http://www.234next.com/csp/cms/sites/Next/Money/5444447-146/CBN_sacks_CEOS_and_management_of.csp

CBN sacks CEOS and management of five Nigerian banks

August 14, 2009 10:18AMT
Print print Email email Share Share


The Central Bank of Nigeria (CBN) has dismissed the Chief Executive Officcers and other top management of five major Nigerian Banks. The banks are Intercontinental Bank, Union Bank, Afri Bank, Oceanic Bank and Fin Bank.

This appears to be the first step in a drastic plan to clean up Nigeria’s ailing banking industry.

The news comes at a time when the CBN governor, Sanusi Lamido Sanusi, a risk management expert is preparing to sit down for a meeting with all the Chairmen and Chief Executives of all twenty five of Nigeria’s banks, later today in Lagos. Our sources say that no proxy representation is allowed at the meeting and this has forced many Chairmen and CEOs many of whom were on holiday abroad to fly back to Nigeria in the last twenty four hours.

Now the chicken has finally come home to roost for these five banks

Guy that your link is not complete.

i doubt,

http://allafrica.com/stories/200908140172.html


Updating, shouldn't have doubted,  na true talk o,

http://www.saharareporters.com/index.php?option=com_content&view=article&id=3458:cbn-sacks-nigerian-bank-ceos-&catid=1:latest-news&Itemid=18

sanusi have no power to do that.

@Becomerich

you don't know the duties of the CBN.

Hope that will do these banks and their customers good.

Source please!

CBN has that power? How?

Is this really true?

it's still unconfirmed!.
The CBN governor and top officials of the apex bank are meeting with the CEOs presently in Lagos.
so poster,
Don't raise unnecessary alarm.

@kobojunkie
how far. quite an age. they have the power, just read BOFIA and for the reasons of these banks, provided yu answers here. some saw it coming but not in this drama.

www.nairaland.com/nigeria/topic-309816.0.html

@ifeleke
unless its re-confirmed to be untrue, sources say its true and the list of reasons is much whcih even carries prosecution. as at this moment, its labelled true.

I opened NL to break this news. It is true o!!!

Sanusi fired a major salvo.

Akingbola gone, Cecilia fired, Nwosu sacked, Adigwe and Ebong shown the exit door. Jim Ovia fired warning.

This is confirmed. No link yet. But I'm very sure. Top finance executives here have confirmed it.

This is serious. Sanusi is stepping on toes.

Cecilia, the amazon of Nigerian banking!!! Akingbola, CIBN president and NSE Vice President!!!

The battle line is drawn. Let's keep our fingers crossed.

IFELEKE:

it's still unconfirmed!.
The CBN governor and top officials of the apex bank are meeting with the CEOs presently in Lagos.
so poster,
Don't raise unnecessary alarm.

Ifeleke, i have always said that you are out of touch with reality. This is confirmed and Erastus Akingbola has resigned this morning. I fully expect EFCC to make some arrest subsequently. If some of you guys go back to my post as far back as last year, i have always predicted this would happen. I expect to see more banks other than these 5 to face serious heat from the federal Government. Bank workers, you better sit tight the days of bounty are long gone. This new guy at CBN means business and my sources are telling me that he is focus on re-capitalizing the bank to 10 banks in Nigeria. Even the so-called GTB and First bank are not that safe. believe it or not. I wonder why everybody is surprise that Union bank is among the 5 banks. Union bank will soon be sold to foreign investors.

did someone say CBN cannot or doesnt have such powers?
siddon there!!

Its confirmed and its true

received many calls and mssgs already confirming this

Akingbola? na u don hear am
Cecilia? hmm

CEOs of the following Nigeria banks have just been axed by CBN.

The news will soon be made public at close of meeting currently being held in Lagos today with all the CEOs and Chairmen in attendance.

(This is from reliable source and surely by evening it would be awash in all evening newspapers)

They are - Intercontinental bank Plc, Zenith bank Plc, UBA Plc, Oceanic bank Plc and Wema bank Plc

Likewise, further policy amendments and pronouncements will follow in the course of the new week.

@Jarus

Do you know any reason Zenithbank was not affected?

Finecat:

Ifeleke, i have always said that you are out of touch with reality. This is confirmed and Erastus Akingbola has resigned this morning. I fully expect EFCC to make some arrest subsequently. If some of you guys go back to my post as far back as last year, i have always predicted this would happen. I expect to see more banks other than these 5 to face serious heat from the federal Government. Bank workers, you better sit tight the days of bounty are long gone. This new guy at CBN means business and my sources are telling me that he is focus on re-capitalizing the bank to 10 banks in Nigeria. Even the so-called GTB and First bank are not that safe. believe it or not. I wonder why everybody is surprise that Union bank is among the 5 banks. Union bank will soon be sold to foreign investors.

Finecat
u didnt predict the sacking of the MDs, you predicted that 9ja banks will collapse in 12 months!

Your 12 months don expire tey tey and no bank has gone under
except u wanna call this exercise banks going under

So what is the implication of the sacking?

tkb417:

Finecat
u didnt predict the sacking of the MDs, the predicted that 9ja banks will collapse in 12 months!

Your 12 months don expire tey tey and no bank has gone under
except u wanna call this exercise banks going under

This guy is a clown. When the federal Govt. takes over a bank, what does that mean?? I predicted all this late last year and it's not even up to a year yet. Intercontinental was secretly bailed out early this year and yet they couldn't pull through. Intercontinental would have closed shop since march if not for the help from Soludo. I fully expect Intercontinental to be swallowed by another bank or sold to a foreign investor.

Can this be true?

Jarus:

I opened NL to break this news. It is true o!!!

Sanusi fired a major salvo.

Akingbola gone, Cecilia fired, Nwosu sacked, Adigwe and Ebong shown the exit door. Jim Ovia fired warning.

This is confirmed. No link yet. But I'm very sure. Top finance executives here have confirmed it.

This is serious. Sanusi is stepping on toes.

Cecilia, the amazon of Nigerian banking!!! Akingbola, CIBN president and NSE Vice President!!!

The battle line is drawn. Let's keep our fingers crossed.

my friend, nothin is going to happen
It seems you dont know who Sanusi is.

The man has always been a top dawg from his FBN days. What influence can Akingbola and Cecilia wield in 9ja that Sanusi cannot counter.
Thts a big up to the self styled risk man!

im doffin ma hat already. hes the best man for that position.

Sanusi is a professional not all these agbero/political bankers we have around

http://www.234next.com/csp/cms/sites/Next/Home/5444447-146/CBN_sacks_CEOs_and_management_of.csp


Central banks/reserves bank have such powers
they can take control  of banks management as deem fit, they can be challenged in the court though. Wema bank crises is an example
okay

Why is your own list different. Please dont scare us. I have a sizable sum in Zenith O.

upson:

CEOs of the following Nigeria banks have just been axed by CBN.

The news will soon be made public at close of meeting currently being held in Lagos today with all the CEOs and Chairmen in attendance.

(This is from reliable source and surely by evening it would be awash in all evening newspapers)

They are - Intercontinental bank Plc, Zenith bank Plc, UBA Plc, Oceanic bank Plc and Wema bank Plc

Likewise, further policy amendments and pronouncements will follow in the course of the new week.

Finecat:

This guy is a clown. When the federal Govt. takes over a bank, what does that mean?? I predicted all this late last year and it's not even up to a year yet. Intercontinental was secretly bailed out early this year and yet they couldn't pull through. Intercontinental would have closed shop since march if not for the help from Soludo. I fully expect Intercontinental to be swallowed by another bank or sold to a foreign investor.

hehehehehe
taking over the reins of a bank for a specified period for managerial ineffectiveness and other ills wouldnt translate to bankruptcy or illiquidity
i know some of them have been in trouble for various reasons but what is happening is far from what you predicted

Link at last: http://www.thisdayonline.com/nview.php?id=151586

now there is an agreement that 5 banks are affected of which intercontinental and oceanic seem to be a common denominator but which other 3 are there?

babalawo:

http://www, com/csp/cms/sites/Next/Home/5444447-146/CBN_sacks_CEOs_and_management_of.csp


Central banks/reserves bank have such powers
they can take control  of banks management as deem fit, they can be challenged in the court though. Wema bank crises is an example
okay

thank you babalawo
where have you been?

This is actually not shocking to me, I expected it all along.

For real? Interesting to know what they did wrong? Cecilia Ibru?

This appears to be the first step in a drastic plan to clean up Nigeria’s ailing banking industry.

The truth is that  the banking sector needs an ICU-intensive centre Unit-Surgery, its just the timing that is a big  problem for me.

This timiing wil  GRAVELY and definately affect innocent depositors,staffs and investors- Lets wait and see the extent this will go,

I understand that the maximum number of years one will stay as CEO/MD is 15 years and some of this guys have spent more that 15 years,so no worry,is the rules.