By Peter OBIORA investadvocate

Dec 14 2010 11.56 GMT

Lagos (INVESTADVOCATE)-The Board and Management of Union Bank of Nigeria Plc (UBN) had declared that its Accounts are not falsified.

This is coming on the heels of allegations by shareholders and other stakeholders of the Bank that its Accounts were falsified.

According to Francis Barde, Principal Manager, Corporate Affairs of the Bank, the Board and Management of Union Bank have always ensured that information provided by it is accurate, factual and ensures where possible that professional third parties validate the information.

“The allegations that the position of the bank is being deliberately falsified are categorically untrue” he said.

Barde affirmed that the accounts of the Bank have been audited by reputable Audit Firm; Akintola Williams Deloittte (Chartered Accounts) who will at the 41^st Annual General Meeting  (AGM) of the Bank answer questions as regards their findings should shareholders require such. 

“The Management and Board of the Bank have always been willing to make available the Banks Audited Accounts to shareholders and the public at large for scrutiny. The last two AGMs have not been held due to a court process that was instituted by some shareholders. As you are aware there has been a ruling on this in favour of the Bank to proceed with the AGM.  The AGM taking place is purely to approve routine statutorily issues” Barde said.

According to him, the process for identifying and selecting a Core Investor is the responsibility of the Directors of the Bank and its Recapitalisation Committee which was chaired by a Non-Executive Director. 

 

The Bank further affirmed that the steps taken have been transparent and all inclusive.  “All the bidders for the Bank including the Core Investor do not have any relationship with the Management nor Board” the Principal Manager, Corporate Affairs of the Bank said.

Some shareholders of the Union Bank had accused its Board and Management of trying to sell the Bank to its cronies.

He urged shareholders seeking clarification on the recent process of capitalisation of the Bank to attend the AGM holding in Maiduguri Nigeria and scheduled for December 16 2010.

Meanwhile, activities at the Banks Headquarters in Marina Lagos were paralysed on Tuesday December 14 2010 Morning following protest by the workers over sundry allegations against the interim management led by Funke Osibodu.

Investadvocate gathered that the recent staff agitations were not unconnected with the failure of Management of the Bank to implement fully the agreement it reached with Members of its General Management and members of the local chapter of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on contentious issues that was raised before September 30 2010.

Some of these issues include, the workers accusing the Osibodu led Management of mismanagement, massive layoff of workers without following due process, the cut off of workers’ salaries, and tax deductions.

Other allegations were the salary structure and pension policy rolled-out effective July 01 2010, reduction in terminal benefits (gratuity), ethnic prejudice, the wide disparity in the overseas medical allowances of members of General Management and the Directorate amongst others; which the staffs were unhappy with.

InvestAdvocate gathered that none of these issues has been addressed by the Board and Management of the Bank following its September 30 2010 deadline to resolve concerns raised by the staff; which led to Tuesday December 14 2010 protest by workers of the Bank at its Head Office.

While reacting to this, Barde, Principal Manager, Corporate Affairs of the Bank affirmed to investadvocate that the workers are being economical with the truth. “They cannot say that among all their grievances none have been addressed” he said.

According to him, it is a process and gradually all will be sorted out, as I speak with you now, deliberations are going on with Labour and Seniour Management of the Bank on how to resolve this issue, and as soon as that it sorted out, we would meet with the workers and look at the way forward” he said.

As earlier reported, shortly after Osibodu took over the helms of leadership August 2009 that the workers of the Union Bank started their agitations; because of perceived abnormalities in the Management of the Bank.