HOW SIMON AKINTEYE RUINED INTEGRATED MICROFINANCE BANK
The emergence of microfinance banks in Nigeria should have been a solution to the problem of small scale businesses looking at the laws that established it, but unfortunately MFB is now a torn in the flesh to their staffers and customers.
Investigations revealed that the Simon Akinteye-led IMFB is currently enmeshed in a financial crisis alleged to have been caused by misappropriation of customers’ money. Simon, who is a founding director and has been the Chief Executive Officer of Integrated Microfinance Bank since inception, our source revealed, lives a flamboyant life, which includes incessant traveling abroad, visits night club frequently, where he always indulge in alcoholic drinks and serve whoever is around and sometimes buys off all the drinks available in club.
Impeccable source alleged that the crisis started with non payment of staff salaries, and 30% splash in salaries which made some of the staffers resolved to divert money collected from the customers who make daily contribution with the aim of obtaining loans to add to their businesses after a period of time.
The staffers, we learnt, allegedly collected money from customers and converted it to their salaries that were not paid. Sources close to the bank added that the directors who are not in support of Akinteye’s manner resigned en-mass, leaving some vital positions vacant.
Instead of having a change of heart, our source disclosed that immediately those directors left, Akinteye acquired new sets of Toyota Prado Jeeps, which he gave to other directors who are his loyalists and girlfriends. The issues were later exposed to the customers when their request for loans promised by the bank could not be granted, and they found it difficult to withdraw their savings.
Those who should know disclosed that when the rumpus became unbearable, customers invaded some branches of the bank and attacked the staffers, some of whom were wounded in the process.
In Ogba, Lagos branch of the bank, the manager was picked alongside other staffers by policemen, while the directors were reported to the Economic and Financial Crimes Commission (EFCC).
Our source revealed that Akinteye told the commission that the bank could not meet the demands of its customers due to non-repayment of loans by some artisans and traders in Oshodi Market, who were displaced by the Lagos State Government and whose whereabouts is still unknown.
Most branches of the bank in Lagos are now closed and few staffers who still report to the head office are always in mufti instead of the usual white and blue uniform, which had become the bank’s logo.
It was gathered that Akinteye held meetings with some top managers of the bank, where he was alleged to have threatened that any director who revealed the crisis in the bank to the press would be dealt with both physically and spiritually by him.
A source close to the bank disclosed that Akinteye is notorious for mismanagement. The source said Akinteye had worked with the defunct National Bank Limited but was relieved of his duty over his outrageous lifestyle. He was also said to have worked with First City Monument Bank Plc as an assistant Vice President, but he was accused of fund misappropriation, which caused him to leave in annoyance.
Integrated Micro Finance Bank was incorporated as a wholly indigenous limited liability company on June 16, 2006 following the grant of an approval-in-principle by the Central Bank of Nigeria