Tongues are already wagging about a hostile takeover of Wema Bank, principally owned by three core investors, Nemtree, about 40%, SW8 about 20% and Oodua, 10%. SW8 nominee became the MD with the understanding that Nemtree being the majority shareholder will produce the next Chairman. This has always been the norm since new investors came in some nine years ago.
Unfortunately, a nominee of SW8 has now been appointed as Chairman following the retirement of the erstwhile Chairman. Invariably, SW8 with less than 20% wants to also produce the MD and Chairman af the same time. This development has started generating a lot of issues in the bank…
Watch out for more details exclusively from The Boss…
