Skye Bank Turned Upside Down by Insider Trading, In-fighting and Fine Girls
Recently, the Central Bank in Nigeria gave an ultimatum to universal banks to choose either to do retail banking or to do investment banking and Skye Bank chose to go the commercial banking route, and therefore divest of its investment in the other specialized banking products like investment and merchant banking. Their Sierra Leone office is however squeezed by wrangling and in-fighting, speculated to be caused by insider trading and bad blood generated by the uneven spread of resources within the institution.
Erstwhile Managing Director, Olumide Olatunjie is rumored to have been embroiled in internal wrangling on the one hand with his deputy, Mr Sullay Gbogalade, and on the other hand with his risk management leaders, Mr Babatude Olayiwolle. Each of the three factions to the saga are said to be calling journalists and lobbying them to tell their own side of the story. The main actors in the story are of course professional and trainee journalists, who sit in surprise and wonder at how a financial institution of this size will allow itself to flounder so badly.
(Photos: The Big Boys, (l-r) Babatunde, Gbolagade, Olumighty
This medium broke the news of Olatunjie’s imminent departure last week when it was discovered that a replacement for him had already been notified in Nigeria to prepare to take over. According to sources within the bank, the Nigeria head office had investigated Mr Olatunjie’s activities in Sierra Leone and decided to call him back to Nigeria for questioning. His replacement appears to have been informed. Mr Olatunjie has apparently planned that he will not go down alone, and is ready to take with him everyone who is currently plotting against him within the bank.
Meanwhile the other camp – that of Sullay Gboladage, is planning full steam to survive Mr Olatunjie if/when he gets his head cut off. Sullay is a Master degree holder in finance and a Member of the Chartered Institute of Bankers. He currently works as Head of Operations in Sierra Leone’s Skye Bank. Sullay’s tactics are more subtle, and he continues to maintain that there is no problem between himself and his CEO. However, he is often seen at some cool spots in the evening, and is obviously not planning alone. He is known by fellow bankers as an experience wise one, and gives the impression of being a rugged tactician.
On the third side of the triangle is the risk manager, Babatunday Olayiwolle, a chartered accountant/auditor.
Surrounding the trio is a cacophony of individuals, including Madam Saffie, Mr Yemi and the beautiful girls in the banking hall. Which brings us to another bone of contention – who do the girls love most? We re-learnt our nursery rhymes while researching the Skye Bank saga – Who is The Fairest Of Them All…?
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