​UBA Senegal ordered to pay 1.5 billion CFA francs to its former general director

The Dakar Commercial Court yesterday Wednesday delivered its verdict in the case between the United Bank for Africa (UBA) Senegal and its former general director, Bode Abiola Aregbesola. The bank was ordered to pay the sum of 1.5 billion CFA francs to the latter for revocation without just cause. A provisional execution of the decision to the tune of 100 million CFA francs was also ordered.

Appointed general manager of UBA Senegal on July 14, 2020, Mr. Aregbesola quickly caused the bank to climb in the annual ranking of banks and financial institutions, taking it from 9th to 6th place in 2021. Thanks to his management, UBA Senegal was named “Bank of the year 2021”, reports Libération in its publication this Thursday. Under his leadership, the bank’s profits increased from 3.7 billion CFA francs before his appointment to 8.7 billion CFA francs in 2020, then to 10.6 billion CFA francs in 2021.

According to the newspaper, despite these impressive results, Abiola Aregbesola was removed from office by a letter dated May 27, 2022, invoking Section 492 of the Ohada Uniform Commercial Companies Act. The accusations related in particular to expenses deemed excessive concerning end-of-year gifts, for a total amount of 8.7 million CFA francs. In fact, the former CEO had ordered 80 gift boxes, including 20 for the bank’s VIP clients.

Faced with this situation, Bode Abiola Aregbesola took legal action through his lawyer, Me Seydou Diagne. The court pleaded in his favor, condemning UBA to pay him the sum of 1.5 billion CFA francs.