Fears Over Alleged Imposition of MD at Mapoly Microfinance Bank

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Some students of Moshood Abiola Polytechnic (MAPOLY) and community leaders of the town are alleging that the authorities of the institution have connived together to install new micro finance Managing Director, Mr. Ayodeji Adeolu Jibodun.

The new MD is alleged to be the younger brother to the institution’s Registrar, which is said to be against the rules and regulations guiding the Polytechnic and Mapoly Microfinance Board.

The state government is being advised to raise a panel of enquiry to look into the Mapoly Microfinance, so as to ensure sanity and justice.

This act, it is noted, may destroy the foremost and great citadel of learning in the state.

Sources alleged 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.

Consequently, the NDIC, CBN and Ogun State government are being invited to look into the selection process of MAPOLY MFB.

The sources said the government must also stop the authorities of the institution’s from their abuse of power and do the right thing to save the bank and indeed, the Polytechnic from mediocrity and destruction.

Indications are that if the anomalies continue, the micro finance bank may go under, as lately it is alleged that the mismanagement is already taking a toll on the bank.