Nagad CEO is illegal, has no right to hold office: Governor

Md. Safayet Alam has no legal right to serve as the CEO of mobile financial service provider Nagad Limited, and his appointment is considered fraudulent, according to Bangladesh Bank Governor Ahsan H. Mansur.

The governor made the statement to reporters following an inter-ministerial meeting on Nagad’s management held on Sunday, according to local media.

The meeting was attended by Finance Adviser Salehuddin Ahmed, Special Assistant to the Chief Adviser on Posts, Telecommunications and ICT Fayez Ahmad Tayyab, Attorney General Md. Asaduzzaman, and other senior officials from relevant sectors.

Sources from the meeting said discussions focused on finding a swift resolution to the ongoing issues surrounding Nagad, triggered by irregularities and legal proceedings. There was a consensus on the need for reform. One proposal discussed was the formation of a separate board to oversee Nagad’s operations. While Bangladesh Bank is currently overseeing the company, it will not continue doing so in the future. The same applies to the Post Office, which will also withdraw from Nagad’s management. A decision has been made to run the institution under professional leadership going forward.