Students of Moshood Abiola Polytechnic (MAPOLY) and some community leaders of the town have alleged the Chairman, Governing Council of Mapoly, Prof. Kamaldeen Balogun of conniving with the institution's Registrar, Mrs. Olubunmi Elewedalu to install new micro finance Managing Director, Mr. Ayodeji Adeolu Jibodun.
It was revealed that the new MD is younger brother to the institution's Registrar, Elewedalu, alleging that it was against the rules and regulations guiding the Polytechnic and Mapoly Microfinance board.
Speaking on anonymous with the journalists, they were calling on the state government to raise a panel of enquiry to look into the Mapoly Microfinance, so as to ensure sanity and justice, noting the act may destroy the foremost and great citadel of learning in the state.
"Indeed, the registrar with full support of the Chairman, Governing Board screened-out best contenders for the pposition of Managing-Director of MAPOLY Microfinance Bank and installed his unqualified brother, Mr. Ayodeji Adeolu Jibodu, even with PASS from the Federal Polytechnic, Ilaro, which against financial regulations of the banking sector and negates the banking rules." they said
Also, a senior staff of institution, pleaded on anonymity said that the CBN is yet to recognised the new MD, as the Chairman and Registrar failed to provide reason for untimely resignation and termination of a well recognised Director of the bank.
"We thereby call on the NDIC, CBN and Ogun State government to look into the selection process of MAPOLY MFB. The government must also stop the Chairman, Governing Council of the Institution, Prof. Kamaldeen Balogun from abuse of power and do the right thing to save the bank and indeed, the Polytechnic from mediocrity and destruction," a saff said
According to the information gathered from the institution, if the anomalies and unrighteousness continue in chosen unqualified person as the MD of the institution's bank, they would have power to undermines embesslement, misappropriation of money, saying that they will mismanage fund.
"In fact, the bank has been in shamble dues to mismanagement of fund and they had already depleted the bank finances and Central Bank of Nigeria may revoke the bank licence which in turn will have adverse effect on both majority of the institution and minority shareholders; like students, communities and others," finding revealed
It was observed that the Chairman of Mapoly board, Registrar and his brother are the three running the Microfinance bank, instead of the recognised and registered Directors who are; the Rector, Dr. Adeoye Odedeji, the Bursar, Mr. Fatai Adisa Yekini, who are not in their good record.
It added that Dr. (Mrs) Olasunbo Oyebolu who was sent away during the interview of the selection Managing Directors of the Microfinance bank in April, 2024 and she was later forced to resign as Director of the Board of the bank.
In her response, Elewedalu agreed that the new Microfinance Bank was her brother but refused to response to other questions, claiming that she is a public servant, saying that she was in better position to response to some issues.
While the calls to the Chairman Governing Council didn't go for further clarification, as messages sent to him didn't no go.
It should be recalled that around April 2024, one of the Governing Council Board Member, Alhaji (Dr) Rasheed Adenusi complained about some decisions of the Microfinance Bank Board which was not followed by Prof. Kamaldeen Balogun, saying that Chairman and the Registrar decided to take over the functions of the Board of the Bank.
