JIM OVIA’S N1.8BILLION LARGESSE TEARS ZENITH BANK APART
The former group managing director of Zenith Bank, Jim Ovia’s alleged largesse has reportedly tore the cordial relationship that used to exist among top executives of the bank apart.
The largesse, which amounted to the sum of N1.8 billion, was allegedly given as farewell package to top executives by their former boss as the GMD.
As the pioneer GMD for 20 years, Jim Ovia left Zenith Bank on July 31, 2010 in compliance with the 10-year-maximum tenure policy of the Central Bank of Nigeria (CBN) for bank chiefs with the parting gift that has backfired as a dissatisfied group within the bank executives is kicking against the sharing formula which favours some. Impeccable source from the bank divulged that the powerful group made up of those close to the former GMD benefited most, while those who did not has already petitioned the CBN for its intervention.
The source, who claimed anonymity, revealed that out of about N1.8 billion, a sum of N75 million was allegedly paid to the current GMD/CEO of Zenith Bank, N250 million to five Executive Directors (EDs) another N450 million to 10 General Managers (GMs); N250 million to 10 Deputy General Managers (DGMs) and N700 million to 35 Assistant General Managers (AGMs).
Those who should know claimed that the disbursement of this whooping amount, said to be authorized by the Ovia-led management, was done shortly after a special session, which the retired GMD allegedly held with senior staffers of the rank of AGM and above, at the Civic Centre in Victoria Island, Lagos, a posh events centre also said to be owned by Ovia. The alleged cash gift was meant to be a farewell compensation or a kind to those who were loyal to the former GMD during his tenure.
A source in the bank said that the former GMD realized the need to pacify the management staff as a way of expressing appreciation for their services over the years. However, another source said that there is more to the huge payment than the ostensible reason adduced.
A reliable source claimed that prior to his departure, Ovia embarked on a massive movement of staff within the bank. It was gathered that those who were moved were those who had worked on sensitive transactions, especially in strategic branches and departments, like Treasury and International Operations and holding the bank and its management on hostage with threats to expose illegal deals they had participated in.
The source revealed that a senior manager had actually threatened to expose sensitive information on a particular forex transaction if he was forced to resign. Another had threatened to reveal details of a transaction involving a former African president in one of its branches in a state in the South – South of Nigeria.
Reliable sources divulged that bigwigs in the banking industry have intervened in the matter for it not to escalate to the extent that it will affect other banks