Newswatch has done a comprehensive article and a review of the one-year old banking crises in Nigeria. Though most of the narrative is seen from Erastus Akingbola's lens, the article simply confirms much of the rumored motives of the banking takeover from a first-person narrative. Most importantly, it provides a comprehensive reason why Akingbola had to flee the country; the guy could have simply been murdered to shut him up forever.

[size=28pt]The Takeover Agenda[/size]
Written by Demola Abimboye
Sunday, 08 August 2010


Erastus Akingbola, embattled former chief executive officer of Intercontinental Bank PLC reveals in a petition to the attorney-general and minister of justice how a plot was hatched to take over the bank from its owners

His return to the country was as miraculous as his departure a year earlier, beating eagle-eyed security operatives in Lagos and Abuja on both occasions. Twelve months after his 21-year-old baby – the Intercontinental Bank PLC, IB, PLC – was kidnapped from him by the Central Bank of Nigeria, CBN, and he escaped being captured by going on self exile in the United Kingdom, Erastus Akingbola, former managing director of the bank, flew quietly into the country August 3, 2010, through the Nnamdi Azikiwe International Airport, Abuja.

The following day, he reported voluntarily at the headquarters of the Economic and Financial Crimes Commission, EFCC, at 10.15a.m. accompanied by Felix Fagbohungbe, his lawyer. By press time last Friday, August 6, he was yet to be released.

Akingbola’s unscheduled return to the country has created new dimensions to the various legal battles instituted against him on allegations first, of “money laundering” and later, “breach of fiduciary relations” or the ones he filed to clear his name from the charges and the takeover of his bank by the CBN. It also opened a new vista in his attempt to retrieve the bank he holds as dearly as his baby from the CBN as well as unearthed the politics of the travails of the former president of the prestigious Chartered Institute of Bankers of Nigeria, CIBN.

In a fresh petition to Mohammed Adoke, attorney-general and minister of justice, Akingbola has revealed that rather than allegations of stealing money of IB PLC, the duo of Sanusi and Bukola Saraki, governor of Kwara State, have used the so-called reforms of the banking sector by the former soon after he became governor of the CBN on June 4, 2009 to plot a systematic take-over of the 21-year-old bank. The grand plan is being executed by Mahmoud Lai Alabi, former employee of the governor who once turned around WEMA Bank PLC before selling it to SW8 Investments Limited.

The document obtained exclusively by Newswatch was titled: “Fraudulent takeover of Intercontinental Bank PLC by Dr Bukola Saraki, Mallam Lamido Sanusi & Mahmoud Lai Alabi.” The former IB PLC boss revealed that about two and a half years ago, the governor who was former managing director of Societe Generale Bank of Nigeria, SGBN, which belonged to the Saraki family; had requested that his distressed bank be merged with Akingbola’s outfit. But the deal failed principally because of SGBN’s debt crisis which forced the CBN to revoke its licence a couple of years earlier. “We conducted a due diligence exercise and noticed N30 billion negative capital. So the board of IB PLC turned it down. Saraki was very unhappy,” Akingbola said.

Saraki never betrayed his emotions but bid his time. He continued to do business with Akingbola and obtained about eight billion Naira loans for his companies. Time to have his pound of flesh soon came when it was time to renew the appointment of Chukwuma Soludo as CBN governor. Saraki was alleged to have prevailed on the late President Umaru Yar’Adua not give the professor of Economics a second term. Instead, he took Sanusi to the late president as the next man for the coveted job. “Being my customer, Saraki confirmed this personally to me,” Akingbola wrote.

On June 4, 2009, government announced Sanusi’s appointment as CBN governor. Barely two weeks in office, on June 18, he began a probe of 10 banks including IB PLC. To Akingbola, this was unusual, as the regulatory institution had just completed a comprehensive examination of the bank as part of normal protocol and gave it a clean bill of health. The fresh examiners concluded work mid- July and the bank waited for their report. “Suddenly, they returned claiming that several accounts, which they had verified and agreed with us as performing were now re-classified non-performing,” he told the justice minister.

The manipulations notwithstanding, IB PLC’s ratios were reportedly alright. Yet, the examiners returned four more times to re-classify more accounts as “non-performing.” These included accounts Akingbola and the bank’s board regarded as their bests. The embattled banker said these unusual re-classifications forced him to ask some of the examiners what the problem really was. “They confided that the new CBN governor was bent on removing certain bank CEOs, and wanted to show that IB PLC was too exposed to bad loans.”

They revealed further that Sanusi had formed a team in CBN reporting to him directly and that each completed examination report was turned down if it was not damning enough. They were then ordered to go back until they achieved certain ratios. “One of the examiners showed me a report on IB PLC, which was favourable. This had been rejected by the CBN governor as it did not justify or warrant my removal.”

Worried by the development, Akingbola claimed he sought Saraki’s assistance since he recommended Sanusi’s appointment. The Kwara State governor reportedly said Sanusi was unhappy with him and Cecila Ibru of Oceanic Bank because the duo had contributed six billion Naira to stop his confirmation by the Senate. “I refuted this allegation by telling Saraki that my religion would never allow me to do such a thing, as no human can undo what God has ordered in Heaven.”

Akingbola revealed that he did not stop there. He met Sanusi and asked him about the six billion Naira Senate bribery allegation. “He said he had put that behind him, as ‘not all king makers in council will support the choice of a new Emir.’ I once again reiterated my innocence, based on my religion that the God I serve will never permit me to try to block someone else’s good fortune.”

Still not convinced he had cleared himself from the festering mess, Akingbola told Aliko Dangote, president, Dangote Industries, the strange CBN’s repeated examinations and the bribery allegation by Sanusi. He promised to intercede. Surprisingly, Sanusi told Dangote that it was Saraki who revealed to him the bribery plan and that Akingbola even lobbied him to assist him become the CBN governor. Saraki had allegedly incited Sanusi against the Intercontinental boss to facilitate his removal and takeover of IB PLC. “It has now become evident that both Saraki and Sanusi used the opportunity of the worldwide financial crisis of 2008-2009, to jump into certain banking institutions and take them over. The crisis had been acknowledged and was being well-managed by Soludo, the former CBN governor. The entire industry was affected, as others worldwide,” Akingbola said.

He noted that the Nigerian economy was hit by four economic catastrophes: the oil price drop from $147 per barrel to $30 forcing oil importers to refuse to sell in a hurry at this new low price, so banks had to give them time for the price to improve; the worldwide stock market collapse that led all foreign investors in the Nigerian Stock Exchange to hurriedly sell their shares thereby further depreciating the NSE index which had adverse effect on the banking industry; the CBN devaluation of the Naira by 40 percent which meant that importers with unsettled bills had to source more Naira to buy Dollar, and thus strained bank customers and the loan portfolio of the banks and a panic among overseas banks that had dollar placements with Nigerian banks. They immediately gave notice and withdrew their funds. IB PLC lost $1.2 billion in this way.

The petitioner said that rather than the new CBN governor perform the role of ‘lender of last resort,’ he used the crisis to takeover banks for his mentor. To date, no report of the examination was made available to any of the sacked CEOs, the management or the boards. They had no opportunity to learn how the CBN came to its decision, nor were given opportunities to respond to the examination reports as is the usual process. “My removal by Sanusi was done in flagrant disregard of the legal provisions regarding the removal of the bank directors (i.e. Section 35 of the bank and other Financial Institution Act, Cap. B4 Laws of the Federation, 2004) as there was no lawful special examination ordered into the affairs of Intercontinental Bank PLC, as required by law. Since no order for special examination of the bank’s affairs was signed by Sanusi, as required of him by the law of this country, his order for my removal is improper and unlawful,” he insisted.

Akingbola recollected that two lorry loads of policemen were sent to IB PLC to remove him, saying it was like a bad movie, a big surprise that a person could be driven away from a business he had started and nurtured for 21 years in one hour; and without any opportunity to contest it. “I was surprised that the next morning (Saturday), all the papers carried personal interview with Sanusi, in which he accused all the CEOs of various misdeeds. This showed that it was pre-planned and well-rehearsed.”

In the evening of August 19, the deposed bank chief executive received a call that Sanusi, under the powers that President Yar’Adua delegated to him, had ordered the EFCC, police and State Security Services, SSS, to arrest him and that two lorry loads of personnel were en route to his house. He hurriedly left the house, mindful of all that had transpired in the previous 72 hours. At that instant, he recalled a professional disagreement he had with Sanusi while he was CEO of First Bank PLC. That time Sanusi’s staff were de-marketing IB PLC by spreading false stories that the bank was distressed. Although Akingbola complained to Soludo who reprimanded him, this sad memory convinced him that Saraki and the new CBN boss wanted to take over IB PLC by fraudulent means. He believed that if they should capture and put him in their custody, they could kill him “in order to silence any opposition to their plans.” He voted with his feet.

Alabi was appointed by the CBN as the new CEO of IB PLC. Instructively, he was an employee of Saraki as chairman of Songa Farms and several development funds in Kwara State. On assuming office, one of his first achievements was to write off Saraki’s loans to the tune of seven billion Naira. The loans were given to Linkers, Dicetrade, Skyview Properties and Joy Petroleum. He also wrote off loans totalling N32 billion for the friends of the governor and Sanusi. According to Akingbola, all the written-off loans had been classified as “good” and “performing” by CBN examiners. More importantly, Saraki secured his loans with his properties in Ikoyi and Victoria Island, Lagos and Abuja.

The CBN examination report of May 2010, was said to have complained about this massive “cash gift” to Saraki. It also noted that there is a N95 billion loan over-provision, which means IB PLC was deliberately marked down previously.

Next, Alabi recruited former SGBN staff as executive directors and loan managers. For example, Gbenga Alade, formerly of SGBN, is now executive director, ED, Risk Management. “As each of the senior management of IB PLC was being terminated, Alabi was recruiting and replacing them with former Societe Generale Staff, in order to complete the takeover. It is clear, from these actions that I was removed to smooth the takeover of IB PLC for Saraki,” Akingbola said, adding “In fact, Saraki is running IB PLC by proxy. Saraki has now used his political power to takeover IB PLC after his failed peaceful merger attempts.”

He is peeved that Sanusi claims to have injected N100 billion, less than 10 percent of IB PLC’s value, and as such now owns the bank 100 percent. But before the take over, the bank had a balance sheet of N1.6 trillion, paid-up capital of N230 billion, 330 branches, two foreign subsidiaries, 10 well- established subsidiaries and 12,000 members of staff. “Where is the justice,” Akingbola wondered.

Worse still, when CBN injected the fund, he wrote to the board that it was a seven-year loan. Akingbola is worried by CBN’s desperation to sell the bank within a year of the loan. Consequently, he has appealed to Adoke to institute independent investigation into the “so-called” banking reform of Sanusi, the fraudulent N32 billion loan write-off at IB PLC and all the allegations against the banks’ CEOs. Also he called on the government which believes in the rule of law, to reverse the fraudulent takeover of IB PLC and return it to its board, management and shareholders. “Even with the deliberate damage being done to the banks and their stock prices on a daily basis, if we are given six to nine months, the banks will be restructured to normal, favourable and fair positions,” he pleaded.

But saraki has denied the allegation that he is owing the sum of seven billion Naira, being outstanding debt of three companies allegedly linked to him. The governor who spoke through Fatigun Akintoba, special adviser, communications and strategy, described the claim as frivolous, mischievous and a calculated attempt to mislead the unsuspecting public and drag his name into the mud. He said Saraki had resigned his appointment as a director in all companies that he has had interests, including Limkers Nigeria Limited and Skyview Properties Limited and that he was not involved in the day-to-day operations of the two companies. He claimed that neither the governor nor any member of his family was at any time whatsoever a shareholder or director of Joy Petroleum Limited.

The governor stated that Limkers which was alleged to be owing N1.89 billion, has paid N1.7b, that is about 90 percent of the loan. Therefore, the issue of waiver does not arise.

Skyview Properties’ loan was a “margin facility” which gave the total control of the management of the said shares, for which the loan was secured, to the bank. In addition to the value of the shares, the company paid N343 million. “This should be noted, as in similar situations, other customers have insisted that their exposures are only covered to the extent of the values of the shares in the books of the banks,” he said.

Akintoba said Alabi is not an ex-staff of Saraki as claimed by Akingbola and this is not the first bank in which he has been saddled with such responsibility by the CBN. He was at Spring Bank and Wema Bank before the emergence of Lamido Sanusi. “It should be noted that Alabi’s involvement in Shonga Holdings Limited as a non-executive chairman was a service to his home state based purely on merit. Shonga Holdings does not belong to Saraki but a registered corporate entity owned by the new Nigerian farmers and four major banks as shareholders; and it is the holding company for commercial farming enterprise.

Saraki said it is unfortunate that the issues raised in the petition were laced with political mischief and a calculated ploy to heat up the polity and distract the public attention from Akingbola’s ineptitude and inadequacies.

Saraki said he has no shares in Intercontinental Bank, therefore, the issue of his running the bank by proxy does not arise. Also, the claim that he was instrumental to the appointment of Lamido as CBN governor, who in turn chose Alabi to replace Akingbola was baseless and unfounded. He charged Akingbola to face and address the problems at hand rather than shifting blames and giving political colouration to the issues.

On the issue of the merger between SGBN and Intercontinental Bank, contrary to Akingbola’s claim in the petition, the failure of the merger did not affect the relationship between the two of them because after the merger deadlock, Akingbola came to seek his favour on the survival of Intercontinental Bank. First, he did a letter for him to intervene on his behalf from the late President Yar’Adua to give Intercontinental Bank more time to build its capital. It was after the merger that he also came to ask Saraki to plead with Bio Ibrahim, former transport minister, to get lucrative account of the ministry and its parastatals like Nigeria Port Authority, Nigerian Maritime Safety Agency, NMSA, Nigeria Shippers Council, Nigeria Railway Corporation and National Inland Water Ways.

Besides the petition, however, investigations by Newswatch revealed that contrary to CBN’s assertion that IB PLC borrowed money to stay alive, the bank as at August 14, when the apex bank removed Akingbola, was not owing CBN one kobo even though it was normal for banks to borrow from it. Conversely, it owed the inter-bank market N73 billion as at that time. Yet it was not the heaviest debtor. However, all efforts to get CBN to release the list of all banks borrowings from it proved abortive. A source said the CBN should have shown which bank borrowed what over a period so it becomes very transparent. “Borrowing from Central Bank is not a crime. Why is the facility there if you think we shouldn’t use it? Have you forgotten that Unity Bank, even though it was found to be seriously under-capitalised was let off the hook. The same thing with WEMA. And what about ETB owned by Mike Adenuga,” the source asked.

But the source said that now that Akingbola is back in Nigeria, he should defend his reputation already shot to pieces. Currently, he is involved in five suits. He instituted one while four were against him – three locally and one in London, the United Kingdom. The ousted banker fired the first salvo on August 18, 2009, when he sued the CBN for wrongful removal. In the case marked FHC/L/CS/903/09, Akingbola through F.O Fagbohungbe & Co, his lawyers, had prayed the court to quash Sanusi’s order which purportedly ousted him from office “for not being in good faith, contrary to due process of law, discriminatory, ultra vires, illegal, unconstitutional, null and void.”

He prayed the court to reinstate him to his lawful position as group managing director of the bank and issue a perpetual injunction stopping Sanusi, CBN, it servants or officers from unlawfully interfering, harassing, victimising or disturbing him in the exercise of his duties. He averred further that Sanusi did not comply with the provisions of Section 33(1), 35(1)(d) and (2)(d) and (e) of the Banks and Other Financial Institutions Act, BOFIA, cap B3, laws of the Federation of Nigeria 2004, in making the order of August 14 which removed him from office.

Akingbola contended that the CBN did not carry out “special examination” of the bank’s books and affairs on June 18, 2009, and that there was no information to Sanusi that the bank was failing within the context of Section 35 of BOFIA and that despite repeated requests for the report of the Joint CBN/NDIC Ad hoc Assignment,” Sanusi “refused, ignored and neglected” to furnish him with a copy. He said that Sanusi and CBN, both respondents, did not make recommendations including shoring up the capital base of the bank for the board of directors’ consideration. He is, therefore, claiming 50 billion Naira exemplary damages against Sanusi and CBN.

On August 19, Abdullahi Mustapha, judge of the Federal High Court, granted Akingbola the permission to challenge his sack. Consequent upon Akingbola’s audacity, the CBN petitioned the EFCC to help it recover some of the alleged bad loans. It, however, took the anti-graft agency four months to institute a case number FHC/L/CS/443c/2009: The Federal Republic of Nigeria v. Erastus B.O. Akingbola. The case was filed on December 21, 2009. The 28-count charge bordered on money laundering and other economic crimes amounting to N346 billion against Akingbola. Count one said he “created or caused to be created a false and misleading appearance of active trading in the shares of Intercontinental Bank on the Nigerian Stock Exchange by approving the utilisation of an aggregate sum of N179.385 billion of the bank’s funds for the purchase of Intercontinental Bank’s shares.

He was also accused of causing the bank to transfer 8.540 million pounds in favour of Fuglers Solicitors, London on March 13, 2009, and another 1.3 million pounds on July 13, 2009, being “money derived from an illegal act with the aim of concealing the illicit origin and thereby committed an offence contrary to and punishable under section 14(1) (a) of the Money laundering (Prohibition) Act, 2004.

Other counts included transfer of various sums from the bank to some companies in which he is a majority shareholder such as N5.5 billion on April 2, 2008, to Summit Finance Company Limited and subsequently shared it out to other directors and he got N255 million; N1,729,312,500 to the same company on March 20, 2008; N4,406,081,973.82 to Tropics Properties Limited in May 2009, N1,214,368,896.81 to Tropics Securities Limited; N4,379,549,129.37 to Bankison Nigeria Limited in May 2009, and N1,214,368,896.81 to Tropics Securities Limited; all with intent to conceal their origin.

Loans were also allegedly given to companies belonging to companies owned by other directors of the bank. These include eight billion Naira Soon-Kak Holding Limited linked to Ikechi Kalu; N8 billion to Tofa General Enterprises linked to Isyaku Umar; N8 billion to Cinca Nigeria Limited where Hycinth Enuha is a director and N8 billion to Harmony Trust and Investment Limited. Raymond Obieri, IB PLC chairman is a director in this outfit.

Akingbola dismissed the counts saying that there was no evidence to support the claim that he misappropriated N346 billion and 10.9 million pounds. On December 23, 2009, EFCC instituted suit no FHC/L/CS/1492/2009: Chairman, EFCC v. Dr. E.B.O Akingbola for Mareva injunction and to freeze his accounts. This application was heard in the chambers of the trial judge during the Christmas vacation of that year and judgement given on December 31, 2009. The judge froze Akingbola’s accounts and “temporarily attached” his assets pending conclusion of his trial. He, however, allowed him access to N1.4 million per month as living expenses and retaining legal advisers, “being amount equivalent to his last take home pay as chief executive of Intercontinental Bank PLC.”

But the order has been challenged by Akingbola and is pending in an appeal number CA/L/388/2010. In the appeal, Akingbola among other grounds condemned the ex-parte application and that it was heard in chambers during the Christmas vacation contrary to Order 46 Rule 4 of the Federal High Court (Civil Procedure) Rule 2009 which precluded all judges of the Federal High Court from hearing civil matters from December 23, 2009 and January 5, 2010. “All the applications were heard on December 30, and determined on December 31, while no summons was filed by EFCC for an urgent hearing of the application,” his lawyers deposed.

Fred Agbaje, a constitutional lawyer, told Newswatch that a judge can hear an ex-parte application in chambers and that even a hearing can be heard likewise once both parties agreed. Also, he said, in special cases such as security matters or where a minor is involved and the judge wants to protect the people’s identities, matters can be heard in chambers. Outside of these two scenarios, all cases must be heard in the open court. “But in this case, since there was no summons for urgent hearing, with due respect to the judge, he has embarked on a voyage of illegality.”

To freeze Akingbola’s assets outside Nigeria, a suit was also instituted by Intercontinental Bank in the High Court of Justice in England in folio No. 1680. Other defendants in the matter are Kayman Company Limited, Verndale Properties Limited, Jasmine Properties Limited, Caelum Limited and Sanami Limited. On December 23, 2009, Justice Nicol issued a freezing injunction that Akingbola must not “remove from England and Wales any of his assets which are in England and Wales up to the value of 10.5 million pounds or in any way dispose of, deal with or diminish the value of any of his assets whether they are in or outside England and Wales up to the same value.” He, thereafter, listed all the assets but told Akingbola that he had a right to apply to vary or discharge the order. He has since done so. Hearing in the matter comes up in December.

In November last year, the Securities and Exchange Commission instituted proceedings at its Administrative Proceedings Committee while on March 2, 2010, it initiated another action at the Investment and Securities Tribunal, IST, Abuja, marked IST/OA/12. Instructively, issues pleaded in this case were, in fact and content, the same as in all other cases whether locally or abroad. Consequently, Fagbohungbe told IST that the application before it was another avenue or means of persecuting Akingbola, albeit through an abuse of judicial process with a serious likelihood of creating chaos and bringing the tribunal on a collision course with not just the Administrative Proceedings Committee of SEC but also the Federal High Court, Court of Appeal and the High court in England whose decision would be recognised and enforced in Nigeria.

He urged IST to condemn the action of the applicant in perpetually litigating either directly or through privies on the same subject matter. “The conduct is tantamount to forum shopping, contemptuous of the judicial system and a gross abuse of judicial process,” he pleaded.

The lawyer cited Fatayi-Williams, J.S.C. in the case of Savage v. Uwechia (1972) 3 S.C. 206 at 212 when he held that: “It is our view and this view has been expressed many times in this court that there must be an end to litigation. To borrow the homely phrases used by Spencer-Bower and Turner, a plaintiff should not be allowed to take two bites at the same cherry. To allow the plaintiff in the instant case to do so is to connive, albeit unintentionally at a gross abuse of the process of this court.”

The crisis in the banking sector since the sack gale of August 2009, has impacted negatively on the economy. About 7,000 bankers have lost their jobs by early January this year while more than 14,000 were pencilled down for retrenchment. The worst hit banks were IB PLC and Oceanic Bank. Both sacked about 2,500 workers. WEMA bank sacked 1,000 while others like First Bank, Fin Bank, First City Monument Bank, Diamond Bank and StanbicIBTC have retrenched hundreds of their staff.

When the sack gale was becoming too devastating, Sunday Salako, acting national president, Association of Senior Staff of Banks, Insurance and Financial Institutions, ASBIFFI, warned that the sack whirlwind violated the nation’s labour laws as well as the agreement the union reached with most banks. Also the federal government called on the banks to halt the mass sack of workers. Adetokunbo Kayode, then labour minister, then had to caution the banks that they could not do what they liked and warned them to stop further retrenchment.

The manufacturing sector has also felt the effect of the banking reforms. Most companies no longer enjoy loan or overdraft facilities. The attendant credit squeeze has forced them to retrench workers or close shops.

As yet it is not clear what the CBN intends to do to the banks whose CEOs were removed last year. When he first took them over, Sanusi went all over the world to look for buyers for the banks. But the noise was so loud then that his plan had been exposed. Interested buyers quickly backed off. All the international investors who were interested knew it would be continuous litigation against those banks. “Where have you even seen the governor of a central bank going round media houses and going round the international community telling them that my banks are bad? Who will buy those shares? That was why the shares kept coming down. And let me tell you, if today the government is courageous enough to return the banks to their owners, the share prices will go up immediately,” a source told Newswatch.

Reported by Soji Akinrinade and Bala Dan Abu

I wonder why this did not make the front page. In fact, it wasn't very well publicized in the press either. That in itself shows that bad news is good news for the press- it's the accusations that sell, not the fact that they could be wrong and cheap. Like I have always said, the trial of Akingbola has been subjected to sentiments and public opinion. Anyone who is ready to examine the matter critically will know that Sanusi has hidden agendas. Unfortunately, people are too happy to criticize any rich man who is being suspected because Nigerians excuse their own poverty based on the wealth of the rich. Also, it seems that many people are 'beefing' RCCG and are happy about any news that seems to question the integrity of the church or it's pastors. If these 2 sentiments were removed, any normal thinking Nigerian would know that it is abnormal for a bank which was formerly classified as one of the top banks in the country to suddenly (not gradually) be in this state.

Again, I say it with all vehemence: Sanusi is just a cheap attention getter. He is misguided and apparently has hidden agendas. Anyone who has run a big business before will know that if the authorities wish to find a fraud that does not exist, it can't be too hard to create. It's like the issue of the Nigerian police. You can have all your papers but if they are unhappy with you, they keep prying until they 'find' something wrong. They will allege that your papers are not original enough or the paint colour on your car is a different shade or your fire extinguisher is liquid instead of powder . The banking sector is such that it is very easy to find 'wrong' things if you really want to find them. After all, we are talking in billions.

NOTE: I don't attend RCCG, I don't work in Intercontinental and I definitely don't know Akingbola. But I do know that if everyone can remove sentiments and be objective about this case , it's pretty obvious.

He believed that if they should capture and put him in their custody, they could kill him “in order to silence any opposition to their plans.” He voted with his feet.

No wonder Sanusi said the bank cheifs should be tied and executed immediately. LOL!!!
No secret under the sun, very soon the whole truth shall unfold.

We live in interesting times

The manner in which Sanusi executed the reforms/the take-over of the banks should be probed regardless of what they have against Akingbola. Akingbola might not be a saint but Sanusi really has a lot of explanations to make in order to convince us that his moves were not politically-motivated or borne out of personal vendetta, or both.

For example, try and talk to some informed people in any of the taken-over banks and you would be surprised with the games that Sanusi played with classification and re-classification of loans to make them performing or non-performing in order to arrive at capital adequacy ratios that would justify the take-over of the banks. Interestingly, some of the loans that were so declared as non-performing have been re-classified as performing, and the earlier provisions written back as profits, which is why some of the banks were able to report profits (without generating new businesses). The issues are so many, this is just an example.

This clearly amounts to regulatory high-handedness and portends a dangerous trend for the country.

080Nigeria:

I wonder why this did not make the front page. In fact, it wasn't very well publicized in the press either. That in itself shows that bad news is good news for the press- it's the accusations that sell, not the fact that they could be wrong and cheap. Like I have always said, the trial of Akingbola has been subjected to sentiments and public opinion. Anyone who is ready to examine the matter critically will know that Sanusi has hidden agendas. Unfortunately, people are too happy to criticize any rich man who is being suspected because Nigerians excuse their own poverty based on the wealth of the rich. Also, it seems that many people are 'beefing' RCCG and are happy about any news that seems to question the integrity of the church or it's pastors. If these 2 sentiments were removed, any normal thinking Nigerian would know that it is abnormal for a bank which was formerly classified as one of the top banks in the country to suddenly (not gradually) be in this state.

Again, I say it with all vehemence: Sanusi is just a cheap attention getter. He is misguided and apparently has hidden agendas. Anyone who has run a big business before will know that if the authorities wish to find a fraud that does not exist, it can't be too hard to create. It's like the issue of the Nigerian police. You can have all your papers but if they are unhappy with you, they keep prying until they 'find' something wrong. They will allege that your papers are not original enough or the paint colour on your car is a different shade or your fire extinguisher is liquid instead of powder . The banking sector is such that it is very easy to find 'wrong' things if you really want to find them. After all, we are talking in billions.

NOTE: I don't attend RCCG, I don't work in Intercontinental and I definitely don't know Akingbola. But I do know that if everyone can remove sentiments and be objective about this case , it's pretty obvious.

I'm happy they released this thread in the first place. It was locked up by the so-called spam bot. It has taken many protest notes to have appear in the first place.
I am not saying Jarus the moderator is responsible for anything, but it's pretty much a common knowledge that he not only sympathizes with Sanusi, he is infact one of his avid supporters here on N/L.
Anyway, keep hope alive

naijaking1:

I'm happy they released this thread in the first place. It was locked up by the so-called spam bot. It has taken many protest notes to have appear in the first place.
I am not saying Jarus the moderator is responsible for anything, but it's pretty much a common knowledge that he not only sympathizes with Sanusi, he is infact one of his avid supporters here on N/L.
Anyway, keep hope alive

Are there still people supporting Sanusi? The best is just to keep one's fingers crossed on this man who just jumped into the arena and started throwing punches without thinking through the long-term implications of the fight. He has really hurt the system and enterprenuers are crying.

Another poser? Inflation is 13.7% and CBN wants banks to lend at less than 10% with interest on deposits at 1%; what kind of economics is this?