Saraki is not a saint but the more I research into his life and ways I will take an imperfect Saraki over any other front line politician in Nigeria today.

Unfortunately this link below is for a PDF and I cant copy and paste here but these are the highlight of the Story:

1. SGBN suffered from the Banking consolidation of 2005 and could not meet the 25 billion CBN requirement on time
2. CBN revoked the licence of SGBN in January 2006 and a ruling by Justice Binta Nyarko eventually held that the revocation was in bad faith
3. During the liquidation of SGBN, it was the duty of CBN to pay back depositors under 200K naira and then pay the others on pro-rata basis and this did not happen.
4. in 2009 SGBN won the case against CBN but rather than return their licence CBN appealed the case and wasted more years
5. CBN later redeemed SGBN licence and withdrew its appeal
6. In 2012 SGBN reformed itself as a regional Bank now known as Heritage Bank - Former customers of SGBN either had their money returned or had their accounts reactivated
7. Today Heritage Bank says all former customers of SGBN have had their accounts 100% rebalanced.

https://www.pressreader.com/nigeria/daily-trust/20180830/282123522377621

This is part of the things the media is trying so hard to hide from people. The only way APC think they can defeat Saraki is by destroying his image. After winning the primary, he'll build it in no less than few weeks. This is the number one man that can defeat Buhari in Nigeria. The political stunts he will play with them will be alien to them.
PS: The creature below me just recited his memory verse. He's pretty aced in it though.

Medicine after death.

Lol, thief trying to rewrite history

Think about it, If Saraki actually looted money belonging to the people in SGBN he would have been charged to court for it by this government. Otherwise why will a government so desperate to destroy Saraki go back 15years loosing sleep on his asset declaration form if they have a stronger case relating to Societe Generale Bank?

Saraki will only be president of Biafra.

Shameless people!

NgeneUkwenu:
Saraki will only be president of Biafra.

Shameless people!

madam take am easy oh? for the sake of your own health! Heart Attack is real!

The untold truth about Societe Generale Bank

Daily Trust30 Aug 2018

It is important to set the records straight about the Societe General Bank of Nigeria because of the public’s right to factual information, particularly about public figures. In doing that, however, it must begin on the CBN’s poor regulatory work and the NDIC’s failure in performing its statutory role. For several years, news reports, rumors and sponsored malicious attacks have linked the supposed downfall of the Societe Generale bank to the President of the Senate, Dr, Bukola Saraki.

These reports are false and I will like to explore what really happened to Society Generale Bank and their numerous customers after the Central Bank of Nigeria (CBN) made the wrong decision to terminate its license.

In 2004, the CBN issued guidelines and incentives on consolidation in the Nigerian banking industry where banks were encouraged to recapitalize (by injecting funds into the banks) to the tune of 25billion Naira by December 31, 2005 or merge or be acquired. SGBN embarked on the exercise for merger or acquisition by other banks.

The CBN closed down SGBN in January, 2006 on account of failure to meet new minimum capital requirements US41.55million (N25bn) for a national bank. Meanwhile, one of the conditions was for SGBN to seek and obtain a forbearance of about 80-100% of its debts. SGBN was only granted the forbearance by the same CBN on January 5th 2006 after the deadline had elapsed.

SGBN dragged CBN to court immediately and in a judgment delivered by Justice Murtala Nyako in 2009, the Federal High Court reversed the revocation of SGBN’s operational license and declared that the CBN had overstepped its regulatory boundaries, Justice Nyako stated that the revocation was perpetrated in bad faith and was therefore null and void.

The CBN kicked and appealed the judgment as opposed to granting the license back immediately as the court had ordered, this phase went on for another year before the Central Bank returned SGBN’s license as a regional bank and withdrew its appeal.

SGBN then rebranded and returned as Heritage bank in 2012 after meeting the new requirements by the CBN and AMCON after which it commenced an exercise to revalidate the accounts of old customers to give them the opportunity to either withdraw their money or reactivate their accounts with the bank.

Some of the stories being bandied around is that so many people lost their live savings to the bank leading to tragic stories, if any of this is indeed true the fault lies directly with the CBN that went ahead to revoke SGBN’s license in bad faith and the Nigerian Deposit insurance Corporation (NDIC) for not living up to its statutory role.

During the needless legal tussle between SGBN and CBN, the NDIC should have done its statutory role of repaying depositors with less than 200,000 at the very least while others get paid on a pro-rata basis from proceeds of possible liquidation, this is the exact reason it was set up.

As at 2013, barely a year after operations, Heritage Bank declared that customers have withdrawn over 60% of the 21bn deposit base it inherited from SGBN. Today, Heritage Bank claims they have completed the exercise 100 percent.

Femi Salako, Lagos

Ndonu101:


madam take am easy oh? for the sake of your own health! Heart Attack is real!

The last may not have been heard of the reckless Boardroom manipulations that crippled the once beloved Societe Generale Bank of Nigeria (SGBN) as exclusive details of the charges to be preferred against some of its directors by operatives of the Economic and Financial Crimes Commission (EFCC) under the leadership of the Former Chairman, Mallam Nuhu Ribadu, an Assistant Inspector General of Police (AIG), at the time of collapse obtained exposed a can of worms in the board management of the bank.

Sources within the anti-corruption agency disclosed that specifically, the chairman, Council of Elders Northern Union, Dr. Olusola Saraki who is also father of the Kwara State Governor, Dr. Bukola Saraki and other directors of the crippled bank had been investigated and were due to be arraigned on a 30-count charge before high-power politics and maneuver swept off Ribadu and his team at the EFCC who had sworn to ensure that persons who played any role(s) in the alleged looting of the bank are brought to book.

As the July 31, 2008, deadline of a two-month extension granted to the embattled SGBN by the country's apex bank, the Central Bank of Nigeria (CBN) to enable it tidy its merger arrangements, draws near, it is apparent the submerged charge sheet which is key to the roots of the bank's troubles is very much relevant.

The suit, had it proceeded, would have held at the Lagos, Federal High Court, and would have been between the Federal Republic of Nigeria and Dr. Olusola Saraki, joined with nine others to wit :- Robert Mbonu, Hafiz Bakare, Toyin Idowu, G. A. Oyenola, Yinka Fagbemi, Kennedy Izuagbe, Dele Iluyomade, Noah Olopoenia and Lana Haastrup as accused persons.

National Daily gathered that Ribadu intended to prosecute Bukola Saraki but could not because he enjoys the immunity clause bestowed on serving governors by the constitution of the country. The trial of Bukola's father and his accomplice would however had commenced pending the expiration of the son's tenure as governor but for the tenacity of Bukola Saraki who as a member of President Umaru Musa Yar'Adua's kitchen cabinet worked round the clock to ensure that the suit got thwarted and Ribadu disgraced. Bukola was also identified as the man behind the ouster of Ibrahim Larmode
Documents made available to National Daily revealed eight of the 30-count charge were directed at Dr. Olusola Saraki alone, and three solely for the defunct bank's MD Monu. The charges hinged mainly on transactions without collaterals spanning periods from 1999 to 2003 include that Dr. Olusola Saraki while being Director of SGBN Plc between 2002 and 2003 at Lagos the Lagos Judicial Division of the Federal High Court and having personal interest in the grant of a loan facility accounting to N210,000,000.00 (Two Hundred and Ten Million Naira) granted by the Societe Generale Bank Nigeria Plc to Peoples Democratic Party (PDP), Kwara State Chapter and failed in his duty to declare the nature of his interest in PDP and the loan to the Board of Directors of Societe Generale Bank Nigeria Plc and thereby committed an offence punishable under Section 18(11) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria, 2004.

That Robert Monu while being a Managing Director of Societe Generale Bank Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court granted an unsecured loan amounting to N210,000,000.00 (Two Hundred and Ten Million Naira) to Peoples Democratic Party (PDP), Kwara State Chapter in contravention of the bank's rules and regulations governing same and thereby committed an offence punishable under Section 18(2) of Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria, 2004.

That Dr. Olusola Saraki while being a Director of General Bank Nigeria Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court recklessly approved the grant of loan in the sum of N210,000,000.00 (Two Hundred and Ten Million Naira) to the Peoples Democratic Party (PDP), Kwara State Chapter with no collateral in contravention of the bank's regulation and thereby committed an offence punishable under section 16(1)(a) of the Failed Bank (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria, 2004.

That Dr. Olusola Saraki while being a Director of Societe Generale Bank Nigeria Plc between 2002 and 2003 at Lagos in the Judicial Division of the Federal High Court recklessly connected with the grant of a loan in the sum of N210,000,000.00 (Two Hundred and Ten Million Naira) to the Peoples Democratic Party (PDP), Kwara State Chapter with no security in contravention of the law being in force at the time and thereby committed an offence punishable under Section 16 (1)(a) of the Failed Bank (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria, 2004
That Dr. Olushola Saraki while been a Director of Societe Generale Bank Nigeria Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court negligently connected with approval of a loan in the sum of N210,000,000.00 (Two Hundred and Ten Million Naira) to the Peoples Democratic Party (PDP), Kwara State Chapter with no security in contravention of the law being in force at the time and thereby committed an offence punishable under Section 16 (1)(a) of the Failed Bank (Recovery o f Debts) and Financial Malpractices in Bank Act Cap F2 Laws of the Federation of Nigeria, 2004.

That Dr. Olusola Saraki while being a Director of Societe Generale Bank Nigeria Plc between 2002 and 2003 at Lagos in the Lagos Judicial Division of the Federal High Court and having personal interest in the grant of a loan facility amounting to N40,000,000.00 (Forty Million Naira) grated by the Societe Generale Bank Nigeria Plc to Peoples Democratic Party (PDP), Kwara State Chapter and failed in his duty to declare the nature of his interest to the Board of Directors of the said Societe Generale Bank Nigeria Plc and you thereby committed an offence punishable under Section 18(11) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria, 2004.



http://saharareporters.com/2008/07/06/how-saraki-others-looted-societe-generale-bank-nigeria-•-over-n1b-looted

OP,
You opened a can of worm by attempting to clear SGBN with these lies.

There are records in public domain as far back as 1990 and even earlier about this bank operations in Nigeria. With the kind of bad acts and criminality perpetuated by the Sarakis you are better off not mentioning anything SGBN during his campaign. Even if your opponents bring it up find a way to dodge it....dont engage them trying to put up a PR show. We are in age of internet.

The Judgement of Binta Nyarko is a verifiable fact! Anyone can go check

The fact that CBN withdrew its own appeal from the law court and redeemed SGBN licence is also a verifiable fact

Every serious Nigerian knows that EFCC is not an anti-corruption agency, they are currently running a protection racket for the Presidency and engaging in speculation. If EFCC is so sure about their case why not take it to court and prove it and get the offenders convicted?

It is easy to make wild allegations and Nigerians know how not to take EFCC seriously. At the appointed time EFCC will be reformed into a truly Economic and Financial Crimes Commission

Those who want the truth will know the truth, those who want to believe their own made up stories will also do same

Ndonu101:
The Judgement of Binta Nyarko is a verifiable fact! Anyone can go check

The fact that CBN withdrew its own appeal from the law court and redeemed SGBN licence is also a verifiable fact

Every serious Nigerian knows that EFCC is not an anti-corruption agency, they are currently running a protection racket for the Presidency and engaging in speculation. If EFCC is so sure about their case why not take it to court and prove it and get the offenders convicted?

It is easy to make wild allegations and Nigerians know how not to take EFCC seriously. At the appointed time EFCC will be reformed into a truly Economic and Financial Crimes Commission

Those who want the truth will know the truth, those who want to believe their own made up stories will also do same

Of what use is the court judgement when my wife's entire savings is still trapped in SGBN. It shall not be well with all Sarakis.

There are many sides to a story, OP please comment on the indiscriminate granting of unsecured loans to politicians.

Image laundry.... See as then dey launder image inside laundry machine....

Abeg we no want all these Ofa armed robbery suspect
....

Can't the corrupt leaders have their own country and we also have our own separate country....


Can't God just drop in a Messiah from above and cleanse the Nation's of all these bad leaders and their paid agents...

Why Can't God take away all these blood sucking leaders away from Nigeria..............

Ndonu101:
The Judgement of Binta Nyarko is a verifiable fact! Anyone can go check

The fact that CBN withdrew its own appeal from the law court and redeemed SGBN licence is also a verifiable fact

Every serious Nigerian knows that EFCC is not an anti-corruption agency, they are currently running a protection racket for the Presidency and engaging in speculation. If EFCC is so sure about their case why not take it to court and prove it and get the offenders convicted?

It is easy to make wild allegations and Nigerians know how not to take EFCC seriously. At the appointed time EFCC will be reformed into a truly Economic and Financial Crimes Commission

Those who want the truth will know the truth, those who want to believe their own made up stories will also do same

So you gave me 500naira to hold for you and that you will come back at a future date to get your money. I used the money for something else hoping when you return for your money it will be available. The money got stuck and I am unable to retrieve it on time. You showed up to get your money. I told you give me few more weeks to produce it. Eventually I produced the money and give back to you.

Now, tell me how quick and ready you will be able to trust 500naira in my care again in future.

During election you are dealing with emotions, sensibilities and perceptions....not court rulings. You can take your court rulings to an academia for scholars to ponder on, but the electorate have a different way of scoring candidates and credibility is one of them.

Saraki is not well trusted in public opinion and when you bring out SGBN issue you further erode his credibility, whether or not a judge ruled in his favor.

To take you back to my 500naira example, I am a risk to give money to hold in trust. I returned your money to you, did I not? So why am i a risk on future trusts with 500naira?

So yes, Justice Nyako may have given SGBN a clean bill but the people still hold grudge against his family for destroying their trust.

LOOK, all im saying is you will do damage than good with SGBN and SARAKI mentioned together. Drop it!

super story

NgeneUkwenu:
Saraki will only be president of Biafra.

Shameless people!

....mind you, not everybody in the east supports ipob madness, so saraki can only be president of Igbos!

this is interesting...

more research needed... I'll be back!!!

From reading all these it is easy to decipher the facts from innuendo

Lack of information is a bad thing

Before now I thought the Sarakis formed SGBN and when people paid in they mismanaged it and closed down the bank.

These are the facts that I see

SGBN did not file for Bankruptcy on its own, they were a victim of arbitrariness on the part of Nigerian Government and its policy executors

They were a victim of the banking consolidation

Their licence was unfairly withdrawn as the courts finally established

They won court cases against the state on this matter

And made attempts to pay back people who had money trapped in the bank. They even say they have paid all back

Why did’nt CBN pay back SGBN customers their money when they liquidated the bank?

We use words carelessly in Nigeria really but looking at the facts, forget the innuendos and speculation, and made up accusations. Looking at the facts there is really no basis to accuse the Sarakis or SGBN of fraud on this matter!

Dansiki1:

Of what use is the court judgement when my wife's entire savings is still trapped in SGBN. It shall not be well with all Sarakis.

Have you approached Heritage Bank with evidence that you had money in SGBN?

MayorofLagos:


So you gave me 500naira to hold for you and that you will come back at a future date to get your money. I used the money for something else hoping when you return for your money it will be available. The money got stuck and I am unable to retrieve it on time. You showed up to get your money. I told you give me few more weeks to produce it. Eventually I produced the money and give back to you.

Now, tell me how quick and ready you will be able to trust 500naira in my care again in future.

During election you are dealing with emotions, sensibilities and perceptions....not court rulings. You can take your court rulings to an academia for scholars to ponder on, but the electorate have a different way of scoring candidates and credibility is one of them.

Saraki is not well trusted in public opinion and when you bring out SGBN issue you further erode his credibility, whether or not a judge ruled in his favor.

To take you back to my 500naira example, I am a risk to give money to hold in trust. I returned your money to you, did I not? So why am i a risk on future trusts with 500naira?

So yes, Justice Nyako may have given SGBN a clean bill but the people still hold grudge against his family for destroying their trust.

LOOK, all im saying is you will do damage than good with SGBN and SARAKI mentioned together. Drop it!

My dear Banks everywhere in the world do not lock your money in a safe until you come back. Otherwise they cant pay you interest. The only reason they are able to afford interest is they use your money on other business ventures and make profit. This is just how banks work everywhere in the world including HSBC, Barclays, UBA, First Bank.

in terms of why money got stuck in SGBN, you can not continue to blame this on the Sarakis even when there is clear evidence showing that the licence of SGBN was revoked by CBN unfairly as a Nigerian High Court has already established.

Lets be honest for once in this country and stop calling other people thieves based on half baked information.

who ever gave Saraki the slightest inkling that he can be Nigeria's President in 2019 is heartless

Media trying hard to paint Saraki black.

BMC over to you.

Saraki my man

Ndonu101:


My dear Banks everywhere in the world do not lock your money in a safe until you come back. Otherwise they cant pay you interest. The only reason they are able to afford interest is they use your money on other business ventures and make profit. This is just how banks work everywhere in the world including HSBC, Barclays, UBA, First Bank.

in terms of why money got stuck in SGBN, you can not continue to blame this on the Sarakis even when there is clear evidence showing that the licence of SGBN was revoked by CBN unfairly as a Nigerian High Court has already established.

Lets be honest for once in this country and stop calling other people thieves based on half baked information.

Are you even familiar at all with the genesis of the problem, or are you just giving out PR messages to clean Saraki up in public?

The problem is not what SGBN did statutorily but with how the Sarakis ruined public trust.

SGBN is not campaigning for votes, a Saraki is.

If you didnt get my example with the 500naira you will never get the root of why a public discourse of Saraki and SGBN will lead to his ruin on the campaign circuit.

Bring him to the altar, we have our slaughter knives ready... Good luck!

No amount of image cleansing can help this crook called Saraki. Ole!!