Mainstreet Bank has reconstituted its board of directors to stave off sanction by the Central Bank of Nigeria (CBN) now headed by Godwin Emefiele, whose pronouncements since he assumed office on June 2 suggest he will not tolerate infraction of the rules.
TheNiche reported exclusively on June 8 that underhand dealings pose danger to the sale of Mainstreet Bank, with some groups threatening legal action if the process does not follow the law.
Mainstreet, formerly Afribank which was rescued by the CBN in 2009, got nationalised and given its current name in 2010, is under the watch of the Assets Management Corporation of Nigeria (AMCON).
AMCON Chief Executive Officer (CEO), Mustafa Chike-Obi, has said that Mainstreet Bank has not violated corporate governance codes.
Gambo Ahmed
However, on the heels of the allegations, the CBN last week approved the appointment of Gambo Ahmed as Chairman of the board of directors.
He succeeds Falalu Bello, who was edged out after he lost favour with the bank’s Managing Director and CEO, Faith Tuedor-Matthew.
A statement issued by Mainstreet Bank said the appointment followed the recommendation of AMCON after the resignation of Bello.
Ahmed has varied experience spanning over three decades of contribution to the public and private sectors of the economy. He was Principal Private Secretary to the Governor of the old Kaduna State between 1980 and 1983.
He acquired extensive financial management experience in investment and commercial banking and rose to become Executive Director, Corporate and Commercial Banking in former NAL Merchant Bank.
He was until his appointment a non-Executive Director in Mainstreet Bank.
Ahmed holds a bachelor of science degree in business administration from the Ahmadu Bello University, Zaria and a master’s in banking and finance (MBF) from Bayero University, Kano.
He is a fellow of the Chartered Institute of Stockbrokers (FCS).