The federal Government has this morning taking over the affairs of intercontinental Bank and 4 other banks. I have always predicted that this would happen to intercontinental bank. Their MD (Erastus Akingbola) has resigned this morning. I expect him and others to be arrested by EFCC. I have always predicted that Nigerian banks has bitten more than they can chew.

Confirmed. inter ,oceanic, union fin bank an afri bank.

fire on the mountain

i hear there is massive sell orders of thsi stocks now

In as much as it true that these banks are all in trouble, who told you erastus akingbola has resigned? i refuse to believe that part of your story.

what happened? Are they going down

www.234next.com/, /CBN_sacks_CEOs_and_management_of.csp - 41 minutes ago

The Central Bank of Nigeria has moved to inject N400 billion into five banks in the country following the decision to remove the CEOs and executive directors of the affected banks. The affected institutions are Intercontinental Bank Plc, Union Bank of Nigeria Plc, Oceanic International Bank Plc, Finbank Plc and Afribank Plc.
The CEOs that have been sacked by the CBN are Erastus Akingbola (Intercontinental Bank); Okey Nwosu (Finbank); Sebastian Adigwe (Afribank); Mrs Cecelia Ibru (Oceanic Bank); and Bartholomew Ebong (Union Bank).
But in a pre-emptive move, Erastus Akingbola, MD/CEO of Intercontinental Bank who got wind of his impending removal called his executive directors to inform them of their certain sack by the CBN.
Akingbola was said to have rushed to Ota yesterday to elicit the support of former President Olusegun Obasanjo to intervene on his behalf and call President Umaru Yar’Adua to stop the CBN from carrying out the sack.
However, the CBN governor, Sanusi Lamido Sanusi, who made this decision known this morning at the Emergency Bankers’ Committee convened by the CBN in Lagos, explained exclusively to THISDAY that the decision was being taken to safeguard the financial sector from systemic collapse.
He said following the audit exercise conducted by CBN’s examiners it was discovered that five of the banks had accumulated margin loans of N500 billion, among other loans, that had gone bad and eroded their shareholders’ funds.
“Some of these banks are quite large institutions and they have been mismanaged, so we had to move in to send a strong signal that such recklessness on the part of bank executives will no longer be tolerated.”
He said the CBN had obtained the approval of the President to inject N400 billion into the affected banks to shore up their tier 2 capital to minimum acceptable levels.
Sanusi added that the funds being injected by the CBN was just temporary and does not translate to the government taking a stake in the five banks, as the interim management will be given a period to recapitalise the affected institutions, following which the N400 billion will be paid back to the CBN.
On how the CBN will prevent a run on the banks and create panic in the economy, Sanusi said the CBN intends to make it clear that the money being injected by the reserve bank as well as the decision to guarantee interbank placement should allay depositors’ concerns.
The CBN, he stated, stands ready to ensure that no bank collapses in the country, but will encourage them to seek for funds to raise fresh capital and merge with stronger banks.
He said an interim management and board for the affected banks will be put in place to run the institutions until they are taken over by new management teams and owners.



for more info , www.thisdayonline.com/nview.php?id=151586

This is just the beginning of the end.

The Rich Also Cry!

wow! this is serious.it is one of L amido's aim to bring this banks down. There is no way he"ll not cause panic in the economy. his lack of tactical approach has shown it was carried out at of grudge. I hope he will not populate the labour market.

wow! this is serious.it is one of Lamido's aim to bring this banks down. There is no way he"ll not cause panic in the economy. his lack of tactical approach has shown it was carried out at of grudge. I hope he will not populate the labour market.

@ NWEKE c p
U ARE A FOOL HAVE BEING WASHING UR POST , U ARE FOUND OF POSTING UR SCAMMER POST IN THE MIDDLE OF A very important discussion, be warn or else will shall enlist ur name with does we are currently investigated to be evited from the forum,

Posted on: August 15, 2009, 08:57 PMPosted by: nweke c p
Insert Quote
hi pals, general marketers recruiting Olevel and OND holders for marketing duties. Salary is between 15k and 19k and this offer is open to only those residing in lagos. Send your




hi pals, general marketers recruiting Olevel and OND holders for marketing duties. Salary is between 15k and 19k and this offer is open to only those residing in lagos. Send your application to generalmarketers@yahoo.com or call 07057533319 for more info.

personal data

ekeh daniel chinwe
male
date of birth 19 math 1981
nigerai
lagos
contact 26 nurudeen str, orile iganmu lagos
tell:08050857872
education
lagos state university
b.s.c. computer scie
quilification obtain
ssce certificate
amala/ntu secondary schoo.
centra/nur pry school
working exprence
accionmicrofiancebank
hobbies football
reference
adewumi oni
admin

omowumi olaobaju
branch manager

;DI seriously pray that First Bank should be indictec sef so that Lamido yansh would burn well well

@ ArseQPR - PLEASE BE INFOMED

The reports which Sanusi received from the examination of the first 10 banks whose books were perused, made him to make certain recommendations to Yar'Adua.
The banks examined were Union Bank of Nigeria Plc, United Bank for Africa Plc (UBA), Intercontinental Bank Plc, Oceanic International Bank Plc, Guaranty Trust Bank Plc (GTB), Afribank Plc, Diamond Bank Plc, First Bank Plc, Finbank Plc and Sterling Bank Plc.
Out of these, five of the banks passed the fitness test. They are UBA, First Bank, GTB, Diamond Bank and Sterling Bank. They were however required to make some amends, based on the examiners' report.

SO I DONT KNOW WHAT YOU MEANT BY "DI seriously pray that First Bank should be indictec sef so that Lamido yansh would burn well well "

Im guessing CBN will increase the percentage Foreigners (foriegn banks) can have in nigerian banks
I dont understand why the previous Governor was opposed to foreign involvement

wonder how uba survived

I think a new audit based on customer service and staff treatment could be carried out, only GTB will survive!!