Customers threaten to sue Nwobodo, Saraki
15/03/2010 13:57:00 Okey Onyenweaku


Aggrieved customers have threatened to sue promoters of Savannah Bank of Nigeria (SBN)and Societe Generale Bank of Nigeria (SGBN) for keeping them in the dark over their plans to revive the Financial Institutions in which their monies are trapped. The promoters of the banks are Senators Jim Nwobodo and Dr. Olusola Saraki, both chieftains of the Peoples Democratic Party (PDP)

The banks' operating licenses were withdrawn and restored after they had won court cases against the Central Bank of Nigeria (CBN). Ever since their licenses were restored, customers have been neglected as no for a or meetings have been convened to brief them on the future of their banks. This has prompted the formation of a body called ' Association of Savannah Bank Customers and Association of Societe Generale Bank Customers' to forge a common front and pursue their interest.
They have, also spelt out their objectives as Canvassing for the interest of all customers, liaising with the promoters of the banks to ensure the full payment of all depositor funds, creating public awareness of the plight of the customers and pressurizing the promoters to explain clearly their plans for the future of the banks. It would be recalled that on February 15, 2002, Savannah Bank was clamped down by the regulatory bank, the Central Bank of Nigeria (CBN), over some controversial allegations of misdemeanors and revoked its operating license consequently revoked. Similarly, SGBN's operating license was withdrawn on in 2005.
Following protracted court cases, the banks operational licenses were restored and the banks authorized to recapitalize to N25billion minimum capital base within a specified time.
Business Hallmark, also recalls that while Savannah Bank still has four months to recapitalize, SGBN's time frame elapsed since 2007. Analysts fear that the banks may find it difficult to bounce back given the harsh economic environment that is further heightened by the on-going sweeping banking sector sanitization of the apex bank. However, the spokesman of CBN, Mr. Mohammed Abdullahi, said that recapitalization period for SGBN was extended while that of SBN had not yet elapsed.
He further concluded that apex bank was aware that the banks are trying to source funds and return to business. Efforts to reach the banks' promoters proved abortive as some of them promised to provide information later in the week.

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This country is really in a mess. Where are all the so-called government agencies that monitors what happens in a case like this? Is NDIC still alive? If I was to be Jay Jay Okocha, I will just kidnap Saraki, and my ransom will be N1billion. Shekinah!.

Oboma1:

This country is really in a mess. Where are all the so-called government agencies that monitors what happens in a case like this? Is NDIC still alive? If I was to be Jay Jay Okocha, I will just kidnap Saraki, and my ransom will be N1billion. Shekinah!.

Na wah oh. N1billion!.

Good Nation Good People GREAT GOD

Unity and Wema bank 31st June deadline is next week!!!!


All these nigerian threats they should also sue the CBN/NDIC for not creating an avenue for customers to get their funds pre-consolidation