The transaction is a total fraud. From the info in the merger details published, AMCOM just dashed out taxpayers’ money to Aig and his ACCESS Bank cronies just like that. From the attached document (Presentation.pdf), even a blind man will see that it is daylight robbery - and to think the President and other leaders will allow this to stand.

Now they also want to remove subsidies so that they can get more money (estimated at about $10b) to share among themselves.

We need divine intervention so that some few men will not confiscate our commonwealth for themselves and their families only.

This does not add up or am i missing something?How can Access contribute such meager percentage and own majority share,while AMCON owns just that small percentage?
There must be a riddle behind this.

It 'adds up' my brother (at least in some people's computations). Check the merger document at http://www.accessbankplc.com/Library/Documents/Presentations/Business_Combination_with_Intercontinental_Bank_Plc.pdf pages 11, 18 and 19. Presently Intercontinental has a negative shareholding of N550b which AMCON will inject the necessary capital to zerorise. Then ACCESS will pay N50b.

My question is this: why doesnt AMCON just add the remaining N50b and own the bank 100%? Or am I the only one that did arithmetic in primary school?

O su mi, my Lord.

That means to say you no dey for Nigeria be that,you must be coming from London,from Newyork from Brazil from Arabia and Moscow and Chicago.

^^^^^
Good question, but be careful-o
Soon, Sanusi followers will descend on you like beehive

hyelhira:

It 'adds up' my brother (at least in some people's computations). Check the merger document at http://www.accessbankplc.com/Library/Documents/Presentations/Business_Combination_with_Intercontinental_Bank_Plc.pdf pages 11, 18 and 19. Presently Intercontinental has a negative shareholding of N550b which AMCON will inject the necessary capital to zerorise. Then ACCESS will pay N50b.

My question is this: why doesnt AMCON just add the remaining N50b and own the bank 100%? Or am I the only one that did arithmetic in primary school?

O su mi, my Lord.

maybe because amcon is not in the business of owing/running a bank, but buying/selling debts so banks can function properly, amcon is a government creation-government shouldnt compete with private investors in banking sector

What i find funny is the fact that they a privatizing govt owned companies (nationalized companies) on account of inefficiency, yet they are openly nationalizing already private owned firms on the same account.
Is the buzz word now nationalization ,not privatization anymore?

If Access Banks contribution is d negligible 7.5%, why not wield the big stick as well?

;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d ;d

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@Dis Guy: You said "maybe because amcon is not in the business of owing/running a bank, but buying/selling debts so banks can function properly, amcon is a government creation-government shouldnt compete with private investors in banking sector"

Is that why AMCON should not have a sense of value for money? AMCON says it intends to recover invested funds by selling the investments, will this not be more realistic by adding the additional 50 b (increase stake by just 7.5%) and grow your return by 75%? Is AMCON not already evaluating bids for the banks it outrightly Nationalised?

This public institution(AMCON) has completely "De-risked" intercontinental bank - what ACCESS is purporting to buy with N50b is not the weak institution being portrayed, but a completely revitalised, 330 branch bank (compared to its less than 150) with deposits almost twice its own. This would not ordinarily be anybody's business apart from the fact that the acquirer is enjoying this largess at the expense of Nigerian taxpayers and the ordinary intercontinental shareholders.

We should not allow public institutions to hide behind the impunity of one offender to commit a greater impunity.

The House of Reps have vowed to ensure this is looked into. We hope they live up to the billing.

This doesn't add up at all. AMCON buys/bails/zerorise or whatever Intercontinental for N550b, they sell it to Access for N50b, thereby losing N500b. Pls can someone show me the puppet master?

This is an outright fraud. Why not AMCON simply put up with the N50b Access is bringing to the table, take over the bank and then sell it for its real value?

Since it is no longer in dispute that Access, through their Directors, owes Intercontinental bank some N20b, then what Access is bringing to the table is a mere N30b! So why should they be able to buy the bank at such a ridiculous price? It beggars belief. Is AMCON dashing them the bank then?

I also learnt Finbank is being bought by FCMB for a meagre N6b whereas AMCON is contributing N120b to wipe out their negative shareholders fund. This just have to be a joke. The banks should be taken over by those that contributes the lion share and if those people are not in the business of banking, sell it to those interested in banking for real value!

We are tired of enriching those in the corridors of power and their cronies. This is how Bankole bought NITEL house for a joke of a sum simply because he was in the corridors of power

Enough is enough. I hope Okonjo Iweala, as the Minister of Finance under whose purvise AMCON operates, refuses to endorse this fraud.

Posterity will judge them all

wow! don't understand the way these things work.

What happened to all the intercontinental employees now

Which one be my own? As long as nothing do my money no wahala. They can merge, transform, metamorphos till forever, no time.

so my bank wil b Access

NnamdiN:

Which one be my own? As long as nothing do my money no wahala. They can merge, transform, metamorphos till forever, no time.

abi oooooooo, i still get 1000 for dat bankoo

lets us all just be watching the whole game as home video! i have foreseen the actor of this movie dieing

stevoo i dey believe u mannnnnn, one day the bush meat go catch the hunter

Sanusi whats going on?

From an Accountant point of view, the merger is completely legal and recognized internationally. This type of merger is called Variable Interest Entities (VIEs) and AMCOM will be required to consolidate the financial statement of the merged company with its own under the new International Financial Reporting Standard IFRS rule, and also the USA GAAP rule.

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still confused

Kai na waoooooo, so intercontinental is gone, all d work erastus has done blown away. 330 branches, kai hmmmmmm, lessons have been learnt.

From an Accountant point of view, [size=16pt]the merger is legal and recognized internationally[/size]. This type of merger is called Variable Interest Entities (VIEs) and AMCOM will be required to consolidate the financial statement of the merged company with its own under the new International Financial Reporting Standard IFRS rule, and also the USA GAAP rule.

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kurus:

Ladies and Gentlemen,

This is Sanusi Lamido Sanusi ploy to own the recapitalised banks as a proxy for powerful northern interest who felt the north lost out in the last consolidation exercise.

Without going into a lot of technical jargons, what is happening is that the said northern interests will own all the extra new access bank shares to be created. So if access is paying 7.5% of the transaction cost but gets 75% of intercontinental, it means SLS and his cronies will get the balance of (75-7.5)% of the access bank shares to be issued for purchase of intercontinental(Aig and wigwe will also get small egunje shares). Effectively, SLS and his cronies have used AMCON funds to buy intercontinental and then merged intercontinental with Access bank.

SLS a-ss lickers can try and dispute the above facts, cos no finance professional will EVER advise his client to put up 500b for a trxn and the other guy who puts up 50b (90% less) now ends up getting 75% of what is being bought, except SLS is the one doing the mathematics involved.

please explain to us simpletons too, go into the technical jargon, name the northern interest so we can understand it properly

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kurus:

OGA(translated into Ibani dialect in rivers ), we can read your prior post. Did you read mine? do you underrr-ssstttaannnd it? I said explain how come the guy with 500b payment gets less equity than the guy who pays 90% less what he pays?

Abeg explain to us simpletons!!!

The attached picture/slide cannot tell the whole deal that went into the merger but it obviously gets the wrong attention from some people who do not understand the business aspect of the deal.
A company with a controlling interest in the daily activity of the business does not always have the highest share of profit and loss and vice versa. As someone said in one of the preceding post, the buyer might not be in the same business but see the business as a "cash cow" -- meaning the business is very profitable to the investor-- but do not want to be involved in daily activities. So it makes business sense to invest in such business while someone else with little contribution is allowed to make the daily decisions. Sometimes, the ability to make decision in the firm can only be done by the party with the largest share or the largest controlling interest as determined by the shareholders/joint venture owners.

The picture above does not tell the whole story and that’s why my first response only addresses the legal aspect of it.

A major example is with Apple Inc. co-found by the late Steve Jobs, we all know that the man has the idea of what to provide for the consumers, but he also has some masters behind the door who are responsible for the needed funds. Just so you know too, his interest in Apple Inc. is not as much as his interest in Pixar
Another example is Elun Musk, he's the co-founder of Paypal and Tesla Motors but was eventually forced out of those 2 businesses by the major parties before co-founding Space-X.

kurus:

when the cbn oversees a trxn costing 550b, uses 500b of taxpayers money and access pays only 50b. At the end of the deal, access with its 50b gets 75% of the proceeds of the trxns.

It doesnt take a soothsayer to know that underhand dealings are going on. In the US and UK, what the govt did was to nationalise the banks and when the banks were stabilised, they sell the shares back into private hands at a profit!!!

Or you want it in even simpler da-da-da terms?

[size=18pt]BIG LIE[/size]

Good-day All,
The evil men are using professionalism to commit crime and they think they will go free.
Write this down this day and mark my words. The day is close that the Hammar of The Almighty God will Fall on Sanusi and his godfathers.

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