Hmm

Invited for questioning, arrest. Same thing. 6 and half dozen.

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MyVILLAGEpeople:
This is exactly how Innosson case started. This administration keeps witch-hunting successful Igbo business men. I know yelobam moozelems will be happy with this news.

I think he is Ikwerre and not Igbo.

Debaiz:
That mans day in court is fast approaching. For his role in the butchering of Intercontinental bank.

Thank God PMB came in. He was already salivating on becoming the CBN Governor.

Please explain further

9jaRealist:





Only in a corrupt nation like Nigeria is someone like Intercontinental Bank's Erastus Akingbola not in jail...SMDH
>

I didn’t mention akingbola for obvious reasons but together with SLS and this man, they deserve to rot in jail. How can access bank buy intercontinental bank. You don’t need to know too much about bank merger and acquisition before know there was a massive fraud in the purchase of intercontinental bank.

Access bank was more of a glorified micro finance bank before illegally acquiring inter. The case has been suppressed in court.

MyVILLAGEpeople:
This is exactly how Innosson case started. This administration keeps witch-hunting successful Igbo business men. I know yelobam moozelems will be happy with this news.

He is not Igbo.

He is Ikwerre.

Debaiz:


I didn’t mention akingbola for obvious reasons but together with SLS and this man, they deserve to rot in jail. How can access bank buy intercontinental bank. You don’t need to know too much about bank merger and acquisition before know there was a massive fraud in the purchase of intercontinental bank.

Access bank was more of a glorified micro finance bank before illegally acquiring inter. The case has been suppressed in court.

What is this one saying?

Intercontinental had massive bad loans and Access bought them, the same way they bought Diamond Bank now. Blame Akingbola, not SLS or Wigwe or Aig.

You can actually read financial statements and the notes to the financial statements instead of relying on litigation by the ignorant shareholders of Intercontinental Bank who were buying shares in Intercontinental without checking the financial situation.

Debaiz:
That mans day in court is fast approaching. For his role in the butchering of Intercontinental bank.

Thank God PMB came in. He was already salivating on becoming the CBN Governor.

For the illegal liquidation of Intercontinental Bank, Sanusi Lamido Sanusi is already paying for his sins, by the time Gandollar finishes with Sanusi, he (Sanusi) will commit suicide. Bukola Saraki too is paying for sins, EFCC and current Kwara State governor are already stripping Saraki and his looting family nakked at the market square. This particualr bank frauster Herbert Wigwe too will pay for his sins.

MyVILLAGEpeople:
This is exactly how Innosson case started. This administration keeps witch-hunting successful Igbo business men. I know yelobam moozelems will be happy with this news.

This idiot doesn't know who owns access bank. 20k online warriors

MyVILLAGEpeople:
[s]This is exactly how Innosson case started. This administration keeps witch-hunting successful Igbo business men. I know yelobam moozelems will be happy with this news[/s].

Dont’t you Aboki’s get tired

This news is old as fvck, probably 2019 news sef

einsteine:


What is this one saying?

Intercontinental had massive bad loans and Access bought them, the same way they bought Diamond Bank now. Blame Akingbola, not SLS or Wigwe or Aig.

You can actually read financial statements and the notes to the financial statements instead of relying on litigation by the ignorant shareholders of Intercontinental Bank who were buying shares in Intercontinental without checking the financial situation.

From your write up you sound like an uninformed person.
Uninformed about how company takeovers and acquisitions work.
Uninformed about how bank capitalization affects take overs.

Intercontinental had mountains of bad loans(which are depositors money. Bad debt). Correct.

The question you should be asking but you’re too ignorant to know is this

How was Access Bank able to buy intercontinental with such huge debt profile. Intercontinental was among the 3most capitalized bank in nigeria as at that time.

Access bank wasn’t even among the Top 15. So how was a bank considerably smaller able to acquire such an enormous bank with mountain of debt profile to go with it?

Where did they get the money to pay off the debts?

The normal process all over the world was for the CBN to bail out the bank,
sack it’s management and take over the bank,
Stabilize the bank and
Sell the bank to people who can afford the valuation of the bank.

The other alternative is to sell off the bank with the huge debt.

From all indications, Access bank didn’t have the capitalization to take over such huge bank on a normal day, let alone with huge debt profile.

How were they able to pull it off?

For your info, I worked with access bank after the take over and I know better than you could think.

Debaiz:


From your write up you sound like an uninformed person.
Uninformed about how company takeovers and acquisitions work.
Uninformed about how bank capitalization affects take overs.

Intercontinental had mountains of bad loans(which are depositors money. Bad debt). Correct.

The question you should be asking but you’re too ignorant to know is this

How was Access Bank able to buy intercontinental with such huge debt profile. Intercontinental was among the 3most capitalized bank in nigeria as at that time.

Access bank wasn’t even among the Top 15. So how was a bank considerably smaller able to acquire such an enormous bank with mountain of debt profile to go with it?

Where did they get the money to pay off the debts?

The normal process all over the world was for the CBN to bail out the bank,
sack it’s management and take over the bank,
Stabilize the bank and
Sell the bank to people who can afford the valuation of the bank.

The other alternative is to sell off the bank with the huge debt.

From all indications, Access bank didn’t have the capitalization to take over such huge bank on a normal day, let alone with huge debt profile.

How were they able to pull it off?

For your info, I worked with access bank after the take over and I know better than you could think.

Still nonsense.

How was Ecobank able to buy Oceanic?

You are the one uninformed about M&A.

Have you heard of leveraged finance? Heard of LBOs? The Glazers had less than 100 million in cash when they purchased Manchester United. Working with Access does not give you any knowledge as to the process.

Intercontinental had massive bad loans. When a bank loses depositors money, how do you replace it? The first is that the bank's capital is used to cover for bad loans, if that's not enough, the bank would have to be liquidated.

Intercontinental went for cheap because they didn't have enough capital left. Access Bank offered a mix of cash and equity to purchase the assets, so the shareholders would get something.

Go cry with the shareholders of Skye, Afribank, Bank PHB where the entire capital was gone and thus nothing could be sold.

At the end of the day, you know nothing about the M&A process or even banking, if you are making emotional arguments.

The plaintiffs would lose in court and shareholders of the defunct Intercontinental Bank should pick their quarrel with Akingbola.

Hmmm

it’s just a matter of time . We shall know the truth access bank

einsteine:


Still nonsense.

How was Ecobank able to buy Oceanic?

You are the one uninformed about M&A.

Have you heard of leveraged finance? Heard of LBOs? The Glazers had less than 100 million in cash when they purchased Manchester United. Working with Access does not give you any knowledge as to the process.

Intercontinental had massive bad loans. When a bank loses depositors money, how do you replace it? The first is that the bank's capital is used to cover for bad loans, if that's not enough, the bank would have to be liquidated.

Intercontinental went for cheap because they didn't have enough capital left. Access Bank offered a mix of cash and equity to purchase the assets, so the shareholders would get something.

Go cry with the shareholders of Skye, Afribank, Bank PHB where the entire capital was gone and thus nothing could be sold.

At the end of the day, you know nothing about the M&A process or even banking, if you are making emotional arguments.

The plaintiffs would lose in court and shareholders of the defunct Intercontinental Bank should pick their quarrel with Akingbola.

Hope you know Ecobank has shareholders and banks all over west africa which means they can easily finance takeovers.

Comparing take over of a football club to that of a financial institution says all.

Trying to use banking jargons to prove you have banking knowledge won’t help you. Especially when they’re irrelevant. Getting aggressive and insulting won’t help either.

If you’re new on Nigerian financial space or on nairaland here’s a graphical representation of the fraud.

https://www.nairaland.com/779467/access-intercontinental-bank-fraud-picture

Go through the thread and answer my question again.

How could access bank afford to have bought a bank with a debt profile of N550bn when their own capitalization wasn’t even close to N200bn.


In the mean time Adios.

Debaiz:



Hope you know Ecobank has shareholders and banks all over west africa which means they can easily finance takeovers.

Comparing take over of a football club to that of a financial institution says all.

Trying to use banking jargons to prove you have banking knowledge won’t help you. Especially when they’re irrelevant. Getting aggressive and insulting won’t help either.

If you’re new on Nigerian financial space or on nairaland here’s a graphical representation of the fraud.

https://www.nairaland.com/779467/access-intercontinental-bank-fraud-picture

Go through the thread and answer my question again.

How could access bank afford to have bought a bank with a debt profile of N550bn when their own capitalization wasn’t even close to N200bn.


In the mean time Adios.

You must be one of the Intercontinental Bank staff who were shown the door.

What I have forgotten about banking is more than what you will ever know about banking.

If you know any investment banker, ask them to explain to you what a takeover is. People have taken over companies worth $100 million while having just $2 million in capital.

If you think a company has to be bigger than the takeover target, then you obviously have a lot to learn. STB bought over UBA even though UBA was bigger.

Finally, your mention of Intercontinental debt as your reason for questioning the takeover is alarming for someone who claims to have knowledge of Corporate Finance. Let me give you a scenario: A bank with 150b in shareholders funds, has bad loans worth 90 billion. The bad loans are sold off at 10k on the Naira. If such a bank is to be sold, would it be sold for 150b? No.

If you still don't get it, you can be part of the case in court. By the way, did you even read the thread you linked yourself?

APCNig:


For the illegal liquidation of Intercontinental Bank, Sanusi Lamido Sanusi is already paying for his sins, by the time Gandollar finishes with Sanusi, he (Sanusi) will commit suicide. Bukola Saraki too is paying for sins, EFCC and current Kwara State governor are already stripping Saraki and his looting family nakked at the market square. This particualr bank frauster Herbert Wigwe too will pay for his sins.

Hmm at bolded