Board crisis: Mainstreet Bank denies MD's suspension

The Management of Mainstreet Bank Limited on Monday refuted the claim that the Group Managing Director of the bank, Mrs. Faith Tuedor-Matthews, was suspended over alleged misappropriation of funds.

The bank, in a statement made available to our correspondent, stated that there was no board crisis at the bank, pointing out that Tuedor-Martins remained its chief executive officer.

A Newspaper report had, on Monday, said that the board of Mainstreet Bank had suspended Tuedor-Matthews over alleged misappropriation of funds.

The report alleged that she transferred funds into her private accounts abroad.

Tuedor- Matthews, however, said during a press briefing on Monday that the report was untrue and calculated to disparage the reputation of the bank and its GMD.

She said, 'The publication is defamatory, false, malicious and baseless. The Board of Directors of Mainstreet Bank did not meet last Thursday and there is no allegation of any improper transfer of funds to the private account of any member of our board before the board. 'Our customers, staff members and members of the general public should disregard the story in its entirety.'

Tuedor-Matthews and her management team were appointed in August 2011, following the nationalisation of Afribank Plc, Bank PHB and Spring Bank Plc.

The Central Bank of Nigeria in 2011 injected N679bn into the bridged banks to help them to meet the minimum capital base of N25bn and the minimum capital adequacy ratio of 15 per cent.