More facts have emerged on the circumstances that led to the exit of the Executive Director of Energy Bank, Ghana, Isaac Monehin, from the bank in 2012.
Contrary to an earlier report by The Eagle Online that Monehin was sacked, an internal memo of the bank obtained showed that he was not sacked but only did not have his tenure renewed.
The bank is owned by Barrister Jimoh Ibrahim.
In a report published by The Eagle Online on December 15, 2014, sources had said Monehin was sacked from Energy Bank.
The story, titled: “Jimoh Ibrahim removes NICON Insurance, Energy Bank MDs, sells assets,” catalogued the many woes facing the businesses of Ibrahim.
However, a memo, dated March 20, 2012, signed by S.I. Ayininuola and attached to this story, recommended the renewal of the tenure of Monehin.
He was first appointed to the position of Executive Director in 2010.
It is a position that is renewable every two years.
The memo by Ayininuola said Monehin performed the tasks assigned to him creditably as an Executive Director.
The memo reads in part: “He is very reliable, goal-oriented and is a man of integrity. He possesses a pleasant disposition which makes him an easy person to work with. He worked with me in operating the accounts of the bank and ensured maximum returns were obtained on the funds. Isaac is a team player and his excellent write-ups to various stakeholders especially presentations to customers and the regulators ensured the Bank was to break into the highly competitive Ghana market.
“Isaac was overseeing both the Operations and Corporate Banking arms of the Bank until the DGM joined in August 2011 to take over the Corporate Banking Division.”
In recommending the renewal of Monehin’s position, Ayininuola wrote: “Mr. Monehin has worked tirelessly and has been highly devoted and loyal to the bank. The Bank will benefit from his depth of knowledge and experience. I recommend that his contract be renewed for another term with effect from April 1, 2012.”
The memo, which is also attached, reads in full:
ENERGY BANK GHANA LIMITED
MEMO
To: The Chairman
From: Managing Director/CEO
Date: March 20, 2012
Subject: PERFORMANCE REPORT ON ISAAC MONEHIN (EXECUTIVE DIRECTOR) FOR THE PERIOD APRIL 2010 TO MARCH 2012
Isaac Monehin joined the bank as Executive Director on April 1, 2010 and worked very hard to ensure that all the necessary structures are put in place to ensure that the Bank took off on time. Isaac worked with all the contractors, the IT and recruitment consultants. He also customised all operational forms and stationeries that would be needed by the Bank and actively worked with me in formulating business strategies for the Bank.
Isaac is intellectually very sound. He possesses an analytical mind. I find him to possess a deep sense of original and imaginative thinking. He is very reliable, goal-oriented and is a man of integrity. He possesses a pleasant disposition which makes him an easy person to work with. He worked with me in operating the accounts of the bank and ensured maximum returns were obtained on the funds. Isaac is a team player and his excellent write-ups to various stakeholders especially presentations to customers and the regulators ensured the Bank was to break into the highly competitive Ghana market.
Isaac was overseeing both the Operations and Corporate Banking arms of the Bank until the DGM joined in August 2011 to take over the Corporate Banking Division.
The operations of the Bank have been commended by various stakeholders and Isaac contributed immensely in setting up four branches of the Bank within the first year of operations. It is also commendable that effective system of internal control have been put in place, hence there has been no fraud in the Bank.
The attendance of Isaac in the recent GMD’s Conference in Sao Tome and the Leadership Conference in London will provide him with the strategic knowledge which will be of immense benefit to the Bank.
Mr. Monehin has contributed immensely towards the stability of the Bank and ensuring that the Bank is able to make remarkable achievements in the key operational parameters within the last one year of operations.
RECOMMENDATION
Mr. Monehin has worked tirelessly and has been highly devoted and loyal to the bank. The Bank will benefit from his depth of knowledge and experience. I recommend that his contract be renewed for another term with effect from April 1, 2012.
S.I. Ayininuola.