₦airaland Forum

More information have emerged to explain Central Bank of Nigeria (CBN)’s inability to allow three commercial banks, whose operating licenses were withdrawn last August, to conclude on-going recapitalisation talks with interested investors before applying its sledge-hammer.

Speaking at an interactive session with the media in Lagos, on Monday, Managing Director and Chief Executive of Asset Management Corporation (AMCON), Mr Mustafa Chike-Obi, explained that the facts on ground in respect of the three rescued institutions as at the time of CBN’s intervention made it too glaring to all stakeholders that the banks were nowhere near meeting the procedures precedent to consummating a recapitalisation deal by end of September 2011.

Chike-Obi, who said he was speaking as an insider in the rescue mission for the affected institutions since November last year, when AMCON became operational, stated that the banks made little or no progress at all on the recapitalisation process.
He pointed out that besides their heavy borrowings from the interbank market to run their overheads, there was so much rancour and bickering within the board and management of the institutions, stressing that such high level of instability made it difficult for the institutions to concretize their recapitalization strategies.

The AMCON boss said the banks were borrowing between N2 and N3 billion monthly to run their operations, and this could sum to over N30 billion annually, an amount that the regulators cannot sustain for too long under the current reform dispensation, as it would only leave CBN with the option of liquidating them along the line.

According to him, the real cut-off date for the banks was July 15, 2011 and any bank that had nothing concrete to show regarding its recapitalization programme was actually not committed to the September 30 deadline.
He said: “September 30 is not like a factory where you go in and manufacture the recapitalization programme and present to the regulators. Banking recapitalization involves several rigorous and tedious processes with definite timelines.

“For instance, for you to progress with the recapitalization programme, a bank must sign a Memorandum of Understanding, followed by various approvals from the Securities and Exchange Commission, and Transaction Implementation Agreement as well as Court Ordered Extra-Ordinary Meeting. And so we realized early in August that these three banks would not be able to make it even if we waited for September 30 or even extend the deadline for them,” he explained.

Chike-Obi said the CBN intervention with the bridge banks was a preemptive measure to forestall a major run that would have finally grounded the banks and impair depositors’ funds in them.
He expressed satisfaction with the progress made by five other banks, stressing the impending fresh injection from core investors would further stabilize them and restore customers’ confidence.

It would be recalled that the Central Bank of Nigeria had on August 5, withdrawn the operating licenses of three commercial banks, Afribank, Spring Bank and Bank PHB Plc, replacing them with Maintsreet Bank, Enterprise Bank and Keystone Bank limited respectively.

This was coming after it gave its approval to Union Bank, Finbank, Intercontinental Bank Oceanic Bank and Equatorial Trust Bank limited to proceed with their various arrangements having been satisfied with the progress so far recorded by them.



http://www.sunnewsonline.com/webpages/news/national/2011/sept/21/national-21-09-2011-0015.html

Stampede Over Bomb Scare At N’assembly •nass Management Holds Emergency Meeting

It was a joke carried too far yesterday as a ploy by staffers of the National Assembly’s Sergeant-at-Arms’ office to stop the influx of visitors to the complex following a rumoured attack caused a bomb scare.

Legislative and administrative activities were disrupted following the claim that the dreaded Boko Haram planned to bomb the complex yesterday. However, security operatives in the National Asembly, upon investigation, said it was a hoax. They said the rumour was unfounded.

The Islamic fundamentalists claimed responsibility for the bombing of the United Nations building in Abuja. No fewer than 23 people died in the August 26, attack which also injured several others. The incident came barely two months after Boko Haram bombed the Police headquarters in June this year. The attack claimed two lives.

But at the National Assembly complex yesterday, shortly after the plenary session ended at about 3.35 pm, there was a stampede towards the exit gates as workers suddenly shut their offices upon an authorised directive to leave the premises on account of Boko Haram threat.
Bomb scare from the Boko Haram sect had at different times caused pandemonium in Abuja, Lagos, Ibadan and other Nigerian cities.

Recently, there was stampede in Lagos when a local government employee raised the alarm over an object suspected to be Improvised Explosive Device (IED) discovered in one of the offices. The discovery sent panic among the workers making them to scamper for safety.
Members of the sect also caused panic at the University of Ibadan a few weeks ago when it was rumoured that Boko Haram had mapped out plans to bomb the university and 12 others.The rumour led to students’ protests, which delayed the commencement of the second semester examination.

Concerned by the spate of bombings across the land and the worsening insecurity in the land, former president Olusegun Obasanjo, last Wednesday was on a peace mission to Maiduguri where he called on the brother-in-law to the slain leader of the Boko Haram sect, Mohammed Yusuf. Mixed reactions had since trailed the move, following the killing of Obasanjo’s host by unknown gunmen a day after the visit.

Meanwhile, at the National Assembly complex, banks, business centres and food canteens immediately closed shop and directed their staff to move out of the complex.
Daily Sun investigations, however, gathered that it was a false alarm.
The Sergeant-at-Arms, Colonel Emeka Okere (retd) confirmed to Daily Sun that it was a false alarm as there was no intelligence report to that effect.

“There’s nothing like a plot to bomb here. It’s just the handiwork of idle hands. A similar thing happened at the Federal Secretariat when somebody raised a similar alarm. I have contacted all the security agencies and all the stakeholders and there’s nothing like that.

“Nobody gave any directive to evacuate the premises. I even called all the security men manning the gates at the complex and they all told me there’s nothing like that.”
Regardless, police sources in the complex said the rumour emanated from men of the Sergeant-at-Arms at the main gate of the White House Complex of the National Assembly.
It was learnt that they were trying to discourage huge number of visitors trying to force their way into the complex. As a result of the incident, the NASS management immediately summoned an emergency meeting of the security services in the complex to review the situation.

“The men at the checkpoint started what led to the panic exodus. They probably wanted to check the influx of visitors into the complex. You know the lawmakers were on recess before and soon as they resumed, there was this sudden increase in the number of people coming to this place and there is no way we can turn them back.”

As part of the security measures to secure the National Assembly, vehicular movement into the premises of the complex has been restricted to
only principal officers, senators and members of the House of Representatives while other staff, ancillary workers and management staff have been directed to pack their vehicles outside the premises.


http://www.sunnewsonline.com/webpages/features/newsonthehour/2011/sept/21/newsbreak-21-09-2011-001.html

wishing all the best of luck

NA

THEM

SABI

wishing all the best of luck

wishing all the best of luck

wishing all the best of luck

wishing all the best of luck

wishing all the best of luck

wishing all the best of luck

Do what i asked u to do.

Yes, those of you who put your trust in Wenger might “8-2” be a Gooner at this moment of time but the home game against Swansea should be nothing short of a cakewalk for the much maligned Arsene Wenger.

The team, the manager, and the management have all been berated in the press after that fateful night at the 'Theatre of Dreams' but surely improvement is just round the corner as the injury cloud clears up at the Emirates. The Gunners hit rock bottom and the manager finally loosened his purse strings on deadline day. Mikel Arteta, Peter Mertesacker, Andre Santos and Park Chu Young were added to the squad in a bid to stop the rot. Yoss Benayoun also became a Gunner and the Arsenal medical department will surely be kept busy and not just tending to the likes of Van Persie and Rosicky.

Arteta in an Arsenal shirt is an interesting proposition and after years of outstanding service for the blue half of Merseyside it will certainly feel a bit odd seeing the Spaniard in the red and white of the North London giants. Arsenal, one of the biggest clubs in England and one intending to stay that way, needed this new lease of life. Hopefully the new acquisitions will usher in a new dawn at Arsenal, bring back the fight and more importantly some pride.

A little fact for Arsenal fans to be optimistic about: During Arsene Wenger's reign, Arsenal has averaged more points per game (2.10) than any other Premier League team in the month of September.

Will Arteta be Arsenal's saviour?

Unizik is great, i'm wishing all the best.

By next week.

For quick respond to questions visit the link i gave above and ask your question.

Follow the link i gave above you will see it even 4 all states.

Pope eke:
Pls Mr. Asanigbo, i am confused. People r telin me many different Cut-off. Pls tel me what RADIOGRAPHY cut n pls if it is posible for you tel me how sure you are. I am begging pls

Pope eke what is ur average mark & ur state?
I'm very sure, as i'm typing this all the cut off is with me.
I want to type all the cut off marks merit lists & c. areas cut off.
Just relax.

Pope eke:
Pls what is the cut-off mark of RADIOGRAPHYPls what is the cut-off mark of RADIOGRAPHY

MERIT IS 250.5.

ECONOMICS IS 276

NA

HIM

SABI

Merit mark 274.5 for accountancy.
Anambra 269.5

Computer science is 237

i'm coming with more just relax.

SIX (6YRS)

SINGLE

TENURE

NO1 ACHIEVEMENT