Governor sacks board, suspends managing director of microfinance bank

The Gombe State Governor Inuwa Yahaya has approved the dissolution of the Board of Directors of the state-owned Bubayaro Micro Finance Bank following the findings of a forensic audit into the financial activities of the bank

Penpushing reports that the Secretary to the State Government, Ibrahim Njodi, made this known while conveying the Governor’s approval, adding that the bank’s Managing Director, Mohammed Amtai was equally suspended.

The Governor’s media aide, Ismaila Uba-Misilli, in a statement issued in Gombe on Saturday emphasized that the Governor’s decision followed the findings of a forensic audit into the financial activities of the bank.

Penpushing further reports that the statement added that the decision was also based on recommendations made by financial consultants and an audit report by the Central Bank of Nigeria (CBN).

‘The managing director is to hand over responsibilities to the most senior official in the bank. All suspended board members and members of management are instructed to promptly hand over all official assets in their possession, the statement reads.

Penpushing also reports that the Secretary to the State Government explained that an interim management had been established for the bank and would report to Abubakar Dauda, Permanent Secretary, Ministry of Finance and Economic Development, for further directives.

‘The directives are aimed at ensuring transparency, accountability and the safeguarding of the bank’s integrity and maintaining public trust in the system’, the Secretary to the State Government stated

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