Unity Bank MD faces sack as board sends him on compulsory leave

The Managing Director of Unity Bank Plc Mr. Henry Semeniteri may soon kiss the bank goodbye if latest report is anything to go by.

This is as Semeniteru has been ordered to go on compulsory leave by the bank’s board.

The Nation reports that Semenitari whose 10-day compulsory leave has elapsed was yet to resume because investigations into his tenure are ongoing.

Some staff of the bank were said to have reported Semenitari to a former Nigerian president, who has a large stake in Unity Bank.

The former leader directed the Chairman of the bank, Mr. Thomas Etuh to engage forensic auditors to investigate the allegations.

At the end of the initial forensic audit of the allegations leveled against Semenitari, “some cases of discrepancies” were discovered in the running of the bank, thus prompting the board of the bank to force him to embark on compulsory leave to allow for more detailed investigation of the allegations.

Allegations against Semenitari include spending of about N100 million on bullet proof vehicles, payment of productivity bonus allowances to select staff and indiscriminate sack of workers without recourse to the board of directors.

A source at the bank told The Nation that Semenitari was still entitled to over 30 days official leave but that the board forced him to proceed on an initial 10 days leave which elapsed last week.

The source noted that the bank was being cautious in the way it handled the matter not to damage the fragile reputation of the bank.

Meantime, Aisha Azumi Abraham, has been appointed Acting Managing Director/CEO of Unity Bank Plc pending the resolution of the crisis.

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