The CBN, Wednesday, said it has granted the request of the board of Equatorial Trust Bank to recapitalise the banks following a proposal its shareholders sent to the apex bank implying that the bank will be returned to its shareholders to recapitalise. Meanwhile the apex bank has decried the rising wave of frauds and forgeries in the banks.

In a statement signed by the M. M. Abdullahi Head, Corporate Affairs CBN the apex bank said “Having reviewed the terms and conditions of the Deeds of Covenant, the CBN has consented to the request aimed at further strengthening the bank. In granting these requests, CBN noted that the Special Examination had not raised issues of serious supervisory concern or criminal activity by any member of the Board of ETB. However, CBN will closely monitor the implementation of the terms of the Covenant to ensure that the lapses are fully rectified and in the overall interest of the banking system.


http://www.nigeriamasterweb.com/paperfrmes.html

Why the mad rush in the first place to un-seat Oga Mike? SLS should be care and not heat up the system un-necessarily.
Fellow Nlanders, what do you think?

Will Mike return as the Chairman?

The CBN, Wednesday, said it has granted the request of the board of Equatorial Trust Bank to recapitalise the banks following a proposal its shareholders sent to the apex bank implying that the bank will be returned to its shareholders to recapitalise. Meanwhile the apex bank has decried the rising wave of frauds and forgeries in the banks.

In a statement signed by the M. M. Abdullahi Head, Corporate Affairs CBN the apex bank said “Having reviewed the terms and conditions of the Deeds of Covenant, the CBN has consented to the request aimed at further strengthening the bank. In granting these requests, CBN noted that the Special Examination had not raised issues of serious supervisory concern or criminal activity by any member of the Board of ETB. However, CBN will closely monitor the implementation of the terms of the Covenant to ensure that the lapses are fully rectified and in the overall interest of the banking system.

In the statement the CBN further said “Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:

“The willingness of the shareholders to recapitalise the bank by way of injection of additional capital latest by June 30, 2010; restructuring, diversification and enlargement of the capital base of the bank either by way of a public offering of shares, securing a core investor or merger with a local bank within one year period; addressing the corporate governance issues in the bank which were mainly ascribed to the previous Executive Management team in the bank; reconstitution of the Board of Directors of the bank through the retirement of two non-executive directors and the appointment of four new non-executive directors, including Dr. Mike Adenuga Jnr. (CON), an erstwhile member of the board, subject to the approval of the Central Bank of Nigeria; and Convening a general meeting of the bank’s shareholders to ratify, through a resolution all the nominated appointments to the bank’s board”.


http://www.vanguardngr.com/2009/11/04/cbn-returns-etb-to-adenuga-others/comment-page-1/

Sls main targets are ibru and akingbola. Any other MD sacked are just cover up. The guy sanusi is oya (grasscutter). Truth will soon prevail. God is watching.

Otunba Mike has never been the chairman of etb. He was just a member. His sister is the chairperson. Sanusi only removed Mike jealously, and returned him back now shamefully. Let's continue watching.

Another wuruwuru style.
CBN has compromised their integrity by rushing to remove The GURU, without completely understanding what was on the ground.

Creditable organizations take their time to fully investigate things before making any decision. And once their decision is made, 99% of the time they do not change it.
This is why wuruwuru strategy is never allowed or used.

Mike has been the back bone of ETB for many years, 88% of the money in this bank belongs to Glo and conoil, Glo and conoil also belong to the GURU.
So, what the Fck?

More and more questionable actions by Sanusi. I hope he returned the bank with a letter of apology.

When is he returning oceanic , intercontinental , bankPHB and others. I know there shareholders to can recapitalise if allowed. Wuruwuru reform.

Have you guys noticed that any topic on Mike Adenuga posted on Nairaland is deleted immediately. I guess we (nairaland) are trying to win Glo contract.
Let's see how long this one would last.

Mike Adenuga aka: the BULL is an icon. We all can learn a lot from any topic on this incredible Nigerian. Therefore, Nairaland please leave the topic alone.
Mike is already made, there is nothing any member could say or post on this individual that will touch him in any way.

Like Mike, I want to be like Mike  Figure 1-1

Mike is my idol.

Mike Adenuga aka: the BULL is an icon. We all can learn a lot from any topic on this incredible Nigerian. Therefore, Nairaland please leave the topic alone.

No doubt, we all can learn 1 or 2 things from any topic on Dr. Mike Adenuga.

Business, hard work, determination, identifying time to play and time to work, quality is better than quantity, boldly taking risk, less noise more action, lion heart, changing with time, how to lead, how to forecast effectively, tackling all obstacles head on, making your enemies look foolish, believing in yourself and your dream, clearly understanding what business is all about, building a long lasting magnificent brand and many more.

Mike is my idol.

You're on the right track.