Secret Reporters No place to hide
Secrets Reporters
The internal turmoil within Delta Trust Mortgage Bank Limited has reached a tipping point as sources reveal concerns have been raised about the erratic and dangerous conduct of the bank’s new Board Chairman, Hon. Jude Omena Ogbimi.
Insider sources told our Reporter that the bank, licensed by the Central Bank of Nigeria (CBN) and regarded as a pillar in the state’s financial ecosystem, is teetering on the brink of collapse. The crisis reportedly stems from Ogbimi’s unorthodox and allegedly corrupt practices since taking up the role of chairman. His actions, which reportedly breach both regulatory laws and corporate governance principles, have led to widespread disarray in the bank’s daily operations.
We gathered that Ogbimi wasted no time in throwing the bank into disorder. On his first day in office, sources revealed that he arrived early and, with a political aide in tow—someone not employed by the bank—proceeded to the vault for a cash count. This breach of standard financial protocols and regulatory laws concerning security measures set off immediate alarms within the institution. “This is unheard of in the banking world,” one insider stated.
Ogbimi’s actions didn’t stop there. At only his second board meeting, he directed that the Executive Director and the MD/CEO be barred from attending Board Credit Committee meetings. The chairman claimed to have consulted “senior banking officials” regarding the decision. However, documents reveal that this move violated CBN guidelines, which mandate the involvement of these key executives to ensure proper oversight.
The chairman’s hiring practices have also raised eyebrows. Sources disclosed that Ogbimi has handpicked individuals with little to no banking experience, bypassing the bank’s strict recruitment protocols. For example, a former school teacher, with a background limited to contract work as a teller, was hired without undergoing the necessary training or vetting. This individual was strategically positioned in the Abuja office, allegedly to monitor operations on Ogbimi’s behalf.
“The appointments are alarming,” one senior bank official told us. “It’s clear these hires are meant to serve his interests, not the bank’s.”
Despite being a non-executive chairman—and yet to be confirmed by the Central Bank of Nigeria (CBN) as required by regulations—insiders have revealed that Hon. Ogbimi has steadily overstepped his role, engaging in executive duties far beyond his remit. His interference in procurement decisions, vendor selections, and payment terms has created significant operational challenges. Furthermore, it was disclosed that he unilaterally added himself as a signatory to one of the bank’s accounts at Zenith Bank, linked to Crestviaro Nig. Ltd, with plans to extend this overreach to all accounts. According to sources, this move has alarmed senior officials, who view it as a dangerous violation of corporate governance that needs to be addressed immediately.
His unilateral decisions, particularly those concerning staffing and internal audits, have further weakened the bank’s governance structure. Staff members who are not aligned with Ogbimi’s faction reportedly face harassment and victimization.
One of the more egregious examples of Ogbimi’s influence involved a procurement contract for interlocking stones at the bank’s Warri branch. Initially, three quotes were obtained, with the lowest being ₦2.5 million. However, Ogbimi allegedly intervened, securing a revised quote of ₦7.6 million from the highest bidder. The substantial difference in cost raised immediate suspicions of foul play.
“I was shocked,” said a senior official. “It’s not just about the money; it’s about the disregard for due process.”
Sources indicate that Ogbimi’s leadership style has created a toxic work environment within Delta Trust Mortgage Bank. Employees are reportedly divided into factions, with loyalty to Ogbimi being the primary factor in career progression. Those who do not align with him face intimidation and public beratement.
Beyond financial meddling, sources revealed that Hon. Ogbimi has engaged in improper staff reassignments, transferring employees to roles far outside their qualifications. A computer science master’s degree holder, for example, was moved to the Mortgage Department, while an unqualified individual was assigned to the ICT Department. Such moves are seen as an attempt by Ogbimi to plant loyalists in strategic positions, thereby enabling him to control the institution’s activities with minimal resistance. In a further display of power, he reportedly ordered a non-executive director in his camp to embark on internal audits at various bank locations, including the Abuja Contact Center, bypassing regulations and adding to concerns of loyalty-based promotions and assignments.
Hon. Ogbimi’s political biases have also stirred controversy. Sources disclosed that he directed the erection of politically charged billboards in Ughelli, showcasing images of the governor, himself, and select board members. These billboards, which bore no relation to the bank’s services or products, were funded at the bank’s expense, raising questions about the misuse of corporate funds for personal and political gain. Furthermore, his derogatory remarks about Isoko political leaders during internal meetings—referring to them as “illiterates and sycophants”—have reportedly demoralized staff and poisoned the work environment.
Another troubling revelation involves Ogbimi’s alleged harassment and witch-hunting of the bank’s MD/CEO. According to insiders, the chairman has initiated a revision of the bank’s Human Capital Manual, aiming to unjustly reduce the MD’s exit entitlements as she approaches the end of her tenure. This intimidation tactic, designed to weaken her authority, appears to be part of a larger strategy to seize full control of the bank’s financial operations. In what sources describe as a systematic harassment campaign, Hon. Ogbimi has been spreading unfounded allegations against the MD, including the outrageous claim that she was responsible for the death of a former director, Chief George Ugen. Insiders described the chairman’s actions as a deliberate campaign to undermine the MD/CEO and force her resignation. “He brags openly about forcing her out,” one source revealed. “He’s even boasted that he plans to run the bank himself by January 2025.”
Extravagant trips made by Ogbimi and his associates, at the expense of the bank, have further raised red flags. Insiders revealed that the chairman recently embarked on a frivolous trip to Abuja with his inner circle, costing the bank over N7 million, despite the absence of prior board approval or involvement of the MD. Such actions, sources said, not only breach regulatory standards but set a dangerous precedent for unchecked financial abuses.
His continuous overreach into executive roles has rendered the MD/CEO and senior management powerless to execute their duties effectively. The situation, they said, has reached a tipping point, with calls for urgent intervention to prevent further destabilization of the bank. But, despite these allegations being raised in multiple correspondences, Governor Sheriff Oborevwori has remained silent. The lack of intervention has left employees and stakeholders in a state of anxiety as the bank’s future hangs in the balance.
