Chinese Firms To Take Over Troubled Banks

Problems over the sale of Nigeria’s five troubled banks will soon be over as some Chinese firms have indicated interests in buying over the banks. The latest development is not unconnected with the reception and enquiries that greeted the CBN team that’s attending the World Economic Forum in China.

A source, who refused to give details nor names of the Chinese investors, told Sunday Tribune that the CBN will give an update on the affairs in the troubled banks soon.

The CBN settled for China following poor response from UK investors at the recent London road show. However, CBN’s Head of Corporate Affairs, Mr. Mohammed Abdullahi, denied that the bank team went to China to auction the five banks, but rather to attend the Forum and meet with global industry players.

According to him, “the CBN Governor is presently participating at the World Economic Forum in China. The annual forum has nothing to do with the search for foreign investors in any of the Nigerian banks as being insinuated.”

He added that the concern of the CBN for now is to continue to ensure that Nigerian banks remain safe and sound, and that when the affected banks are due for recapitalization in future, the CBN will inform the public and the process be made open and transparent to group of investors.

He, however, reiterated CBN Governor’s statement that there is no law in Nigeria barring foreign investment in Nigerian banks, but insisted that the CBN will ensure that only investors interested in the development of the economy will be entertained.

Reacting, a foremost shareholder group in the country, Proactive Shareholders Association of Nigeria (PSAN), said it had concluded plans to take the apex bank to court.

In a letter signed by both Oderinde Taiwo and Kenneth Amanze, the National Coordinator and National Publicity Secretary respectively, addressed to its Lawyer, Barrister Nnodu Okeke & Co., the association hinged its grouses on the attempt by the CBN Governor to look for foreign investors for the five affected banks; the injection of fund to five affected banks, and the flurry of activities initiated by the CBN which has gone against the interest of the owners of the affected banks.

The association explained that the sudden action of the CBN has not reflected the principles of democracy and rule of law, which the present government professes, but that it infringes on the rights of the owners of these banks, adding that the action really undermine the relevance of other stakeholders, especially the shareholders, by unilaterally removing the five bank’s directors and their chief executives without giving them opportunities to defend themselves.

I hate chinese people

What does hatred have to do with this? You  hate chinese people becos you are a fool and dumb ass. Do u know how strong the banks will be if they are sold to the Chinese. Do you want to compare chinese banking system with that of Nigeria.

It's so sad but true. We Nigerians are becoming iirelevant on the global face.

God Forbid bad thing! Why do they wanna sell those banks? They should let Nigerians run em on. . . We aren't complaining!

for anyone that can think and understands the import of all that is going on would immediately realise that the banks represent the economy of any nation and no nation can outgrow its bank.
its like asking china to come and control a nigerian economy or whoever they are flaunting for.
it is about time the south resist all forms of slavery by the north or its representations

Anyway, you make it sound as if it is some sort of hostile takeover.

Why are you openly displaying your ignorance?You are such an incompetent fool.I can school in any part of the world but I cannot  work in any part of the world.I couldnt stand their way of life,that was why I returned to Nigeria.Continue licking a chinese man's butts.
I have seen from your other posts that you hate Nigeria because you can't survive in Nigeria.What did Nigeria do to you to warrant this gross hatred?

Hey dude! you  are  the most ignorant here and you ignorantly wrote rubbish here. Have you ever think twice or for a second before you write at all? You can't work here becos you can't stand their way of life huh? The truth is that fools like you are not confident enough to compete with foreign expats here. There are more than 4million western expats working and living in China but competent Nigerians and other africans not fools like you still compete with them and have a beta job here. If you really schooled in china that should be a bonus to you anywhere u are in this planet but the hatred in you won't allow you to think in the right way.
May God have mercy on everyone of us. Stay blessed