Written by Yinka Oladoyinbo, Akure
Monday, 10 January 2011
The chairman of Allover Microfinance Bank Limited, Dr Ayo Akinyelure, on Sunday, said he had never been investigated by the police over the withdrawal of the licence of the bank by the Central Bank of Nigeria.

He also said there was never a time that officials of the Economic and Financial Crimes Commission (EFCC) invited him on the development.

Akinyelure, who is a leading candidate of the Labour Party (LP) for the Ondo Central Senatorial district, while reacting to a publication in the media, said the bank was a legal entity that should not be mixed up with him.

According to him, the withdrawal of the licence had already been protested against, as it was done erroneously since the bank had complied with the conditions of the apex bank.

He argued that his political opponents wanted to use the withdrawal of the licence to tarnish his image and whip up sentiment over the coming senatorial election.

He, however, challenged the people to come to the public if they had any information that could affect him in the election instead of hiding under the action of the CBN.

The LP chieftain explained that all the conditions for the withdrawal of operational licence of microfinance banks as stated by the CBN did not apply to the bank.

A copy of the protest letter made available to newsmen reads: “That up till the time of pronouncement of CBN, we still open our doors to business and have been honouring our financial obligations to our customers as at when due.”

Akinyelure, however, said following the directive of the CBN that the bank should recapitalise with N99.7 million, the management had injected N103 million into the bank.

He said: “Ayo Akinyelure is a legal entity; Allover Microfinance is also a legal entity. If my political opponents want to face me, let them come to the public if they have any information about any fraud or wrongdoing perpetrated by me instead of hiding under the erroneous action of the CBN.

“I am a sound and professional accountant. We set up the bank in 2008 to help small businesses to grow and I have never taken from the depositors’ fund to enrich myself. So, there is no basis for the police or EFCC to investigate me.”

Tribune Newspaper

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