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Nairaland Forum / Nairaland / General / Investment / The Access Intercontinental Bank Fraud In Picture (12151 Views)
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The Access Intercontinental Bank Fraud In Picture by hyelhira: 3:36pm On Oct 11, 2011 |
The transaction is a total fraud. From the info in the merger details published, AMCOM just dashed out taxpayers’ money to Aig and his ACCESS Bank cronies just like that. From the attached document (Presentation.pdf), even a blind man will see that it is daylight robbery - and to think the President and other leaders will allow this to stand. Now they also want to remove subsidies so that they can get more money (estimated at about $10b) to share among themselves. We need divine intervention so that some few men will not confiscate our commonwealth for themselves and their families only.
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Re: The Access Intercontinental Bank Fraud In Picture by Arkhin(m): 3:54pm On Oct 11, 2011 |
This does not add up or am i missing something?How can Access contribute such meager percentage and own majority share,while AMCON owns just that small percentage? There must be a riddle behind this. |
Re: The Access Intercontinental Bank Fraud In Picture by hyelhira: 4:13pm On Oct 11, 2011 |
It 'adds up' my brother (at least in some people's computations). Check the merger document at http://www.accessbankplc.com/Library/Documents/Presentations/Business_Combination_with_Intercontinental_Bank_Plc.pdf pages 11, 18 and 19. Presently Intercontinental has a negative shareholding of N550b which AMCON will inject the necessary capital to zerorise. Then ACCESS will pay N50b. My question is this: why doesnt AMCON just add the remaining N50b and own the bank 100%? Or am I the only one that did arithmetic in primary school? O su mi, my Lord. |
Re: The Access Intercontinental Bank Fraud In Picture by Hilundi: 3:39pm On Oct 12, 2011 |
That means to say you no dey for Nigeria be that,you must be coming from London,from Newyork from Brazil from Arabia and Moscow and Chicago. |
Re: The Access Intercontinental Bank Fraud In Picture by naijaking1: 3:41pm On Oct 12, 2011 |
^^^^^ Good question, but be careful-o Soon, Sanusi followers will descend on you like beehive |
Re: The Access Intercontinental Bank Fraud In Picture by DisGuy: 3:43pm On Oct 12, 2011 |
hyelhira: maybe because amcon is not in the business of owing/running a bank, but buying/selling debts so banks can function properly, amcon is a government creation-government shouldnt compete with private investors in banking sector |
Re: The Access Intercontinental Bank Fraud In Picture by Kx: 3:47pm On Oct 12, 2011 |
What i find funny is the fact that they a privatizing govt owned companies (nationalized companies) on account of inefficiency, yet they are openly nationalizing already private owned firms on the same account. Is the buzz word now nationalization ,not privatization anymore? If Access Banks contribution is d negligible 7.5%, why not wield the big stick as well? |
Re: The Access Intercontinental Bank Fraud In Picture by reloboy(m): 3:56pm On Oct 12, 2011 |
;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d |
Re: The Access Intercontinental Bank Fraud In Picture by AlexStofa: 3:57pm On Oct 12, 2011 |
Voted best vacation read of the summer 2011 Cruise by Alex Stofa When retired airline pilot Mac Knight and counselor Lynn Baker plan their three month summer cruise to the Bahamas, Both Lynn's and Mac's past bring a new dimension into their plans and into their cruise. Their passion keeps their romance together. But is their passion enough as Mac succumbs to keeping his past alive and as Lynn tries to avoid the advances of her past love? http://www.wix.com/alexsofacruise/cruise
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Re: The Access Intercontinental Bank Fraud In Picture by Maawitemi: 4:19pm On Oct 12, 2011 |
@Dis Guy: You said "maybe because amcon is not in the business of owing/running a bank, but buying/selling debts so banks can function properly, amcon is a government creation-government shouldnt compete with private investors in banking sector" Is that why AMCON should not have a sense of value for money? AMCON says it intends to recover invested funds by selling the investments, will this not be more realistic by adding the additional 50 b (increase stake by just 7.5%) and grow your return by 75%? Is AMCON not already evaluating bids for the banks it outrightly Nationalised? This public institution(AMCON) has completely "De-risked" intercontinental bank - what ACCESS is purporting to buy with N50b is not the weak institution being portrayed, but a completely revitalised, 330 branch bank (compared to its less than 150) with deposits almost twice its own. This would not ordinarily be anybody's business apart from the fact that the acquirer is enjoying this largess at the expense of Nigerian taxpayers and the ordinary intercontinental shareholders. We should not allow public institutions to hide behind the impunity of one offender to commit a greater impunity. The House of Reps have vowed to ensure this is looked into. We hope they live up to the billing. |
Re: The Access Intercontinental Bank Fraud In Picture by AustenU: 4:29pm On Oct 12, 2011 |
This doesn't add up at all. AMCON buys/bails/zerorise or whatever Intercontinental for N550b, they sell it to Access for N50b, thereby losing N500b. Pls can someone show me the puppet master? |
Re: The Access Intercontinental Bank Fraud In Picture by dancewith: 4:36pm On Oct 12, 2011 |
This is an outright fraud. Why not AMCON simply put up with the N50b Access is bringing to the table, take over the bank and then sell it for its real value? Since it is no longer in dispute that Access, through their Directors, owes Intercontinental bank some N20b, then what Access is bringing to the table is a mere N30b! So why should they be able to buy the bank at such a ridiculous price? It beggars belief. Is AMCON dashing them the bank then? I also learnt Finbank is being bought by FCMB for a meagre N6b whereas AMCON is contributing N120b to wipe out their negative shareholders fund. This just have to be a joke. The banks should be taken over by those that contributes the lion share and if those people are not in the business of banking, sell it to those interested in banking for real value! We are tired of enriching those in the corridors of power and their cronies. This is how Bankole bought NITEL house for a joke of a sum simply because he was in the corridors of power Enough is enough. I hope Okonjo Iweala, as the Minister of Finance under whose purvise AMCON operates, refuses to endorse this fraud. Posterity will judge them all |
Re: The Access Intercontinental Bank Fraud In Picture by dustydee: 4:54pm On Oct 12, 2011 |
wow! don't understand the way these things work. |
Re: The Access Intercontinental Bank Fraud In Picture by Finecat(m): 5:00pm On Oct 12, 2011 |
What happened to all the intercontinental employees now |
Re: The Access Intercontinental Bank Fraud In Picture by NnamdiN: 5:15pm On Oct 12, 2011 |
Which one be my own? As long as nothing do my money no wahala. They can merge, transform, metamorphos till forever, no time. |
Re: The Access Intercontinental Bank Fraud In Picture by sley4life(m): 5:56pm On Oct 12, 2011 |
so my bank wil b Access |
Re: The Access Intercontinental Bank Fraud In Picture by habayommy: 6:09pm On Oct 12, 2011 |
NnamdiN: abi oooooooo, i still get 1000 for dat bankoo |
Re: The Access Intercontinental Bank Fraud In Picture by steveguch: 6:41pm On Oct 12, 2011 |
lets us all just be watching the whole game as home video! i have foreseen the actor of this movie dieing |
Re: The Access Intercontinental Bank Fraud In Picture by adaKB: 6:46pm On Oct 12, 2011 |
stevoo i dey believe u mannnnnn, one day the bush meat go catch the hunter |
Re: The Access Intercontinental Bank Fraud In Picture by Obinoscopy(m): 6:50pm On Oct 12, 2011 |
Sanusi whats going on? |
Re: The Access Intercontinental Bank Fraud In Picture by sulad82i(m): 6:58pm On Oct 12, 2011 |
From an Accountant point of view, the merger is completely legal and recognized internationally. This type of merger is called Variable Interest Entities (VIEs) and AMCOM will be required to consolidate the financial statement of the merged company with its own under the new International Financial Reporting Standard IFRS rule, and also the USA GAAP rule. |
Re: The Access Intercontinental Bank Fraud In Picture by kurus: 7:10pm On Oct 12, 2011 |
. |
Re: The Access Intercontinental Bank Fraud In Picture by MMM2(m): 7:24pm On Oct 12, 2011 |
still confused |
Re: The Access Intercontinental Bank Fraud In Picture by axglide(m): 7:28pm On Oct 12, 2011 |
Kai na waoooooo, so intercontinental is gone, all d work erastus has done blown away. 330 branches, kai hmmmmmm, lessons have been learnt. |
Re: The Access Intercontinental Bank Fraud In Picture by sulad82i(m): 7:57pm On Oct 12, 2011 |
From an Accountant point of view, [size=16pt]the merger is legal and recognized internationally[/size]. This type of merger is called Variable Interest Entities (VIEs) and AMCOM will be required to consolidate the financial statement of the merged company with its own under the new International Financial Reporting Standard IFRS rule, and also the USA GAAP rule. |
Re: The Access Intercontinental Bank Fraud In Picture by kurus: 8:02pm On Oct 12, 2011 |
. |
Re: The Access Intercontinental Bank Fraud In Picture by DisGuy: 8:25pm On Oct 12, 2011 |
kurus: please explain to us simpletons too, go into the technical jargon, name the northern interest so we can understand it properly |
Re: The Access Intercontinental Bank Fraud In Picture by kurus: 8:34pm On Oct 12, 2011 |
. |
Re: The Access Intercontinental Bank Fraud In Picture by sulad82i(m): 8:35pm On Oct 12, 2011 |
kurus: The attached picture/slide cannot tell the whole deal that went into the merger but it obviously gets the wrong attention from some people who do not understand the business aspect of the deal. A company with a controlling interest in the daily activity of the business does not always have the highest share of profit and loss and vice versa. As someone said in one of the preceding post, the buyer might not be in the same business but see the business as a "cash cow" -- meaning the business is very profitable to the investor-- but do not want to be involved in daily activities. So it makes business sense to invest in such business while someone else with little contribution is allowed to make the daily decisions. Sometimes, the ability to make decision in the firm can only be done by the party with the largest share or the largest controlling interest as determined by the shareholders/joint venture owners. The picture above does not tell the whole story and that’s why my first response only addresses the legal aspect of it. A major example is with Apple Inc. co-found by the late Steve Jobs, we all know that the man has the idea of what to provide for the consumers, but he also has some masters behind the door who are responsible for the needed funds. Just so you know too, his interest in Apple Inc. is not as much as his interest in Pixar Another example is Elun Musk, he's the co-founder of Paypal and Tesla Motors but was eventually forced out of those 2 businesses by the major parties before co-founding Space-X. |
Re: The Access Intercontinental Bank Fraud In Picture by sulad82i(m): 8:36pm On Oct 12, 2011 |
kurus: [size=18pt]BIG LIE[/size] |
Re: The Access Intercontinental Bank Fraud In Picture by dareF: 8:40pm On Oct 12, 2011 |
Good-day All, The evil men are using professionalism to commit crime and they think they will go free. Write this down this day and mark my words. The day is close that the Hammar of The Almighty God will Fall on Sanusi and his godfathers. |
Re: The Access Intercontinental Bank Fraud In Picture by kurus: 8:43pm On Oct 12, 2011 |
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