Kenyan Bank Suspends 6 Top Managers

  • The National Bank of Kenya (NBK) has suspended six of its top managers including the Chief Executive Officer Mr Munir Ahmed.

    The six managers were sent on compulsory leave ahead of an internal audit set to be carried out in the bank to clear out corporate governance issues suspected to have been compromised.

    “The six managers will immediately proceed on leave but will be expected to comply and make key submissions to the internal audit process,” read a statement by the board.

    Wilfred Musau has since been appointed to replace Mr Ahmed in acting capacity in the majority government owned lender.

    The financial institution did not disclose the names of the other suspended managers, neither did it give details of their suspension.

    NBK is the only listed lender that is yet to release its full year financial results given that there are only two days left for the deadline on March 31.

    On top of that, the bank has been seeking to raise at least Sh7 Billion via a rights issue, but is yet to be approved by the Treasury.

    The depository institution has not been making significant profits after it spent Sh1.1 Billion to retrench 190 employees in 2014, as part of its plans to cut its operating expenses.