UNITY BANK SUSPENDS MD, HENRY SEMENITARI FOR LAVISHING N100M ON BULLET PROOF CARS

The Managing Director/Chief Executive Officer of Unity Bank Henry Semenitari have just being suspended from his position. Report has it that while the wife, a former commissioner for information in Rivers state Ibim Semenitari is having a running battle with the new governor, the husband banker, Henry Semenitari has just been summarily suspended by the Unity Bank as it’s managing director.

According to NewsofthePeople, the technical suspension was subtly described as compulsory leave which is obviously the beginning of the exit of the banker from Unity Bank. Sources told the magazine that the board of directors has resolved that he should proceed on compulsory leave after members of staff of the bank revolted with damaging allegations and evidences. The entire scenario according to an insider is centered around alleged fraud and unethical practices.

The managing director’s dilemma began few months back when some staff sent a strong petition to an influential major shareholder in the bank who is also a former Nigeria leader who instructed the chairman of the bank Thomas Etuh to appoint a forensic auditor to investigate the allegations. It was alleged that all the allegations were later found to be true, according to the report of the auditors.

At the beginning of the forensic investigations, Henry was advised to proceed on leave but he refused until when the investigation was concluded when he then volunteered to go on leave. At this stage the chairman allegedly told him it was too late hence the board directed he proceeds on suspension described in his letter as compulsory leave.

News of the People gathered that one of the major allegations was squandering of almost N100 million on bullet proof vehicle for his use. Another reckless spending cited in the petition is payment of productivity bonus allowances to some select staff and indiscriminate sack of staff without recourse to the board of directors. Sensing a looming crisis, a source informed that it was the recklessness of the banker that made the former chairman of the bank to resign with a decoy that he was pursuing a political career which he lost in his home stead of Katsina.

Mr.Semenitari has been the Chief Executive Officer and Managing Director at Unity Bank Plc since January 2014. Mr. Semenitari served as an Executive Director of Public Sector & Government at First City Monument Bank Plc (now, FCMB Group Plc) until January 03, 2011. He has valued and consistent Banking experience in Operations, Internal Control, Commercial and Retail Banking, Consumer Banking, Corporate Banking (Energy) etc. acquired from various Banks over a 22-year career at First City Monument Bank (FCMB), Zenith Bank, Diamond Bank, United Bank for Africa, ACB International Bank and Continental Trust Bank.