The EFCC says Omoyeni is being investigated for allegedly stealing N450 million from Wema Bank.

An Assistant Commissioner of Police with the Special Fraud Unit (SFU), Mr Olusola Amore, disclosed this to newsmen yesterday in Lagos.

Amore said Omoyeni was arrested based on a complaint by the Nigeria Deposit Insurance Corporation (NDIC), alleging that he conspired with the former Secretary of the bank, Mr Biodun Ogunlade, to steal the amount.

The arrest of Omoyeni is coming against the background of mounting speculations that the WEMA Bank GMD, who was forced to proceed on compulsory leave by the Central Bank of Nigeria (CBN) in January for allegedly denying inspectors from the CBN and Nigerian Deposit Insurance Corporation access to the bank's books, was planning to return to his job, having received a go ahead from the Secretary to the Federal Government Babagana Kingibe.

WEMA Bank had been locked in a protracted crisis in thelast few years which made the bank unable to hold its first Annual General Meeting post consolidation until late last year.

The main parties involved in the crisis are Omoyeni and his immediate predecessor at the bank Mr Tunde Lemo who left the bank to become a deputy governor of the CBN.

According to Omoyeni's sympathizers, Lemo allegedly was responsible for most of the huge bad loans which were already weighing the bank down when their man took over.

The group is allegeding that an inspection of the bank's books by the CBN and NDIC and the discovery of a missing N450 million was engineered by Lemo.

Follwoing the CBN's directive that he should proceed on compulsory leave and the appointment of Mr John Aboh from First Bank to stand in for him, Omoyeni petitioned the Presidency and the Secretary to the Government, Kingibe was said to have written to the CBN, directing a return to the status quo for all parties.

But according to the GMD's opponents, the facts are clear that he and the former secretary of the bank Mr Biodun Ogunlade had questions to answer on the disappearance of huge funds from the bank's accounts. For instance, they allege that the GMD collected 5 years up front housing allowance of N450million which is the amount he is now accused of having stolen.