National Bank rogue board members

It is strange that the Board who are responsible for credit decisions as well as the overall strategy and all the actions that management executed now wants to use the CEO and management as the scapegoat when the problem is the same two people have sponsored the blogs and the audits as part of a well-orchestrated hounding mission.
The mission of the bank has since changed to fix the performance by instigating a blog, scare the regulator as a result and then conduct a convoluted witch hunt of 5 months extended "audit" instead of formal audit which lasts no more than 2 months (clearly showing D&T are clearly on a paid hatchet job). The management is not going to take this assault by the rogue board members lying down as is the case in public service because these are career bankers who will take decisive and strong legal action to protect their careers and reputations from board members of dubious character like the two leaders of this faction. However this might cause irreparable damage to the bank which these board members apparently either don't care about or are too ignorant and arrogant to  see. They are ill advised to believe they can intimidate and harass senior management out of the jobs and ruin careers and reputations. It is a shame the government is watching as yet another state owned entity is hijacked with a clear aim to capture and takeover the wonderful institution.
 The audits and investigations are clearly slanted to protect the Board and some senior managers. These hatchet job audits don't mention the lack of capital and resources to execute the strategy. The "audit" and the Board also ignore to mention the role of the substantive CFO who was responsible for the financial performance of the bank mainly because Kerring and the sponsored blog wants to shield him. Instead the board is trying to pin responsibility
Talking of Kerring. It is worth noting that Kering was appointed to the NBK board illegally because a letter was written by Lagat when nssf had no board in place and NBK was just instructed to incorporate him. He is also adversely mentioned in the death case of one of the ICC witness who was to testify. He has 350acres of land from being a sales manager at shell BP - how did he acquire all that wealth?
Keep it fainancial for more information as we continue to unravel more details about the individuals trying to bring down National Bank.

Some National Bank board members planning to finish the bank!!!

I hope you have been following our conversations in my 4 earlier posts. I can see hundreds of thousands (currently we are at 336,758 for a previous article) are reading and Kenyans deserve TO KNOW! 

Further to the earlier conversation these are some more thought provoking discoveries and discussions:

It is strange that the Board who are responsible for credit decisions as well as the overall strategy and all the actions that management executed now wants to use the CEO and management as the scapegoat when the problem is the same two people have sponsored the blogs and the audits as part of a well-orchestrated hounding mission.

And in reality they have been sabotaging the strategy by failing to provide capital, assist with liquidity and hindering management from executing their 

mandate by refusing the exit of underperforming staff per the banks performance policy. The same 4 board members actively meet frequently at National Treasury to coordinate their activities contrary to corporate governance where formal business should only be conducted in boardroom meetings. The issue of stage managed audits based on judgmental and inflated provisioning by Deloitte contracted to do a hatchet job - the same firm that was responsible for cmc, Mumias, Uchumi, Dubai bank. And to show results have nothing to do with this orchestrated mission to takeover the bank the same board has been hounding the CEO and senior management in Q1 of 2015 threatening several times to exit the CEO. 7 meetings were held at various hotels last year by the Board, again led by the same Kerring and Mohamed and reached the conclusion to sack the CEO but this decision was temporarily shelved in the face of impressive results which got in the way of their nefarious actions.

The bank has been on an aggressive transformation strategy which has seen it regain some if it's past glory before being hampered by National Treasury deliberately sabotaging and withholding the Regulatory Capital required to achieve the full strategic plan. National Treasury also blocked the national bank from accessing government agencies funds and project funds (I stress placing these in private banks) and went to actively push out Ksh 13 billion of TSC funds that was always handheld by nbk in the last two decades. It also encouraged government agencies to withdraw funds from the bank. These actions created a liquidity crisis that management overcame after much struggle. Despite this throttling of a key plank of the strategy the management managed to show high double digit YOY Trading Profit growth; grew balance sheet to over 120 billion shillings from a paltry 27b when the new management team took over. The actual performance of the bank in 2015 before these biased speculative provisions were introduced are reported to be over 200% YoY. Key performance ratios improved: Cost/Income now better by 18% to 60%; NPLs better by 9% down to 8%; and risk and costs contained through strong controls introduced by way of underwriting and cost management policies. The bank grew its branches by 35 additional branches but reduced headcount by 250 at the same time – this my people is what is called EFFICIENCY. The bank also for the first time won many awards for products, innovation and services both locally and internationally and now actively wins businesses in competition with the leading banks in have country. But these would not support the objective to exit the performing management hence the witch hunt that's under way. This has been the story of each parastatal or government owned business. Chase out any well performing management and bring in weak teams. Within the next few days I will be exposing the syndicate of mafias in nbk’s board that threatens to cripple national bank once more!

People Behind NBK's Stagnation

One of Director who recently left the bank and who sought anonymity over a glass of champagne walked into my sight with more than just whistles in his mouth, but also with trail-blazing evidence in tow and had to say the following; 

Today is my last day at NBK after almost 3 years at the firm as a diminishing director (with a diminishing portfolio and control over time). I believe I have worked here long enough to understand the trajectory of its culture. And I can honestly say that the environment is toxic and saline as I have never seen it.

To put the problem in the simplest terms, since one Mr. Kering joined the board, the interest of the client continue to be sidelined in the way the firm operates and thinks about making money. NBK had seemingly overturned into a profit making engine after previous political exploitations and shareholders had started smiling. But as from 2015 when the monster joined the board things have changed and more than ever one can now believe that he came with an agenda to bring the organization down with an aim of buying at a lower cost.

He continues the firm has veered so far from the place we had taken it and I can no longer in good conscience say that I identify with what it stands for, Msc in Tribal Engineering.

It might sound  surprising to a skeptical public but culture was already made a vital part of Kering to NBK’s success. Though short lived, it revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was to be a secret sauce and recipe which was to make NBK a great place for both staff and customers and hence profit making. Since the monster appeared I could no longer pride myself with the organization and had to leave. For one I was not even sure whether the appointment of this board member was legal or he forced himself and every time I convinced myself was a vulture incarnate in waiting.

With the above reference and King Kering to make good his agenda of buying a poor performing Bank at a low cost and at a throw-away price he has been fronting a non-performer, Mr. Reuben Koech to lead the bank and deliver vulgar agenda and indeed pushed his directorship at the Bank in the wake of non-performance of the corporate business which he headed since its inception at the 6 years transformation agenda. You may doubt this but only time will tell and you will come back to this blog to get the facts as leakage before the exam.

So, what makes Reuben Koech the best director for King Kering is his dangerous appetite to everything from employment, under performance to social over performance as below;

1.       As earlier mentioned the Bank director made money from a fund-back strategy and could be seen contributing to political campaigns for the Kericho senatorial seat in what was seen as purchasing political loyalty. Indeed the director has been campaigning for over two weeks fully on employer’s time in what can be can be interpreted as abuse of office. In addition the law requires that when one joins politics, they should honorably step-aside from active employment but since a slice mount of NBK belongs to Rift Valley, residents of Rift Valley would ordinarily do their wish un-shaken.

2.       It was twenty minutes to midnight on this Thursday when the director developed a craving for romance – he badly needed a kiss. The director married with children grabbed his mobile phone and typed out a message. “ Maybe you should come kiss me over the weekend”. The director wrote and then squeezed the send button. To answer this call one woman whom I mentioned before and I shall call her the ‘directee’ for today called the director into a private restaurant on Friday and struck an arrangement to sleep over Masaai lodge for the weekend.

So in the evening of this Friday both lovebirds checked into the lodge with families fully convinced that the randy spouses were campaigning In Kericho. Both the director and the 'directee' rendezvous in the hotel over the weekend.

“……. I had such a smooth and fruitful weekend,” the ‘directee’ thundered to the director while on their way to the PRADO parked under a treat the lodge.

“You have revived I me what I thought I long lost the passion to love again” she claimed. Alhamdullilai Kongoi I love you” the director responded in a sedative tone.

Sources close to the blog say that the repeated violation of the statutory code of conduct for public office holders such as hiring girlfriends and mistresses without complying with Public service rules, dating married and un married women within the bank and flirting with them over during official working hours have become defining characters to the Bank.

An official said of the director had enthroned tribalism at the bank, arbitrary hiring girlfriends and relatives and engaging in extramarital relationships with staff in what is now dubbed ‘the gate opening policy’

This man (the director) is most morally bankrupt director that NBK has ever had, the official, who did not want to name for fear of reprisal, told me. ‘Forget all the pretenses he is a shameless man full of loose character”.