Kenya: Board of National Bank sends CEO, five managers on forced leave

Managing Director and CEO Munir Sheikk Ahmed - Photo: Elvis Ogina 

National Bank of Kenya’s woes deepened as the board sent CEO Munir Ahmed and five senior managers on compulsory leave pending an internal audit. In a statement issued late yesterday, the lender’s board of directors termed the decision as “an unequivocal demonstration” of the bank’s commitment to strict adherence to corporate governance tenets and the various Central Bank of Kenya (CBK) guidelines.
“We have instituted an internal review of our financial performance and as part of the mentioned tenets, the internal audit process shall be independent hence the request by the board for the six managers to proceed on leave,” said Board Chairman Mohamed Hassan.

NBK’s Director for Retail and Premium Banking Wilfred Musau, who joined the bank six months ago, will now be the lender’s acting CEO. Mr Musau joined NBK from NIC Bank where he was in-charge of branch business. According to sources, the other managers come from finance, risk management, ICT, Treasury and corporate and institutional business.

By the end of today, the board says it will have filled the five positions as the bank embarks on an internal audit process. According to the board, the six managers will immediately proceed on leave but will be expected to comply and make key submissions to the internal audit process. “We reiterate that the internal process is not an indictment on the said managers but an opportunity to ensure a fair, transparent and independent audit process