Governor Eno Sacks FADAMA Bank Management Over Alleged Fraud

Governor Umo Eno has sacked the entire management team of Ibom FADAMA Micro Finance Bank (IFMB), Uyo, Akwa Ibom.

Announcing the decision to sack the management board of the agricultural bank, Eno said the decision became necessary following the alleged involvement of the affected personnel in financial frauds, which led to the inability of the bank to assist farmers with funds.

He explained that “the inability of the Ibom FADAMA Micro Finance Bank to achieve its fundamental objective of assisting farmers with credit facilities and the continuous depletion of shareholders’ funds” compelled him to order the immediate disbandment of the management team “to make way for a functional team to ensure results.”

He said: “I don’t have faith in the present management of Ibom FADAMA, and as long as that management is in place, I will not empower that bank.

“We need a brand new management so that we will be able to work together and link the farmers to the bank.

“We have 496, 000 farmers registered in this state. We can link them to the Bank so that when we release money to the bank, it will go straight to those farmers.”

He also encouraged collaborations amongst Ministries, Departments, and Agencies (MDAs), explaining that a situation whereby a parastatal chooses to stand alone, not benefitting from or leveraging on the works of other MDAs would have to be played down to avoid waste of time and resources.