His dismissal comes after the KCB Bank Group completed the process of acquiring NBK and apppointing new board members.
The new directors are; Mr John Nyerere who will be the chairman of the board, Engineer Stanley Kamau, Mr Jones Nzomo, Ms Linnet Mirehane, Gen,(Rtd)Dr Julius Karangi, Mr Paul Russo, and Mr Joshua Oigara. The Bank will be lead by Mr Paul Russo who was appointed as Managing Director shortly after the acquisition.
National Bank of Kenya
National Bank’s Chairman Mohammed Hassan was recently accused of tax evasion in the Bluebird Aviation saga where over Ksh100 billion was said to have been pocketed by some directors.
COTU SG Francis Atwoli survived the exit of NBK CEO Munir Mohammed who was an accomplice in the running down of the lender. Munir was variously accused of financial improprieties.
In 2016, the police took the issue and sent-out a warrant of arrest for Munir, who was by then suspended. The warrant accused the bank executive of involvement in unethical conduct, including taking loans and lending to their cliques in disregard of all banking guidelines.
After Munir, Wilfred Musau was appointed as the Managing Director and Chief Executive Officer (CEO) of NBK. It didn’t take long before a sexual scandal involving the new CEO erupted at the struggling lender.
Musau was accused of sexual harrassment by a worker known as Samantha.
Francis Atwoli was adversely mentioned in the financial impropriety at the National Bank of Kenya.
Representing workers and as stated earlier, Atwoli has been a director at National Bank, serving the interests of
The financial mismanagement brought the bank to its knees.
Chronology of mismanagement
In June 2015 NBK declared a Kshs. 1.7 Billion half-year profit based on building sales that actually never took place – add the fact that they hid non-performing loans by almost 90% – making Kshs. 1.7 Billion (
‘NBK financial declarations were fictitious, NBK went ahead to understate their financial position for short-term expediency. That is when the rain started beating them’, said the source.
‘By revamping the board of the bank, KCB Bank Group has done a great thing and it is a frsh start without Atwoli’, he concludes
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