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Bank Phb's Chief Executive Resigns by Mklazon: 11:39am On Oct 02, 2009 |
http://234next.com/csp/cms/sites/Next/Money/Finance/5466377-146/Bank_PHB's_chief_executive_resigns.csp |
Re: Bank Phb's Chief Executive Resigns by candylips(m): 12:10pm On Oct 02, 2009 |
hot news |
Re: Bank Phb's Chief Executive Resigns by morfeus: 12:30pm On Oct 02, 2009 |
Yes! Sanusi sanitise a job well done |
Re: Bank Phb's Chief Executive Resigns by otukpo(f): 1:10pm On Oct 02, 2009 |
waaooohhhhh. Waiting for more resignations. These pple don kill us finish[color=#770077][/color] |
Re: Bank Phb's Chief Executive Resigns by oge4real(f): 1:15pm On Oct 02, 2009 |
Congratulations! At last the man chose the honourable path to exit. |
Re: Bank Phb's Chief Executive Resigns by semid4lyfe(m): 1:18pm On Oct 02, 2009 |
Just when I was thinking 'resign' was not in the Bank PHB dictionary.The guy obviously missed some important shots on the snooker board. I laugh in spanish. Good better, Bank PHB indeed! |
Re: Bank Phb's Chief Executive Resigns by kaypinchi(m): 1:25pm On Oct 02, 2009 |
Why should some CEOs be allowed to resign while some others were sacked. The implication of a sack is different from a resignation; esp. in the banking industry. Is CBN saying that the gravity of their mismanagement differ? Also, what policies (aside N 200 billion injection) are in place by CBN to improve on the poor business climate in the country now? Things are grinding to a halt. We should bear in mind that Xmas is around the corner? |
Re: Bank Phb's Chief Executive Resigns by Jarus(m): 1:26pm On Oct 02, 2009 |
He has debunked his resignation report: “Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said.http://www.thisdayonline.com/nview.php?id=155990 |
Re: Bank Phb's Chief Executive Resigns by koolchicco: 1:31pm On Oct 02, 2009 |
Jarus: True talk oooo!I just read it a while ago. Naija Na wah! |
Re: Bank Phb's Chief Executive Resigns by naijatoday: 1:36pm On Oct 02, 2009 |
As the Central Bank of Nigeria prepares to make its announcement this afternoon on the second round of intervention in five of the 14 banks for which it has concluded the special audit exercise commenced on the 14 last August, the Managing Director/CEO of Bank PHB, Mr. Francis Atuche has held out to the bitter end. The banks that will be affected by the shake up are BankPHB Plc, Spring Bank Plc, Equitorial Trust Bank Plc, Wema Bank Plc and Unity Bank Plc. The announcement will be made by CBN’s Deputy Governor, Operations, Mr. Tunde Lemo who will be standing in for the Bank’s Governor, Mr. Sanusi Lamido Sanusi. Sanusi it was confirmed left for Ankara, Turkey this morning on a British Airways flight to attend the annual meetings of the World Bank and International Monetary Fund. Speaking to THISDAY a few minutes ago, Atuche denied newspaper reports (not THISDAY) this morning that he has resigned his position from the bank. Specifically, he said he wrote a thank you letter to his staff, preparatory for the CBN announcement this afternoon on his removal as BankPHB’s CEO. “Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said. He said he has had a very interesting six weeks and “has seen the other side of midnight” but is taking whatever the outcome will be this afternoon in good faith. When asked if he will attend the meeting convened by the CBN today with the affected five banks, he answered in the affirmative. “Yes I will be there. I have no reason to stay away,” he stated. Atuche has been fighting the battle of his life for well over a week to retain his position as MD/CEO of BankPHB. Last Monday, the chairman of the bank, Mr. Kola Abiola who saw the writing on the wall and based on feelers from the CBN, had advised him to resign, which he initially said he would consider but later bluntly refused to step down. This got to a head on Wednesday, this week, when some directors of the banks held a meeting (not board meeting) at the premises of Spring Bank, a subsidiary of BankPHB. At the meeting, Abiola once again raised the issue of Atuche’s resignation which he rejected a second time with the backing of other directors. Atuche, after the meeting, promptly left Lagos for Abuja to solicit the support of high ranking government officials to intercede on his behalf with the CBN governor. But it was too little too late. Had he accepted the offer on the table to resign voluntarily on Wednesday, BankPHB’s board would have appointed their own MD/CEO and would have been saved the embarrassment of having a new executive management appointed for them by the CBN. BankPHB’s problems are not unconnected to acquisition of the crisis-ridden Spring Bank last year. The acquisition resulted in huge holes in the books of BankPHB. The second round of intervention by the CBN entails the injection of N200 billion in the five banks and the removal of the executive management of three of them. The three banks whose executive management will be removed this afternoon are BankPHB, Spring Bank and Equitorial Trust Bank who will be replaced by a new team to be announced by the CBN today. The audit exercise showed that all three banks are illiquid and their capital adequacy ratios failed to meet the minimum stipulated requirement. In the case of Wema and Unity Banks, their management will not be removed, but both banks will get capital injections from the CBN. The management of both banks are being let off the hook for two reasons. In the case of Unity Bank, the audit showed that even though its capital adequacy fell below the minimum stipulated requirement, it was sufficiently liquid, and was therefore advised by the CBN to raise additional capital. It was given till June next year to meet the minimum capital adequacy ratio of 10 per cent as stipulated by the CBN. With respect to Wema Bank, the bank’s management is being left in place because it is a new team that took over the bank barely six months ago after the O’dua Group which previously held a substantial stake in the bank sold it to new shareholders, a consortium called the SW8. The management of Wema Bank has also been advised by the CBN to raise fresh capital. http://www.thisdayonline.com/nview.php?id=155990 |
Re: Bank Phb's Chief Executive Resigns by redeboxx: 1:38pm On Oct 02, 2009 |
Leadership, virtually in every institution in the Nigerian society is failing. |
Re: Bank Phb's Chief Executive Resigns by MrCrackles(m): 1:42pm On Oct 02, 2009 |
Dont even know who or what to believe on the latest developments. . . |
Re: Bank Phb's Chief Executive Resigns by Izunwa(m): 1:54pm On Oct 02, 2009 |
so which one we dey? this has turn to a play and atuche is writing his own script. |
Re: Bank Phb's Chief Executive Resigns by chelseabmw(m): 1:58pm On Oct 02, 2009 |
he has resigned already, he sent a mail to every one at bankphb this morning |
Re: Bank Phb's Chief Executive Resigns by opuro(m): 2:04pm On Oct 02, 2009 |
did he resign with all rhe money he mismanage abi he refund the money |
Re: Bank Phb's Chief Executive Resigns by naijatoday: 2:14pm On Oct 02, 2009 |
Nigeria's Bank PHB chief exec resigns - sources The heads of Nigeria's Unity Bank (UBPL.LG) and Wema Bank (WEMA.LG) are among five bank chiefs summoned to a meeting on Friday with the central bank following the completion of an audit, a CBN spokesman said. The central bank said earlier it had summoned the heads of five banks including Bank PHB (BPHB.LG), Spring Bank (SPRN.LG) and Equitorial Trust Bank to the meeting. http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL214955420091002 |
Re: Bank Phb's Chief Executive Resigns by Donvilo(m): 2:48pm On Oct 02, 2009 |
What a wonder! |
Re: Bank Phb's Chief Executive Resigns by Nobody: 3:03pm On Oct 02, 2009 |
At least we will av some sanity.But wait oo when will the audit group of EFCC move to the legislative&executive arm of government at states&federal level including ministers,commissioners&perm sec.Some of this pple are corrupt.Theirs name shd be published natiowide&asked 2 resign too.After all we are sanitizing d polity |
Re: Bank Phb's Chief Executive Resigns by azeeza(f): 3:08pm On Oct 02, 2009 |
why did he debunk the rumour at first dat he is nt resigning,dat 1 na him headache sha. |
Re: Bank Phb's Chief Executive Resigns by Jarus(m): 3:26pm On Oct 02, 2009 |
chelseabmw: Did you read this: “Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said. http://www.thisdayonline.com/nview.php?id=155990 |
Re: Bank Phb's Chief Executive Resigns by MUNEER2(m): 3:55pm On Oct 02, 2009 |
o je bi Rubbishhhhhhhhh!!!!!!!!!!!!! |
Re: Bank Phb's Chief Executive Resigns by isaac1: 3:57pm On Oct 02, 2009 |
Niger naaaaaaaa waaaaaaaaaaa.More are still coming,in transit |
Re: Bank Phb's Chief Executive Resigns by otokx(m): 4:05pm On Oct 02, 2009 |
drama |
Re: Bank Phb's Chief Executive Resigns by cvibe: 4:06pm On Oct 02, 2009 |
Bank PHB says Actor no dey die! We dey wait to see whether na true!! |
Re: Bank Phb's Chief Executive Resigns by ahfo(m): 4:07pm On Oct 02, 2009 |
6 down,how many more to go let keep our arms crossed. |
Re: Bank Phb's Chief Executive Resigns by Seun(m): 4:07pm On Oct 02, 2009 |
What did he do wrong. It sounds like they were just swindled by Spring Bank management. |
Re: Bank Phb's Chief Executive Resigns by anuore: 4:23pm On Oct 02, 2009 |
It is a pity that technocrat may not contribute on the event on this forum. There should be a sober reflection. This is beyond the mental intellect of ordinary citizen. What we have witnessed is the collapse of the economy. Only God can save us. All the gains of the past years wasted as the tempo cannot be sustained. These people (bank ceos) are not alone in this trouble. Those young graduates that are employed over the years with salary above 100K, the contractors that implemented massive branch expansion and infrastructure even in rural areas, the various communication media (print & electronic) that enjoyed great patronages (junior world cup, advert is very low now), Corporate social responsibility in all states of Nigeria by these banks. Various people providing services one form or the other. Most of the unserviced loan is held by individuals with invetsment in corporation employing 100 of thousands of Nigerians directly with millions relyng on these corporation for survival. The may have used substantial part of these fund for personal use. Air lines are having serious problems on domestic route now and are begging for government bailout . This is applicable to most sectors. If the economic is not performing, It will certainly affect everything. In the time past, government corporations with monopoly and heavy government investment have failed severally. Transforming from government driven economy to private driven may have caused the bank ceos problems. Employment by corporations has drastically reduced and economic activity dwindling. Another set of NYSC should forget banks gmat test for now. |
Re: Bank Phb's Chief Executive Resigns by Afam(m): 5:05pm On Oct 02, 2009 |
anuore: A very interesting perspective!!! |
Re: Bank Phb's Chief Executive Resigns by hambehsam(m): 5:06pm On Oct 02, 2009 |
What is gwanz in our banking sector. Absense for mi no know. |
Re: Bank Phb's Chief Executive Resigns by kufreabasi(m): 5:12pm On Oct 02, 2009 |
why couldn't he wait for the final publication from CBN to be out before his official resignation? Well, even if he resigns, his own share of food shall still be pass to him sooner or later. |
Re: Bank Phb's Chief Executive Resigns by jimuchy: 5:34pm On Oct 02, 2009 |
Why didn't Lamido disgrace him and ruin his life like he did the other 5 CEOs ? |
Re: Bank Phb's Chief Executive Resigns by zimik(m): 5:37pm On Oct 02, 2009 |
i like what cbn governor is doing. but i hope it does not boomarang in future, that is retrenchment of workers |
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