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Real Reasons Unity Bank MD Resigned + Shareholders dazed by the rot in the bank

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Unity Bank is currently going through turbulent boardroom crisis as their Managing Director, Henry James Semenitari, resigned his appointment on Friday, July 24, 2015. Also, the board concluded plans to seek for a replacement.  We reliably gathered that the issue has caused bad blood on who is fit to take over his position.
The former CEO was forced to resign to pave a way for the board to verify some allegations against him over his expensive lifestyle

Trouble began for Semeniteri who is the husband of Ibim Semeniteri, an ex aide of former Rivers state governor, Rotimi Amaechi when staffs of the Bank petitioned the board of the Bank on their boss financial recklessness, they also took the matter to former Nigeria’s President, Olusegun Obasanjo, who has a large stake in the bank. Obasanjo however directed the Chairman of the bank, Mr. Thomas Etuh to engage forensic auditors to investigate the allegations.

And at the end of the initial forensic audit of the allegations levelled 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 vacate the MD seat to allow for more detailed investigation of the allegations, some of the allegations against Semenitari included spending of about N100 million on bullet proof vehicles, payment of productivity bonus allowances to some workers and indiscriminate sack of workers without recourse to the board of directors.

The development is said to have sent panic among shareholders some of whom are Nigeria’s high and mighty. They are said to have expressed concern about their investment. He may have also lost the exalted position as the board has already appointed Aisha Azumi Abraham as Acting Managing Director/CEO of Unity Bank Plc pending the resolution of the crisis

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