What's the difference between Tony Elumelu and Erastus Akingbola? Or the between Cecilia Ibru and Jim Ovia?

Well, I think these executives may be much worse, criminally that is! Besides, to now suggest that no other CEO's will be fired makes this whole exercise appear too pre-emptive, pre-meditated for comfort.

The fact that 5 banks have a greater reliance on the EDW or the inter-bank market for short term funding does not automatically infer criminality (Whether or not they are the major sources of systemic risk!)

Though I've lost significant value in my Oceanic investments, I'm uncomfortable with the way these CEO's are being hounded and criminalized. It smarks of selectivity. It just doesn't seem right.

@Topic,
Now this is getting messier.

I heard that some Intercontinental staffs have not been paid thir salary. though not from a reliable source. N/L, pls help me verify

@suedu
But the month has not ended now. Tod is just 24th of august.
or are they usually paid before 24th day of every month?
What day of the month do they usually pay them?

I hope this government knows what they are doing. I have wondered aloud some of the policies they have taken lately whether they actually think through them. I mean the long term effect and otherwise. Take for example the amnesty granted to militants, the lack of focus on the negotiations with ASUU, the wasteful rebranding project, etc.
There is much to be done by this government if they really mean to make meaningful impact on our society and country. The energy & power sectors, security, health, education, agriculture, housing and employment are task that are begging for attention. This is another wild goose chase. At the end of the day lets watch and see whether this will lead to anywhere. I can just say right away this is another merrygo round. It is leading t no where just some efforts to give them self some relevance but trust our people we wont drill the government now to tell us the real reason they acted they have started sponsoring adverts and dishing out money for individuals to campaign in support of the CBN action. If the sacked MD's are dubious as been painted then chrge them to court and prove it. All this sponsored newspaper jamboree can not fool us.
God help us all.

Tuesday, August 25, 2009




More Stories on This Section
The Nigeria Bar Association (NBA) has warned that failure to follow due process in the sanitization of the financial institutions will erode public confidence in the process. NBA gave the warning in its appraisal of the exercise in a statement signed by its President, Oluwarotimi Akeredolu. In the statement the NBA urged the regulators of the system to follow due process in dealing with the latest development in the banking industry.

Warning against any arbitrary change in the character of ownership of the five banks whose managements had been axed by the Central Bank of Nigeria (CBN), the NBA said: “It is our hope that the shareholders in particular, the generality of the public, will be taken into confidence before any fundamental alteration of the character of the ownership structure of the affected companies is effected.

“Acting otherwise will further erode the already shattered trust between the investing public and the financial managers on one hand in addition to accentuating the doubts expressed by some in sanitization crusade.”
Taking a critical appraisal of the on-going exercise, the NBA while commending, it expressed concern over the anxiety of Nigerians and the danger posed to the nation’s financial sector, especially as doubts were being expressed about the real motive.
Specifically, the NBA noted with concern, and described as indiscretion the comment of the CBN Governor, Lamido Sanusi expressing preference for the sale of the banks “when none of them has been declared insolvent and incapable to meet its obligations to the depositors and shareholders.”

Also, the statement faulted the undue excitement of the Economic and Financial Crimes Commission (EFCC) and the one-week ultimatum given to the debtors of the commission’s boss, Madam Farida Waziri, contending that the statements credited to Sanusi and Waziri in the unfolding drama “cast a heavy shade of suspicion on the seeming altruistic intention of the governor.”

While insisting that government functionaries saddled with the responsibilities to sanitize the system adhere strictly to the extant laws, NBA warned, “No arbitrariness must be contemplated in resolving these issues. Debtors are under obligation to pay their debts within agreed contractual and legal framework. “Those who default should be made to face full sanction within the ambit of the law. We must allow the law to dictate the steps to be taken in dealing with those involved in sharp practices,” NBA said.

It would be recalled that the financial sector virtually erupted like a volcano on August 14, 2009 when the CBN governor in a special statement sacked the chief executive officer of five notable commercial banks, Union Bank Plc, AfriBank Plc, Finbank Plc, Intercontinental Bank Plc and Oceanic Bank Plc over alleged mounting non-performing loans.

In a swift move, the Federal Government expressed its total support for the action of the new CBN governor and directed security agencies, particularly the EFCC to move and prosecute those indicted in the alleged failure of loans granted by the banks.

Following the government directives, EFCC swooped on the top executives of the affected banks. Three of the managing directors were arrested along with several top management staff.
However, both Erastus Akingbola and Cecilia Ibru of Intercontinental Bank and Oceanic Bank respectively sought refuge in the court slamming N50 billion suit each on the CBN and Sanusi over their dismissal from office alleging injustice, lack of fair hearing and deliberate victimization

EFCC that has been sleeping suddenly wakes and tries to persecute this MDs. i am not impressed at all.
The accounts of ex Govnors such as Odili that literally milked Rivers People with no tangible development are still at large with no accounts frozen. This MDs are being punished for incompetence ,at least, as we are made to know. I do not think that this is an economic crime. This is simply a knowledge issue and some regulatory lapses. This problems should be solved soonest and these MDs should not be so embarassed. They were working for the good of the nation.

Last year we heard of mega deals being brokered by these Banks and every one was applauding their assistance. Please these persecution should cease.

I dont know what really wrong with some people, Yardua is a very gentle man and he should be allow to rule this country, i know there are so many hungry politician who want him out, but i want him in again and again,

I would always love the EFCC to freeze all the debtors account, u called yourself a rich man and u still borrow money, EFCC should deal with all those who misbehave in this country, oneday they will run away with all our money,
thanxs

Good thinking, bad motive.