Delta Trust Mortgage Bank Limited, a licensed financial institution under the Central Bank of Nigeria (CBN), is facing serious allegations of corruption, mismanagement, and abuse of power.
The bank’s new Board Chairman, Hon. Jude Omena Ogbimi, appointed by Governor Sheriff Oborevwori, is at the centre of these controversies. Exclusive documents obtained by SecretsReporters reveal a pattern of alleged misconduct that threatens the bank’s stability and reputation.
Since taking office, Ogbimi has reportedly disregarded the traditional role of a non-executive chairman and assumed control of daily operations at the bank. According to sources, his actions have raised alarms among staff, shareholders, and regulators. On his first day, Ogbimi allegedly entered the bank’s vaults unannounced, accompanied by his political aide—who is not a bank employee—and conducted an unauthorized cash count, violating financial protocols.
Employees have described the work environment under Ogbimi’s leadership as hostile, citing instances of intimidation, threats, and arbitrary decisions. He is reported to have said, “I am the Board,” implying absolute control and a disregard for opposition.
The bank’s financial woes appear to have worsened under Ogbimi’s leadership. He has convened eleven board meetings in just five months—an unusually high number—each costing the bank significant amounts. He has also unilaterally increased board allowances and embarked on travels at the bank’s expense, further straining its finances.
Moreover, Ogbimi has made himself a co-signatory to the bank’s accounts, bypassing the authority of the Managing Director (MD) and the Executive Director (ED). This move has raised concerns about potential misuse of funds and unchecked embezzlement.
Reports suggest that Ogbimi has awarded contracts to companies he favours, even at inflated prices. For instance, a contract initially valued at N2.5 million was reportedly re-awarded for over N7 million. Such discrepancies have led to questions about transparency and ethical practices within the bank’s operations.
Ogbimi’s influence has also extended to staff appointments. He has been accused of hiring an over-aged individual, allegedly his girlfriend, with no banking experience, to head the Abuja contact office. Staff who resist his directives, including attempts to channel funds unlawfully, face transfers, threats, or unjust reprimands.
Ogbimi’s leadership style has not only raised ethical concerns but also placed Delta Trust Mortgage Bank’s regulatory standing at risk. He has allegedly excluded the MD from important Credit Committee Meetings, a violation of CBN guidelines. Such actions could jeopardize the bank’s license if not addressed.
The most concerning action is the reported transfer of N300 million to the alleged Premium Trust Bank of former Governor Ifeanyi Okowa. The transaction, cited for political reasons, was done without due process. Ogbimi also ordered the liquidation of the funds and their transfer to Globus Bank within two weeks, despite the bank’s earlier closure of such accounts.
The allegations against Ogbimi have placed Delta Trust Mortgage Bank in a precarious position. With mounting evidence of financial mismanagement, regulatory violations, and abuse of office, the institution risks losing its license. Employees are concerned about the bank’s future, and shareholders are wary of the ongoing crisis.
The Central Bank of Nigeria is likely to intervene if these issues are not addressed promptly, and the situation could lead to legal actions against those involved. Hon. Ogbimi’s actions have sparked outrage, with calls for a thorough investigation into the bank’s governance and financial dealings.
The crisis at Delta Trust Mortgage Bank highlights the importance of proper governance, transparency, and adherence to regulatory standards in the banking sector. Stakeholders are urging the Delta State Government and financial regulators to step in and address the situation before it escalates further.
As the story unfolds, all eyes will be on how the Delta State officials and the bank’s management handle the allegations against Ogbimi and ensure the stability of Delta Trust Mortgage Bank.
