The National Bank of Kenya Board will relieve Mr Munir Ahmed off his duties as CEO of the collapsing bank badass blogger Cyprian Nyakundi has revealed.
The NBK board is said to comprise some of the to corporate pirates that have supervised the slow collapse of one of the biggest banks that is partly owned by government (Government owns directly via Ministry of Finance 22.5% and NSSF owns 48%)
The bank’s total asset base is in excess of kshs.100 Billion. The board chairman Mr Mohammed Hassan and CEO are accused of gross incompetence in strategic business leadership and are alleged to be stooges of top Jubilee politicians (close ties with Ruto and Duale?) who are alleged to silently milking the bank that is now near collapse.
Mohammed Hassan was also named as being an accessory in an 100 billion case involving Bluebird Aviation Company based at Wilson Airport.
Some anonymous source say that together with another director and silent wheel dealer Boniface Biko, Munir Sheikh and his Chairman Mohammed Hassan illegally oversaw a fraudulent loan of Kshs. 2 Billion given to BOMA Hotel owned by Kenya RedCross, due to close family ties with its CEO Abbas Gullet. The loan was bought from Equity Bank and no interest has been charged on it.
Within 4 years, Munir Sheikh has overseen a systematic decline of stakeholders value of the Kshs.100 Billion equity base built over the years by career banker and retired former CEO Reuben Marambii had accumulated during his tenure at the bank.
Salaries since December have been paid from loans to the bank, and word doing round is that Munir and some unnamed Arabs want to start their own Shariah Bank in Nairobi.
Central Bank of Kenya is expected to release audits of National Bank between this week and next week, and losses amounting to Kshs. 4 Billion will be tabled. The laptop used to manipulate figures was confiscated by Central Bank last December.
When the scandal blew up last year, a ScanGroup employee @iwateba immediately launched a hashtag #MunirisClean, showing how corrupt corporates use PR firms and business journalists to clean up their fraudulent activities.
Other directors of National Bank like seasoned heckler Francis Atwoli were silenced with brown envelopes
