All those ranting here should go and capitalise the banks now, when a business can not function again, then something drastic should be done, abi they should continue to run on government's funds?

Mobinga:

If. Sanusi is Mad. He's not well. Mad monster.

do u even know the reason for his action before calling him mad

na wa for u people o

this is a banking reform needed to be done for the economy

do you think he is going to do something that would out our economy at disadvantage

Dont worry phb the day cars start runnin on water u will get ur licence back. And 4 all those makin noise about what SLS is doin go n ask how many banks went under in the US. so just b cos 3 banks r nationalized we r makin trouble.

Waiting for explanation but does not make sense to me at all!

JAkpayen:

One day banks will run without anybody too! lol

IN THERE DREAM

Sanusi, you don't do it just like that! Wao!!!! Not like that! Yo first try to rescue for the sake of the jobs, More kidnappers, robbers coming at your door!!

yes oh. If ur chld is misbehaving, correct him b4 its too late! Thumbs up 2 d min. Of fin, cbn, ndic etc. Its 4 d good of d depositors oh.

I dey laugh o

The war against southern financial interests is being revved up.

Sanusi gave them until September 30. He's revoking their licences now because?

This proves that this guy is working to an agenda that the world and Nigerian pacifists cannot see yet. How is it that the word of the Central Bank Governor can no longer be relied upon to be the truth??

What is the haste? A lot can happen in the remaining 2 months to the end of September. Sanusi Lamido Sanusi SIMPLY DOES NOT WANT THOSE BANKS TO SURVIVE IN THE HANDS OF THE ACTUAL OWNERS.

JONATHAN! JONATHAN!! GOODLUCK JONATHAN!!!

WAKE UP FROM YOUR SLUMBER. These people are slowly but surely eating away at your presidential powers. From the Police, through the judiciary to CBN, Customs and Immigration. Every institution controlled by the Fulani will work hard to undermine Jonathan's government, together, unless he wakes up and connects the dots.

Southern Nigeria, WAKE UP!!

I fully expect some "PATRIOTIC NIGERIANS" to come and start talking balderash about "unity", how Sanusi is de-tribalised, and de-Islamised and all that crap. Na una sabi. Me, I'm getting ready for a divided Nigeria.

9jaganja:

Sanusi, you don't do it just like that! Wao!!!! Not like that! Yo first try to rescue for the sake of the jobs,  More kidnappers, robbers coming at your door!!

who told u dat ppl wil lose jobs.The banks r not bein closed like it was done in the time of obj when ppl lost money and jobs. He is actually savin a lot of jobs and the deposits in those banks.

Oops! #post edited

CENTRAL BANK OF NIGERIA
PRESS STATEMENT
Re: Resolution of Recapitalisation through Bridge Banks
The Central Bank of Nigeria (CBN) is aware of, and supports, the decision of the Nigeria Deposit
Insurance Corporation (NDIC), to exercise its statutory powers under the Nigerian Insurance
Deposit Corporation Act, to establish Enterprise Bank Limited, Keystone Bank Limited, and
Mainstreet Bank Limited as Bridge Banks, and by Purchase and Assumption Agreements, cause
all the deposit liabilities and certain other liabilities and the assets of Spring Bank Plc, Bank PHB
Plc, and Afribank Nigeria, respectively to be assumed by the 3 Bridge Banks, effective 5
th
The NDIC, in its role as insurer of deposits and in pursuance of express statutory powers, acted
to ensure that public confidence in the nation’s banking system is not eroded and  that
depositors’ funds are safe.
August
2011.
The CBN, as the principal promoter of  a  sound financial system in Nigeria, and  as required
under the NDIC Act, has issued banking licenses to the Bridge Banks.
Accordingly, the CBN hereby makes the following assurances to the general public:
1. That the depositors of the Bridge Banks are assured of the safety of all their deposits.
2. The  CBN  assures  seamless business continuity and ability of the Bridge Banks to  meet
obligations to depositors and  lender-creditors as they arise,  by granting all waivers,
forbearances and exemptions necessary for their operations.
3. That the CBN guarantees the inter-bank obligations of the Bridge Banks until December
31, 2011 to ensure continued operations and customer confidence.
Signed:
Management

JAkpayen:

One day banks will run without anybody too! lol

Not funny, some folks just lost their jobs!  

djustice:

The war against southern financial interests is being revved up.

Sanusi gave them until September 30. He's revoking their licences now because?

This proves that this guy is working to an agenda that the world and Nigerian pacifists cannot see yet. How is it that the word of the Central Bank Governor can no longer be relied upon to be the truth??

What is the haste? A lot can happen in the remaining 2 months to the end of September. Sanusi Lamido Sanusi SIMPLY DOES NOT WANT THOSE BANKS TO SURVIVE IN THE HANDS OF THE ACTUAL OWNERS.

JONATHAN! JONATHAN!! GOODLUCK JONATHAN!!!

WAKE UP FROM YOUR SLUMBER. These people are slowly but surely eating away at your presidential powers. From the Police, through the judiciary to CBN, Customs and Immigration. Every institution controlled by the Fulani will work hard to undermine Jonathan's government, together, unless he wakes up and connects the dots.

Southern Nigeria, WAKE UP!!

I fully expect some "PATRIOTIC NIGERIANS" to come and start talking balderash about "unity", how Sanusi is de-tribalised, and de-Islamised and all that crap. Na una sabi. Me, I'm getting ready for a divided Nigeria.

yes southern nigeria wake up when soludo was there he reduced the banks from 89 to 25 banks al owned by us except 1. He even jailed some bank executives.

pple r nt being realistic at all, was it sanusi dat encouraged the sacked MDs to embezzle depositors funds? y r u all blaming sanusi now when a total revival exercise is being conducted in the banking industry? i bet many of u criticizing him hv not been in a decision-making position dats y it's very easy for u to crucify d guy, if we r to match to that Glory we all dream of, no matter how mild d policies would be, heads will still roll,
just my 2cents  

feelamong:

CENTRAL BANK OF NIGERIA
PRESS STATEMENT
Re: Resolution of Recapitalisation through Bridge Banks
The Central Bank of Nigeria (CBN) is aware of, and supports, the decision of the Nigeria Deposit
Insurance Corporation (NDIC), to exercise its statutory powers under the Nigerian Insurance
Deposit Corporation Act, to establish Enterprise Bank Limited, Keystone Bank Limited, and
Mainstreet Bank Limited as Bridge Banks, and by Purchase and Assumption Agreements, cause
all the deposit liabilities and certain other liabilities and the assets of Spring Bank Plc, Bank PHB
Plc, and Afribank Nigeria, respectively to be assumed by the 3 Bridge Banks, effective 5
th
The NDIC, in its role as insurer of deposits and in pursuance of express statutory powers, acted
to ensure that public confidence in the nation’s banking system is not eroded and  that
depositors’ funds are safe.
August
2011.
The CBN, as the principal promoter of  a  sound financial system in Nigeria, and  as required
under the NDIC Act, has issued banking licenses to the Bridge Banks.
Accordingly, the CBN hereby makes the following assurances to the general public:
1. That the depositors of the Bridge Banks are assured of the safety of all their deposits.
2. The  CBN  assures  seamless business continuity and ability of the Bridge Banks to  meet
obligations to depositors and  lender-creditors as they arise,  by granting all waivers,
forbearances and exemptions necessary for their operations.
3. That the CBN guarantees the inter-bank obligations of the Bridge Banks until December
31, 2011 to ensure continued operations and customer confidence.
Signed:
Management

What does this mean? Who will run the bridge banks? Same staff or ad hoc staff, from where? It's doesn't sound like they are sealing the banks or relinquishing staff of the duties. Can someone clarify please.

let me start callin 5 of my friends who work wit bank phb, SLS beta watch your back if their jobs r taken away frm them because blood will surely flow!

Boyloaf:

let me start callin 5 of my friends who works wit bank phb, SLS beta watch your back if their jobs r taken away frm them because blood will surely flow!

y una no fyt wen bank MDs chop money?

SLS should allow shareholders should "re-capitalise the banks". A familiar refrain until one discovers that shareholders are either unwilling to or unable to recapitalise.

I never knew someone has got this running

Sanusi acted in the best interest of depositors and staff of the affected banks

Always try to have the information that would have necessitated such an action b4 u start critisizng Saqnusi.

The Management he brought in are now trying to play a fast one on him by bringing in bidders in which they have interest.

The same old wines are now being froted in new bottles as bidders. There are instances where the mgt and the financial advisers were at loggerheads.

Imagine bringing in someone to come and salvage a situatn and he/she now wants to perpetuate his/her- self.

Just bores down to the general malaise of greed and selfishness that have plagued this nation.

No jobs will be lost and the affected banks will continue normal. Only CBN appointed mgt will be affected for now.

But what kind of names are those?

What happens to investors who traded those bank shares in the stock exchange?

I like what the cbn did.

Imagine how some selfish ogas were just interested in who will retain them after the takeover.

I have seen vanity in the highest place sure.

If the cbn don,t take them unawares, they will make a kill from cleaning out within the twinkle of an eye.

Now it has happened, no work for them on Monday.

One of them was even bragging that she is going sept 30 and some people must go with her. A case of man proposes, God disposes.

With these bridge banks, things can only get better.

We Nigerians are really heartless-the list word to use and i mean it

why are we so fast to castigate and ridicule sanusi?? these baks have no capital base, which has bee depleted. And if left to their own devices, they will go bankrupt soonest. I think we should applaud and encourage sausi for havig big balls ad cojones.

otokx:

What happens to investors who traded those bank shares in the stock exchange?

The exchange might place a technical suspension the shares with this devlopmnt.

And like sanusi have always said and which the true, those banks don't have shareholders.

Infact, if not because of the limited liability status of public coys, the shareholders are supposed to held responsible to make up the liabilties that there are no assets to match. These banks have negetive reserves that are still in grave state.

Can somebody confirm the status of first bank,uba and intercontinental bank for me ? this hurricane is scaring me o !

. . . . . watching with great interest.

SLS is determined to clean up the banking sector and i wish he can carry out his decisions without bias.

~Bluetooth:

Can somebody confirm the status of first bank,uba and intercontinental bank for me ? this hurricane is scaring me o !

intercontinental bank is mergin wit access bank uba n first bank where never in trouble they r safe.

~Bluetooth:

Can somebody confirm the status of first bank,uba and intercontinental bank for me ? this hurricane is scaring me o !

For first and uba, I can comfortably say they are in the too big to fail category.

This is because they were not affected by the first examinatn that the present cbn mgt carried out.

Inter though an r8 is in a better stead; given the fact that they are circa the TIA stage of the process.

For whatever will happen, one thing is sure and it is that no depositor will lose a kobo.

JAkpayen:

One day banks will run without anybody too! lol

for where, na water go run on car no be car go run on water

Going through this thread I can comfortably conclude that we have so many educated illiterates in Nigeria who just went to sch for the fun of it.
And other are chronic bigots.

Nice work Sanusi,If u had allowed the banks to fail and evryone lost his money,prolly by the time they finish crying a lagoon they will come back to their senses.