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Why Joshua Oigara Will Fire National Bank CEO Wilfred Musau And Chairman Mohammed Hassan

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Joshua Oigara

KCB CEO Joshua Oigara has dropped a bombshell on National Bank Management, we can report.

Mr. Oigara revealed that they plan to fire NBK’s board and management team after they acquire the bank. “The board does not intend to keep the management of NBK. The board has no intention of keeping the NBK board,” said the Chief Executive.

The National Bank Board consists of CEO Wilfred Musau and Chairman of the board Mohammed Hassan.

The CEO Wilfred Musau is having a rape case in court where he was accused of attempting to rape a junior staffer.

Wilfred Musau demanded to have sex with Samantha and when Samantha Refused, he physically assaulted her in public after previously attempting to have sex with her by force.

Musau

Sadly, the National Bank Board tried to kill this criminal offence story as we reported on this site. In fact, when Samantha reported the issue to HR Director Rodgers Mungumi who threatened her and ordered her to withdraw the letter or else face the wrath of the Board Chair Corporate Fraudster Mohamed Hassan.

The National Bank chairman, Mohammed Hassan, was accused of aiding the Sh100 billion money laundering scheme at one of Kenya’s largest chartered flight operators — Bluebird Aviation.

Mohammed Hassan NBK

The allegations were made in court by a founding shareholder of the Wilson Airport-based carrier in a 2016 affidavit sucked Mr Hassan, a former top executive of Dyer & Blair Investment Bank, where he was accused of attempting to defraud a client, as we had reported a few years ago.

Bluebird operates a fleet of 21 airplanes, making it among Kenya’s largest chartered flights companies.

Yusuf Abdi Adan, the Bluebird Aviation shareholder, had claimed in court that his partners were using Mr Hassan to fraudulently channel massive funds out of the company as part of a scheme to sideline him and pocket his rightful share of the company’s profits.

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Mr Adan then filed a petition seeking to wind up Bluebird, claiming that the other three directors had never involved him in any of the company’s affairs or paid him any dividends despite earning over $1 billion (about Sh100 billion) in its 23 years of operation.

Mr Hassan, who started off as a finance analyst at Dyer & Blair before rising to become the investment bank’s executive director, has been accused of being the conveyor belt linking Bluebird’s accounts to the pockets of Mr Hassan’s partners.

“The money Hussein Ahmed Farah, Hussein Unshur Mohammed and Mohammed Abdikadir Adan fraudulently misappropriated and used for their personal or collective use in the last 23 years is approximately between $750 million (Sh76 billion) and $1 billion.

“Due to the massive cash held by the three directors in American dollars, the company and its associates have been undertaking a massive money laundering exercise running into tens of millions of dollars.

The bulk of the money fraudulently obtained from the company is channelled through one Mohammed Hassan, the chairman of the National Bank of Kenya,” Mr Abdi had narrated in an affidavit filed at the High Court.

Mr Adan co-founded the company in 1992 with his three partners but says he was then the only businessman in the group as the others were pilots by profession.

Documents filed at the Milimani High Court claimed that Mr Farah, Mr Unshur and Mr Abdikadir made net earnings of $3 billion (about Sh300 billion) from Bluebird but have excluded their co-founder from the profit share.

Mr Hassan was Dyer & Blair’s executive director between 2003 and 2006, and was previously the investment bank’s general manager. He was appointed a director of NBK in 2011 and shortly after voted chairman despite many scandals that have stalked him.

Mr Adan claimed his three partners at Bluebird were running two separate books of accounts — the official one, which constituted only five per cent of the firm’s true income, and a clandestine one which was used to hide profits made from both the government and Mr Adan.

He held that his co-directors spent a huge chunk of Bluebird’s funds to increase their private share portfolios in the Nairobi bourse through Dyer & Blair, but did not specify whether the stock purchases were made when Mr Hassan was still at the helm of the investment bank.

“The money misappropriated from the company is mostly stashed in foreign accounts and is for the benefit of the three directors only. The cash is being kept in safes controlled by the same three.

In the past 23 years apart from totally excluding Mr Adan from the affairs of the company, the other three directors have never shared with him any financial details of the company,” the court documents read.

The Bluebird co-founder wanted the court to either liquidate the company and distribute its proceeds to the owners equally or order a valuation of his shares and force the other three directors to buy him out.

Most of the money in the clandestine Bluebird records, he claimed, was being kept in cash while some was invested in real estate and other assets such as stocks.

 


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