₦airaland Forum

sanusi can neva try it.atleast we d shareholders will not accept that.all his agenda is been xposed we av sent our petition 2 d VP

tell sanusi 2 keep off d banks and allow its shareholders 2 recarpitalise the institution and then dissolve d FEC

enough of all dis talk.now is time 2 take action against all sanusi's manipulation.let us send a protest letter to jonathan our acting president directing him 2 stop dis sanusi's hurried sale of bank 2 his foriegn cronies.

commercial  crowd

500B? y then r we sacking innocent staff

sanusi shld give the shareholders of d banks time 2 recarpitalise d banks like e did 2 unity banks .dats wen we'll believe his sincerity

What arrogance.Sanusi has set d whole village on fire because he wants 2 kill a rat

Sanusi created this whole mess, so CBN should accept responsibility for these loss of jobs. I wrote earlier in one of my Vanguard commentaries that this Malam Sanusi came to ruin the financial sector and hand over the remains to their Oligarchy’s Sharia Bank. As we can see, our notable banks are dying gradually and systematically.

its unfortunate we av a politician as a cbn gov.

dis banks r making some big mistake:sacking of staff is a demarketing tool for d bank also u don't xpect a sacked staff (marketer) with over 500m in his cabal not 2 advice his client otherwise.

so go recovered d loan and stop ur team from sacking innocent staff.

good talk.i guess the time 4 youth revolution is now

but sanusi says uba its healthy.sanusi should know dat d families of d sacked workers will never 4 give him

i think some of d bank has d potential to grow as a single entity i e finbank .d shareholder should b allowed 2 recarpitalise d bank instead of M or A

i will advice all the sacked workers from UBA,INTER,WEMA,ZENITH ETC to form a union and march to the national assembly and the CBN to convene this injustice.How can u make innocent pple to suffer 4 d sins of others.How do one xplain a situation where a debtor is being granted billions of money in waiver but an innocent staff is made a scapegoat.

The Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has been under intense criticisms by a group known as Renaissance Professionals.

The group has accused Sanusi of using his position to waive a whopping N8.44 billion “non performing debt” allegedly owed by companies belonging to Governor Bukola Saraki of Kwara State.

In paid advertorials in some national dailies, the Renaissance Professionals claimed that Sanusi ‘planted’ Mr. Lai Alabi, ex-employee of Saraki as the Managing Director of Intercontinental Bank, to compensate his ‘godfather’ (Gov. Saraki) who supported him to get the CBN apex job.

The group also alleged that two other former employees of Saraki’s Songhai Farms, were appointed as directors in the new board of Intercontinental Bank, inaugurated by Sanusi after sacking the Dr. Eratus Akingbola-led executive in the bank. It also alleged that three companies owned by Saraki were owing Intercontinental Bank a total of N8.4 billion which were not listed in the bank’s non-performing loans; whereas a company owing the bank N200 million was listed.

The Renaissance Professionals argued that waiving the N8.4 billion debt is a subtle support for Saraki’s 2011 presidential ambition by Lamido and by extension, his appointee, Mr. Lai Alabi, the new MD of Intercontinental Bank.

The group also called to question the First Bank of Nigeria (FBN) end of the year report of March, 2009, in which the FBN said N26 billion provision for non-performing or bad debts was adequate.

The group noted: “Taking a cursory look at the former Governor of the CBN, Prof. Soludo’s report on Nigerian banks which he presented in London and South Africa in the fall of 2008 and early this year, respectively, where he maintained that Nigerian banks are strong, one is left to ask what the new definition of strong in the light of the disclosures now being made public.”

However, Saraki has denied owing Intercontinental bank N8.4 billion. A statement by the governor’s press secretary, Masud Adebimpe, described the allegation as frivolous and an attempt to smear the governor’s reputation.

According to the statement, before he commenced his tenure as governor, Saraki had resigned his appointment as director in the three companies that were referred to as debtors to Intercontinental Bank, and has not been involved in the daily running of the companies since he became governor.

http://thepmnews.com/2009/12/09/sanusi-under-fire-accused-of-waiving-saraki%E2%80%99s-n84bn-debt/comment-page-1#comment-130018



SANUSI'S SCRIPT IS GRADUALLY UNFOLDING

it's unfortunate dat a country as big as nigerian can only av a sudan trained as its cbn gov.

intercontinental is sacking innocent workers and granting billions of waivers to the (thieves) debtors.NIGERIANS IS HIGH TIME WE RAISE AGAINST THIS INJUSTICE BEING PERPETUATED BY SANUSI.

true talk of our elders.d earlier we get rid of dis military gov of the cbn d bettet 4 our economy

As the board of Afribank Nigeria Plc meets this morning to pass a resolution to bring in institutional investors to acquire the bank, the shareholders have dragged the newly appointed management of the bank, its chairman, the Central Bank of Nigeria (CBN), its governor and other non-executive directors to the Federal High Court in a bid to halt the move.
The shareholders, THISDAY gathered, served originating summons dated December 3, 2009, on Afribank yesterday.
The CBN is expected to get its copy today.
The summons certified by the chief registrar of the Federal High Court, Lagos, Mrs. A.A. Sanyaolu, was based on an affidavit by one of the shareholders of the bank, Igbrude Moses Oke.
The CBN had a few weeks ago appointed seven financial advisers for 10 banks said to be in grave financial conditions by the audit exercises announced on August 14 and October 2 this year.
The banks are: Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc, Equatorial Trust Bank Limited, Spring Bank Plc, Wema Bank Plc and Unity Bank Plc.
Top executives of the first eight banks had been sacked and replaced with new management teams, while the last two had their management teams retained by the CBN, which injected a total of N620 billion into eight of them.
The advisers are Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
According to a statement from the CBN,  they are expected to work with the boards and management of their respective banks by exploring all options for securing their stability and long-term future growth.
It was based on these developments that the board of Afribank slated a meeting for today with a view to passing a resolution seeking to bring in an institutional investor to recapitalise or acquire the bank.
But Afribank’s shareholders led by Oke, has asked the court to give declarations that:
•To the extent that no report from the purported special examination into the books of Afribank said to have been ordered by the CBN governor was made available to the bank and or its members and their response there made and or entertained, the actions of the defendants remain null, void and of no effect.
•The defendant (CBN) claimed to have conducted special examination of 24 licensed banks in Nigeria and in at least in three of the banks the EDs and shareholders were allowed by the first (CBN) and second defendants (CBN governor) particularly Equitorial Trust Bank, were allowed to inject additional capital, while denying same treatment to the other banks and this constitutes unfair and discriminate  treatment under section 42 of the Federal Republic of Nigeria.
•The entirety of  the circumstances surrounding the actions and steps taken by the first and second defendants in interfering in the business and operations of the bank from the 14th of August, 2009 including but not limited to the purported removal of the MD and EDs of the bank and purporting to replace them with the third to seventh (current MD and its EDs) defendants are illegal, wrongful and void having been done in bad faith and in the absence of compliance with the due process required by the constitution of the Federal Republic of Nigeria.
•That the entirety of the actions of the first and second defendants in interfering in the operations of the bank both by themselves and through the third and seventh defendants since the 14th of August, 2009 inclusive of the purported advance of N50 billion to the bank by these defendants are lacking in good faith, highly  reckless, injurious to the bank and its members.
•An order setting aside and invalidating entirely all steps and actions taken by  anyone of them through the third and seventh defendants since August 14, 2009.
•A declaration  of an order of perpetual injunction restraining  the first and second defendants or any of their agents or officers from continuing to interfere in the business and operations of the bank.
•Payment of the sum of N500 billion by the first and second defendants being punitive and or exemplary damages in favour of the bank.
•Seeking an order of interculocury injunction restraining the third to seventh defendants from continuing to parade themselves as MD/CEO or EDs as the case may be pending the determination of the suit.
These actions are being taken against the Arah Nebolisa led management of Afribank, its non-executive directors, its chairman (Osa Osunde), the CBN, CBN governor, Lamido Sanusi and the Corporate Affairs Commission (CAC).
THISDAY gathered that hearing  on the case has been fixed for December 16, 2009.

As the board of Afribank Nigeria Plc meets this morning to pass a resolution to bring in institutional investors to acquire the bank, the shareholders have dragged the newly appointed management of the bank, its chairman, the Central Bank of Nigeria (CBN), its governor and other non-executive directors to the Federal High Court in a bid to halt the move.
The shareholders, THISDAY gathered, served originating summons dated December 3, 2009, on Afribank yesterday.
The CBN is expected to get its copy today.
The summons certified by the chief registrar of the Federal High Court, Lagos, Mrs. A.A. Sanyaolu, was based on an affidavit by one of the shareholders of the bank, Igbrude Moses Oke.
The CBN had a few weeks ago appointed seven financial advisers for 10 banks said to be in grave financial conditions by the audit exercises announced on August 14 and October 2 this year.
The banks are: Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc, Equatorial Trust Bank Limited, Spring Bank Plc, Wema Bank Plc and Unity Bank Plc.
Top executives of the first eight banks had been sacked and replaced with new management teams, while the last two had their management teams retained by the CBN, which injected a total of N620 billion into eight of them.
The advisers are Deutsche Bank, Chapel Hill Denham, Stanbic IBTC, Olaniwun Ajayi LP, Kola Awodein & Co, KPMG Professional Services and Akintola Williams Deloitte.
According to a statement from the CBN, they are expected to work with the boards and management of their respective banks by exploring all options for securing their stability and long-term future growth.
It was based on these developments that the board of Afribank slated a meeting for today with a view to passing a resolution seeking to bring in an institutional investor to recapitalise or acquire the bank.
But Afribank’s shareholders led by Oke, has asked the court to give declarations that:
•To the extent that no report from the purported special examination into the books of Afribank said to have been ordered by the CBN governor was made available to the bank and or its members and their response there made and or entertained, the actions of the defendants remain null, void and of no effect.
•The defendant (CBN) claimed to have conducted special examination of 24 licensed banks in Nigeria and in at least in three of the banks the EDs and shareholders were allowed by the first (CBN) and second defendants (CBN governor) particularly Equitorial Trust Bank, were allowed to inject additional capital, while denying same treatment to the other banks and this constitutes unfair and discriminate treatment under section 42 of the Federal Republic of Nigeria.
•The entirety of the circumstances surrounding the actions and steps taken by the first and second defendants in interfering in the business and operations of the bank from the 14th of August, 2009 including but not limited to the purported removal of the MD and EDs of the bank and purporting to replace them with the third to seventh (current MD and its EDs) defendants are illegal, wrongful and void having been done in bad faith and in the absence of compliance with the due process required by the constitution of the Federal Republic of Nigeria.
•That the entirety of the actions of the first and second defendants in interfering in the operations of the bank both by themselves and through the third and seventh defendants since the 14th of August, 2009 inclusive of the purported advance of N50 billion to the bank by these defendants are lacking in good faith, highly reckless, injurious to the bank and its members.
•An order setting aside and invalidating entirely all steps and actions taken by anyone of them through the third and seventh defendants since August 14, 2009.
•A declaration of an order of perpetual injunction restraining the first and second defendants or any of their agents or officers from continuing to interfere in the business and operations of the bank.
•Payment of the sum of N500 billion by the first and second defendants being punitive and or exemplary damages in favour of the bank.
•Seeking an order of interculocury injunction restraining the third to seventh defendants from continuing to parade themselves as MD/CEO or EDs as the case may be pending the determination of the suit.
These actions are being taken against the Arah Nebolisa led management of Afribank, its non-executive directors, its chairman (Osa Osunde), the CBN, CBN governor, Lamido Sanusi and the Corporate Affairs Commission (CAC).
THISDAY gathered that hearing on the case has been fixed for December 16, 2009.

No CBN governor has appeared in public functions more than this Alariwo Sanusi. All over the world CBN governors talk less but in Nigeria we have Ali Baba as governor who grants interviews at every opportunity. Every week now banks are retrenching and more families are being thrown into deep poverty. someone needs to call dis mallam to order.

hello…sanusi is just making noise…and confusing himself…i doubt IF he knows his tracks.

bros na lie.CBN just denied that.

which bank is it oceanic,inter, fin abeg make dem go sit don.fidelity ko fidelity ni.sanusi should allow dis banks to recarpitalise by raising fresh fund like e did to etb & unity if he's truly impartial.

Sanusi is taking us for a fool.He published the names of those with non-performing loans in the banks that were declared as unhealthy. He acknowledged that all the banks have non-performing loans. Why has he not published the names of the people and organisations with non-performing loans in the “healthy” banks, namely First Bank, Zenith Bank, UBA, Guaranty Trust Bank, Sterling Bank, Skye Bank, FCMB, Diamond Bank, Access Bank, Fidelity Bank, Stanbic IBTC, Ecobank, Standard Chartered Bank? First Bank Nigeria Plc published its half-year results about two weeks ago for the period ending September 30, 2009, providing N74 billion for loan loss, while Guaranty Trust Bank Plc provided N18 billion for its loan loss. It is noteworthy that Sanusi was the Managing Director/CEO of First Bank until June this year when he was appointed the Governor of the Central Bank.

We commend Sanusi for rising above threats to publish the names of those owing non-performing loans to the “unhealthy” banks. Since the names of some individuals and organisations have been published, why have the names of the defaulters in the “healthy” banks not yet published three months after the exercise started? Did spirits take those loans, or are the names of those who took the loans missing in the system? Are the names still being compiled, or have the loan defaulters “seen” Sanusi behind closed doors to ensure that their names are not published? These are some of the questions many Nigerians are asking Sanusi.

this is the altimate goal of sanusi.but it must b resisted

The Sanusi agenda is slowly unfolding. In due course the pieces will fall together. From the NDIC report, Sanusi on assuming office found all five banks terminally ill within 2 months. Very curious. One would have thought that an analysis from NDIC and meetings on best available options should have taken place. As things are turning out, the decision was absolutely that of Sanusi. The paper work was merely tailored to his agenda. He investigated (audited), analysed, made the decison and enforced it. This has all the trimmings of Despotism and withibn a democratic setting.
No excuse for the bad managers of these banks. But everything about Sanusi’s approach smacks of ulterior motive, selectivity, and extreme poor judgement.

all of them na homo.period

@naijatoday.wat am tryin 2 let u know is dat sanusi was never trasparent in his approach.there's no bank without bad loan.74b bad loan is quiet huge.but he turn deaf hear to it.Dornant a/cs in UNION bank is enough 2 set up a new bank yet sanusi says unity is stronger than union bank

he is definately.now d truth r unfolding.finbank was hammered for mere 46billion