HOW FUNKE OSIBODU WAS FINGERED IN CITI-SERVE MFB FINANCIAL CRISIS

Citiserve Microfinance Bank that was once under the management of Funke Osibodu, now the Managing Director of Union Bank, is allegedly involved in financial crisis.

According to a customer, who claimed anonymity, the bank has not been able to pay customers who have saved their money since 3 months ago. The customers alleged that the crisis started when Funke Osibodu left for Union Bank. The customers said immediately she left, it became difficult to withdraw money from the bank. The Customer said, “there was a period I requested for N50, 000 with my cheque, and the cashier told me silently that they can’t pay up to that with a reason that they have limited amount of money with them and they would like to give everybody around something.”

An insider alleged that Funke demanded for a particular percentage from whatever the bank made every year, and still wanted to be part of the management.

He alleged that this condition was not too favourable to the management, but that they did not let her (Funke) know their stand, and subsequently appointed a new MD, Mr. Deji Popoola and excluded her name from the new management team.

This exercise, according to those who should know, made Funke withdraw her initial investment that she gave to the bank when they experienced crisis two years ago. Sources divulged that the withdrawal paralysed the operation of the bank and since then it has become difficult for customers to withdraw their money.

During a visit to the bank, A&B saw angry customers who complained bitterly about inability to retrieve their money and that there has not been any official statement from the bank management, which is why things are falling apart.

Efforts made to speak with the MD, Mr Deji Popoola proved abortive as at press time as he was said to be out of the country.

But a customer, who gave his name as Victor Saul, said he noticed the crisis since they started an account package called, Gold Account. He said that as soon as you open the Gold Account, you would be given a customized cheque book without details of how the account will operate.

“They told us it’s a savings account and you can issue cheques to people, but what marvels me is that customers charged hugely for every cheque issued, even when you’re collecting the money directly,” he said, adding that he was coming back to collect his money with all the powers he has.