₦airaland Forum

Will CBN help affected banks pay their workers salary.

seunmsg:
Let me just help you out of your ignorance.

BankPHB acquired the majority shares of Springbank around December 2008. The acquisition was approved by CBN (see the link I earlier supplied). Consequently, BankPHB became the parent company of Spring bank.

The intention of BankPHB was to integrate the operation of the two banks and come out with a big BankPHB. Unfortunately, some minority shareholders of Spring bank led by its board chairman, Segun Agbetuyi vigorously opposed the acquisition and went to court to frustrate the merger of the two banks.

As a result of the court case, the integration process was put on hold. During the same period, the global economic meltdown of 2008/2009 and the crash of the NSE badly affected the liquidity position of BankPHB. The bank was in distress.

Above was the situation when Sanusi came on board in June, 2009. The new CBN governor conducted a stress test on all the 25 banks in the country and discovered that BankPHB, Spring bank etc were in serious trouble. BankPHB had already acquired Spring bank the previous December but they were operating separately and unable to merge as a result of the pending court case. This doesn’t change the fact that BankPHB owns majority of Spring bank’s shares.

Based on the outcome of the stress test, NDIC took over the two banks and others in similar condition as “bridge banks”. AMCON then came in to acquire the bridge banks and operate them as commercial banks. The successor to BankPHB was renamed Keystone bank while Spring bank was renamed Enterprise bank.

The new owner decide to manage and eventually disposed them off separately. BankPHB and Springbank were both liquidated with the original investors in the two banks getting little or nothing for their investment.

Above is what played out between the two banks. A simple google search of the topic would have cured you from ignorantly asserting confidently that BankPHB never acquired spring bank.

Having intension to buy a land doesn't make one a landlord. For the fact bankPHB had intention to buy Spring bank doesn't mean bankPHB acquired Spring bank, their intentions never materialise nor saw the light of the day.

SavageMaster:
42 thermometers?

Is that the only thing you could read there. It's like your eyes is paining.

seunmsg:
https://www.proshareng.com/news/Investors-NewsBeat/Bank-PHB-Acquires-Spring-Bank/5582

Truly, stupidity is a choice.

Enterprise Bank was formed to assume the assets of the defunct Spring Bank, a product of the merger of six banks during the 2006 consolidation exercise. The legacy banks were ACB International Bank Plc, Citizens
International Bank Plc, Fountain Trust Bank Plc, Guardian Express Bank Plc, Omega Bank Plc, and Trans International Bank Plc.
Spring Bank however struggled due to a series of factors, chiefly corporate governance issues, and infighting among majority
shareholders of the legacy banks. Thus, it was severely affected by the impact of the global financial crises of 2008. As a result it was one of the eight banks taken over by the Lamido Sanusi led CBN in 2009, with the appointment of a new
board to stabilise and recapitalise the bank. When it was obvious that the bank, alongside Bank PHB and Afribank,
would not be able to meet the September 2011 recapitalisation deadline, the CBN revoked their licenses, and handed them over to
NDIC.
The Corporation on its part formed Enterprise Bank, Mainstreet Bank and Keystone Bank to assume the assets of the three banks.
They were thereafter sold to AMCON, which appointed its own management and injected N680 billion into the banks, with the
promise to sell the banks within three years. The process of selling the banks started in 2012, with the appointment
of Renaissance Capital and CitiBank to advise AMCON on what method to adopt in selling the banks. On their part, the advisers
recommended that the banks be sold to local and foreign investors.

https://www.vanguardngr.com/2014/10/heritage-bank-enterprise-bank-acquisition-defied-industry-standard/

Platinum bank and Habib bank merge to bankPHB which later acquired by Keystone bank. Show me where Spring bank comes in here.

I'm talking about a bank I have been banking with since 2004. If you still argue, it means you lack comprehension ability.

seunmsg:
Confidently spewing nonsense.

stupidity is a choice, so I leave to it. Can you show any prove that bankPHB acquired Spring bank? Four banks merge to become spring bank and citizens bank was one of them.

seunmsg:
Nigerian banks are too fragile. They can hardly survive any downturn in the economy without massively laying off staff.

Some of these banks also bite more than they can chew. What Access bank is going through now reminds me of my little stint with BankPHB.

BankPHB acquired spring bank late 2008 in a very hostile manner. Billions of depositors funds was committed into the acquition. By March 2009, the bank was already distressed and laying off staff. The hostile nature of the takeover also made it impossible for the quick integration of the operations of the banks. There was also the effect of the global meltdown and crash of the stock exchange market that year.

By the Sanusi came in as CBN Governor around June, the bank was already a mess. He did not bother to romance the problem, he simply killed the bank and other banks that were then struggling to survive the global meltdown and crash of the stock exchange market by late 2009.

Hopefully, Access bank won’t go the way of BankPHB.

BankPHB didn't acquire Spring bank. Spring bank was acquired by Enterprise bank limited now Heritage bank

Report from the chairman adhoc committee on negotiation with COVID 19 has it that the virus has agreed on cease fire from 6am to 2pm on Mondays, Wednesdays and Fridays.

Your matter don tie wrapper.

Not that you have change yet. You only remember you have a wife because the lady has dump you.
Go on your knees and ask your wife for forgiveness. Show your family love.

Their status is a replica of their state of mind.
You know everything going on in their just by a glance at social media page

You need to maintain your sanity and your health is important too. That lady can make you insane because of constant worries about her promiscuous life and can infect you with STDs.

As for the mother's curse; a curse cursless shall not stand so don't panic.

Above all, guard your heart with all diligence, for out of it are the issues life.

Move on with your life

You faked a document to impress a randy girl who treats you like a trash. If you are caught and deported, people will shout "VILLIAGE PEOPLE"
e be like say your munu never do.

You were never a christian, you only stop practicing islam in order to discover yourself. That is why now according to you "you wear what ever you choose to"

PRISIDENT: This is our 3rd national scrhptural reading. NIGERIANS: Thanks be to God PRESIDENT: Drop mic

It was a long read but worth it. Kudos, keep it up.

That lady is using you to play draft. If you don't move on now, what will hit you will be equivalent to a trailer.

Knock out punch

Plan for population explosion

You mean the person that will take over from the photoshot president?

When the country is working you hear news like this

They have refused to name the infected persons, how would one know if he or she had contact with the infected.
Most of our leaders are intellectually bankrupt.

That is the end of the marriage

Casalindal:
Hi guys... so as we keep self isolating ourselves please let remember to also keep full precautions as self isolation is not enough stay safe everyone my thoughts are with you all.

So my weeding is so right at the corner and there have been this issue between me and my fiancé about my male friend being my maid of honor, He has been my bestie for years and I feel if there is anyone I have had this total connection with? It will be him[b] I love him so much[/b]. His sense of humor and judgement are so exceptional... I have found a great friend with him but my fiancé is saying he doesn’t want him because of his sexuality, now this is the latest drama in the house and I am not going back on my stand my bestie is walking me and that is final. Guys what are your thoughts

Why not marry your bestie since you love him so much rather than going out to frustrate that young man

Not all suspect are guilty of charge

2buffagain:
Clearly, you lack comprehension.

Rather its you that can't astutely pick meanings meaning from a write up

2buffagain:
What kind of job?
Look, the stigma has already been established for Dubai.
So if she goes to Dubai for legitimate job, she needs to do it on the low and not make noise about it, lest she risks tarnishing her image.

Unless she is posing while wearing mature clothes or corporate clothes then thats fine.
But we all know what an IG thot is wearing when she goes to Dubai. Because that is the only "job" they know how to do.
And the only thing that pays well for that type of "job" over there, is toilet service for fat hairy arab men.

once again, you know nothing. Don't you know hoeing is a full time job to some?

2buffagain, you know nothing, the dubai trip is a job

Empty talk, at least you have said something so Oshiomhole won't complain you didn't defend him

Different bill board at two DIFFERENT locations

Die kie you there!

Maybe he is busy at his Lawyer's chamber writing and compiling his will that is why he is not frequent at home.
But if i may ask, your sister, has she written her will?

References:
The Minister of Transportation, Rotimi Amaechi has said he is unaware of the alleged sack of the Director-General (DG) of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dakuku Peterside.


On the speculation that his alleged sack might be due to the failure of the agency to audit its account for six years, the minister said: “I am not aware that that could be the reason. He has been DG for only four years because he came into office in 2016 and they cannot be punishing him for the offence committed by previous DGs.



https://thenationonlineng.net/i-am-not-aware-of-petersides-sack-amaechi/

Has your friend audit the agency's account throughout his 4 years stay as the DG? What you people specialised is passing blame.