₦airaland Forum

please i require clarification on this inquiry. What of in a situation where i am issued a 2 year American visa and due to some circumstances was not able to visit the States within/throughout the 2 years till the visa expires. Would that have any negative effect on my chances of getting the visa renewed?

My earnest prayer is that Otti wins. Buh am scared of TA and his Son, those two would do anytin possible to win

Site ain't opening

The link is not opening

Memories........ Mmmmmm. can still picture Nosa's Fyne Face. Wonder if I can get it in DVD now.

SeverusSnape:
where are they even coming from?... You kill 200 today, kill 100 tomorrow, Kill scores next week, They keep coming like all those Chinese movie.

. True that

Wow, how time flies. This post surely brings back a lot of memories and Nostalgia. Who would believe that the crazy womanizing young man that posted this is now responsibly married with two lovely kids. Good ol memories.

Righteous Brothers: Unchained Melody is and will always be a great long distance relationship song. Aint d emotional type tho but d song makes me wana cry anytime i hear it.

well this is a case of rigging and out rigging. It is as clear as Crystal that both Buhari and Jonathan both rigged,what simply happened was that Jonathan had an upper hand in the rigging. Therefore, Buhari should stop making noise .

Lil wayne , weezy iberibe

@ Asha 80.nwanne anom ya. Udele mara nma na eri Awo.

I strongly believe some artists are extra ordinarily over hyped when they are not even that outstanding.

Gucci mane and Soldier Boy are good examples.

corky dorky , oh here he goes again

If Face book shuts down, kai, Goodluck Jonathan go weep eh!!!!!

it all depends on the kind of person my partner is. if she's the greedy type, then ,hell nooo!!!. but i believe it would make more sense if a couple is open to each other shaa.

this only goes to show an unparalleled determination and drive, kudos Fifty.

liar liar

Kindly see the mail below for your jolly reading

http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=230909&ptitle=Intrigues, fear hit banks amid crisis

NEWS


Wednesday, September 23, 2009 HOME ABOUT US SUBSCRIBE MEMBERS CONTACT US


Wednesday, September 23, 2009

Intrigues, fear hit banks amid crisis


Nation awaits audit of 11 banks

Security cash in on crisis

CBN appoints EDs for 'troubled banks'

By Ade Ogidan, Business Editor with Enitar Ugwu and Adeyemi Adepetun
LIKE a disturbed beehive, the banking sector has hit a high note of disquiet, with fears elicited by a cocktail of intrigues in the on-going reforms, doubts over the jobs of all cadre of staffers and uncertainty over the fate of directors.

In addition, certain security agencies are now being accused of being recipients of gratification in the desperation of some debtors or bank chiefs to have their problems hushed up.

Also, names of bad debtors, if published at all, may not be done in full, even as the debt stock uncovered in the audit exercise conducted on the remaining 11 banks, excluding the three largely foreign-owned, has revealed a level that far-outstrips the discovery in the troubled five banks. The possible non-disclosure of the debtors is believed to be due to the prominence of top political office holders on the list.

The bad loan saga has reportedly implicated operators at high levels of the nation's leadership, including past and serving governors, ministers and legislators.

Family members of some of the nation's top office holders have also been found to be involved in the brisk business of influence for cash, which the industry has become. Indeed, a lady married to a governor and also close to the seat of federal power, was named as a go-between in some of the deals.

These influential persons were specifically mentioned as the ultimate brokers, introducing the banks to government agencies and officials, on mouth-watering commissions.

Analysts have started sieving through the maze of intrigues that have dogged the banking industry since last year, seven months before the exit of Prof. Chukwuma Soludo as Governor of Central Bank of Nigeria (CBN) and the succession exercise.

A top government official, who spoke with The Guardian, said the real mega debtors are yet to be mentioned and may never be publicly listed.

He said: "It has already been discovered that the non-performing loans are astronomical, especially the ones incurred by the 'untouchables'. Figures have shown that the discovery in the five troubled banks is not more than 10 per cent of the total stock."

Another official also said that the ongoing debt recovery exercise has been tainted by mega bribery, with top officials of some security agencies rollicking on the windward side of the scam.

There was the case of a gentleman and his company who are owing a bank tens of billions. The bank allegedly paid a substantial amount of money in foreign currency to some security agencies' officials to help compel him to pay once he was apprehended after a long time of his failure to pay. The man, The Guardian learnt, merely induced the officials with an extra 50 per cent of the said amount and he was released, under the pretext of following due process of arrest and prosecution. He is now reportedly at large.

The source continued: "Nobody is also talking about the high indebtedness of a particular former governor, which was incurred either directly or through his proxies, some of who are now already known", he said. On a more worrisome note, another source disclosed that the N747 billion now being talked about by the CBN is a mere 10 per cent of the bad loan profile in the 24 banks.

"The total problematic loan portfolio in the industry is about N8 trillion. So, the N747 billion being talked about is just a mere 10 per cent."

The CBN governor, Sanusi Lamido Sanusi, is also being urged to announce, in the spirit of his avowed full disclosure regime, the amount spent to print the N420 billion injected into the five troubled banks, even as official sources put the current printing expenditure at N100 billion.

To ensure a hitch-free operation, the Central Bank of Nigeria (CBN) has appointed Executive Directors (EDs) for the five banks whose managing directors it recently sacked.

This is in line with the pronouncements by the CBN governor, Sanusi Lamido Sanusi, when he announced the removal of the managing directors.

The five banks, which got the new executive directors are Intercontinental Bank Plc, Oceanic International Bank, Afribank Plc, Union Bank Plc and Finbank Plc.

For Afribank, the new EDs are Mr. Stephen Adaji (Executive Director- Operation (OPS) & Information Technology (IT), Human Capital Management and Corporate Support), Joke Giwa Director Retail, Commercial and Corporate Banking), Mr. Nnamdi Christopher Anammah (Institutional Banking), and Mr. Isaac Kamaru Alofoje (Risk Management, Strategy, Remedial & Control).

Giwa, until her appointment, was a country Head, retail banking in Ecobank Plc; while Alofoje was until his appointment also, deputy managing director of Financial Derivatives Company Ltd. Anammah was the President/CEO of Prudential Trust Company Ltd. while Adaji retired from Bank of Industry (BoI) in 2005.

For Finbank, the CBN was reported to have appointed three executive directors with one of the newly-appointed said to have come from First City Monument Bank (FCMB), while the second appointee is from Diamond Bank Plc, and the third a staffer of United Bank for Africa (UBA) Plc subsidiary.

However, their names are being kept under wraps to enable them get clearance from their various banks or their current employer, The Guardian has learnt.

According to sources, the CBN also appointed four executive directors for Intercontinental Bank Plc and Oceanic International bank Plc respectively but their names were yet to be disclosed.

For Union Bank Plc, the newly-appointed executive directors are Philip Ikeazo, Director (wholesale banking), UBA; Ibrahim Abubakar Kwargana, First Bank deputy general manager and Business Development, Abuja; Adekunle Adeosun; Director, Group Treasury Sales, UBA and Ade Shonubi, director, Information Technology (IT) and Corporate Services, Renaissance Security Ltd.

It is expected that all the named executive directors for the five banks will resume duty today.

Kindly read and comment.

http://www.vanguardngr.com/2009/08/26/group-plots-takeover-of-five-top-banks/









Group plots takeover of five top banks
BANKING CRISIS: FOR THE RECORDS, Headlines Aug 26, 2009
By Omoh Gabriel & Emeka Mamah
LAGOS — LAGOS— Vanguard , your best-read newspaper, 23 March 2009, did a world exclusive on alleged plot by a group of individuals to take over five banks in the country.

Two weeks ago, the new Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi sacked the chief executives and boards of five banks, therefore confirming our scoop of March 23.
The story:ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors
Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.
However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

The Exclusive report on the present banking crisis shown here as published by VANGUARD March 23, 2009.
Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.
Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.
Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.
Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited.
This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president’s slow move may scuttle their dreams and cause the renewal of Soludo’s re-appointment for a second term.
The group’s second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group’s target is one of the high-flying new generation banks where they have sent out several messages.
New CBN Gov, Auditor-General to emerge April
The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.
Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.
While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.
However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.
But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar’Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.
Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).
It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.
Section 86 Subsection 1 of the 1999 constitution states: “the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate.”
That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.
The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.
It’s unfortunate top 5 banks are targeted, says official
A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.
The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.
Arewa worries over liquidity problem
However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.
ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.
A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring “into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.
The statement reads “The Working Committee of the National Executive Council of the Arewa Consultative Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.
“Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.
“The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.
“Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.
According to Arewa consultative forum “All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms.”

60 Responses for “Group plots takeover of five top banks”
1. Dr Davidson Lawoyin says:
August 26, 2009 at 4:41 pm
I have said it before and will say it again. The Nigerian state is a mirage. Until we revert back to the regional governance and allow each region to pursue self actualization, Nigeria can not move forward. Listen, there is nothing wrong if a section of the country just want to “eat and quench” while others want to “live and let live”. The bottom line is, no one has the right to hold another person in perpectual animation.
2. Edafe Onanefe says:
August 26, 2009 at 4:29 pm
Get ready for war EFCC,delta youths will burn delta down,you dont know the people you are holding,these are innocent people whom has done nothing wrong untill proven by a court of law.
The shameless waziri should have done this to ex-presidents,ministers, and ex-governors and ministers whom have proven cases of corruption but are living large untouched.
Waziri you only have strength for ordinary individuals whom has done nothing wrong,ewu like you.
Cant you emulate rebadu for his great work he did for this country,he goes for the real looters and not ordinary people whom has done nothing wrong.
Delta youths are warming up for war,get ready EFCC,you know we are very capable as our briotehrs in the high sea has taught alot lessons,Get ready sanusi and waziri
3. Edafe Onanefe says:
August 26, 2009 at 4:20 pm
Delta indigenes arise and cause a mayhem and fight for our brother and sister ceceila ibru and sebastine adigwe,block all major roads and distroy all possible,this is outright injustice and we shall distroy and fight Efcc and burn government buildings if anything happens to these indegines.
I shall lead a squad and we shall cause the greatest mayhem if yaradua fail to stop the plans of the north.
We are re-couping and it will be war,EFCC get ready…………, Delta youths arise,Delta youths arise,pls dont fold your hands this is injustice
4. Obiora says:
August 26, 2009 at 3:49 pm
Bravo, Sanusi has finally surpassed the laudable feat of soludo but unfortunately, only terror, horror and disgust will trail your so called agenda to cleanse the Banking sector. One would wonder the motives behind your action especially as you were quick to rubbish men and women of form, people that have struggled all their lives to build brands of international statutes. My heart goes out to Akingbola and Ibru becuase they are indeed true patriots. We are talking bad debts, who are these debtors. These are people you call each time you want to raise funds, people you call to sponsor your obnoxious aspirations, people that fund your lavish functions, people you wine and dine with. Where did you think the monies were coming from?, the moon? Did you not know they were indebted to Banks?. EFCC on the other hand is taking centre stage to act the remaining part of the script. Since Ribadu left the EFCC, no form of support was given to Banks to pursue these debtors. I duff my hat once againe for Ribadu, no matter what they said, say and will continue to say, u are a man of form……….for those of us that have chosen to be blinded by the truth, i wish u well………we are in for it this time and it will hit all the sectors of the economy………, cheers
5. CHARLES says:
August 26, 2009 at 3:44 pm
I think something is fishing in this bank issue as various reasons to doubt the genuineness of what is really happening is beginning to emerge. It is frivolous that there were no minimal scrutinizing of the bank chiefs before they were pushed out of office. And now, the acting Intercontinental MD is telling the public that some debtors loan were performing. Where was this information when CBN did there analysis? Nigeria beware!
6. Tony Momoh says:
August 26, 2009 at 3:32 pm
Na wah oh, I have never beleived in this man called Sanusi, have known him since his days at UBA before First bank. I told friends when they called me to inform me of the whole issue, I quickly called some contact in Nigeria, but I kept saying one thing ‘its a Northern Agenda’.
One problem with Nigerians, is that we dont know history, cos if we know history people like Soludo would not have been allowed to go, after the wonderful work he did in our banking sector. Seb Adigwe is some one that have been following his progress in the banking industry, from when he was at Ecobank till he became the MD of Afribank.
My question, is what was Afribank’s standing among other banks befor the coming of Adigwe? He brought this out of where it was then with his new board and it is the same person tat mr.Sanusi is calling a thief.
Lets check out what will hapen to this self aclaimed saint called Sanusi.
7. Silk says:
August 26, 2009 at 3:28 pm
If a man borrows frm a bank and does not pay, does the bank go to EFCC or call on CBN for help? Does CBN recover loans for banks? Does CBN go to the Federal Govt for help to recover loans? Is the missing money property of the Govt? Is CBN now our ministry of finance? If a man is in debt, do our laws say the giver of the loan can seize property without a valid court order? Or do our laws say he should call EFCC or CBN for help? Have the banks said they could not retrieve the loans? If they could’nt retrieve, is it because they refused to do so? or that courts are on strike? or they could’nt get lawyers? WHO IS FOOLING WHO?
8. Silk says:
August 26, 2009 at 3:26 pm
If a man borrows frm a bank and does not pay, does the bank go to EFCC or call on CBN for help? Does CBN recover loans for banks? Does CBN go to the Federal Govt for help to recover loans? Is the missing money property of the Govt? Is CBN now our ministry of finance? If a man is in debt, do our laws say the giver of the loan can seize property without a valid court order? Have the banks said they could not retrieve the loans? If they could’nt retrieve, is it because they refused to do so? or that courts are on strike? or they could’nt get lawyers? WHO IS FOOLING WHO?
9. Kenan Osuokwu says:
August 26, 2009 at 3:21 pm
It is as simple as A, b, c, the crop of people we have in the northern part of the spectrum called Nigeria are lazy and fundamentally corrupt bunch of individuals parading themselves as elites and leaders. The reason why Nigeria is retrogressing instead of moving forward is because of the parochial and the ethnocentricism of the people of the northern region. Could anyone have imagined that Chukwuma Soludo’s legacy could be rubbished so soon after his globally acclaimed successful tenure just because hausas want to be “managing directors” and “chief executive officers” of these banks. The people of the north, no matter how educated they are, still reasons and exhibits the same lack of rationality in their decisions just like their unlettered brethren on the streets. Shame to Nigeria that the people of the north can never allow us to be where we supposed to be in the community of nations. They will continue to hold us back because of their narrow mindedness. The problem of Nigeria is the north. Nigeria can never grow or move forward as long as mediocres from the north are at the helms of affairs. Nigeria is blessed with vibrant and cerebral brains from the southern part of the country who can stir the wheel of the country to a more prosperous, progressive and world class achievement. Unfortunat corrected to categorically state that the people of the north does not have what it takes mentally to rule a diverse country like Nigeria. For further clarification, the Nigerian nation can never ever move forward or experience economic, social, poli ramification, especially mental capacity to lead a country like Nigeria, they don’t have what it takes. I know some readers of this piece might begin to attribute my views as being tribal or sectionally motivated, but far from it. I do not have of Europe and northern America and have seen what caliber of people in terms of intelligence assumes state power. The people of the northern extraction are bereft of such intelligence which only God bestows. The Nigerian experiment will only sail smoothly when cerebral minded individuals from the southern part of the country assumes mantle of state affairs in that corrupt smeared nation. May God help us!
10. Akeem Adebayo says:
August 26, 2009 at 3:14 pm
Vanguard’s excellent journalism has been proved right!
By the way, who owns Wema Bank?
Who knows who really owns Wema Bank today?
The method the CBN is now employing to steal the five banks was practiced last year with Wema Bank. The CBN under Soludo in collusion with Shamsudeen Usman, then finance minister, seized control of Wema last year, ran it down and sold it to a group of investors who called themselves the SW8 (meaning Southwest .
No group of Yoruba investors would describe themselves in such a parochial term as they do business with all Nigerians.
The smoke will clear in a couple of years and the true owners of Wema will emerge. That same trick is being used now to take over Oceanic, Intercontinental and the other three banks.
If they succeed, they’ll go after the remaining banks.
The bankers must resist!!
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http://www.vanguardngr.com/2009/08/26/group-plots-takeover-of-five-top-banks/


Group plots takeover of five top banks
BANKING CRISIS: FOR THE RECORDS, Headlines Aug 26, 2009
By Omoh Gabriel & Emeka Mamah
LAGOS — LAGOS— Vanguard , your best-read newspaper, 23 March 2009, did a world exclusive on alleged plot by a group of individuals to take over five banks in the country.

Two weeks ago, the new Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi sacked the chief executives and boards of five banks, therefore confirming our scoop of March 23.
The story:ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal. The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors
Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.
However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.

The Exclusive report on the present banking crisis shown here as published by VANGUARD March 23, 2009.
Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.
Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.
Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.
Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited.
This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president’s slow move may scuttle their dreams and cause the renewal of Soludo’s re-appointment for a second term.
The group’s second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group’s target is one of the high-flying new generation banks where they have sent out several messages.
New CBN Gov, Auditor-General to emerge April
The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.
Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.
While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.
However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.
But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar’Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.
Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).
It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.
Section 86 Subsection 1 of the 1999 constitution states: “the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate.”
That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.
The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.
It’s unfortunate top 5 banks are targeted, says official
A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.
The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.
Arewa worries over liquidity problem
However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.
ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.
A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring “into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.
The statement reads “The Working Committee of the National Executive Council of the Arewa Consultative Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.
“Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.
“The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.
“Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.
According to Arewa consultative forum “All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms.”

60 Responses for “Group plots takeover of five top banks”
1. Dr Davidson Lawoyin says:
August 26, 2009 at 4:41 pm
I have said it before and will say it again. The Nigerian state is a mirage. Until we revert back to the regional governance and allow each region to pursue self actualization, Nigeria can not move forward. Listen, there is nothing wrong if a section of the country just want to “eat and quench” while others want to “live and let live”. The bottom line is, no one has the right to hold another person in perpectual animation.
2. Edafe Onanefe says:
August 26, 2009 at 4:29 pm
Get ready for war EFCC,delta youths will burn delta down,you dont know the people you are holding,these are innocent people whom has done nothing wrong untill proven by a court of law.
The shameless waziri should have done this to ex-presidents,ministers, and ex-governors and ministers whom have proven cases of corruption but are living large untouched.
Waziri you only have strength for ordinary individuals whom has done nothing wrong,ewu like you.
Cant you emulate rebadu for his great work he did for this country,he goes for the real looters and not ordinary people whom has done nothing wrong.
Delta youths are warming up for war,get ready EFCC,you know we are very capable as our briotehrs in the high sea has taught alot lessons,Get ready sanusi and waziri
3. Edafe Onanefe says:
August 26, 2009 at 4:20 pm
Delta indigenes arise and cause a mayhem and fight for our brother and sister ceceila ibru and sebastine adigwe,block all major roads and distroy all possible,this is outright injustice and we shall distroy and fight Efcc and burn government buildings if anything happens to these indegines.
I shall lead a squad and we shall cause the greatest mayhem if yaradua fail to stop the plans of the north.
We are re-couping and it will be war,EFCC get ready…………, Delta youths arise,Delta youths arise,pls dont fold your hands this is injustice
4. Obiora says:
August 26, 2009 at 3:49 pm
Bravo, Sanusi has finally surpassed the laudable feat of soludo but unfortunately, only terror, horror and disgust will trail your so called agenda to cleanse the Banking sector. One would wonder the motives behind your action especially as you were quick to rubbish men and women of form, people that have struggled all their lives to build brands of international statutes. My heart goes out to Akingbola and Ibru becuase they are indeed true patriots. We are talking bad debts, who are these debtors. These are people you call each time you want to raise funds, people you call to sponsor your obnoxious aspirations, people that fund your lavish functions, people you wine and dine with. Where did you think the monies were coming from?, the moon? Did you not know they were indebted to Banks?. EFCC on the other hand is taking centre stage to act the remaining part of the script. Since Ribadu left the EFCC, no form of support was given to Banks to pursue these debtors. I duff my hat once againe for Ribadu, no matter what they said, say and will continue to say, u are a man of form……….for those of us that have chosen to be blinded by the truth, i wish u well………we are in for it this time and it will hit all the sectors of the economy………, cheers
5. CHARLES says:
August 26, 2009 at 3:44 pm
I think something is fishing in this bank issue as various reasons to doubt the genuineness of what is really happening is beginning to emerge. It is frivolous that there were no minimal scrutinizing of the bank chiefs before they were pushed out of office. And now, the acting Intercontinental MD is telling the public that some debtors loan were performing. Where was this information when CBN did there analysis? Nigeria beware!
6. Tony Momoh says:
August 26, 2009 at 3:32 pm
Na wah oh, I have never beleived in this man called Sanusi, have known him since his days at UBA before First bank. I told friends when they called me to inform me of the whole issue, I quickly called some contact in Nigeria, but I kept saying one thing ‘its a Northern Agenda’.
One problem with Nigerians, is that we dont know history, cos if we know history people like Soludo would not have been allowed to go, after the wonderful work he did in our banking sector. Seb Adigwe is some one that have been following his progress in the banking industry, from when he was at Ecobank till he became the MD of Afribank.
My question, is what was Afribank’s standing among other banks befor the coming of Adigwe? He brought this out of where it was then with his new board and it is the same person tat mr.Sanusi is calling a thief.
Lets check out what will hapen to this self aclaimed saint called Sanusi.
7. Silk says:
August 26, 2009 at 3:28 pm
If a man borrows frm a bank and does not pay, does the bank go to EFCC or call on CBN for help? Does CBN recover loans for banks? Does CBN go to the Federal Govt for help to recover loans? Is the missing money property of the Govt? Is CBN now our ministry of finance? If a man is in debt, do our laws say the giver of the loan can seize property without a valid court order? Or do our laws say he should call EFCC or CBN for help? Have the banks said they could not retrieve the loans? If they could’nt retrieve, is it because they refused to do so? or that courts are on strike? or they could’nt get lawyers? WHO IS FOOLING WHO?
8. Silk says:
August 26, 2009 at 3:26 pm
If a man borrows frm a bank and does not pay, does the bank go to EFCC or call on CBN for help? Does CBN recover loans for banks? Does CBN go to the Federal Govt for help to recover loans? Is the missing money property of the Govt? Is CBN now our ministry of finance? If a man is in debt, do our laws say the giver of the loan can seize property without a valid court order? Have the banks said they could not retrieve the loans? If they could’nt retrieve, is it because they refused to do so? or that courts are on strike? or they could’nt get lawyers? WHO IS FOOLING WHO?
9. Kenan Osuokwu says:
August 26, 2009 at 3:21 pm
It is as simple as A, b, c, the crop of people we have in the northern part of the spectrum called Nigeria are lazy and fundamentally corrupt bunch of individuals parading themselves as elites and leaders. The reason why Nigeria is retrogressing instead of moving forward is because of the parochial and the ethnocentricism of the people of the northern region. Could anyone have imagined that Chukwuma Soludo’s legacy could be rubbished so soon after his globally acclaimed successful tenure just because hausas want to be “managing directors” and “chief executive officers” of these banks. The people of the north, no matter how educated they are, still reasons and exhibits the same lack of rationality in their decisions just like their unlettered brethren on the streets. Shame to Nigeria that the people of the north can never allow us to be where we supposed to be in the community of nations. They will continue to hold us back because of their narrow mindedness. The problem of Nigeria is the north. Nigeria can never grow or move forward as long as mediocres from the north are at the helms of affairs. Nigeria is blessed with vibrant and cerebral brains from the southern part of the country who can stir the wheel of the country to a more prosperous, progressive and world class achievement. Unfortunat corrected to categorically state that the people of the north does not have what it takes mentally to rule a diverse country like Nigeria. For further clarification, the Nigerian nation can never ever move forward or experience economic, social, poli ramification, especially mental capacity to lead a country like Nigeria, they don’t have what it takes. I know some readers of this piece might begin to attribute my views as being tribal or sectionally motivated, but far from it. I do not have of Europe and northern America and have seen what caliber of people in terms of intelligence assumes state power. The people of the northern extraction are bereft of such intelligence which only God bestows. The Nigerian experiment will only sail smoothly when cerebral minded individuals from the southern part of the country assumes mantle of state affairs in that corrupt smeared nation. May God help us!
10. Akeem Adebayo says:
August 26, 2009 at 3:14 pm
Vanguard’s excellent journalism has been proved right!
By the way, who owns Wema Bank?
Who knows who really owns Wema Bank today?
The method the CBN is now employing to steal the five banks was practiced last year with Wema Bank. The CBN under Soludo in collusion with Shamsudeen Usman, then finance minister, seized control of Wema last year, ran it down and sold it to a group of investors who called themselves the SW8 (meaning Southwest .
No group of Yoruba investors would describe themselves in such a parochial term as they do business with all Nigerians.
The smoke will clear in a couple of years and the true owners of Wema will emerge. That same trick is being used now to take over Oceanic, Intercontinental and the other three banks.
If they succeed, they’ll go after the remaining banks.
The bankers must resist!!
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mine is August 9th. ,Augst 2nd 2007 was when armed robbers nearly killed me,so August is kinda important to me.hip hip hoooray!!!!!!

Na broom una de use fly

pl Shobo,how much would a honda bull dog or bullet in a very gud condition(full option) be?.Also a honda Halla. Its really urgent. My email is hollaeke@yahoo.com.

this one na proper lie.

Recent reports that banks in the country are posting deficits of about N1.2 trillion as a result of margin loans granted to individuals and stockbrokers is awful news that does not bode well for the banking sector and the economy in general. The amount involved is staggering and represents about 33 percent of the Federal budget for this year.

Of this figure, eleven of the 24 banks are in red to the tune of N421.7 billion, while 13 others are reported to have posted N778.3 billion deficit from these margin loans. Margin lending represents facilities which banks grant to individuals or stockbrokers in excess of their deposits.

In most cases, such loans are backed by only share certificates as collateral.
Margin lending was commonplace after the consolidation exercise of the banking sector when some of the banks were literally awash with liquidity.

The result was that in most cases, the banks went after customers to lend them cash with higher interest rates. Most of the loans were reportedly used for share purchase in the capital market, and to buy choice properties. Now, the bubble has burst, the aftershock of the global economic meltdown has exposed the lending which will likely go down as bad debts.

It is the far reaching implications of the loans on the banks that have become problematic. Confidence, which is the backbone of the financial services sector, may be undermined. Perhaps, the bigger problem is the fear of imminent liquidation of some of the banks involved, which can happen if they fail to recover the loans. This can result in Mergers and Acquisitions (M & As). None of these paints a rosy picture of the health of the sector, nor does it support the recovery which our economy is in dire need of.

The looming danger posed by this margin lending perhaps would not have arisen if due process, prudence, ethics and strict enforcement of banking rules and regulations were followed. Lending without adequate collateral negates sound banking practice. At best, it falls within the ambit of old-fashioned bare-knuckle banking where anything goes.

In the heyday of margin lending, some bank chiefs were reported to have helped themselves to their bank facilities without collateral. This does not only amount to insider abuse, it defeats the ethical and moral elements that should govern banking practice.

We, therefore, call for a thorough investigation of those behind the debts by the Central Bank. They should be dealt with according to the laws they infringed. Enforcing the rules that govern banking should be key in the effort to recover the debts. Dealing with the culprits should serve as a deterrent to future offenders. Towards this end, the apex bank should first ascertain the structure of these debts and the people behind them – both from within the banking sector – and outside.

While government intervention has become expedient, it should not necessarily be in the form of financial bailout. Doing so would amount to rewarding unwholesome practice. Rather, we endorse a composite approach that will entail reorganisation of the industry, better enforcement of the rules and appropriate penalty for violators. At present, the moral element that is essential for effective and efficient banking practices is either being ignored or outrightly abused by those who should enforce them.
Altogether, the margin loans controversy should be seen as another opportunity to deepen the ongoing banking reforms. The banking sector is the engine that drives the economy and nothing should be allowed to vitiate that process.

Yes, it is really unbelievable but it is true!



God save this country, Amen. Please Read!







IG Okiro Acelebrated Deputy Superintendent of Police (DSP), hitherto erroneously mistaken for a saviour by the defenceless as the “no-nonsense” head of the Special Anti-Robbery Squad (SARS) of one of the states in the South-West is in trouble. He is now in police custody for allegedly operating three deadly armed robbery gangs that were responsible for breaking banks and snatching exotic cars in major cities across the country.

His exploits in the underworld, by The Nation’s findings, out-shone George Iyamu, who, strangely, was also a DSP, whose scandalous exploits earned him death through a firing squad in March 1987, following a death sentence passed on him by Justice James Omo-Agege of the High Court of Justice in Benin City. He was found guilty of aiding a vicious robbery gang led by Lawrence Anini which tortured the peace of the nation for over three months.

In that saga, Nigerians were aghast with shock when it was revealed that Iyamu was the insider-informant, who was paid handsomely by the "Anini Group" for classified information that made their victims easy preys.

Unlike Iyamu, whose stock-in-trade was merely giving protective information to Anini and his gang, however, the present DSP, investigations revealed, had been the sole sponsor and godfather for robbery gangs that recently carried out violent attacks on banks across the country.

The plotting of his royal pathway to the police dragnet began when, two weeks ago, a robbery suspect, who had, with other dreaded members of his gang, robbed a bank in Ibadan, where they carted away about N14 million was nabbed with another member of the gang.

The suspect, who reportedly got a share of N3 million, had gone on a spending-free session at a liquor joint in Ibadan when other customers around began to suspect him because of the way he was spending money.

An authoritative source confirmed to The Nation that the police, upon a tip-off, put the robbery suspect under surveillance, which led to the law enforcers’ discovery of a wound on his leg.

"Following police investigations, the suspect initially lied that he had sustained the injury when he was on a hunting expedition because he was a hunter.

"The police took their investigations to a clinic where he was said to be receiving treatment on the leg. Eventually, the truth came to the open and he was arrested in Ibadan with some money with the wrappers of a bank which the gang had recently burgled in the city. That was how his gang was exposed," disclosed the source.

Following intense interrogation, the suspect, The Nation learnt, threw what appeared to be a bombshell to Oyo State Police Command: The DSP supplied information, arms and ammunition to his gang which had attacked banks and snatched posh cars in Benin, Abuja, Lagos and Ado-Ekiti, among other cities across the country.

Apparently believing that the robber’s confession was aimed at framing up the suspect for supposedly being the thorn in the flesh of armed robbers in the state, the state Police Commissioner was said to have referred the case to the Federal SARS, Abuja, earlier set up by the Inspector-General of Police, Mr. Mike Okiro.

The source revealed further: "The arrested robbery suspect disclosed to the men at SARS, Abuja that the suspect had a giant personal house where the gang used to meet in Ibadan to strategise for operations. When the Abuja team got to the desolate house in Ibadan, the DSP was said to have denied ownership of the house. But the suspect insisted, saying that he was ready to unveil all the hidden things there. Upon his instruction, the police detectives opened a room where they allegedly found the suspect’s photograph beside a bed.

"The robber later took them to an underground apartment where eight AK 47 rifles were recovered with 36,000 rounds of live ammunition which the police officer used to distribute to members of his gangs for operations. The robber also took the policemen to the backyard of the house where nine blood-stained exotic cars, including SUVs recently snatched by the gang, were parked. Shocked to the marrow by the discovery, the spolice team there and then arrested the DSP on the spot with his uniform on."

Further investigations later revealed that some of the riffles belonged to the policemen killed in line of duty by armed robbers on his order, while seven were allegedly stolen by him from the armoury when he was said to be the Officer-in-Charge of the state’s anti-robbery outfit last year. While in the state, he was widely feared and celebrated as a gallant officer who was genuinely committed to stamping out robberies in the state, unknown to people that he masterminded all the robberies," revealed the source.

When he was taken to his station for further investigation by the Abuja team, the suspect reportedly begged the team to take N4 million and kill him to save his face from shame.

The source explained: "He said he would organise N4 million for members of the team if they could save his face. It was when the team was about entering the state’s Criminal Investigations Department, with him after he had confessed that some of the rifles he had been giving to his gangs’ members were stolen from the SCID.

"Most of the officers there were junior to him, and he was afraid of how they would feel upon learning of his inglorious exploits. He knew the shame would be too much for him to bear; that was why he had to resort to fruitless begging."

The suspect, who is now being detained in Abuja, the source said, confessed to having three robbery gangs, two among which specialized in bank robberies while the other was primarily concerned with snatching expensive cars which were eventually sold to ready buyers in Togo, Burkina Faso and Benin Republic.

The IG, The Nation also learnt, has ordered comprehensive investigations into his various property which include four houses in Lagos, three in Ibadan, four at Ado-Ekiti, one in Abuja and a plaza under construction in the Federal Capital Territory (FCT).

"He is said to own five trucks and 12 personal cars," the source said, adding: "The IG is taking the case very seriously. In fact, he has ordered a very exhaustive investigation into it. He also demanded daily briefings on the matter."

The Force Public Relations Officer (FPRO), could, however, not be reached by press time yesterday for comments.

Na old pics joo.

The duo of Peter and Paul Okoye, also known as P-Square, may be facing ejection from their residence in the next 14 days.
This was made known by Chief Charles Nwangwa, the landlord of their house.

According to Nwangwa, the duplex at 2, Agoro Street, Omole Estate, Ikeja, Lagos, was rented by Peter and Paul Okoye and not by Jude Okoye, the musicians’ elder brother.

He said the musicians have breached their contractual agreement by converting the boys’ quarters of the duplex to a music studio.
The angry landlord also revealed that contrary to the media reports that the musicians own the house, they are actually tenants.

In addition, he said that Jude Okoye was fond of denying him access to his younger brothers, who actually paid for the rent.
When Saturday Sun visited the artistes’ residence, Jude Okoye, who spoke on behalf of his siblings, said that the landlord visits whenever he likes without prior notice, adding that the man took offence because the musicians do not entertain him with the kind of wine he usually asks for.

Okoye insisted that he is entitled to privacy in the duplex, even if he rented it.
It was learnt that the N1.7million rent they paid for three years, would expire next year.

understand me.The files are in a system i cant have access to cuz it was stolen somtime ago.

my sissy eyez abi, na u knw. jst cant help being a fine dude. Go make dat hair