<p>A Federal High Court sitting in Lagos south west Nigeria has adjourned for continuation of trial, the N7,274,75,000.billion suit instituted against Wema bank Plc by it&#8217;s former Managing Director Jeremiah Adebisi Omoyeni over his alleged illegal removal from office. </p>



<p> ;  ;  ;  ; In a quest to redress the
alleged illegal termination of his appointment,
Omoyeni, in a sworn affidavit ; filed before the court alongside his
statement of claim averred that, he joined the services of the bank in 1987 as
officer VI being entry level for
fresh graduates then. ;</p>



<p> ;  ;  ;  ;  ;  ;In the sixty
-eight years history of the bank as at the time of filing this suit then he had
the most rapid promotion as employee with one promotion per year for eight
years, one promotion in two years only once and a double promotion from
assistant ;  ; General manager to Manager grade thereby by-passing the
deputy General Manager grade to become a general Manager in August 1998.</p>



<p> ;  ;  ;  ;He stated that his promotion
was sequel to hard work, dedication to duty, unflinching loyalty to constituted
authority and exemplary ; leadership style he exhibited in the discharge of
his duties. In addition throughout the twenty -one years of service period he had
with the bank, there was no single occasion where he was queried or cautioned
on any act of financial impropriety or misdemeanour.</p>



<p> ;  ;  ;  ;He stated further that he
served as an executive Director of the bank for six years before his
appointment as the Deputy Governor of Ekiti state of Nigeria, however upon the
intervention of major stakeholders of the bank led by Board members of Odd&#8217;a
Group of companies, he was persuaded to resign from the higher office of the
Deputy Governor of Ekiti State, and return to the services of the bank in
December 2005.</p>



<p> ;  ;  ;  ; The plea for his return to
the services of the bank&#8217;s service ; was essentially to ensure that the
bank which was then in criss was not liquidated due to the fact that it was
just less than a month for the bank consolidation exercise to lapse. ;</p>



<p> ;  ;  ;  ;Pursuant to the request of the
Board of Odua group and upon his return to the services of the bank he was duly
appointed the managing Director /Chief Executive of the bank, and with his
eighteen days in office he was able to conclude the consolidation exercise of
the bank in line with directives of the Central Bank of Nigeria, otherwise, the
bank would have been liquidated at 31st of ; December, 2005,and since his
return to the bank the profile of the bank continue to rise in all
parameter. ;</p>



<p> ;  ;  ; In accordance with the bank&#8217;s
conventional practice, if he be disengaged from the office at the instance of
the bank before attaining the normal retirement ; age of sixty his total
emoluments ; the nominal retirement age of sixty ,his total emoluments as
at the time of disengagement ;  ;up to the retirement age of sixty
shall be converted and monitized and duly paid to him. ;</p>



<p> ;  ;Consequently, he shall contend at the trial
that he is entitled to payment of N1,516 250 000 being his total emoluments for
ten years as he was disengaged from the services of the bank at the age of
fifty years. ;</p>



<p> ;  ;  ;Sometimes between late 2006 and early
2007 the then board of the bank discovered some persons including certain
officials of the Central Bank of Nigeria with vested interest in the bank and
had perfected plans put in motion adequate measures at ensuring the grounding
and eventual liquidation of the bank with view to buying it over by themselves
or sell it over to their cronies at ridiculously low rate. ;</p>



<p> ;  ;  ;Pursuant to that discovery the then
board of the bank pass a resolution directing the then Chairman of the board to
petition the then the president of the Federal Republic of Nigeria of the
unbecoming attitude and conduct of One Tunde Lemo, who at a point in time was
the Managing Director of the bank and was then the ; Deputy Governor
(financial surveillance) of the CBN in ; unduly interfering with the
running and administration of Wema bank. ;</p>



<p> ;  ;  ;As a result of these unwholesome and
unwarranted crises injected into the bank by these persons with vested interest
and which crises resulted into several law suits and impasse in the running and
management of the bank the CBN under the leadership of Professor Chukwuma
Soludo as the then the Governor of CBN on the 18th of November 2008 placed him
on an indefinite suspension under the guise of giving NDIC ; opportunity to
undertake routine examination of the bank&#8217;s books of account.</p>



<p> ;  ;  ;  ;His suspension from office was
without regards and utter disobedience to subsisting order of the court and the
directive of the Attorney General of the Federation and minister of
justice. ;</p>



<p> ;  ;  ;  ;  ;Thereafter he made a
former complain to the President of the Federal Republic of Nigeria,while in
the same vein a board member of the bank Chief Wole Olanipekun SAN who was not
satisfied with the action of the CBN Governor and with persons with vested
interest in the bank in unduly interfering with the running ; and
management of the bank ,also petitioned the then President complaining of what
was transpiring in the bank, ;</p>



<p> ;  ;  ;  ; Similarly members of the
board of the bank also petitioned the president of the the Federal Republic of
Nigeria. ;</p>



<p> ;  ;  ; Further to the above and in a bid to
resolve the prolonged crises several meeting of the stakeholders were held
culminated into successful negotiation and execution of memorandum of
understanding. ;</p>



<p> ;  ;  ;  ;  ;However, contrary to
all expectations and in apparent breach of the terms of the memorandum of
understanding, the central bank of Nigeria through the then Governor of the
apex bank, without complying with the law and acting in breach of natural
justice and fear hearing purportedly issued a press release on 4th September,
2008 with a view to removing him from office,thereafter Wema bank in a bid to
give legal backing to the illegal acts of CBN vide its letter of 23rd October,
2008 ; resolved to terminate his appointment with bank. ;</p>



<p> ;  ;  ;  ;The plaintiff is contending
that the purported termination of his appointment with the bank is illegal,
unconstitutional, null and void and offends the provisions of the company and
Allied Matters Act CapC. 20 law of the Federation of Nigeria 2004,constitution
of the Federal Republic of Nigeria 1999,and the memorandum and Article of
Association of the bank. ;</p>



<p> ;  ;  ;  ; The plaintiff is contending
further that, the unlawful termination of his appointment has adversely
affected, tarnished, and reduced his reputation and standing generally and
particularly in the banking industry both nationally and internationally due to
the fact that the entire episode leading to the termination was caused to be
published in several Nigerian newspapers and other media international
circulation by the bank. ;</p>



<p> ;  ;  ;  ; Consequently his claims
against the bank are as follows ;</p>



<p> ;  ;  ; The sum of N758,125,000 being the
amount due and owing to ; him as at date for his illegal and unwarranted
removal from office by the bank. ;</p>



<p> ;  ;  ;  ;The sum of N1,516,250,000
being his total emoluments for ten years having been relieved of his employment
by the bank at the age of fifty, ten years before attainment of the retirement
age of sixty. ;</p>



<p> ;  ;  ;  ; Interest on the two sums
above at the rate of 21% per annum. ;</p>



<p> ;  ;  ;  ; General damages in the sum of
N5billion.</p>



<p> ;  ;  ;  ;  ;Cost of this legal
action. ;</p>



<p> ;  ;  ;  ;  ;However, in a statement
of defence and counter claim filed before the court by Wema bank Plc, the bank
denied almost all the claim of Mr Omoyeni, and alleged that his tenure in
office was marred by financial improprieties and gross abuse of the rule of
corporate governance.</p>



<p> ;  ; Mr Omoyeni was also alleged to have failed
to withdraw all the law suits filed by him and his cronies as contained in the
memorandum of understanding to pave way for his recall when he was
suspended,rather he forcefully took over office as the managing Director of the
bank. ;</p>



<p> ;  ;  ;  ;Consequently the Governor of
Central bank on 4th of September, 2008 in exercise of its statutory powers
under bank and other financial institutions Act BOFIA removed him from office
as Managing Director /Executive officer of the bank ; therefore the bank
cannot by its action or inaction override or act to its regulatory authorities.</p>



<p> ;  ;  ; In its counter claim the bank
alleged that the former managing Director utilized N450million ,the said
upfront /armotised housing allowance was not authorized by the board of
Directors of the bank. The bank magnanimously wrote off N35,365,76910.of his
indebtedness while his entitlement of N35,922,607.35 was deducted from his
total outstanding indebtedness of N390,920,908.50 to arrive at the sum of
N364,998,307.15.being the debit balance of the plaintiff account with the bank
as at 26th of May, 2009 which he has refused to pay.</p>



<p> ;  ;  ; The bank is counter claiming against
the plaintiff for payment of the debit balance of N364,998,307.15 as at 26th
May 2009.with interest of 20% per annum until judgement and thereafter 10%
until same is liquidated.</p>

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