Nigeria Central Bank Denies Aig Imokuede’s Tenure Elongation Bid
LAGOS-The Central Bank of Nigeria (CBN) has categorically and unequivocally told Aigbogun Aig Imokuede, GMD of Access Bank that his days in office are numbered, saying his time is up and he must leave Access Bank next June, come rain or shine.
Aig Imokuede has managed Access Bank for ten years and was due to retire this April according to statutory regulations but he requested for a two-year extension which was rejected by the CBN . Rather, the apex bank granted Aig Imokuede two months for him to vacate his office. Consequently his exit date will be in June.
For a man who arrogated to himself, the sonorous and unflattering sobriquet of “God’s Banker”, the CBN decision was a devastating blow. CBN sources told Huhuonline.com that there has been a lot of concern over attempts by Aig Imokuede to sit-tight at Access Bank in the wake of his questionable acquisition of Intercontinental Bank.
Industry sources revealed that Aig Imokuede used the merger and acquisition of Intercontinental Bank as a technicality to request for a two year extension but the CBN, referred him to Article III of the Guidelines for tenure of managing directors of deposit money banks and related matters which states inter alia: “Where a bank is a product of merger, acquisition, take-over or any other form of combination, the ten–year period shall include the pre and post combination service years of a CEO provided that the bank in which he previously served as CEO was part of the new bank that emerged after the combination.”
Huhuonline.com gathered that Aig Imokuede will be heading to the Commonwealth Business Council where he is expected to occupy the portfolio of “Co-Chairman.” – a decision arrived at last year by the governing council, but strangely has not been announced. It is understood that the bank has been a financial patron of the body over the years and actively participated in many of its programs including a major event held last year. He currently serves on the council as a Board Director.