Francis Atuche resigns as Bank PHB CEO

Francis Atuche, managing director of Bank PHB, has resigned. His resignation came as the Central Bank of Nigeria (CBN) is set to wield the big axe following the release of the second and final phase of result of audit of 14 banks.

In a farewell message that staff of the bank met this morning on resumption, Atuche said he concluded “his tour of duty” at the bank this morning and thanked the management and staff for their cooperation.
He spoke of “change in leadership that will result from my exit”, urging cooperation with the coming management and sought forgiveness “from those who felt offended by my actions or inactions.”
The board of the CBN had met on Thursday to consider the report of the audit of the 14 remaining banks after the report on 10 that saw the exit of five CEOs and injection of N420 billion into the banks by the apex bank.
BusinessDay gathered that Mike Adenuga, a non-executive director with Equitorial Trust Bank (ETB) and the bank’s chief executive officer, Ike Oraekwuotu; Francis Atuche, managing director of Bank PHB and his counterpart at Springbank, Charles Ojo may have been recommended to be relieved of their posts.

Full text of the farewell message:

Dear PHBeings,
Nine years ago, we began a journey with dreams in our eyes, hopes in our heart, and belief in our capabilities to build an institution that would add value, even with the then crowded market.
Together, with your collective support we created and nurtured what today has become a recognisable icon in the nation’s financial services sector. Some of you will recall with nostalgia the historical trajectory of our Bank that has risen from nothing to emerge as Nigeria’s most
innovative bank.
I sincerely thank you all for the support, co-operation and team spirit that has enabled us to come this far.
As in all things however, there is a time to say GOOD BY. As I bow out today from the Bank, I earnestly urge each and everyone of you to keep the PHB passion aflame so that the height, the mount everest which we envisioned shall not only be accomplished, but shall be surpassed and
we would have created an institution that would outlive all of us.
In the course of my stewardship we took decisions which affected all of us in different ways but they were in the best and overall interest of the Bank. As I conclude my Bank PHB tour of duty today, I not only wish to sincerely thank all you great PHBeings for supporting me and rising up to the demands of our franchise, but also to ask for forgiveness from those who felt offended by my actions or inactions.
I urge you to extend cooperation and support to the change in leadership that will result from my exit. Quite honestly, I believe that the emotional issues are far outweighed by the future outlook which I consider bright.
I owe thanks and appreciation to the Board, which provided wisdom and counsel I couldn’t have done without. To members of my executive team for their advice, encouragement and all that I learned from them.
But most of all, I want to thank you, the employees, the heart and soul of this great institution. You are the number one reason for the successes we have achieved. Accept my appreciation for your commitment and focus to our vision, including your dedication to customers which is the
objective of our business.
If the mark of a truly high-performing organization is to grow, evolve, and improve, I dare say we’ve done that to a remarkable degree. Yet the next challenge will still require you to redouble your effort especially in the face of competition. Even as I bow out at this moment, I wish you and members of your family the best and enjoin you to remain steadfast on the path of integrity and professionalism, business focus, Innovativeness and indeed possibility thinking which we have espoused over these years.
May God Almighty bless us all and Bank PHB.

Culled from Businessday