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How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal - Business - Nairaland

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How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by karlmax2: 9:04am On Oct 09, 2011
⁠How CBN Governor, Sanusi Lamido Sold Intercontinental Bank To His Friends!

Written by thestreetjournal   

Thursday, 06 October 2011 13:14

Street Journal’s investigations have revealed discrepancies in the sale of Intercontinental Bank Plc to Access Bank by the Central Bank of Nigeria. It has been discovered that the Central Bank Governor, Malam Sanusi Lamido waived a

 loan of N8.9Billion for Senator Bukola Saraki and another N16.2 billion loan for Aigboje Aig-Imoukhuede, the MD of Access Bank, to help them buy Intercontinental Bank over. Before now, there had been allegations that the former Kwara State Governor was at the background of a grand scheme to take over Intercontinental Bank.

After Erastus Akingbola was sacked as the bank’s MD, Mahmoud Lai Alabi was named as his replacement. Alabi was until his appointment on Saraki’s payroll, being the Chairman of Shonga Farms, a Saraki initiative that brought displaced Zimbabwean farmers to Kwara State. It was reported then that one of the first steps Alabi took as MD was to write off Dr. Saraki’s N8.1 billion loan. Alabi also went ahead to sack Executive Directors of the bank who were replaced one after the other with staff of Saraki’s Societe Generale Bank. It might not be wrong therefore to conclude that Saraki has been running Intercontinental Bank by proxy since the new management took over.

Questions are already being asked within the banking sector regarding how Aig Imoukhuede who is one of the biggest debtors on Intercontinental Bank’s list suddenly mustered enough resources to buy the bank.

It was announced recently that Access Bank would acquire 75% stake in Intercontinental Bank for N 50 billion and combine both firms’ operations within one year of the merger. Shareholders of the latter had reportedly given their support to the merger, though it remains unknown whether the shareholders are aware of the situation or they just decided to ignore.

The move which is plagued with irregularities has exposed the Central Bank Governor’s inadequacies. Sanusi Lamido Sanusi who has hitherto been seen as one of the most upright men in the country has come under criticism especially regarding the motive behind the sale of the bank. Questions are also being raised about his sincerity in the deal.Documents in Street Journal’s possession revealed that a N 16.2 billion loan was duly obtained from Intercontinental Bank Plc and signed for by Aig Imokhuede, the Access Bank MD in favour of United Alliance Company of Nigeria.

Sequel to the Central Bank’s regulatory action on five banks two years ago, the apex bank published a list of defaulting customers of the banks who were asked to pay up to prevent appropriate legal actions from being taken against them by the apex bank. Those on the list were described by the Central Bank as the “largest debtors.” Incidentally, the third slot on the list of the largest debtors published on August 18, 2009 was occupied by United Alliance Company of Nigeria and the balance of its indebtedness as of May 31, 2009 was N 16, 247,686,168.18. Its Directors were listed as Mr. Aig Imoukhuede and Mr. Herbert Wigwe both of who are also Group Managing Directors of Access Bank.

In a letter sent to the United Alliance Company from Intercontinental Bank Plc on November 19, 2009, terms of restructuring a N 10.3 billion loan facility were outlined. The loan had a tenure of 36 months and according to the purpose stated in the document, the time extension was to enable the borrower, i.e United Alliance to liquidate its outstanding indebtedness to Intercontinental Bank in line with its cash flow.

While repayment was to commence in April, 2010, an interest of 18% was agreed on. And as part of the conditions, 894,690,600 units of Access Bank shares were listed as security as well as “joint and several personal guarantees of Mr. Herbert Wigwe and Mr. Aigoje Aig-Imokhuede for the full facility amount and accrued interest.”

A letter from United Alliance to Intercontinental Bank dated 10th March, 2011 showed that Intercontinental Bank was being owed the sum of N 10.2 billion by United Alliance, a company headed by Aig Imokhuede, Intercontinental Bank’s new buyer. Street Journal gathered that as it stands, Access Bank’s two Group Managing Directors are indebted to Intercontinental Bank to the tune of N 10.2 billion.

The March, 10 letter which was to help United Alliance get an extension for the repayment of the facility reads inter alia: “we would like to assure you of our absolute commitment in repaying the above facility. Repayments of these facilities are based on the cash flows generated by United Alliance through its investment management activities. However we are currently having difficulties matching our cash flow with the current agreed repayment dates. We hereby write to formally request for a change in the repayment dates of our facility to ensure that it synchronises with our cash flow in order to meet the obligation as the fall due.”

It was also requested in the letter that the dates be moved to “at least the last day of the first week of each calendar quarter. In other words to at least the 7th day of April, July, October and December respectively of the year.”

Another letter confirming the status of United Alliance was received by Intercontinental Bank Plc when the July fall date came. A letter signed by Chizoba Ufoeze on behalf of the United Alliance Company of Nigeria Limited read in part “we acknowledge the receipt of your letter dated 30th June, 2011 informing us of the portion of the term loan (N 1, 307, 465,060.12) due on 7 July, 2011. However, due to constrain in our cash flow, we humbly request a 30 day extension to clean up this obligation. We assure you of our determination to liquidate this term loan within the term specified in the offer letter and thanks for your patience. ”

Many of those who know the internal workings of Intercontinental and Access Banks are yet to come to terms with how Aig-Imokhuede, one of the biggest debtors of Intercontinental Bank, who has asked for extension of repayment over and over would offer to buy the bank over and Malam Sanusi Lamido would go ahead to sell the whole Bank to him at a ridiculous N50 billion when even the quarterly profit of Intercontinental Bank is more than 50billion Naira.

http://thestreetjournal.org

Source: http://thestreetjournal.org/2011/10/face-of-a-fraud-how-cbn-governor-sanusi-lamido-sold-intercontinental-bank-to-his-friends/
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by goksonjay(m): 2:55pm On Oct 09, 2011
i said it long ago that Sanusi has peculiar interest in bringing down of Akingbola and IB Plc. Let me just wait and reserve comment cos am sure time will tell. On Lamido Sanusi-s personalty inconsistency,does that mean that the beautiful ones are truly yet unborn
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by naijaking1: 3:42pm On Oct 09, 2011
A nation whose banking foundation is laid on falsehood will never stand strong.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by texazz: 4:53pm On Oct 09, 2011
So this smear campaign is still on in force?
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Pukkah: 5:02pm On Oct 09, 2011
It is too early to take side with anyone. Let people complain and let the accused defend themselves. If need be, let the whole process - sacking of banks' MDs, appointment of new ones and their transactions, and the recapitalization/sale activities - be audited by an independent body.

So many rumblings and complaints (not limited to Intercontinental) are trailing the issues to the extent that they should not be ignored.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by hercules07: 5:22pm On Oct 09, 2011
Dem nefa tire, let them continue with their stories, Intercontinental will be sold to people who will run it well, next time, Erastus will run a business the way it should be run.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by naijaking1: 5:44pm On Oct 09, 2011
hercules07:

Dem nefa tire, let them continue with their stories, Intercontinental will be sold to people who will run it well, next time, Erastus will run a business the way it should be run.

Do you mean people they lent money
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Bliss4Lyfe(f): 7:07pm On Oct 09, 2011
haba Mallam Sanusi, u are not yet in Aso Rock and already Cronyism applies. nawa ooooooo!
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by otokx(m): 7:21pm On Oct 09, 2011
The law courts are still open aren't they?
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Akanbiedu(m): 7:32pm On Oct 09, 2011
Yawns
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by chines4(m): 11:31am On Oct 10, 2011
The question is did past mgt of IB Plc mess up and the answer is yes. So let them not complain
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by grafikii: 11:33am On Oct 10, 2011
lies lies lies
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Kx: 11:35am On Oct 10, 2011
No matter how long it takes, truth will find its way out. We are watching the space.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Gayigaskia(m): 11:46am On Oct 10, 2011
Who is the author to the article Newsadmin? WTF? ; I see haters are out again with wishful allegations. As long as these bastards are not dealt with, this country will never progress one inch. Can you imagine they are also working hard against Fashola.
LIes and all Lies
SLS/Fashola or Fashola/SLS for 2015
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by initiate: 12:21pm On Oct 10, 2011
chines4:

The question is did past mgt of IB Plc mess up and the answer is yes. So let them not complain

so what you mean is this. if a girl wears a skimpy top she should not complain if she gets raped!
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Blazing88(f): 12:33pm On Oct 10, 2011
shocked shocked shocked COULD DIZ BE TRUE
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by chamber2(m): 1:14pm On Oct 10, 2011
Any body who still doubts Sanusi's craftiness must be an alien
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Ayowumie(m): 1:19pm On Oct 10, 2011
If this is true, then i guess the Sanusi i know may have another personality different from the one i can see. Too early to take side though
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by passionate88: 2:46pm On Oct 10, 2011
islamic banking, piss be unto them,
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by koolguy88(m): 3:06pm On Oct 10, 2011
this story is true, he sold the bank to his men,
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by odedele: 3:19pm On Oct 10, 2011
Sanusi's insistence on determining the preferred bidders for the rescued banks creates the impression of ulterior motives on his part. If what he wants really is to recapitalize the banks, then all he should be interested in is setting broad guidelines for the exercise and not choosing those SANUSI is the prime driver of all the transactions, in the Finbank/FCMB merger, Access Bank/Intercontinental,Eko /OCEANIC, etc. In each of these transactions, CBN has been actively arranging, encouraging, discouraging and promoting bids as it pleases! The irony is that it is not even a secret. All over Broad Street and Marina, stories of these goings-on fly openly. Many were puzzled why CBN insists on denying its deep involvement in the process, and more important, why it insists on controlling it.How will access that is indebted 2 inter acquire it with mere 50b and Amcon which bailed out dis bank with over 500b has only 17% stake but sanusi gave his croony Aig 75% stake 4 mere 50b!!.FinBank wit over 180 and subsidiary is sold 2 balogun of relatively unknown FCMB 4 merely 5b as against vine capital dat put up a bid of 17b .Hope d national assebly will look into this financial robbery has it promise 2 organise a public hearing on this.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by BiafranFirstSon(m): 3:21pm On Oct 10, 2011
The truth is that Lamido Sanusi did not close/sell intercontinental bank because of incompetence. He is indirectly taking over the bank. He's Just fronting the AIG Imoukhuede & Bukola Saraki giving them loans to make the takeover easier. I know some people will still blame GEJ for over loan. Haba Mallam Sanusi!
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by moderatorr: 5:15pm On Oct 10, 2011
main target- boko haram banking.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by chines4(m): 5:57pm On Oct 10, 2011
initiate:

so what you mean is this. if a girl wears a skimpy top she should not complain if she gets violated!
No what I mean if you mismanage depositors fund,and betray their trust. You should not complain when CBN sells the bank to others to manage.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by muyoto: 7:59pm On Oct 10, 2011
all the trappings of typical smear campaign.

there just to many unproven accusations in the article.

BTW: is it really possible for the bank MD unilaterally to write-of a debt of almost 10billion??

ABEEG!
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by loganx: 8:49pm On Oct 10, 2011
eve in crisis;
Finbank is larger than FCMB
Oceanic is Larger than Eko Bank Nigeria
Intercontinental is larger than Access Bank
there's is more to all these reforms than Sanusi is telling.
he was solely brought in to carry out these take-over orchestrated by the under-pant bomber's father, Mutallab.
give it 5 years, the real owners of all these take-overs will emerge.
stupid fools rooting for someone stealing the public dry by selling businesses worth trillions for pea-nuts to his cronies
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by renewnaija(m): 10:40pm On Oct 10, 2011
chines4:

No what I mean if you mismanage depositors fund,and betray their trust. You should not complain when CBN sells the bank to others to manage.

What a very dumb post. So it is right to justify injustice cos two wrongs make a right? smh
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Otunbakay(m): 2:18am On Oct 11, 2011
If i'd known i woundn't 've invested hundred of thousand in those shares. Well 've gotten over it but each time think back my heart still sink. No thanks to Erastus and his co drivers.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Kizilala: 4:08am On Oct 11, 2011
Not just intercontinental bank.He also sold Union Bank to his friends.African Capital Alliance is just a front.He sold it to Mutallab.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by chines4(m): 1:52pm On Oct 11, 2011
renewnaija:

What a very dumb post. So it is right to justify injustice cos two wrongs make a right? smh

Are u ignorant of the state of the bank book, the shareholders fund is in negative, its means that the depositors are at the verge of losing their deposits. AMCON bought over the bad debt of IB PLC and it was converted to equity. Its actually AMCON that sold the banks, CBN acted in supervisory capacity(and equally have the constitutional right to do so). And next time pls mind your language.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by hyelhira: 6:58pm On Oct 11, 2011
Many of us applauded Sanusi when he sacked the CEOs but I don't know what to believe anymore. I saw a document prepared by ACCESS Bank on the merger and it was glaring that it was an 'arrangee' takeover. The document is at this link: http://www.accessbankplc.com/Library/Documents/Presentations/Business_Combination_with_Intercontinental_Bank_Plc.pdf. My graphical analysis of the ACCESS Bank document is as follows: https://www.nairaland.com/nigeria/topic-779467.0.html#msg9317078.

Someone is not telling us the truth here.
Re: How Sanusi Lamido Sold Intercontinental Bank To His Friends - TheStreetJournal by Nobody: 7:43pm On Oct 12, 2011
All these rubbish talk about northerner and southerner owning banks. What's my business, if at the end of the day a bank can not deliver proper service to of, I'll take my business elsewhere.

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