By Isiaq Abdulkareem Olaitan
Theacting managing director of Balogun Fulani microfinance bank, Mr. Issa Muhammed Erubu has been suspended indefinitely.
He has been directed to proceed on suspension with immediate effect and handover all the documents and property of the bank within his care to the most senior officer of the bank, the head of operations, Mr. Balogun Yunus Yinka.
His suspension is in relation with mismanagement of funds, embezzlement, insurbordination and other gross misconducts against the banking rules.
According to our privileged information about the bank, the suspended acting MD has turned himself to sole administrator of the bank since October last year. He has been violating the Central Bank of Nigeria code of corporate governance for the microfinance banks in Nigeria.
Oluwatoyin Luqman Bolakale is a graduate of Telecommunications Science, A Certified and etch network security specialist from International cyber security institute and specialised in Network security, mobile and wireless communications, He is a community developer and An Online Media Practioner currently the CEO/Publisher of Satcom Media