I would tell you that Sanusi have just made a great mistake and yar adua would suffer for sanusi mistake. Yar adua have just some very days leave to reserve the decision or even yar adua too would know why sanusi made a mistake. sanusi just decleared war, even sanusi would eat his own finger. from 1 bank, Erastus Akingbola built the bank to 351 branches, No other bank in NIgeria have the record. The only bank that have reach the north, just thier website to verify. Sanusi have very days to correct his mistake. he is declearing war that he can not finish.

InterContinental Bank have always been known for shady accounting practices.

Dayo Coker wrote a brilliant piece. However, you have to wonder how someone with such obvious intelligence, a policy analyst like Dayo Coker could form and chair a Dangote Support Group. This just shows that our journalistic community in Nigeria has been compromised.

adebanjou:

I would tell you that Sanusi have just made a great mistake and yar adua would suffer for sanusi mistake. Yar adua have just some very days leave to reserve the decision or even yar adua too would know why sanusi made a mistake. sanusi just decleared war, even sanusi would eat his own finger. from 1 bank, Erastus Akingbola built the bank to 351 branches, No other bank in NIgeria have the record. The only bank that have reach the north, just thier website to verify. Sanusi have very days to correct his mistake. he is declearing war that he can not finish.

So what if the bank has 351 branches? Is that what makes a bank strong or great?

Would Akingbola tell us were he got the money to buy or finance the jet for Adeboye of RCCG?

Ibime:

InterContinental Bank have always been known for shady accounting practices.

Dayo Coker wrote a brilliant piece. However, you have to wonder how someone with such obvious intelligence, a policy analyst like Dayo Coker could form and chair a Dangote Support Group. This just shows that our journalistic community in Nigeria has been compromised.

Please can you substantiate your claim about the bank;s shady practices?

Sanusi is starting a war, even yar adua would be in trouble.  Yar adua better tell him to back out. They should call Sanusi and ask him to restore all of them. That all i can say.

Eratus Akingbola only wanted to collect money stolen by northerner back. Is that a crime


Recent Developments

On Wednesday, August 12, 2009, Intercontinental Bank commissioned an advertisement in The Guardian where it appealed to the President and released an abridged version of a list of purported debtors. The list which was released by A.O.S Practice, its loan recovery agents, included three popular petroleum marketing firms Rahamaniyya, Capital Oil and Tanzila Petroleum. Their respective promoters, Alhaji Abdulrahaman Bashir, Patrick Ubah and Alhaji Shehu Badamasi were also named. To put it mildly, the advertisement was ill advised and stupid. A few bankers who agreed to speak to me yesterday unanimously agreed that Intercontinental Bank was trying to undermine the CBN and prepare the public for a huge bad loan provision in its financial statements.



And i notice those sanusi remove all are associate of Pastor adeboye. Tell sanusi, he has few days to restore or even yar adua would feel the effect. Sanusi is starting a war, that yar adua would end up in trouble. That is my advise to yar adua.

adebanjou:

Sanusi is starting a war, even yar adua would be in trouble.  Yar adua better tell him to back out. They should call Sanusi and ask him to restore all of them. That all i can say.

Eratus Akingbola only wanted to collect money stolen by northerner back. Is that a crime


Recent Developments

On Wednesday, August 12, 2009, Intercontinental Bank commissioned an advertisement in The Guardian where it appealed to the President and released an abridged version of a list of purported debtors. The list which was released by A.O.S Practice, its loan recovery agents, included three popular petroleum marketing firms Rahamaniyya, Capital Oil and Tanzila Petroleum. Their respective promoters, Alhaji Abdulrahaman Bashir, Patrick Ubah and Alhaji Shehu Badamasi were also named. To put it mildly, the advertisement was ill advised and stupid. A few bankers who agreed to speak to me yesterday unanimously agreed that Intercontinental Bank was trying to undermine the CBN and prepare the public for a huge bad loan provision in its financial statements.



And i notice those sanusi remove all are associate of Pastor adeboye. Tell sanusi, he has few days to restore or even yar adua would feel the effect. Sanusi is starting a war, that yar adua would end up in trouble. That is my advise to yar adua.

Why did Akingbola give them the loan without following due process. If he had followed due process, checking with risk manager, maybe the bank will not be in this situation.

How many banks around the world do you see taking advert telling their president to help them collect their loans they gave out at their own free will ? Ubah is not from the North.

babyrl:

Why did Akingbola give them the loan without following due process. If he had followed due process, checking with risk manager, maybe the bank will not be in this situation.

How many banks around the world do you see taking advert telling their president to help them collect their loans they gave out at their own free will ? Ubah is not from the North.

Did he mention the northern issue?Are you a tribalist ?Was due process not followed?Didn't Access bank do the same thing?Was the result not satisfactory?

hollandis:

Did he mention the northern issue?Are you a tribalist ?Was due process not followed?Didn't Access bank do the same thing?Was the result not satisfactory?

Eratus Akingbola only wanted to collect money stolen by northerner back. Is that a crime

Direct quote from him.

Access Bank did not write the president, it took the matter to court and asked the court to make AP insolvent. Akingbola did not go to court, he used the excuse the court will be a long process, because he knew time was running out.

Two different cases. One did the right thing, the other tried to use the president to use the power he does not have to tell a debtor to pay back the loan. Why did he not go to the CBN, Access Bank went to the CBN?

As for banks before the give out large amount of money as loans, they use something called risk assessment (each bank has a risk assessment), to decide if the bank is worth giving a loan too. Based on the Audit, the CBN is saying this bank did not do that, meaning they were just giving loans to people on name basis without collateral and without following their own risk assessment procedure.

Following your risk assessment does not mean you will not have bad loans, it might reduce the bad loans or let you know that you need to improve your risk assessment.

Access bank was fighting a southerner, who cares. This people are northener most likely connected to the president.

When Abacha tried what Sanusi is doing on behalf of yar adua, abacha die less than 60 days after. Tell sanusi he has just some days to restore what he did. if not yar adua govt would feel the effect. It would destroy the nigeria economy. and crash the stock market.

Ubah is on the list and he is a Southerner.

Anyone who knows Sanusi might want to warn him, lol

babyrl:

Direct quote from him.

Thanks for the clarification

town crier! threats wont heal the wounds of their shareholders when the bank goes down.

This babyrl na wa sef!

[list]
[li]So you just joined yesterday? 1st coincidence.[/li]
[li]You have made a whole bunch of posts only on this issue? 2nd coincedence.[/li]
[/list]

Rebranding has hit the Internet big time. Dem de pay well?

This people were sacked by military decree from IBB's time
Only the board of Directors and shareholders should be able to remove the Directors of a private sector company. We are not a dictatorship but trust law benders to find their way round the common sense.
I don't care if they are rogues. What govt should have done was sue them.

https://www.nairaland.com/nigeria/topic-310080.32.html#msg4354405

ROTFLMAO @ adebanjou's holy ghost fire threat. Na wa o. because, dey are close to Adeboye, dey Shd be spared. See reasoning.

@beaf,
Stop embarrassing urself wt ur Pa Jimoh argument. The enabling law is BOFIA(an act). It was BOFID(decree) b4 d 2003 amendment.

@ Ibime.

First of all, I would like to reiterate that I have never taken a dime from Alhaji Aliko Dangote. The only thing I have received is a letter of gratitude from his legal represenative. At the risk of sounding immodest, I am not the archetypal hungry journalist that ekes out a living from receiving brown envelopes. I have a thriving business and I received a very good education. I started the Dangote Support Group because of my admiration for Alhaji Aliko Dangote. I truly believed that the local press was ethnically biased in favour of Mr Femi Otedola who cannot claim to be of superior moral standing.

However, I have since resigned from the Dangote Support Group as I do not want any affiliations to affect my pursuit of a newsworthy issue.

@Qblaze

Next time please link directly to The Insider Blog

@All

I have updated my blog and you can read my other posts including the Otedola/UBA World Exclusive by clicking on the link below,

http://dayocoker./2009/08/14/the-fall-of-erastus-akingbola/

Thank you for your time.

Special thanks to Gestapo, Neogogo and many others for their persistence in the face of such barbaric misrepresentations and blatant lies.


The truth lies in the nuances.

dayocoker.
dayocoker@gmail.com
twitter.com/dayocoker

While the arguments are going on, I think it would help us to read the address delivered by the CBN Governor to journalists and thedetailed reasons for the sack of the CEOs:  http://www.tribune.com.ng/15082009/news/news4.html


For The Record: Address By The Governor Of The Central Bank Of Nigeria, Mallam Sanusi Lamido On Develoments In The Banking Systemin Nigeria On August 14, 2009.

15.08.2009

Distinguished Ladies and Gentlemen of the Press. As we are all aware, the world economy has been hit by the repercussion of the financial meltdown that started with the sub-prime mortgage crisis in the United States of America and spread to Europe and other parts of the World. This crisis has led to the collapse of many banks and other financial institutions, and even rendered an entire nation bankrupt.

In Nigeria, the banking system appears to have weathered the storm due to a number of factors. Among these are the facts that our financial system, as well the relatively simple nature of financial products and strong capitalisation and liquidity of Nigeria banks.

However, there are many who have been aware for a while now that whereas the system in general is likely to absorb and survive the effects of crisis, the effects vary from bank to bank. A few Nigerian banks, mainly due to huge concentrations in their exposure to certain sectors (capital marker and Oil and Gas, being the prominent ones), but due to a general weakness in risk management and corporate governance, have continued to display signs of failure.

As far as October last year, some of the banks showed serious liquidity strain and had to be given financial support by the Central Bank in the form of an “Expanded Discount Window” (EDW) where the CBN extended credit facilities to these banks on the basis of collateral in the form of Commercial Paper and Bankers’ acceptances, sometimes of doubtful value.

As at June 4, 2009 when I assume office as Governor of the CBN, the total amount outstanding at the Expanded Discount Window was N256.57 billion, most of which was owed by the five banks.

A review of the activity in the EDW showed that four banks had been almost permanently locked in as borrowers and were clearly unable to repay their obligations. A fifth bank has been a very frequent borrower when its profile ordinarily should have placed it among the net placers of funds in the market. Whereas the five banks were by no means the only ones to have benefited from the EDW, the persistence and frequency of their demand pointed to a deeper problem and the CBN identified them as probable source of financial instability, most likely suffering from deeper problems due to non-performing loans.

The impact of the situation of these banks was being felt by the market in different negative ways. Because of this strain in their balance sheets, the banks pushed up the interest rate paid to private sector deposits and their competitors had to follow suit. They also contributed to the destabilization of the inter-bank market as many of their competitors were unwilling to take an unsecured risk on them. It was primarily because of these banks, or at least some of them, that the CBN took the step of guaranteeing the inter-bank market when it stopped granting new lines under the EDW. Without that guarantee, almost four banks would not have been able to borrow in the inter-bank and would probably have collapsed.

As you are aware, we guaranteed the inter-bank market to give us the time to conduct a thorough diagnosis of the banks and ensure that appropriate remedial action is taken. At least four of the banks in question have, since the guarantee come into force either remained heavy users of funds at the EDW or drawn heavily from other banks under cover of the CBN guarantee to wind-down at this window. In all events, it is clear that they do not have the ability to meet their obligations to depositors and creditors as they are in a grave situation.

In view of the aforementioned circumstances, I instructed the Director of Banking Supervision of the CBN to carry out a Special Examination of the following five banks:
1. Afribank Plc
2. Finbank Plc
3. Intercontinental Bank Plc
4. Oceanic Bank Plc and
5. Union Bank Plc.

The examination was conducted by a joint team of CBN and NDIC officials. The major findings on the five banks included:
1. Excessively high level of non-performing loans in the five banks which was attributable to poor corporate governance practices, lax credit administration processes and the absence or non-adherence to the bank's credit risk management practices.

Thus the percentage of non-performing loans to total loans ranged from 19% to 48%. The 5 banks will therefore need to make additional provision of N539.09 billion.

2. The total loan portfolio of these five banks was N2,801.92 billion. Margin loans amounted to N456.28 billion and exposure to Oil and Gas was N487.02 billion. Aggregate non performing loans stood at N 1,143 billion representing 40.81%.

3. From 1 and 2 above, it is evident that the five banks accounted for a disproportionate component of the total exposure to Capital Market and Oil Gas, thus reflecting heavy concentration to high risk areas relative to other banks in the industry.

4. The huge provisioning requirements have led to significant capital impairment. Consequently, all the banks are undercapitalized for their provisions for loan losses, which impacted negatively on their capital.

Indeed one is technically insolvent with a Capital Adequacy Ratio of (1.10%). Thus, a minimum capital injection of N204.94 billion will be required in the 5 banks to meet the minimum capital adequacy ratio of 10%.

5. The five banks were either perennial net-takers of funds in the inter-bank market or enjoyed liquidity support from the CBN for long periods of time, a clear evidence of illiquidity. In other words, these banks were unable to meet their maturing obligations as they fall due without resorting to the CBN or the inter-bank market. As a matter of fact, the outstanding balance on the EDW of the five banks amounted to N127.85 billion by end July 2009, representing 89.81% of the total industry exposure to the CBN on its discount window while their net guaranteed inter-bank takings stood at N253.30 billion as at August 02, 2009. Their Liquidity Ratios ranged from 17.65% to 24% as at May 31, 2009. (Regulatory minimum is 25%).

It is important to note that at least three of the banks are systemically important (accounting for more than 5% of Assets and Deposits in the Banking System) and together the five banks account for 39.93% of loans, 29.99% of deposits, and 31.47% of total assets as at May 31, 2009.

Consequently, having reviewed all the reports of the examiners and the comments of the Directors and Deputy Governors, I am satisfied that these 5 institutions are in a grave situation and that their Management have acted in a manner detrimental to the interest of their depositors and creditors. Therefore, in exercise of my powers as contained in Sections 33 and 35 of the Banks and Other Financial Institutions Act 1991, as amended, and after securing the consent of the Board of Directors of the CBN, I hereby remove the Managing Directors and the Executive Directors of the following banks from office with effect from Friday, August 14, 2009.

1. Afribank Pic
2. Intercontinental Bank Pic
3. Union Bank of Nigeria Pic
4. Oceanic International Bank Pic
5. Finbank Pic

These persons forthwith cease to be directors and officers of their respective banks.

The Board of the Central Bank of Nigeria has also appointed the following as the MD/CEOs of the affected banks:
1. Mr. John Aboh - MD/CEO Oceanic International Bank Pic
2. Mr. Mahmud L. Alabi - MD/CEO Intercontinental Bank Pic
3. Mr. Nebolisa Arah - MD/CEO Afribank Pic
4. Mrs. Suzanne Iroche - MD/CEO Finbank Pic
5. Mrs. Funke Osibodu - MD/CEO Union Bank Pic

Each of the above will head a management team that will include Executive Directors and Chief Financial Officers to be appointed by the CBN. This team is tasked with continuing the businesses of the banks as a going concern. I therefore appeal to the Boards of the affected banks, in their own interest, to co¬operate with the newly appointed Executive Management.

We are conscious of the fact that changing management alone will not resolve this problem. Consequently, the CBN is injecting a total of about N400 billion into these five banks with immediate effect in form of Tier 2 Capital to be repaid from proceeds of capitalization in the near future.

This injection is sufficient to resolve and stabilize all the institutions and enable them continue normal business. The injection of fresh capital by the CBN is a temporary measure as government does not intend to hold the shares for long and shall divest its holdings as soon as new investors recapitalize these banks.

Let me also advise all debtors of Nigerian banks, that the CBN and all government agencies are united in our commitment to support the recovery efforts of the banks. Debtors who do not pay shall have their names published in National Newspapers in due course and we will solicit the support of law enforcement agencies in recovery.

Let me reassure especially the customers of the affected banks and all the banks in general that there is no cause for alarm. They should continue to transact their normal business in the banks where their accounts are domiciled as this exercise is meant to further strengthen the banking industry and recapitalize the affected banks.

I should also state at this point that the scope of the Special Examination was widened to cover all 24 banks. So far, we have concluded the audit of 10 banks including these five, the others being Diamond Bank, First Bank, United Bank for Africa, Guaranty Trust bank and Sterling Bank. We have also commenced the next batch of 11 banks and hope to conclude them by end of August. All in all, we expect to conclude the audit in mid-September. The Central bank is requiring all banks to make appropriate provisioning for non-performing loans and disclose them. We hope that by the end of this quarter, all banks would have cleaned up their Balance Sheets. On the basis of the information available to us so far, we are confident that the banking system is safe and sound and we have dealt with the major sources of systemic risk.

I will conclude by restating that, going forward, the CBN will not waiver in its desire to ensure that public confidence in the Nigerian banking system is maintained through appropriate disclosures and the reinvigoration of its policy of zero tolerance on all professional and unethical conducts.

We will not allow any bank to fail. However, we will also ensure that officers of banks and debtors who contribute to bank failures are brought to book to the full extent of the law and that all proceeds of infraction are confiscated where legally feasible.

Thank you.

Lets not inject tribal sentiments into this.

When Akingbola was making loans to the 'northerner' he didn't consider they were norherners,now they have defaulted he's crying foul ! If his bank was intact,nobody would touch him & writing an open letter to the president was unprofessional to say the least.

Was it the president that approved the loan?? Lets wake up in this country. All the banks give out loans,but the rule is once your non-performing debts are more than your liquid cash,you're in trouble.

So please lets not bring tribalism into this.

The Punch Editor Steve Ayorinde was paid 2 million to support the Yar'Adua campaign and he still had the nerve to write this.

http://www.punchng.com/Article-print2.aspx?theartic=Art200903263223015

He must be feeling foolish.

I have documents and will address him soon.

Enough of the gloating.

for those too lazy to open sahara

Intercontinental Bank Plc has been sacked. This should not come as a surprise to readers of my blog. Five months ago, I pointed out Intercontinental Bank's precarious state in a series of articles questioning the competence of its chief executive, Dr Erastus Akingbola. In these articles, I asked the bank to disclose its true financial state in the spirit of full disclosure.
After the publication of these articles, I was inundated with questions from journalists, executives and members of the public. While some of them denounced me as an agent of an imaginary northern cabal that was intent on taking over the banking sector by creating an unstable atmosphere, a majority of readers thanked me for the expose and encouraged me to continue with my investigations. I continued with my investigations and my persistence paid off when the European Investment Bank exposed some of Intercontinental Bank's bogus claims. I released my findings to the mainstream media who curiously decided not to further pursue the matter although their pages were suddenly filled with advertisements from the financial institution.

Rather than address the issues raised by several notable pundits including the respected eggheads at Proshare, Dr Akingbola proceeded to the tabloid press where he gave interviews to City People and other magazines. He also launched a smear campaign against Sanusi Aminu Lamido Sanusi, then the chief executive officer of First Bank. This wide reaching campaign claimed that Mr Sanusi was "de-marketing" Intercontinental Bank in order to increase his chances of being made the governor of the Central Bank.


In addition, the bank purportedly showed its books to Renaissance Capital whose resident analyst Kato Mukuru affirmed that it was strong enough to manage its risk. Renaissance Capital was wrong. Its PR supremo Matthew Pearson has already started a damage control exercise by trying to limit the damage wrought by his firm’s irresponsible analysts. But then Renaissance Capital is a dubious research firm backed by Russian oligarch money. Its chief executive, Stephen Jennings sees Africa as the next big thing and is happy to continue praising Nigerian banks as long as they steer their securities business to his other firms. This scenario has repeated itself time and time again in developed economies where analysts touted stocks backed by their employers in order to get profitable deals. That report should have been thrown into the trash but the gullible Nigerian press swallowed it hook, line and sinker.

Recent Developments

On Wednesday, August 12, 2009, Intercontinental Bank commissioned an advertisement in The Guardian where it appealed to the President and released an abridged version of a list of purported debtors. The list which was released by A.O.S Practice, its loan recovery agents, included three popular petroleum marketing firms Rahamaniyya, Capital Oil and Tanzila Petroleum. Their respective promoters, Alhaji Abdulrahaman Bashir, Patrick Ubah and Alhaji Shehu Badamasi were also named. To put it mildly, the advertisement was ill advised and stupid. A few bankers who agreed to speak to me yesterday unanimously agreed that Intercontinental Bank was trying to undermine the CBN and prepare the public for a huge bad loan provision in its financial statements.

Intercontinental bank issued a denial on Friday, August 14, 2009. This is a matter for the NBA. One of the parties must be lying. If the bank did not authorize the publication, then the lawyer, Chief Ajibola Aribisala must be disbarred for acting contrary to his client's instructions. But since Intercontinental Bank still retains the firm as its loan recovery agent, it is obvious that the two firms were acting in concert. The first statement of the advertorial reads: "We are the Solicitors to Intercontinental Bank Plc., hereinafter referred to as "Our Client" in respect and on behalf of whom we have instructions to write to your esteemed office." In my opinion, there is no ambiguity in this sentence.

The advertisement then goes on to classify the Nigerian banking sector into two groups; those devoted to the growth of Nigerian industry and those acting on behalf of foreign-based institutions. In his inimitable Yoruba-influenced English, Aribisala then goes on to say that Intercontinental Bank belongs to the former group. According to him, "By using its broad financial base, our client as with other banks of its ilk, have patriotically oiled the wheels of wholly Nigerian owned manufacturing entities, production companies and investments corporations with the allocation of the needed finance to such businesses and companies ostensibly driven by persons perceived to be (sic) immense integrity."

He argues that it is wrong to classify Intercontinental Bank as risk-prone while other less patriotic banks are being recognized for their financial prudence. Aribisala ends this rambling preamble by suggesting that there is a cabal of influential people who are bent on destroying the banking sector by defaulting on huge credit facilities.


However the most curious part of the advertisement is the complaint which Intercontinental Bank presents to the president. It says that it does not have a "preponderance of bad loans" on its books but has been held hostage by an influential cabal whose members have saddled with non-performing loans. What is the meaning of this dumb statement? Mr Aribisala who is a Senior Advocate of Nigeria then shockingly condemns the Nigerian legal system which has made him wealthy enough to acquire the Protea Hotel Kuramo Waters, Victoria Island.

The lawyer then asks the government to amend the legislation covering financial crimes in order to strengthen the system. If he is really serious about such reforms, then Erastus Akingbola should end up in jail for his role in plundering shareholder funds. The timing of this letter is highly suspicious. For instance, the Tanzila Petroleum case was reported well before Sanusi became the CBN Governor. Why didn't Intercontinental Bank write to the president then? Why start this media campaign now?

Opinion and Analysis

Intercontinental Bank is an institution built on quicksand. Its top executives have never felt the need to instill a culture of ethics and good corporate governance. Buoyed by soaring oil prices and a bubble stock market, they invested heavily in high risk sectors such as downstream oil marketing and margin trading. Now that the house of cards has collapsed, Intercontinental Bank is trying to shift the blame to businessmen and a convoluted legal system. Alhaji Shehu Badamasi's case is a good example. The oil and gas man used 600,000 shares of a small insurance company to borrow 17 billion naira from the bank and then used the money to buy luxury houses. What sort of bankers would sign off on such a glaring case of diversion?


Dr Akingbola is the Madoff of Nigerian banking, a crook who brazenly diverted funds to his wife’s companies while emasculating all his top management executives. He hides behind the cloak of religiosity using his “Christian” carapace to fool members of the public. He has decimated an institution by refusing to hire competent managers and allowing parochial ethnic and religious considerations to influence key judgements. Even junior staffers of the bank are taught that the bank is built on Jesus and cannot be "pulled down" by detractors. This sort of shallow thinking encourages sloth and inefficiency. How can managers be effective when they are not held accountable for their actions?

Intercontinental Bank's argument that a cabal is trying to destroying the financial sector holds no water. If a "smaller" bank like AccessBank could force African Petroleum, an energy behemoth, to meet its obligations, what prevents Intercontinental Bank from using the same means unless its people have dirty secrets? The bank is at war with nearly all its clients in the energy trading sector as a result of its sharp practices. These firms know that they have the bank over a barrel and will use this weapon as an excuse. Its venture into real estate has also been a failure as the economic meltdown has cooled the market for luxury houses.

Erastus Akingbola's foray into downstream marketing had less to do with patriotism than good old lucre. The bank's bosses saw the sector as an easy way to exploit oil traders by charging abnormal management charges and "upfront" interest. Since most of these marketers were swashbuckling cowboys who needed to loans to finance imports, they did not bother to contest the loansharking habits of the bank. There is a lack of accountability and transparency in Intercontinental Bank. Intercontinental Bank also borrowed heavily from foreign financial institutions and regular loan repayments have exacted a heavy toll on its balance sheet.

During his days at the helm of First Bank, Mr Sanusi said something very important when the he spoke to the Financial Times. He explained that the size of a bank was a secondary to its ability to manage risk. This ideology explains why some banks have been able to weather the storm in spite of their huge loan portfolios. GTBank, for instance, recently gave a 50M dollar loan to AMNI International and was part of the consortium that financed a recent Lafarge WAPCO project. What project has Intercontinental Bank financed this year? Dr Akingbola has been on a nationwide tour lobbying Northern traditional rulers to put pressure on Sanusi L. Sanusi. In the past three months, he has visited countless emirs, the Sultan and northern governors.

In spite of the bank's professed patriotism, the bank has done nothing with the 100 million dollar loan that it got from the African Development Bank. Instead, Intercontinental Bank keeps making the headlines for all the wrong reasons. The bank was named in the controversial Gbenga Daniel issue where a lowly cook had 400 million transferred into his account. It was also named as one of the underwriters that refused to meet their obligations to African Petroleum’s public offer.

The End of Erastus Akingbola’s banking career.

Sanusi has done the right thing by dismissing Erastus Akingbola and his fellow travellers in the banking industry. We can no longer allow be sentimental over matters of such importance.


Thank you for your time.



Dayo Coker.
Blogger and Policy Analyst
dayocoker@gmail.com

DayoCoker:

The Punch Editor Steve Ayorinde was paid 2 million to support the Yar'Adua campaign and he still had the nerve to write this.

http://www.punchng.com/Article-print2.aspx?theartic=Art200903263223015

He must be feeling foolish.

I have documents and will address him soon.

Enough of the gloating.

address all the addressables.

Look how is it done in other countries? CBN governor have no power to do that. It is the shareholder. All CBN can do is send its requires to the shareholder and they make the decision. Sanusi have just destroy those bank. And sanusi would be held responsible for it. Those bank would have problem and crash the stock exchange.

Why must Pastor Adeboye be dragged into this?so God is now an assassin that takes out good people with good intentions.
Give me a break,Erastus!

DayoCoker:

The Punch Editor Steve Ayorinde was paid 2 million to support the Yar'Adua campaign and he still had the nerve to write this.

http://www.punchng.com/Article-print2.aspx?theartic=Art200903263223015

He must be feeling foolish.

I have documents and will address him soon.

Enough of the gloating.

Please can you kindly paste the article or excerpts of the article when posting.I hate opening Nigeria newspapers sites,they disgust me.

First of all, I would like to reiterate that I have never taken a dime from Alhaji Aliko Dangote. The only thing I have received is a letter of gratitude from his legal represenative. At the risk of sounding immodest, I am not the archetypal hungry journalist that ekes out a living from receiving brown envelopes. I have a thriving business and I received a very good education. I started the Dangote Support Group because of my admiration for Alhaji Aliko Dangote. I truly believed that the local press was ethnically biased in favour of Mr Femi Otedola who cannot claim to be of superior moral standing.

However, I have since resigned from the Dangote Support Group as I do not want any affiliations to affect my pursuit of a newsworthy issue.

@Qblaze

Next time please link directly to The Insider Blog

@All

I have updated my blog and you can read my other posts including the Otedola/UBA World Exclusive by clicking on the link below,

http://dayocoker./2009/08/14/the-fall-of-erastus-akingbola/

Thank you for your time.

Special thanks to Gestapo, Neogogo and many others for their persistence in the face of such barbaric misrepresentations and blatant lies.


The truth lies in the nuances.

dayocoker.
dayocoker@gmail.com

mr coker i would say you have a way with the pen though at times it might be skewed and seems to be a hatchet job for the cbn governor, we all cant run away from the fact that de-marketing occurs in the banking sector and intercontinental bank was a victim of this, its books might have been cooked, its practices might have been wrong but one thing was clear it suffered the de-marketing smear campaign more than any other bank in the country, it erred in not doing a proper risk assessment on the loans it gave out but most banks in Nigeria  do the same thing, why was your article so particular about akingbola when 4 other banks suffered the same fate too, an institution built on quick sand wouldn't expand and grow the way intercontinental bank did, get this clear I'm not saying what they did was right but you were too personal and direct in your attack it looks more like a hatchet job than a critical analysis of the intercontinental crisis, all banks in Nigeria I repeat all banks do invest in the high risk downstream sector and margin loans but doing a proper risk assessment was where intercontinental shot itself and for goodness sake all banks are out there for good ol' lucre if not there wouldn't be investors investing in them that's the driving force behind an investor. so please do a better job next time i smell deep rooted animosity here.

Look the excuse use by sanusi is not true. sanusi should produce the whole report of all the banks in nigeria. we want to see the report.

First of all, I would like to reiterate that I have never taken a dime from Alhaji Aliko Dangote. The only thing I have received is a letter of gratitude from his legal represenative. At the risk of sounding immodest, I am not the archetypal hungry journalist that ekes out a living from receiving brown envelopes. I have a thriving business and I received a very good education. I started the Dangote Support Group because of my admiration for Alhaji Aliko Dangote. I truly believed that the local press was ethnically biased in favour of Mr Femi Otedola who cannot claim to be of superior moral standing.  

the shareholders of AP who sued Dangote weren't from one ethnic group the Dangote, nova securities, AP saga looks more like the voice of Jacob but the hand of Esau.