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    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

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    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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National Bank of Kenya confirms sacking of former CEO

bycitibusinessnews
April 25, 2016
in Africa, East Africa
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The National Bank of Kenya (NBK) has officially confirmed the exit of its former chief executive Munir Ahmed.

Mr Ahmed had earlier been sent on compulsory leave alongside five other senior executives pending investigations.

“In accordance with the continuing listing obligations under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, the Board of National Bank of Kenya Limited wishes to confirm that Mr Munir S Ahmed, formerly the managing director and Chief executive Officer of the Bank has since left employment of the bank,” said NBK’s company secretary Habil Waswani in a letter to the Capital Markets Authority, (CMA) dated 21 April.

The CEO was sent home on the eve of the National Bank’s announcement of a surprise net loss of Sh1.15 billion for the period to December 2015, from a net profit of Sh2.25 billion in the nine months ended September 2015.

It was a sack

Mr Ahmed had earlier said in the Nation interview: “I’ve exited. It was a sack. Suspension was a nice way of putting it.” Mr Wilfred Musau is currently holding the CEO’s position in an acting capacity.

In the letter to CMA, Mr Waswani also confirmed that the lender’s former Chief Finance Officer Chris Kisire had also been formerly relieved his duties. The bank also confirmed the exit Mr Bonface Biko.

The bank, which made an after-tax profit of Sh871 million in 2014, blamed the record loss on a mounting volume of bad loans, for which it pointed the finger at its senior managers.

On April 11, Mr Ahmed presented himself to the Department of Criminal Investigations to record a statement on the happenings at the NBK.
Mr Ahmed took over as managing director at the State owned lender on August 1, 2012.

–

Source: Business Daily

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