- *Ex-bank chief breached employment regulations to land plum position
- *What the CBN says about such sharp practices
While Miriam Onasanya replaced him as GTBank CEO, Agbaje assumed duties as the GCEO of the new Holding Company thus contravening the Banks and Other Financial Institutions Act
Greed is a bottomless pit that exhausts the esurient; many a man had been consumed by an endless quest to gratify a lust without ever reaching satisfaction.
Yet the impulse to acquisition, pursuit of gain and money remains common to all sorts and conditions of men. It is the affliction of common folk and aristocrats, feudal lords and serfs, government and the governed.
This wanton lust for acquisition, however, attains a frightening proportion in the fate and designs of the Nigerian bank chief.
Consider, for instance, the breach of protocol and banking regulations perpetrated at the behest and on the watch of Guaranty Trust Bank (GTBank)’s immediate past Managing Director, Segun Agbaje; following a transformation of GTBank’s business structure at the start of H2 2021, Agbaje became the Group Chief Executive Officer of Guaranty Trust Holding Company (GTCO) – but this is against the Central Bank of Nigeria (CBN) law for a bank CEO.
It would be recalled that prior to Agbaje’s recent appointment as GTCO Group’s CEO, he served as the MD of GTBank for over 10 years as the bank failed to announce a replacement until nine months behind schedule, precisely July 2021.
By taking up such an appointment, Agbaje breached the CBN’s guidelines for banks. He wasn’t qualified for another appointment at GTBank until 2023/2024, according to the CBN guideline for bank chiefs.
While Miriam Onasanya replaced him as GTBank CEO, he assumed duties as the GCEO of the new Holding Company thus contravening the Banks and Other Financial Institutions Act (BOFIA) and Laws of the Federation of Nigeria, (LFN), 2004.
A bank CEO has a tenure of 10 years according to the CBN, and upon completion of his tenure, he is not allowed to occupy another position in the firm or any of its subsidiaries until three years after the end of his tenure.
“Any person who has served as CEO for the maximum tenure in a bank shall not qualify for appointment in his former bank or subsidiaries in any capacity until after a period of three years after the expiration of his tenure as CEO.” the guideline reads.
Source: The Capital NG