required by CBN guidelines.
“The expiration of their tenure of office was affirmed by a Yola division of Appeal Court judgment led by Justice Chidi Nwaoma Uwa against the former MD Malam Nasiru Baba on December 9, 2019.

“The Taraba Investment and Property Company having 92.5 per cent of shares in bank applied to the Corporate Affairs Commission for approval to hold the Annual General Meeting in pursuant of section 213(2) of companies and allied matters Act CAP C 20 2004.

“The CAC gave due approval and the AGM was successfully held where the new management was lawfully elected by majority of the members.
“This is Corruption fighting back as you can see from the evidence, this matter is like the case of a farmer who did not catch a thief and the thief turn around trying to catch the owner of the farm.

“The action of the staff must not be unconnected with the forensic audit which showed the huge sum N2.8 billion missing in the hands of the old management and EFCC is investigating them currently.
“The public should be aware that the media publications against the new Management of the bank and I are just mere propaganda.

Iliya, who displayed copies of the relevant documents to the press vowed that no amount of propaganda would stop the EFCC from recovering the stolen N2.8 billion adding that his legal team had already taken steps to support the investigations.

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