Nagad’s Notorious CEO: Bangladesh Bank Governor’s Stark Statement
The Governor of Bangladesh Bank, Dr. Ahsan H. Mansur, has accused Md. Safayet Alam, the Chief Executive Officer (CEO) of financial service provider Nagad Limited, of committing fraud. Following these allegations, the interim government has decided to remove him and establish an independent board to manage Nagad’s operations.
This decision was finalized during a high-level meeting held on Sunday at the Ministry of Finance’s conference room in the Secretariat. The meeting was chaired by Economic Adviser Dr. Salehuddin Ahmed and attended by Bangladesh Bank Governor Dr. Ahsan H. Mansur, Special Assistant to the Chief Adviser Foyez Ahmad Tayyab, Attorney General Md. Asaduzzaman, and other officials.
After the meeting, both the Economic Adviser and the Governor spoke to the media regarding the matter.
Responding to the retention of Md. Safayet Alam as Nagad’s CEO, Dr. Mansur remarked, “Certainly, he (Nagad’s CEO) has committed fraud. He is definitely guilty and has no right to hold this position. He cannot take responsibility.”
Addressing the issue of Bangladesh Bank filing a lawsuit against him, the Governor stated, “The government will not accept that. This is not the government’s position. The government’s position aligns with what Bangladesh Bank has stated. However, since the matter is still under judicial review, it is not appropriate to comment further.”
When asked whether this situation might cause conflict between Bangladesh Bank and the postal department, he said, “There will be no conflict. Why would the postal department object? There will be no more conflicts now.”
Reiterating his stance, Dr. Mansur emphasized, “He (Safayet Alam) has no right to remain as CEO. Our position is that he cannot assume responsibility. Certainly, he has committed fraud. He is undoubtedly guilty.”
Regarding the absence of Bangladesh Bank’s lawyer during a court hearing, the Governor explained, “The reason is that Bangladesh Bank was not informed about this, and the record was handwritten. The original record in court and what we had submitted to the Attorney General’s office are not the same. The handwritten document was not with the Attorney General’s office nor with us.”
The Economic Adviser further mentioned that Nagad would be restructured and handed over to a separate independent board, which will be managed without intervention from Bangladesh Bank or the postal department.
According to the Economic Adviser, Md. Safayet Alam, who is currently functioning as CEO, must resign since he has occupied the position illegally.
Earlier, on Saturday, Bangladesh Bank’s Executive Director and spokesperson Arif Hossain Khan stated in an urgent press conference that many members of Nagad’s previous board were involved in massive financial irregularities. Given Nagad’s connection to millions of people and hundreds of crores in deposits, Bangladesh Bank took temporary control of the institution.
Arif Hossain Khan added, “Among those charged in the embezzlement case, one accused individual was appointed as CEO. He was not appointed by Nagad’s board but by the former CEO who fled. They barred Bangladesh Bank officials from accessing the institution, thereby putting customers at risk. Therefore, a swift resolution of this case is essential. A full bench led by the Chief Justice will issue a verdict on May 19.”
