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National Bank Sends Six Managers on Compulsory Leave

BY Soko Directory Team · March 29, 2016 02:03 pm

The Board of National Bank has announced that the Bank’s Chief Executive Officer and five top managers have been sent on compulsory leave pending an internal audit process.    

According the Bank’s board of directors, the six managers will immediately proceed on leave but will be expected to comply and make key submissions to the internal audit process.   

In the interim, the board has appointed an acting CEO.

Mr. Wilfred Musau will take over the running of the daily operations of the bank with immediate effect.

Prior to his appointment, Mr. Musau was the bank’s director, retail and premium banking. He joined the bank six months ago from NIC Bank where he was the head of business banking in-charge of branch business. Prior to his tenure at NIC Bank, he was the Head of SME Banking at KCB. A Kenya University graduate in banking and finance, Mr. Musau brings on board over 18 years of consumer and commercial banking coupled with local and international training.

In a statement published in local dailies, the Chairman to the Board, Mr. Mohamed Hassan said; “The aforementioned actions by the Board are an unequivocal demonstration of our 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.”

The Chairman assured the bank’s customers that the changes will not affect the normal operations of the institution and hence the appointment of the replacement.

He added that the organisation’s strategy is on track. “We are continuously focused on enhancing customer value propositions, developing an effective sales model, expansion of distribution network, centralization and automation of service delivery, enhancing the Bank’s risk management capabilities and diversifying the bank’s portfolios.”

According to the same statement, In addition to the temporary change at the helm, the board will make further appointments albeit, on an acting capacity within 24 hours.   

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