The Central Bank of Nigeria (CBN) will give some loan facility to embattled Societe Generale Bank of Nigeria (SGBN) as well as Savannah Bank, to enable them effectively recapitalise and come back to business, BusinessDay can confirm.

It was learnt that each of the banks may get as much as N20 billion, but the CBN’s director of banking supervision, Tokunbo Martins who confirmed the planned, loan could not confirm this figure.

Martins however affirmed that what each bank gets would depend on the monies required to meet other funding obligations after meeting the minimum capital requirements.

She however stressed that the facility would be subject to a few conditions, including a satisfactory risk management framework and evidence of good corporate governance, among others.

Before the loans are given, the banks would also be required to have met the minimum regulatory recapitalisation requirement of N50 billion for international banking; N25 billion for national; or N10 billion for regional banking business, depending on which of the categories each of the banks wants to play in.

Making a case for the facility, Martins explained that the apex bank’s decision to intervene becomes imperative because the capital that each bank is able to raise may not be enough to meet their other funding obligations for things like infrastructure and claims to depositors, as they get back to business.

It would be recalled that embattled Societe Generale Bank Nigeria (SGBN) Limited, is to commence operations under a new name, Heritagebank, following approval by the Central Bank of Nigeria (CBN), which says the bank has met the financial requirements for returning to business.

BusinessDay learnt that International Energy Insurance (IEI) plc, which has Ifie Sekibo, as executive vice chairman, is a major shareholder, along with the Saraki family, having about 10 percent in the new bank.

BusinessDay had also reported that Societe Generale Bank, owned by the Saraki family, would come back, operating as a regional bank with N10 billion capital requirement, five years after its licence was restored to the owners through an Abuja Federal High Court judgment.

Speaking to BusinessDay on the latest development, Ugochukwu Okorafor, CBN’s director of communications maintained that the loan decision was in line with the apex bank’s mandate of maintaining financial system stability.

“We have always given forbearances. Recall that a core mandate of the CBN is to maintain financial systems stability and the Deposit Money Banks are a critical element to that mandate. The CBN has always given forbearances in injected funds as a lender of last resort where needed,” he stressed.

He maintained that the loan was nothing unusual, claiming that the apex bank had all through consolidation, always assisted the banks where necessary.

“When we give forbearances, we can also give moratorium,” he added.

The Nigerian Deposit Insurance Corporation (NDIC) recently said SGBN would soon embark on a verification exercise to ascertain its deposit base.

However, the fate of Savannah Bank, which likewise got its licence back through the same court judgment in 2009, is still uncertain, as the management is yet to get credible investors, and neither has the CBN acceded to requests for forbearance by the owners.

The CBN had extended the June 30 deadline to the bank to recapitalise.

The CBN revoked the operating licence of Savannah Bank in February 2002, while that of Societe Generale Bank Plc was revoked on January 16, 2006.

The NDIC and CBN handed over Savannah Bank to the owners on June 9, 2009, with a promise of ensuring a speedy conclusion of the necessary processes for re-opening the bank to the public.

http://businessdayonline.com/NG/index.php/news/76-hot-topic/48664-sgbn-savannah-bank-to-get-cbn-loan

So this people still exist

Savannah Bank

My Money OOOO....anyway my Savannah pass book neva loss sha

Central Bank should also collect the data of savannah bank customers who lost their monies when savannah folded, in order to pay them back.

wen can i submit my cv?

I really can't wait..I remember growing in lagos..my mom use to bank with them..but the bank was shut down cos d owner av issue with baba administratn then..

Na CAPEX abi OPEX dem dey take loan for?
Because e sure me die say once dem open, the whole money wey CBN loan dem na im dem go use settle all their gbese + all the depositors wey go dey wait dem wey dem dey owe!

Society generale. . .the new generation bank of the 20th century. That bank did a lot of damage to many families. Hope its staying this time.

So CBN to borrow SGBN money to commence operation! and they forget to add that Access Bank will sell some of the former Intercontinental branches they close to them, hmm.
The film is gradually coming to an end.
* 2005/2006 SGBN tried to combine biz with Intercontinental bank, akingbola refused, SGBN lincense was siezed.
* 2010 SLS audit banks, claim intercontinental was weak, sack the management, appoint new pple- including Layi Alabi ( a fomer employer of saraki).
Part of the thingz the new management were able to achieve is granting loan amnesty to sum pple, including saraki, sell the bank @ a rediculous amount to Access bank.
''saraki is trying to takeover my bank'' - Akingbola
Layi Alabi
* 2012 Layi Alabi was arrested.....
And now this story.




Season film plenty for 9ja!

good for you, now i want my #8,634.23 back (principal plus accrued interest)...Not much, but i want it anyway.

LeCoq: good for you, now i want my #8,634.23 back (principal plus accrued interest)...Not much, but i want it anyway.

Can that amount to about N20,000 now?

RIP Oloye Abubakar Olusola Saraki,longlife and prosperity to the Leader of all Leaders as we celebrate your 50th birthday come 19th December 2012- Excellency Senator Dr Abubakar Olubukola Saraki CON

wasiudvd: So CBN to borrow SGBN money to commence operation! and they forget to add that Access Bank will sell some of the former Intercontinental branches they close to them, hmm.
The film is gradually coming to an end.
* 2005/2006 SGBN tried to combine biz with Intercontinental bank, akingbola refused, SGBN lincense was siezed.
* 2010 SLS audit banks, claim intercontinental was weak, sack the management, appoint new pple- including Layi Alabi ( a fomer employer of saraki).
Part of the thingz the new management were able to achieve is granting loan amnesty to sum pple, including saraki, sell the bank @ a rediculous amount to Access bank.
''saraki is trying to takeover my bank'' - Akingbola
Layi Alabi
* 2012 Layi Alabi was arrested.....
And now this story.




Season film plenty for 9ja!

Your are the son (daughter) of your father. Sanusi is paying back his Godfather Bukula Saraki as the former Intercontinental Bank MD alleged then.

You see; the problem is this country is that most of the people in authority are hardly sincere. What we have are people fighting cabal war.

Now, I see that even Sanusi has his own gang. The goal is to bring back SGBN, Savannah is just being tagged along.

Remember very well that SGBN deserve to go down because the bank had liquidity problems when the Saraki's chose to play around with customers funds; Whereas Savannah was taken down by Obasanjo just to hurt Jim Nwobodo.

Our country is a useless entity. Our people are too dump to live. If we cannot understand the forces at play in our land and fight to liberate ourselves, we should be ashamed of ourselves.

wasiudvd: So CBN to borrow SGBN money to commence operation! and they forget to add that Access Bank will sell some of the former Intercontinental branches they close to them, hmm.
The film is gradually coming to an end.
* 2005/2006 SGBN tried to combine biz with Intercontinental bank, akingbola refused, SGBN lincense was siezed.
* 2010 SLS audit banks, claim intercontinental was weak, sack the management, appoint new pple- including Layi Alabi ( a fomer employer of saraki).
Part of the thingz the new management were able to achieve is granting loan amnesty to sum pple, including saraki, sell the bank @ a rediculous amount to Access bank.
''saraki is trying to takeover my bank'' - Akingbola
Layi Alabi
* 2012 Layi Alabi was arrested.....
And now this story.




Season film plenty for 9ja!

Your are the son (daughter) of your father. Sanusi is paying back his Godfather Bukula Saraki as the former Intercontinental Bank MD alleged then.

You see; the problem is this country is that most of the people in authority are hardly sincere. What we have are people fighting cabal war.

Now, I see that even Sanusi has his own gang. The goal is to bring back SGBN, Savannah is just being tagged along.

Remember very well that SGBN deserve to go down because the bank had liquidity problems when the Saraki's chose to play around with customers funds; Whereas Savannah was taken down by Obasanjo just to hurt Jim Nwobodo.

Our country is a useless entity. Our people are too dump to live. If we cannot understand the forces at play in our land and fight to liberate ourselves, we should be ashamed of ourselves.

Saraki family again! Ha, only the father is dead, but the chief coordinator of the plundering of depositors money in the defunct SGbN was Bukola Saraki. And the sarakis still hav a stake in the new bank after the unprecedented looting of its predecessor. Wonders shall never end in this country. Well, if u hav money u want to throw away, go and put it in their heritagebank.

AB$I:
RIP Oloye Abubakar Olusola Saraki,longlife and prosperity to the Leader of all Leaders as we celebrate your 50th birthday come 19th December 2012- Excellency Senator Dr Abubakar Olubukola Saraki CON

. You smoke ni, guy set ur head well oo.

Abeg wht abt Hallmark Bank. Make una bring that 1 back to lige o,I got stakes their.

wasiudvd: So CBN to borrow SGBN money to commence operation! and they forget to add that Access Bank will sell some of the former Intercontinental branches they close to them, hmm.
The film is gradually coming to an end.
* 2005/2006 SGBN tried to combine biz with Intercontinental bank, akingbola refused, SGBN lincense was siezed.
* 2010 SLS audit banks, claim intercontinental was weak, sack the management, appoint new pple- including Layi Alabi ( a fomer employer of saraki).
Part of the thingz the new management were able to achieve is granting loan amnesty to sum pple, including saraki, sell the bank @ a rediculous amount to Access bank.
''saraki is trying to takeover my bank'' - Akingbola
Layi Alabi
* 2012 Layi Alabi was arrested.....
And now this story.







Season film plenty for 9ja!

i thank God that someone is beginning to see the light that nothing happens in Nigeria without a reason , why wouldn't all these so called monies be loaned to the weak already existing banks.

This sanusi guy don tire me ooO! He brought down heathy shinning banks with allegation that the are week, now he is resourcitating dead banks bringing them alive with Nigerian money and asset of the bank he killed. NO WONDER MY CBN insider sources told me SANUSI have parsonal problem with those banks that went down because they have their own candidate and work against sanusi to become CBN GOVERNOR. The man told me that he first damage their reputation before bringing them down.