Governor Inuwa Yahaya of Gombe State has approved the dissolution of the board of directors of the state-owned Bubayaro Micro Finance Bank.

Secretary to the State Government Ibrahim Njodi, who conveyed the approval, said Mr Yahaya also suspended the bank’s managing director, Mohammed Amtai.

The governor’s media aide, Ismaila Uba-Misilli, made the board dissolution and suspension of the managing director known in a statement he issued in Gombe on Saturday.

He quoted Mr Njodi as saying the governor’s decision followed the findings of a forensic audit into the bank’s financial activities.

Mr Njodi added that the decision was also based on recommendations made by appointed financial consultants and an audit report by the CBN.

“The managing director is to hand over responsibilities to the most senior official in the bank.

“All suspended board members and members of management are instructed to promptly hand over all official assets in their possession,’’ Mr Njodi said in the statement.

He said interim management had been established for the bank and would report to Abubakar Dauda, the permanent secretary of the Ministry of Finance and Economic Development, for further directives.

“The directives are aimed at ensuring transparency, accountability and the safeguarding of the bank’s integrity and maintaining public trust in the system,” Mr Njodi added.

(NAN)