thebosstrevor1:


All the report i read used the word RETIRED.

The issue here is the new board, the bank didn't send the neccesary information to CBN before they publicly announced it.

Btw, Insider loan is not a crime but giving out loan based on special treatment is a crime.

Alot of people are uninformed. Sack, promotion of any high ranking officer has to be approved. Trust me I know what I am saying.

Most insider loans do not follow the normal process. If it followed, the bank would have taken over the assets to make good the loan.

RuudVanNisteroy:
The CBN is trying to make sure Oba Otudeko repays the insider loan he received.Their exposure is close to N85 billion.This is the bank my parents have all their savings. CBN as the regulator has to make sure what happened to Oceanic Bank,Intercontinental Bank and Societies General Bank,doesn’t replay itself due to reckless insider loans that are not being repayed and keep getting restructed without any tangible collateral,should it go bad.

Really the criminal called Otudeko has debt of the sum 85B with First Bank? This useless man and others are the reason some of us have lost fate in this country. He came on Channels TV in 2008 to market his useless company for IPO and as a young boy that just finished high school I invested, that was the time of the global economic melt down and I look at the time value of value of my money and concluded it was best I buy honeywell stocks at N8.50 per share. Needed money in my year two that was about 2 years later the stock price was N2.50 - I didn't bother to sell it again. The last time I checked the useless stock price it was less than N1 or so and I have never bother to check the useless stock again until today when I saw the criminal name.

Now, investing in the capital market is all about losing or gaining but you want to lose fairly as an investor not through the market manipulation done by fools like Oduteko. This fool and his fellow criminals made many of us to lose faith in the NSE using their buy back manipulation.

People like Oduteko should be behind the bar and all the properties they have acquired illegally should be taken away from them. Also the chairman Ibukun or whatever her name is should be investigated if your allegation is true. You will see her in church and other places giving motivation here and there but look at them and how they acquired their wealth. I have noticed and always very careful with people that pretend to be more religious than others they are most time the worst of human beings.

martooski:


All of them no get investment again. Read CBN query to FBN

So what happens to the funds they invested in the bank

domchike:

So what happens to the funds they invested in the bank

It has turned to bad debt sir.

That's how banking works. They use director fund to provisioning bad loans

lastclaire4:


Alot of people are uninformed. Sack, promotion of any high ranking officer has to be approved. Trust me I know what I am saying.

Most insider loans do not follow the normal process. If it followed, the bank would have taken over the assets to make good the loan.

Lol..

The main reason for cbn disapproval is this.

Cbn approves 10 years for bank mds but first bank internal policies approves 6 years for their md.

The disagreement has nothing to do with loans.

Read for more information.

https://nairametrics.com/2021/04/29/cbn-first-bank-on-collision-course-over-removal-of-md-ceo/

good thread. learnt a lot

martooski:


It has turned to bad debt sir.

That's how banking works. They use director fund to provisioning bad loans

Are you serious

I believe you don't know what you are talking about

thebosstrevor1:


Are you serious

I believe you don't know what you are talking about

Am a banker myself sir
Trust me I know

Small and Medium Enterprises (SMEs) and Agric Financing (both short- term) will now attract provisioning of 25 per cent if such facilities fall between 90 days to one year; 50 per cent for one year to one and half years; 75 per cent for one and half years to two years and 100 per cent for facilities above two years.

https://www.proshareng.com/news/Capital-Market/CBN-Proposes-New-Loan-Provisioning-Regimes/10096#:~:text=Loans%20that%20are%20due%20but,360%20days%20100%20per%20cent.

thebosstrevor1:


Lol..

The main reason for cbn disapproval is this.

Cbn approves 10 years for bank mds but first bank internal policies approves 6 years for their md.

The disagreement has nothing to do with loans.

Read for more information.

https://nairametrics.com/2021/04/29/cbn-first-bank-on-collision-course-over-removal-of-md-ceo/

Since u wont open your heart. All you have said is correct.

too much POWER !!

lastclaire4:


Since u wont open your heart. All you have said is correct.

Lol...it is not about opening of heart but about facts.

martooski:


Am a banker myself sir
Trust me I know

I can't believe you are a banker. How come you don't understand how banks works, internal policies and banking regulations.

thebosstrevor1:


Lol..

The main reason for cbn disapproval is this.

Cbn approves 10 years for bank mds but first bank internal policies approves 6 years for their md.

The disagreement has nothing to do with loans.

Read for more information.

https://nairametrics.com/2021/04/29/cbn-first-bank-on-collision-course-over-removal-of-md-ceo/

If it's true that FBN has 6 yrs tenure they will be going against both FRCN law and CBN Prudential guidelines.

I believe your 6yrs info is not correct

thebosstrevor1:


I can't believe you are a banker. How come you don't understand how banks works, internal policies and banking regulations.

Internal policies can't supercede regulatory guidelines never.

Banks are subject to the CBN because they are managing the public's funds. Before you become a bank director sef, CBN has to approve. Before you can sell your bank, CBN has to approve. Remember Jim Ovia and other 'powerful' bank founders? CBN dethroned him from being the MD of a bank he founded. It's regulations.

yanabasee1:
Is first bank a branch of CBN?

Officialhorlah:


https://punchng.com/breaking-cbn-fires-first-bank-directors/

Following.

martooski:


Internal policies can't supercede regulatory guidelines never.

Lol.

Banks have their own internal policies
Cbn has their own regulatory policies.

martooski:


If it's true that FBN has 6 yrs tenure they will be going against both FRCN law and CBN Prudential guidelines.

I believe your 6yrs info is not correct

You are just using scope to comment.

Read the article on nairametrics, everything is stated there.

MikeMicheal:
THIS SPACE IS DEDICATED TO xtremecr8 WHOM FIRSTBANK REFUSED TO PAY.


https://www.nairaland.com/5591806/how-first-bank-did-not

Thank you so very much sir. May God bless and may you not be denied of your dues in Jesus name.

AsomughaChuks05:
Soon CBN will start employing workers for banks. The CBN lost focus as the economic headlight of the country since Prof. Chukwuma Soludo left with his robust financial/economic policies.

That soludo too try..

He came with the idea that the highest single currency in Nigeria should be #100, but the then greedy PDP politicians no gree!

thebosstrevor1:


Lol.

Banks have their own internal policies
Cbn has their own regulatory policies.

Really.

thebosstrevor1:


You are just using scope to comment.

Read the article on nairametrics, everything is stated there.

Like some one mentioned earlier you w....

martooski:


Really.

Yes.

thebosstrevor1:


Lol..

The main reason for cbn disapproval is this.

Cbn approves 10 years for bank mds but first bank internal policies approves 6 years for their md.

The disagreement has nothing to do with loans.

Read for more information.

https://nairametrics.com/2021/04/29/cbn-first-bank-on-collision-course-over-removal-of-md-ceo/

The question you should ask is why is CBN adamant about Adeduntan being the MD?
Why was Adeduntan kicked out?
His tenure was to expire by Dec 2021..

Even if it's FBN's policy, banking regulations demand they pre-inform the CBN, usually a 3 months notice is given.
Why ask him to retire all of a sudden?

Like the earlier comment, everything is linked to Otudeko's bad debt.
First Bank has been under forebearance and under CBN liquidity support for years..

It ought to have gone same time Skye Bank went but to save the country's banking system (2 big banks couldn't go away), first bank was "rescued".

Read more here...


https://www.thisdaylive.com/index.php/2021/04/29/cbn-queries-first-bank-as-ceo-is-purportedly-ousted/

thebosstrevor1:


How does otudeko loan and the board relate?

2 different matters, if you have read further, it wrote that

On Wednesday, the Board of Directors of First Bank of Nigeria Limited said that it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). Shobo’s appointment followed the news that the former MD/CEO, Dr Adesola Adeduntan, had retired.

But the CBN has now flagged that transition process and said it has no justification because Dr Adeduntan’s tenure has not yet run out, and there was no notification from First Bank to the CBN over the transition.

Wos bros, the more you look, the less you see. Otudeko's loan is an instrument in this boardroom power game. I'm telling you that from the position of somebody who KNOWS.

SmartPolician:
Board of directors fired the MD and CBN fired the Board.

Abeg my money dey first Bank oh

I no wan hear stories that touch

make the stories no go touch you. You are a wise man

yanabasee1:
Is first bank a branch of CBN?

Its a regulatory process to OBTAIN CBN approval for Banks managerial appointments. Infact if Banks are to fire more than staff, they are to get CBN approval. However Bank do it in bits to avoid the approval lol

yanabasee1:


Then, they should regulate and stop banks from charging us unnecessary...

Should we be paying for ATM maintenance?

Should we be paying for ATM cards?

The banks use every of our saved monies to loan out and in return, we have debits instead. .


They pleased us to be saving up in the bank and impose cashless policies on us...

Abeegi! Which every of your saved money? Research about average loan to deposit ratio of a typical Nigerian bank. Nothing to write home about.

thebosstrevor1:


It does not relate with the board change.

The reason why cbn rejected the change have been stated above.

Yes it does! If you know, you know. This one na roforofo fight. You just watch and see, more will be revealed.

TalkTalkTwins:
I think everything is Nigeria is just jaga jaga
GTB is my favorite bank, but they have only two branches in Imo State, like a whole state o.

Omo
Now the issues we're facing is they don't send alerts anymore, and mobile app is not loading.
So anytime you check your balance with USSD, you're charged normal rate plus #10.

Oh, they dont send alerts any more?
Was there a public announcement to this effect? I was wondering what the issue was.

thebosstrevor1:


You like to make up stories.

Cbn is the regulator, it is has the right to approve and fire board members that does not follow the guidelines. That is why it is rear in the Nigerian banking sector to hear about hostile takeovers because the regulators are always watching

The sack of Otudeko and his goons at First Bank is long over due

ntyce:


The question you should ask is why is CBN adamant about Adeduntan being the MD?
Why was Adeduntan kicked out?
His tenure was to expire by Dec 2021..

Even if it's FBN's policy, banking regulations demand they pre-inform the CBN, usually a 3 months notice is given.
Why ask him to retire all of a sudden?

Like the earlier comment, everything is linked to Otudeko's bad debt.
First Bank has been under forebearance and under CBN liquidity support for years..

It ought to have gone same time Skye Bank went but to save the country's banking system (2 big banks couldn't go away), first bank was "rescued".

Read more here...


https://www.thisdaylive.com/index.php/2021/04/29/cbn-queries-first-bank-as-ceo-is-purportedly-ousted/

Read financial online media instead of thisday news to understand the situation.

1. Adeduntan wasn't kicked out. He retired
2. First bank internal policies says that every md must serve for a tenure of 6 years.
3. Cbn regulations says 10 years
4. There is a conflict of interest between first bank internal policy and cbn regulatory policies.
5. Obadeko bad debt is a different matter entirely infact he got the loan in 2017. Cbn sanctioned obadeko because they found out that he was given special treatment.
6. Banks are mandated to inform cbn about bank ceo and director, then cbn approves it.
7. First bank didn't send info to cbn.
8. Cbn dissolves new board.