Sudanese president sacks head of beleaguered bank
September 2, 2009 (KHARTOUM) — The Sudanese president Omer Hassan Al-Bashir fired the head of the Nilain bank amid reports of widespread embezzlement, according to a news report.
The bank’s outgoing managing director was Mohamed Abbas Agab.
No reasons were given for the decision but last month the pro-government Akhir-Lahza newspaper reported that 200 million Sudanese pounds ($83 million) were extended as loans by Al-Nilain bank, founded in 1993, without proper due diligence to assess the ability of borrowers to repay or taking any collateral to secure the loan.
Moreover, the newspaper quoting sources said that several bank employees including senior officers have embezzled millions risking the collapse of the financial institution.
The International Monetary Fund (IMF) has warned in a report last July that the banking sector in Sudan needs to be strengthened and called on the government to restructure Omdurman National Bank (ONB) which accounts for most of the country’s Non Performing Loans (NPL).
(ST)
Moses Kur Akech
Sudanese president sacks head of beleaguered bank
Sacking without justice is not the solution, any one suspected of having embezzled or inapropriately mismanaged public funds has to face court of law to defend him/her self. If the charges are proven by court of law he/she should be punished accordingly.
Accountability is the fundamental way to curve the rampant corruption in the country. For a country to positively change, leaders must learn the modern ways of handling challenges but not the very traditional and tyrannical notion of making decisions unilaterally in the absence of the right institutions.
oshay
Sudanese president sacks head of beleaguered bank
This is a great move by the President and an inquiry must be made to know who embezzled what and they must be brought to just to send out a clear message to everyone that this sort of corruption will and can never be tolerated.