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http://www.vanguardngr.com/2009/08/26/group-plots-takeover-of-five-top-banks/


Group plots takeover of five top banks
BANKING CRISIS: FOR THE RECORDS, Headlines Aug 26, 2009
By Omoh Gabriel & Emeka Mamah
LAGOS — LAGOS— Vanguard , your best-read newspaper, 23 March 2009, did a world exclusive on alleged plot by a group of individuals to take over five banks in the country.

Two weeks ago, the new Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi sacked the chief executives and boards of five banks, therefore confirming our scoop of March 23.
The story:ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors
Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.
However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

The Exclusive report on the present banking crisis shown here as published by VANGUARD March 23, 2009.
Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.
Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.
Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.
Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited.
This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president’s slow move may scuttle their dreams and cause the renewal of Soludo’s re-appointment for a second term.
The group’s second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group’s target is one of the high-flying new generation banks where they have sent out several messages.
New CBN Gov, Auditor-General to emerge April
The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.
Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.
While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.
However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.
But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar’Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.
Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).
It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.
Section 86 Subsection 1 of the 1999 constitution states: “the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate.”
That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.
The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.
It’s unfortunate top 5 banks are targeted, says official
A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.
The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.
Arewa worries over liquidity problem
However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.
ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.
A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring “into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.
The statement reads “The Working Committee of the National Executive Council of the Arewa Consultative Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.
“Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.
“The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.
“Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.
According to Arewa consultative forum “All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms.”

60 Responses for “Group plots takeover of five top banks”
1. Dr Davidson Lawoyin says:
August 26, 2009 at 4:41 pm
I have said it before and will say it again. The Nigerian state is a mirage. Until we revert back to the regional governance and allow each region to pursue self actualization, Nigeria can not move forward. Listen, there is nothing wrong if a section of the country just want to “eat and quench” while others want to “live and let live”. The bottom line is, no one has the right to hold another person in perpectual animation.
2. Edafe Onanefe says:
August 26, 2009 at 4:29 pm
Get ready for war EFCC,delta youths will burn delta down,you dont know the people you are holding,these are innocent people whom has done nothing wrong untill proven by a court of law.
The shameless waziri should have done this to ex-presidents,ministers, and ex-governors and ministers whom have proven cases of corruption but are living large untouched.
Waziri you only have strength for ordinary individuals whom has done nothing wrong,ewu like you.
Cant you emulate rebadu for his great work he did for this country,he goes for the real looters and not ordinary people whom has done nothing wrong.
Delta youths are warming up for war,get ready EFCC,you know we are very capable as our briotehrs in the high sea has taught alot lessons,Get ready sanusi and waziri
3. Edafe Onanefe says:
August 26, 2009 at 4:20 pm
Delta indigenes arise and cause a mayhem and fight for our brother and sister ceceila ibru and sebastine adigwe,block all major roads and distroy all possible,this is outright injustice and we shall distroy and fight Efcc and burn government buildings if anything happens to these indegines.
I shall lead a squad and we shall cause the greatest mayhem if yaradua fail to stop the plans of the north.
We are re-couping and it will be war,EFCC get ready…………, Delta youths arise,Delta youths arise,pls dont fold your hands this is injustice
4. Obiora says:
August 26, 2009 at 3:49 pm
Bravo, Sanusi has finally surpassed the laudable feat of soludo but unfortunately, only terror, horror and disgust will trail your so called agenda to cleanse the Banking sector. One would wonder the motives behind your action especially as you were quick to rubbish men and women of form, people that have struggled all their lives to build brands of international statutes. My heart goes out to Akingbola and Ibru becuase they are indeed true patriots. We are talking bad debts, who are these debtors. These are people you call each time you want to raise funds, people you call to sponsor your obnoxious aspirations, people that fund your lavish functions, people you wine and dine with. Where did you think the monies were coming from?, the moon? Did you not know they were indebted to Banks?. EFCC on the other hand is taking centre stage to act the remaining part of the script. Since Ribadu left the EFCC, no form of support was given to Banks to pursue these debtors. I duff my hat once againe for Ribadu, no matter what they said, say and will continue to say, u are a man of form……….for those of us that have chosen to be blinded by the truth, i wish u well………we are in for it this time and it will hit all the sectors of the economy………, cheers
5. CHARLES says:
August 26, 2009 at 3:44 pm
I think something is fishing in this bank issue as various reasons to doubt the genuineness of what is really happening is beginning to emerge. It is frivolous that there were no minimal scrutinizing of the bank chiefs before they were pushed out of office. And now, the acting Intercontinental MD is telling the public that some debtors loan were performing. Where was this information when CBN did there analysis? Nigeria beware!
6. Tony Momoh says:
August 26, 2009 at 3:32 pm
Na wah oh, I have never beleived in this man called Sanusi, have known him since his days at UBA before First bank. I told friends when they called me to inform me of the whole issue, I quickly called some contact in Nigeria, but I kept saying one thing ‘its a Northern Agenda’.
One problem with Nigerians, is that we dont know history, cos if we know history people like Soludo would not have been allowed to go, after the wonderful work he did in our banking sector. Seb Adigwe is some one that have been following his progress in the banking industry, from when he was at Ecobank till he became the MD of Afribank.
My question, is what was Afribank’s standing among other banks befor the coming of Adigwe? He brought this out of where it was then with his new board and it is the same person tat mr.Sanusi is calling a thief.
Lets check out what will hapen to this self aclaimed saint called Sanusi.
7. Silk says:
August 26, 2009 at 3:28 pm
If a man borrows frm a bank and does not pay, does the bank go to EFCC or call on CBN for help? Does CBN recover loans for banks? Does CBN go to the Federal Govt for help to recover loans? Is the missing money property of the Govt? Is CBN now our ministry of finance? If a man is in debt, do our laws say the giver of the loan can seize property without a valid court order? Or do our laws say he should call EFCC or CBN for help? Have the banks said they could not retrieve the loans? If they could’nt retrieve, is it because they refused to do so? or that courts are on strike? or they could’nt get lawyers? WHO IS FOOLING WHO?
8. Silk says:
August 26, 2009 at 3:26 pm
If a man borrows frm a bank and does not pay, does the bank go to EFCC or call on CBN for help? Does CBN recover loans for banks? Does CBN go to the Federal Govt for help to recover loans? Is the missing money property of the Govt? Is CBN now our ministry of finance? If a man is in debt, do our laws say the giver of the loan can seize property without a valid court order? Have the banks said they could not retrieve the loans? If they could’nt retrieve, is it because they refused to do so? or that courts are on strike? or they could’nt get lawyers? WHO IS FOOLING WHO?
9. Kenan Osuokwu says:
August 26, 2009 at 3:21 pm
It is as simple as A, b, c, the crop of people we have in the northern part of the spectrum called Nigeria are lazy and fundamentally corrupt bunch of individuals parading themselves as elites and leaders. The reason why Nigeria is retrogressing instead of moving forward is because of the parochial and the ethnocentricism of the people of the northern region. Could anyone have imagined that Chukwuma Soludo’s legacy could be rubbished so soon after his globally acclaimed successful tenure just because hausas want to be “managing directors” and “chief executive officers” of these banks. The people of the north, no matter how educated they are, still reasons and exhibits the same lack of rationality in their decisions just like their unlettered brethren on the streets. Shame to Nigeria that the people of the north can never allow us to be where we supposed to be in the community of nations. They will continue to hold us back because of their narrow mindedness. The problem of Nigeria is the north. Nigeria can never grow or move forward as long as mediocres from the north are at the helms of affairs. Nigeria is blessed with vibrant and cerebral brains from the southern part of the country who can stir the wheel of the country to a more prosperous, progressive and world class achievement. Unfortunat corrected to categorically state that the people of the north does not have what it takes mentally to rule a diverse country like Nigeria. For further clarification, the Nigerian nation can never ever move forward or experience economic, social, poli ramification, especially mental capacity to lead a country like Nigeria, they don’t have what it takes. I know some readers of this piece might begin to attribute my views as being tribal or sectionally motivated, but far from it. I do not have of Europe and northern America and have seen what caliber of people in terms of intelligence assumes state power. The people of the northern extraction are bereft of such intelligence which only God bestows. The Nigerian experiment will only sail smoothly when cerebral minded individuals from the southern part of the country assumes mantle of state affairs in that corrupt smeared nation. May God help us!
10. Akeem Adebayo says:
August 26, 2009 at 3:14 pm
Vanguard’s excellent journalism has been proved right!
By the way, who owns Wema Bank?
Who knows who really owns Wema Bank today?
The method the CBN is now employing to steal the five banks was practiced last year with Wema Bank. The CBN under Soludo in collusion with Shamsudeen Usman, then finance minister, seized control of Wema last year, ran it down and sold it to a group of investors who called themselves the SW8 (meaning Southwest .
No group of Yoruba investors would describe themselves in such a parochial term as they do business with all Nigerians.
The smoke will clear in a couple of years and the true owners of Wema will emerge. That same trick is being used now to take over Oceanic, Intercontinental and the other three banks.
If they succeed, they’ll go after the remaining banks.
The bankers must resist!!
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i knew it would be vanguard - peddler of far out conspiracy theories

any moment now renaissance professionals will resurrect again

what is it with our brown envelope journalists?

oyb:

i knew it would be vanguard - peddler of far out conspiracy theories

any moment now renaissance professionals will resurrect again

what is it with our brown envelope journalists?

But but, did you read the post? The article was in 2009 and what is the time now?

NusioloAffila:

Добрый день уважаемые, как купить сайт доступно ? А так же как правильно поднять в поисковых системах ? Недорогим является способ регистрации блога по базам статей и правильный подбор ключевых с статистики liveinternet? А так же вопрос, как заработать доллары на сайте с тиц 80 и PR 3?

Google translator makes you look really dumb!!!

9jaganja:

But but, did you read the post? The article was in 2009 and what is the time now?

ouch