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Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis (29461 Views)

Why CBN Sacked First Bank Board — Emefiele (Full Text) (2) (3) (4)

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Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Bagehot: 4:18pm On Apr 30
lexy2014:


Who owns HoneyWell?

He owns Honeywell. Honeywell owes FBN 75bn, and if they are unable to pay . . . well the law allows the Creditor to possess the assets of errant debtors.

The 75bn belongs to millions of ordinary Nigerians like you and I with their money in the bank. If the bank goes under, the most you would get from NDICis NGN200,000 - if you like have NGN20 million. What makes Otudeko better than the average Nigerian with more at risk?

2 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by iamdapsyj(m): 4:20pm On Apr 30
DagashSamson:
There are always three sides to a story.

Let's wait and hear the other sides.

Meanwhile

In-play

Israel » Leumit League

Hapoel Afula - MS Kafr Qasim

Prediction = 1 - 1


The CBN has spoken honestly if you ask me. I knew this could be the problem right from when emefiele announced the sacking of the board.

These things happens in a lot of companies in Nigeria. The CBN even tried o, do you know since when CBN have directed banks to divest in other ventures was in 2009 when Soludo was governor.

I just feel Oba Otudeko's time is up with the bank.

3 Likes 1 Share

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by NarcoPolo: 4:20pm On Apr 30
omohayek:
Disregarding the merits of any case to be made against First Bank's shareholders and management, why on earth is Emefiele getting personally involved in such a matter in the first place?

I have never before heard of the governor of a nation's central bank personally intervening in the appointments at a private financial institution, as usually there are dedicated financial regulators responsible for any such actions. Only under the aegis of an incompetent clown like Emefiele does one see someone who ought to be concerning himself primarily with interest-rates, foreign reserves and the growth rate of the money-supply leaving such matters aside to busy himself with banning the importation of matchsticks and the appointments of directors at individual institutions. Emefiele has no understanding of his role, let alone the slightest capacity to execute it properly, and the disastrous economic performance of the last 6 years owes as much to his wreckless incompetence as it does to Buhari's bullheaded ignorance.

On the contrary a central bank has the authority to do that and much more. The banking licence issued to these guys is subject to an immense amount of regulatory oversight else the national economy would collapse under the weight of people's greed.

CBN's own auditors ought to have written-up FBN management with respect to those infractions and the staff involved should've been placed on recovery suspension a long time ago. My giess is the CBN wanted to protect certain people who handled the fraudulent transaction, and now that wont be possible anymore....

2 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by tunapawizzy: 4:22pm On Apr 30
Roddwave:
o boy see levels
So even cbn governor's calls gets rejected
Na waoo
God elevate me make me dey reject Minister's call
Bank owners are so so big....In Nigeria, money controls power. See the narrative of the CBN governor sef, e be like when small boy do him oga bad thing, e come dey explain himself make d oga no too vex.

3 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by lexy2014: 4:22pm On Apr 30
Bagehot:


He owns Honeywell. Honeywell owes FBN 75bn, and if they are unable to pay . . . well the law allows the Creditor to possess the assets of errant debtors.

The 75bn belongs to millions of ordinary Nigerians like you and I with their money in the bank. If the bank goes under, the most you would get from NDICis NGN200,000 - if you like have NGN20 million. What makes Otudeko better than the average Nigerian with more at risk?

Who asked u for all this? What is d correlation between all u said above & my initial comment?
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by omohayek: 4:24pm On Apr 30
Bagehot:


You do realize that the CBN has the powers to confirm or deny appointments to the Boards of Banks right? Besides, there is plenty of precedence for this from Sanusi's time, and even from western countries.
My point isn't about legalities, but about priorities. The CBN's primary responsibility should be to maintaining price stability, which it is utterly failing at, with the inflation rate recently accelerating to a disastrous 23%. Given that, Emefiele should not be in any position to be personally intervening in bank appointments, deciding whether toothpicks should go on import ban lists, or inspecting rice farms, all nonsensical activities to be engaging in for someone in his position. Even if there were no other regulatory bodies available to handle such matters - and the fact is that there ought to be - a competent boss would delegate such low-level decision-making to subordinates.

As for your breezy claim that such micromanagement of matters at best tangentially related to a central bank's primary goal has precedent in western countries, by all means, give me your examples of western central-bank governors personally interfering in such matters. Please, I'd like to hear about when the likes of Alan Greenspan, Janet Yellen or Jerome Powell have personally told banks which directors to hire, or tried to decide what could or could not be imported into the United States. Show me when the heads of the Bank of England, the Bank of Japan or the ECB have done anything similar. Unless you're willing to do so, please don't bother repeating your substance-free claims that Emefiele has any worthwhile precedent to follow. The man is an incompetent buffoon who has wrecked the lives of 200 million people for the last 7+ years.

1 Like 1 Share

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by lexy2014: 4:28pm On Apr 30
Bagehot:


He owns Honeywell. Honeywell owes FBN 75bn, and if they are unable to pay . . . well the law allows the Creditor to possess the assets of errant debtors.

The 75bn belongs to millions of ordinary Nigerians like you and I with their money in the bank. If the bank goes under, the most you would get from NDICis NGN200,000 - if you like have NGN20 million. What makes Otudeko better than the average Nigerian with more at risk?

Pls always try to read& understand what u read before u start jumping up& down giving irrelevant information
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Bagehot: 4:28pm On Apr 30
lexy2014:


Pls always try to read& understand what u read before u start jumping up& down giving irrelevant information

Always mind your manners - both online and offline.

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by slyydave(m): 4:28pm On Apr 30
Blacknote:
All this one na long grammar and epistle, my own na make nothing do my 3k wey dey there, na wetin I go use hold my this coming week.
HAHAHAHA NI TIME O
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by slyydave(m): 4:29pm On Apr 30
Blacknote:
All this one na long grammar and epistle, my own na make nothing do my 3k wey dey there, na wetin I go use hold my this coming week.
HAHAHAHA NO TIME O

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by lexy2014: 4:30pm On Apr 30
Bagehot:


Always mind your manners - both online and offline.

Once again, off point. What has manners both online & offline got to do with anything here?
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Yoighaman(m): 4:30pm On Apr 30
Power is greater than money, Dangote and Otedola know this and know peace....but people like Oba Otudeko knows but wouldn't listen. The dog that would get lost will not hear the whistle of the hunter.

4 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by omohayek: 4:32pm On Apr 30
NarcoPolo:


On the contrary a central bank has the authority to do that and much more. The banking licence issued to these guys is subject to an immense amount of regulatory oversight else the national economy would collapse under the weight of people's greed.
Really? Where's your evidence for the claim? Can you provide any links to resources showing that the CBN has such rights? Can you go further and show where central bank governors in countries with good track records on inflation have personally muddied their hands with such matters? Anyone can make claims like yours without the slightest evidence to back them up.


CBN's own auditors ought to have written-up FBN management with respect to those infractions and the staff involved should've been placed on recovery suspension a long time ago. My giess is the CBN wanted to protect certain people who handled the fraudulent transaction, and now that wont be possible anymore....
Given the existence of the auditors you mention, why did Emefiele then have to personally get involved in this issue? Can he see nothing better to do with his time, even as the great mass of Nigerians are suffering under the inflation he's allowed to run riot? That's what I'm getting at when I say the man is clueless about setting priorities.
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by lozanni(m): 4:33pm On Apr 30
festacman:
As an entrepreneur, Oba Otudeko is a go-getter. As a boardroom politician, he is bullish, very bullish. As a money-chaser, he is a hard-nosed capitalist. He has the tendency to browbeat regulatory authorities both in money market and capital market. There is no doubt that Oba Otudeko is a principality in the mammonic kingdom.

However, every empire has its rise and its fall. One hopes this corporate governance misadventure will not lead to the fall of Oba Otudeko empire.

Time and time again the non -compliance to corporate governance ethics by bank shareholders has resulted in many banks going under or being taken over by the Amcon.
I think the CBN ought to be very strict on the issue of borrowings by board members of banks through placing a total ban on such insider borrowings as this introduces a lot of manipulation and default on loan repayments by such shareholders which, ultimately, will result in a situation that is to the overall detriment of the bank and its depositors.

1 Like 1 Share

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by TheLionofLasigi(m): 4:35pm On Apr 30
Dangote does this every god-damned day..... Yoruba elites should see that marginalization will also reach them.
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by CSTRR: 4:39pm On Apr 30
airsaylongcome:


Owing bank debts? I hope you know that Oba Otudeko is a different entity from Honeywell Flour. Honeywell (and not Otudeko) owes First Bank
So I have heard the accountants say.
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by festacman(m): 4:41pm On Apr 30
lozanni:


Time and time again the non -compliance to corporate governance ethics by bank shareholders has resulted in many banks going under or being taken over by the Amcon.
I think the CBN ought to be very strict on the issue of borrowings by board members of banks through placing a total ban on such insider borrowings as this introduces a lot of manipulation and default on loan repayments by such shareholders which, ultimately, will result in a situation that is to the overall detriment of the bank and its depositors.

I agree with you.

2 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by NarcoPolo: 4:46pm On Apr 30
omohayek:

Really? Where's your evidence for the claim? Can you provide any links to resources showing that the CBN has such rights? Can you go further and show where central bank governors in countries with good track records on inflation have personally muddied their hands with such matters? Anyone can make claims like yours without the slightest evidence to back them up.


Given the existence of the auditors you mention, why did Emefiele then have to personally get involved in this issue? Can he see nothing better to do with his time, even as the great mass of Nigerians are suffering under the inflation he's allowed to run riot? That's what I'm getting at when I say the man is clueless about setting priorities.

Baba go read up on the BOFIA act and its numerous amendments, every country's laws are different. And everyone knows Nigeria to be the fraud-capital of the entire planet earth, with her government and corporate entities actually defrauding the individual citizens in a thousand different ways

5 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by matm: 4:48pm On Apr 30
I hope customers money are intact?If not,mass exodus to other banks will follow
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Komu1048(m): 4:48pm On Apr 30
RuudVanNisteroy:


https://pmexpressng.com/how-oba-otudeko-rebuffed-my-pleas-on-first-bank-crisis-emefiele-cbn-governor/



God will punish this Emefiele with fire that he use to burn my uncle Alebiosu, just because he wasnt ready to bribe his way. He came and disorganise the whole process. Idiot
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by kalu61(m): 4:49pm On Apr 30
Agbegbaorogboye:
thebosstrevor1 hope you're reading and getting cured of your tomfoolery
Never engage that guy. Very myopic thinking he is wise.

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Bagehot: 4:50pm On Apr 30
omohayek:

My point isn't about legalities, but about priorities. The CBN's primary responsibility should be to maintaining price stability, which it is utterly failing at, with the inflation rate recently accelerating to a disastrous 23%. Given that, Emefiele should not be in any position to be personally intervening in bank appointments, deciding whether toothpicks should go on import ban lists, or inspecting rice farms, all nonsensical activities to be engaging in for someone in his position. Even if there were no other regulatory bodies available to handle such matters - and the fact is that there ought to be - a competent boss would delegate such low-level decision-making to subordinates.

As for your breezy claim that such micromanagement of matters at best tangentially related to a central bank's primary goal has precedent in western countries, by all means, give me your examples of western central-bank governors personally interfering in such matters. Please, I'd like to hear about when the likes of Alan Greenspan, Janet Yellen or Jerome Powell have personally told banks which directors to hire, or tried to decide what could or could not be imported into the United States. Show me when the heads of the Bank of England, the Bank of Japan or the ECB have done anything similar. Unless you're willing to do so, please don't bother repeating your substance-free claims that Emefiele has any worthwhile precedent to follow. The man is an incompetent buffoon who has wrecked the lives of 200 million people for the last 7+ years.

1. Section 35 sub-section (2) (d) of Banks and Other Financial Institution Act (BOFIA) gives the CBN Governor the power to remove or appoint notwithstanding anything in any written law or contained in the memorandum and article of association of the banks.

2. I agree with you that Emefiele has been an integral part of the economic mess we are all in now, but I also believe that in a strange country like our's where powerful people wreck the economy, and leave ordinary folks to pick the pieces, strong-arm measures are necessary. Asides from the Abacha years when Bank CEOS faced jail time, which Bank CEO / Director has faced jail time since 1999, despite rampant issues of abuse across the industry?

3. The Bank of England played a similar role with Midlands bank (albeit quietly), replacing its management etc.

4. For all of Emefiele's faults, can we really fault measures to save Nigeria from a systemic failure of its banking system?

5. OK, I admit, I might be biased against Otudeko, cos I have heard from years ago, He has a reputation for doing this across all of the banks he has chaired, right from the 90s.

7 Likes 1 Share

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Ugonna62: 4:50pm On Apr 30
Since the alliance of emefiele with fulani cabals,he has been so unproffesional & moronic in the runing of the apex bank,from printing 100b for miyatti allah to secure his 2nd term in office, to printing another 60b for shearing amongs politicians, now just like buhari no sane person takes him serious anymore even to the extent of individuals shuning him & his cals.even this sack of fbank directors is just for a while.Buhari why? anything you touch alway go from bad to worst.you messed up all the proffs in ur govt.even the vice president is now ur errand boy,going frm one market to another shearing 10k to one country to another giving mortivational speeches (star boy)
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by RuudVanNisteroy: 5:04pm On Apr 30
Bagehot:


1. Section 35 sub-section (2) (d) of Banks and Other Financial Institution Act (BOFIA) gives the CBN Governor the power to remove or appoint notwithstanding anything in any written law or contained in the memorandum and article of association of the banks.

2. I agree with you that Emefiele has been an integral part of the economic mess we are all in now, but I'm also believe that in a strange country like our's where powerful people wreck the economy, and leave ordinary folks to pick the pieces, strong-arm measures are necessary. Asides from the Abacha years when Bank CEOS faced jail time, which Bank CEO / Director has faced jail time since 1999, despite rampant issues of abuse across the industry?

3. The Bank of England played a similar role with Midlands bank (albeit quietly), replacing its management etc.

4. For all of Emefiele's faults, can we really fault measures to save Nigeria from a systemic failure of its banking system?

5. OK, I admit, I might be biased against Otudeko, cos I have heard from years ago, He has a reputation for doing this across all of the banks he has chaired, right from the 90s.
Cecilia Ibru

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by shosky1794: 5:07pm On Apr 30
RuudVanNisteroy:

First Bank will take over assets of Honeywell and liquify their holdings to recover the debt.

You didn't get it but no problem
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Throwback: 5:20pm On Apr 30
oluwaahmed:


Its because he is from one of the privileged tribe thats why he is not even or jail or AMCON taking over his honeywell company. Did the likes of Ibeto, do half of what this man has done b4 they were hounded by FG. Can INNOSON, COSCHARIS do this and get away with it? Truth is bitter but must be told. He took loans worth 48bn without collateral and invested it in Honeywell simply because hes a major shareholder, Is that not fraud? did savannah Bank do half before their licence were cancelled? Anytime ur people find themselves in financial positions of authority they do not fail to steal, and defraud the system, WHY?

Anyone can steal as theft has nothing to do with tribe. Anyone can abuse their office and abuse the privileges that come with that office. Stella Oduah, Prof Fabian Osuji, Adolphus Wabara are notable Igbos who were found wanting of criminally abusing their esteemed offices, just as Sunday Afolabi, AVM Amosu, Prof Adenike Grange are notable Yorubas who were as criminal as their Igbo counterparts.

So when you say anytime my people find themselves in financial positions ..., maybe you are referring to all Nigerians such that your own people are Zulus from South Africa.

That you even still made reference to Igbo business men claiming they were hounded and the typical persecution complex you mostly suffer, underscores what I was driving at with my initial post.

Did the Igbo Coscharis not perpetrate fraud by claiming that the BMW cars imported by him on behalf of Stella Oduah, was meant for the Lagos State government for use in the then planned National Sports Festival to be hosted by Lagos State? Did an Igbo Finance Minister not grant import waivers to Coscharis on such fraudulent grounds for the benefit of an Igbo Aviation Minister who forced the NCAA to take up loans from First Bank to be able to make such a purchase?

Did the then House of Reps committee on Aviation led by an Igbo lady not investigate only to be shown only 1 of the 2 BMWs and still the chassis information of the vehicle they were shown did not tally with the records of any of the 2 that was imported?

Mr Man, just accept that you cannot outgrow your clannish inclinations and tribal defence that has become typical once an Igbo is fingered in any negative matter.

4 Likes 1 Share

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by ttmacoy: 5:21pm On Apr 30
Even Bill Gates Warren Buffet etc's companies owe money.

We're not talking about debt for food or clothes here, it's debt to fund expansion of his business empire aka using other people's money to grow your business. Even Dangote takes debt to fund refineries etc.

Another example, this guy is a billionaire and this article reports he has secured funding to buy Arsenal. Billionaires don't keep their met worth in cash just sitting in bank, they have it always invested in companies and use their assets as collateral to secure funding for more investments.


https://www.espn.com/soccer/arsenal/story/4372584/spotify-boss-secures-funding-for-arsenal-purchase


CSTRR:
One man is worth $550 millions and still owing bank debt.

In the poorest population on Earth.
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by membranus: 5:23pm On Apr 30
airsaylongcome:


Owing bank debts? I hope you know that Oba Otudeko is a different entity from Honeywell Flour. Honeywell (and not Otudeko) owes First Bank

Oga that one na legalistic turenchi.

Otudeko is Honeywell, Honeywell is Otudeko.

Whatever happens to Honeywell happens to Otudeko who is the major shareholder.

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by emmyN(m): 5:28pm On Apr 30
Kingpele:
My brother u did your best ,as a former employee I knew u would have done your best to resolve the issue but money comes with pride for those who refused to be trained by God,I never had any reason to suffer in this life but when I sake God cos I was afraid of losing my creator ,he subjected to the kind of suffering I never believed I could go through in my life ,then I learned humility ,today I chill with everyone both rich and poor cos I know that wealth is vanity ,this guy could have saved his board if he had applied a little humility

God was not the one that subjected you to suffering!
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by geemd434: 5:29pm On Apr 30
Throwback:
Is it because Oba Otudeko is Igbo? Emefiele is just a jealous Yoruba man who is envious of the hardworking Igbo business man whose investments span a lot of industries.


I know my statement above will hit the nerve of those who love to whip up ethnic sentiments when their notable business men are being rightly pursued by regulators and the law.

As for Oba Otudeko, I am sorry you have to do everything to comply by the rules and regulations. You do not have clansmen in your Yoruba tribe to start throwing ethnic tantrums on your behalf.

Afenifere or OPC will not hold any meeting on Otudeko's behalf claiming tribal attack on a Yoruba captain of industry.

AMCON should do the needful till every debt is fulfilled. Imagine chronic debtors setting up charity foundation while owing gbese.

On a more critical note, could Emefiele have taken such right decision if it had been a Fulani Muslim businessman under a Fulani Muslim regime?

Or does Emefiele only bow to the Fulani Muslims while forgetting he is a chief regulator who should bow to no one, not even sending emissaries to Otudeko who should have been sternly warned and not cajoled?

Name one yoruba who when was in position bow to no one I dey wait
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Throwback: 5:35pm On Apr 30
geemd434:


Name one yoruba who when was in position bow to no one I dey wait

You don't understand the political undertone of the statement. You are focused on the physical appearance of a fear "that my job is only secure when I please the Fulani government".

I am sure Emefiele even speaks Hausa fluently now and might be contemplating learning Fulani already.

1 Like

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