Registrar, others indicted
Students of Moshood Abiola Polytechnic (MAPOLY) and some community leaders of the town, have accused the Chairman, Governing Council of Mapoly, Prof. Kamaldeen Balogun, of conniving with the institution’s Registrar, Mrs. Olubunmi Elewedalu, to install new Microfinance Bank Managing Director, Mr. Ayodeji Adeolu Jibodun.
It was revealed that the new MD is a younger brother to the institution’s Registrar, Elewedalu, alleging that it was against the rules and regulations guiding the Polytechnic and Mapoly Microfinance board.
Sources who preferred not to be mentioned told journalists that the state government should raise a panel of enquiry to look into the Mapoly Microfinance, so as to ensure sanity and justice, noting the act may destroy the foremost and great citadel of learning in the state.
“The registrar with full support of the Chairman, Governing Board screened-out best contenders for the position of Managing Director of MAPOLY Microfinance Bank and installed her unqualified brother, Mr. Ayodeji Adeolu Jibodu, even with pass from the Federal Polytechnic, Ilaro, against financial regulations of the banking sector and negates the banking rules.” they said
Also, a senior staff of institution, pleaded on anonymity said that the CBN is yet to recognise the new MD, as the Chairman and Registrar failed to provide reason for untimely resignation and termination of a well recognised Director of the bank.
“We thereby call on the NDIC, CBN and Ogun State government to look into the selection process of MAPOLY MFB Managing Director. The government must also stop the Chairman, Governing Council of the Institution, Prof. Kamaldeen Balogun from abusive of power and do the right thing to save the bank and indeed, the Polytechnic from mediocrity and destruction,” a saff said
According to the information gathered from the institution, if the anomalies and unrighteousness continue in chosen unqualified person as the MD of the institution’s bank, they would have power to undermines embesslement, misappropriation of money, saying that they will mismanage fund meant for the innocent people.
“In fact, the bank has been in comatose dues to mismanagement of fund and they had already depleted the bank finances and Central Bank of Nigeria may revoke the bank licence which in turn will have adverse effect on both majority of the institution and minority shareholders; like students, communities and others,” finding revealed
It was observed that the Chairman of Mapoly GoverningCouncil, Registrar and her brother are the three running the Microfinance bank, instead of the recognised and registered Directors who are; the Rector, Dr. Adeoye Odedeji, the Bursar, Mr. Fatai Adisa Yekini, who are not in their good term with latter.
It added that Dr. (Mrs) Olasunbo Oyebolu who was sent away during the interview of the selection of Managing Directors of the Microfinance bank in April, 2024, and she was later forced to resign as Director of the Board of the bank.
In her response, Elewedalu agreed that the new Microfinance Bank was her brother but refused to response to other questions, claiming that she is a public servant, saying that she was not in better position to response to some issues.
While the calls to the Chairman Governing Council wasn’t go for further clarification, as messages sent to him was not delivered due to non-availability of his phone number.
It should be recalled that around April 2024, one of the Governing Council Board Member, Alhaji (Dr) Rasheed Adenusi complained about some decisions of the Microfinance Bank Board which was not followed due process, saying that Chairman and the Registrar decided to take over the functions of the Board of the Bank.
