₦airaland Forum

btw, it was earlier posted but replaced with the x in the post above after the 'scammers in the house, beware' comment.

did you not see the post above that lumped me into the class of scammers?
it was an error posting that link and i will not repeat it again.

thank you, Mr. Olufemi AWOYEMI

The disclosure today of the appointments made by the CBN is another
example of a nation going southwards at a rapid pace,

Today is unlike any other day. Something changed today and we must
ask ourselves some hard questions.

The Central/Key Question:

What has happened to the Nigerian intelligesia - Why is no one
asking or answering a fundamental question that goes to the heart of
our nationhood: Where does ownership rights of firms/shareholders end
and regulatory rights begin?

What is going on in this country?

These are landmark developments that define us as a people and a
nation. Our economy and socio-political life is dependent on the
resolution of this one question.

While we all acknowledge that things have gotten too bad and that
action was needed to be taken, enter SLS and we expected that radical
changes - much anticipated will occur to shake our banking foundations
becaue it was rotten. He was a man whose value system indicated that
he would not be moved by self interest or the very trappings of
wealth that made others dizzy. He started controversially, but we
could all live with that because we knew that achieving change in
nigeria was not going to be easy.

The developements - flip flops, actions and unclear basis of actions
since then have all made us all to stop and wonder. What could be
going on. This is no longer a case of those affected spinning issues
- it is about rights and responsibilities, the very underpinning of
this administration.

When the appointments of new ED?s were released we saw some odd
names there but most analyst decided to let it go because we felt we
should cut him some slack ? after all there cannot be a perfect
being and in this endeavour we accepted that there would be a few
missteps.

But the appointments he made today leave much room for concern. They
concretise the legitimate fears of a decision process not designed to
deliver the el dorado we seek as a people.

We should be asking questions from CBN, in the spirit of full
disclosure. They should provide insight, explanations and information
to the following:

1. What criteria were used in the appointments of CEO?s and
Executive Directors of these banks?

2. Did it consider the rule that said that former directors of a
failed bank cannot be appointed into an executive position of another
bank?

3. How do you situate the appointment of a CEO who was asked to
resign from the management of a failed bank so many years ago from
the position of a Treasurer based on incompetence to manage a bank?

4. What input did the new boards have in these appointments?

5. How do we deal with the new reality of customers choosing not to
do business with any of the banks with such leadership challenges?

6. Why does the ?rush? to raise funds through issuance of
corporate bonds by the banks cleared in the first wave of the SLS
audit support the ?coincidence theory? of the action taken?

7. Why would a bank like Wema Bank Plc (with Tunde Lemo as former
CEO now at CBN) explain the 2007 audit report by the NDIC that it
never had the N25bn which was the basis of the bank licence to
operate under the consolidation era especially with the ?mud?
thrown out for which no concrete explanation was provided?

8. What does the CBN want the market to take away from this exercise
where the banks cleared in the first wave are not able to explain away
their problems giving the revelation that some of them are now chasing
debtors whom they had giving uncollaterised loans and are calling same
in with limited success?

9. what happens to investors who are now at the mercy of CEO's and
ED'S who have no stake in business?

10. Who does the new CEO'S report to?

11. Why would this individuals, who appear not have succeeded in
running or owning anything in their lives at scale and magnitude they
are now being asked to manage, take on this assignment? What is their
motivation and who do they represent - regulators, depositors or/and
shareholders?

12. Did the CEO's needed to have managed a bank before like in the
first set or what was it the second set had and why the difference in
criteria for appointments?

13. Where this people headhunted for the jobs and what is their
brief or since when did they know of their job responsibilities?

14. What is the investment advice to shareholders, depositors or
customers?

15. Are these CEO's going to be non-shareholders in the banks they
run and how do we prevent the 'homogenisation' of banking being put
in place by SLS inevitably.

I am dire need of someone to step up to the plate and provide
answers.

This is a dark day but I am hopeful that someone somewhere will have
a conscience and do the right thing and start asking this question or
seeking answers to the questions raised here.

CBN has deliberately blacked us out and refused to accent to any
request we have. The reasons appear obvious and in such a clime where
anything goes - we are hopeful that what we seek would not lead to a
permanent silencing of our voice.

An EGM was held today by one of the banks (the first beneficiary of
the CBN grand plan) seeking to raise funds and throughout the
meeting, the question on what it seeks to do with the N500bn bond it
seeks was not answered.

What is going on? We definitely cannot continue like
this,

courtesy of PROSHARE

Jarus:
I see Jim Ovia voluntarily resigning from Zenith top job in the next few months. The ovation is loudest.

Nigerians do not resign.

disregard my earlier comment as i will not wanted to be branded a scammer.
get in touch with GTbank and you would be offered a rate way better than the 9% Skye offered you.
however, i repeat that i have had a fixed deposit of 18% in the last few months.
you will not get that much from GTB but no way will they offer you as low as 9%.

As Lemo Reads the Riot Act to Five Banks…
Atuche Fights to the Bitter End
By Ijeoma Nwogwugwu, 10.02.2009

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As the Central Bank of Nigeria prepares to make its announcement this afternoon on the second round of intervention in five of the 14 banks for which it has concluded the special audit exercise commenced on the 14 last August, the Managing Director/CEO of Bank PHB, Mr. Francis Atuche has held out to the bitter end.
The banks that will be affected by the shake up are BankPHB Plc, Spring Bank Plc, Equitorial Trust Bank Plc, Wema Bank Plc and Unity Bank Plc.
The announcement will be made by CBN’s Deputy Governor, Operations, Mr. Tunde Lemo who will be standing in for the Bank’s Governor, Mr. Sanusi Lamido Sanusi.
Sanusi it was confirmed left for Ankara, Turkey this morning on a British Airways flight to attend the annual meetings of the World Bank and International Monetary Fund.
Speaking to THISDAY a few minutes ago, Atuche denied newspaper reports (not THISDAY) this morning that he has resigned his position from the bank.
Specifically, he said he wrote a thank you letter to his staff, preparatory for the CBN announcement this afternoon on his removal as BankPHB’s CEO.
“Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said.
He said he has had a very interesting six weeks and “has seen the other side of midnight” but is taking whatever the outcome will be this afternoon in good faith.
When asked if he will attend the meeting convened by the CBN today with the affected five banks, he answered in the affirmative. “Yes I will be there. I have no reason to stay away,” he stated.
Atuche has been fighting the battle of his life for well over a week to retain his position as MD/CEO of BankPHB.
Last Monday, the chairman of the bank, Mr. Kola Abiola who saw the writing on the wall and based on feelers from the CBN, had advised him to resign, which he initially said he would consider but later bluntly refused to step down.
This got to a head on Wednesday, this week, when some directors of the banks held a meeting (not board meeting) at the premises of Spring Bank, a subsidiary of BankPHB.
At the meeting, Abiola once again raised the issue of Atuche’s resignation which he rejected a second time with the backing of other directors.
Atuche, after the meeting, promptly left Lagos for Abuja to solicit the support of high ranking government officials to intercede on his behalf with the CBN governor. But it was too little too late.
Had he accepted the offer on the table to resign voluntarily on Wednesday, BankPHB’s board would have appointed their own MD/CEO and would have been saved the embarrassment of having a new executive management appointed for them by the CBN.
BankPHB’s problems are not unconnected to acquisition of the crisis-ridden Spring Bank last year. The acquisition resulted in huge holes in the books of BankPHB.
The second round of intervention by the CBN entails the injection of N200 billion in the five banks and the removal of the executive management of three of them.
The three banks whose executive management will be removed this afternoon are BankPHB, Spring Bank and Equitorial Trust Bank who will be replaced by a new team to be announced by the CBN today.
The audit exercise showed that all three banks are illiquid and their capital adequacy ratios failed to meet the minimum stipulated requirement.
In the case of Wema and Unity Banks, their management will not be removed, but both banks will get capital injections from the CBN.
The management of both banks are being let off the hook for two reasons. In the case of Unity Bank, the audit showed that even though its capital adequacy fell below the minimum stipulated requirement, it was sufficiently liquid, and was therefore advised by the CBN to raise additional capital.
It was given till June next year to meet the minimum capital adequacy ratio of 10 per cent as stipulated by the CBN.
With respect to Wema Bank, the bank’s management is being left in place because it is a new team that took over the bank barely six months ago after the O’dua Group which previously held a substantial stake in the bank sold it to new shareholders, a consortium called the SW8.
The management of Wema Bank has also been advised by the CBN to raise fresh capital.

puff puff has turned to buns o!!

As Lemo Reads the Riot Act to Five Banks…
Atuche Fights to the Bitter End
By Ijeoma Nwogwugwu, 10.02.2009



As the Central Bank of Nigeria prepares to make its announcement this afternoon on the second round of intervention in five of the 14 banks for which it has concluded the special audit exercise commenced on the 14 last August, the Managing Director/CEO of Bank PHB, Mr. Francis Atuche has held out to the bitter end.
The banks that will be affected by the shake up are BankPHB Plc, Spring Bank Plc, Equitorial Trust Bank Plc, Wema Bank Plc and Unity Bank Plc.
The announcement will be made by CBN’s Deputy Governor, Operations, Mr. Tunde Lemo who will be standing in for the Bank’s Governor, Mr. Sanusi Lamido Sanusi.
Sanusi it was confirmed left for Ankara, Turkey this morning on a British Airways flight to attend the annual meetings of the World Bank and International Monetary Fund.
Speaking to THISDAY a few minutes ago, Atuche denied newspaper reports (not THISDAY) this morning that he has resigned his position from the bank.
Specifically, he said he wrote a thank you letter to his staff, preparatory for the CBN announcement this afternoon on his removal as BankPHB’s CEO.
“Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said.
He said he has had a very interesting six weeks and “has seen the other side of midnight” but is taking whatever the outcome will be this afternoon in good faith.
When asked if he will attend the meeting convened by the CBN today with the affected five banks, he answered in the affirmative. “Yes I will be there. I have no reason to stay away,” he stated.
Atuche has been fighting the battle of his life for well over a week to retain his position as MD/CEO of BankPHB.
Last Monday, the chairman of the bank, Mr. Kola Abiola who saw the writing on the wall and based on feelers from the CBN, had advised him to resign, which he initially said he would consider but later bluntly refused to step down.
This got to a head on Wednesday, this week, when some directors of the banks held a meeting (not board meeting) at the premises of Spring Bank, a subsidiary of BankPHB.
At the meeting, Abiola once again raised the issue of Atuche’s resignation which he rejected a second time with the backing of other directors.
Atuche, after the meeting, promptly left Lagos for Abuja to solicit the support of high ranking government officials to intercede on his behalf with the CBN governor. But it was too little too late.
Had he accepted the offer on the table to resign voluntarily on Wednesday, BankPHB’s board would have appointed their own MD/CEO and would have been saved the embarrassment of having a new executive management appointed for them by the CBN.
BankPHB’s problems are not unconnected to acquisition of the crisis-ridden Spring Bank last year. The acquisition resulted in huge holes in the books of BankPHB.
The second round of intervention by the CBN entails the injection of N200 billion in the five banks and the removal of the executive management of three of them.
The three banks whose executive management will be removed this afternoon are BankPHB, Spring Bank and Equitorial Trust Bank who will be replaced by a new team to be announced by the CBN today.
The audit exercise showed that all three banks are illiquid and their capital adequacy ratios failed to meet the minimum stipulated requirement.
In the case of Wema and Unity Banks, their management will not be removed, but both banks will get capital injections from the CBN.
The management of both banks are being let off the hook for two reasons. In the case of Unity Bank, the audit showed that even though its capital adequacy fell below the minimum stipulated requirement, it was sufficiently liquid, and was therefore advised by the CBN to raise additional capital.
It was given till June next year to meet the minimum capital adequacy ratio of 10 per cent as stipulated by the CBN.
With respect to Wema Bank, the bank’s management is being left in place because it is a new team that took over the bank barely six months ago after the O’dua Group which previously held a substantial stake in the bank sold it to new shareholders, a consortium called the SW8.
The management of Wema Bank has also been advised by the CBN to raise fresh capital.

kuramo:
Sahara reporters have been proved right several times in the past, so you better believe the story.

i read sahara regurlarly and i find their stories are often accurate but that does not mena that i should take leave of my senses.
i am most cynical about Nigeria, yet i believe that that story is a waste of bandwidth.

Jarus:
I wasn't aware of this thread when I opened the other one. Imediately I saw this, I asked that my own be deleted or locked but Seun(I guess),instead, preferred to move it to another section(Money) and even went further to send it to the homepage, to my own surprise too.

No shaking.
you be better guy, so no wahala.

Smart move Mr. Atuche, at least you resigned before your sack letter came. I hope you have also been wise enough to transfer your loot and family to safety.

asha 80:
When

This morning (Nigerian time).

he has stolen enough to last him a lifetime.
cowboy bankers!!!

breaking news!!!!!!!!!!!!
http://234next.com/csp/cms/sites/Next/Money/Finance/5466377-146/BREAKING_NEWS:_Bank_PHB_MD_resigns.csp

x

mowaa:
make no mistake in believing that you will be paid 13.5% in 90 days, the 13.5% is the % u will be paid per annum, so if the bank decides to give u 13.5% , then it means practically u will be paid 1.125% per month i.e 13.5 divided by 12. So for 90 days which is 3 months u will get 3.375%

But you should know there is no fixed % a bank gives, it all depends on the amount and the power of your negotiating skills, but usually the range is 12-18% p.a, if u can negotiate for 18%, that will be paid 1.5% per month, which practically means 150,000 per month.

very important advice for the financially untrained.

PAININASS:
Pls are you sure GTB is paying 13.5%, i'm doomed,i only got 9% from skybank

GTB offered me around the same rate quoted here months back, so i think it is correct.

a reputable financial house gave me 18% for 90 days a while back.
just confirmed that the offer is still valid.
they call it E-fund.

how any sane person can believe this article bothers me.
If for any reason the outlandish tales in this article come through, then,

guy take it easy.
you are spamming the thread with your repeated posts.

naijaking1:
Sanusi's change of tactics is an admission of error. What a comedy of errors
I am sorry for his diehard fans on this forum who have since refused to see objective indices from our economy, instead they live by making ridiculous excuses for their man at the turn of every new disasterous event.
Wake up Jaru, biina, ndu-chucks, and mbulela [s]remove your religious and tribal lense and see objectivity.[/s]

None of the two applies to me, unfortunately.
try something else.

Jarus,
why did you duplicate this topic?

you tell me.

cowboy banking deserves cowboy politics.
which stock market
Please leave Sanusi out of that.It died a sudden death a lot time ago.
Nigerians will lynch Ndi Okereke and her fellow travelers in a short time.

the former entailed a lot of distractions.
some people believe that Erastus and co were victimized and not given the chance to defend themselves.
with this new approach, it will still be the same outcome but no dramas.

^^^^^
i tend to disagree with you.
the new approach only proves the former right.
people were crying for him to give the CEOs a chance to defend themselves and probably let then resign on their own accord.
Nigerian's will never resign in spite of the evidence against them.
infact i will not be surprised if Atuche and his types go to court to stop CBN moving against them.

i am more worried about the billions we are using to prop up these banks that are being ruined by these cowboys.

weeks ago some people were claiming that Sanusi refused to give the sacked MDs the option of resigning on their own and i posted this

[url]https://www.nairaland.com/nigeria?topic=309802.msg4355551#msg4355551
[/url]
i am not a soothsayer but the Nigerian elite never cease to amaze me with the inelasticity of their greed.
Sanusi should stop throwing away our money in these cesspools called banks.
allow them to fail.others will learn a lesson.
before the cries of protecting jobs of the bank employees begin, try to imagine 200 billion naira.
these crooks will not learn their lessons.

•To inject N200bn •

An additional N200 billion may soon be injected into the banking sector by the Central Bank of Nigeria (CBN), which is also set to intervene in five more banks in a bid to safeguard the sector from systemic collapse.
This indication emerged hours after the board of BankPHB failed to reach a consensus on the removal of its Managing Director, Francis Atuche, who has recently been under tremendous pressure to quit following the outcome of the last audit report.
Barring any last minute changes, the five more banks that may be affected in CBN’s latest intervention are Spring Bank Plc, BankPHB Plc, Equitorial Trust Bank, Wema Bank Plc and Unity Bank Plc.
THISDAY gathered that CBN Governor Sanusi Lamido Sanusi intimated President Umaru Musa Yar’Adua and members of the Economic team about his findings and how to much would be required for the intervention immediately after yesterday’s Federal Executive Council (FEC) meeting. 
The proposed CBN intervention and capital injection in the five fresh banks is coming precisely a month and a half after the banking watchdog injected N420 billion lifeline into FinBank Plc, Union Bank of Nigeria Plc, Afribank Nigeria Plc, Oceanic International Bank Plc and Intercontinental Bank Plc and sacked their chief executives, saying lax management had left them dangerously undercapitalised.
These institutions have since been taken over by CBN appointed managements, which have since been running the banks as going concerns until new investors are found to recapitalise them.
The managements of the first five banks were removed following the outcome of the first round of the audit concluded by CBN early last August - covering 10 banks of which five comprising First Bank of Nigeria Plc, United Bank for Africa Plc, GTBank Plc, Diamond Bank Plc and Sterling Bank Plc were certified fit.
Banks included in the second batch of the audit, which have been concluded are Skye Bank, Bank PHB, Ecobank Nigeria Plc, Spring Bank Plc, Access Bank Plc, Wema Bank Plc, Unity Bank Plc and Equitorial Trust Bank.
Three others – Standard Chartered, StanbicIBTC and Citibank –  are in the third batch of the audit that has also been completed. The results of the audit are expected to be officially announced by CBN in the next two weeks.
The general parameters upon which the examination of the banks' records was based included capital adequacy, liquidity, solvency and corporate governance.
THISDAY gathered that based on the advice of the CBN solicitors, due process was followed during the recent audit process as  the respective chief executive officers of the affected banks were allowed to go through reports arising from the audit and make adequate responses to them.
CBN may have decided to change gear in handling the situation in the affected fresh five banks.
Unlike the method it adopted on August 14 when it specifically removed the CEOs and executive directors of the five banks affected in the first batch of the audit, the apex bank may have decided to let the board of directors of the five banks found wanting in the latest audit to implement the tough decisions necessary to put the banks in order.
The newspaper had reported two weeks ago that four of the affected five banks’ boards had been mandated to carry out certain measures to be dictated by CBN in accordance with the Banks and Other Financial Institutions Act (BOFIA) and CBN Act.
But efforts of the board of Bank PHB to persuade Atuche to voluntarily resign over the audit report of the bank proved abortive yesterday at a meeting exclusively for the non-executive directors in Lagos. The directors are said to have briefed CBN about this development.
With Atuche’s refusal to step down, he seems to have jeopardised the opportunity of BankPHB to appoint its own Managing Director to work with CBN.
The apex bank may have to appoint someone to take charge of the bank.
It was gathered that BankPHB has three major issues. One is the N65 billion, which it used to acquire Spring Bank, the second is the N50 billion forbearance the bank sought for Spring Bank, while the third is the N23 billion loss alleged to have been incurred during the tenure of the CBN Interim Management Board of Spring Bank led by Sulleyman Ndanusa.
During the tenure of the immediate past CBN Governor Chukwuma Soludo, BankPHB  had tried to secure a N50 billion forbearance, which was presented at the last board meeting that Soludo attended. The request was said to have been turned down.
When the incumbent CBN governor came in, the same request was also presented to the apex bank’s board and it was also rejected.
The thinking of the board was that if at all any forbearance was to be given, it should have been for everyone who wanted to buy Spring Bank and not specifically for BankPHB.
THISDAY gathered that officials of BankPHB are currently in talks with CBN to persuade it to remove the N23 billion losses incurred during Ndanusa’s tenure from its books on the excuse that they were not in the know when they acquired Spring Bank.
But the CBN was said to have declined, insisting that BankPHB ought to have done its due diligence before acquiring Spring Bank.

PapaBrowne:
So you have proof?? How about proof that all the military boys that are sent to the creeks are not criminals? Or proof that the Nigerian state is not run by criminals?

kindly read my earlier posts on this page.
those questions you pose are answered therein.