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Nairaland Forum / Nairaland / General / Politics / CBN Fires First Bank Directors (45678 Views)
BREAKING: I’ll Probe N241bn Debt, Abba Gida-gida Fires First Shot At Ganduje / First Bank Directors Fired To Protect Customers, Minority Shareholders – CBN / FIRS Retires All Directors Who Have Served For Eight Years (2) (3) (4)
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Re: CBN Fires First Bank Directors by SavageResponse(m): 11:29pm On Apr 29, 2021 |
ofiko123: They have already fed fat, nothing will happen to them 2 Likes |
Re: CBN Fires First Bank Directors by Nobody: 11:33pm On Apr 29, 2021 |
Agbegbaorogboye: I don't have a job maybe you can link me up in your office so that i can get a REAL job like you do, maybe with the meagre salaries they will pay us, i can afford a black and white tv for a start.
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Re: CBN Fires First Bank Directors by Agbegbaorogboye: 11:38pm On Apr 29, 2021 |
thebosstrevor1: First of all, the link you posted does not have that particular headline. It's obvious you're on a mission. But here's a link of the full speech by the CBN governor. You can screenshot wherever you see retirement and interim board. https://www.premiumtimesng.com/news/headlines/458476-why-cbn-sacked-first-bank-board-emefiele-full-text.html 2 Likes |
Re: CBN Fires First Bank Directors by Agbegbaorogboye: 11:40pm On Apr 29, 2021 |
thebosstrevor1: I regret to inform you that you can't work in my office. There are hawks there who don't suffer fools gladly like I have the patience of doing. 1 Like |
Re: CBN Fires First Bank Directors by Nobody: 11:41pm On Apr 29, 2021 |
Agbegbaorogboye: The link was before your eyes but you were on a mission to prove a point. I have read the news. |
Re: CBN Fires First Bank Directors by Nobody: 11:42pm On Apr 29, 2021 |
lessonotes:So non of the board pays for their carelessness? |
Re: CBN Fires First Bank Directors by Nobody: 11:46pm On Apr 29, 2021 |
Agbegbaorogboye: That is if you are employed. Empty barrels make the LOUDEST noise |
Re: CBN Fires First Bank Directors by emmyN(m): 11:47pm On Apr 29, 2021 |
thebosstrevor1: I've read all the arguments in this thread and it's very clear that you are arguing blindly, and even when faced with glaring facts you try to dabble your way through. I enjoyed the read though, as it afforded me the opportunity to be better acquainted with the banking industry and how they play their politics. But dude, shut up, it's annoying! 7 Likes |
Re: CBN Fires First Bank Directors by Checked86: 11:48pm On Apr 29, 2021 |
AsomughaChuks05:They do. In short, every staff must be screened by CBN before any approval. The staff may not be there in person but God helps you if you had any bad loan on your neck or history 3 Likes |
Re: CBN Fires First Bank Directors by Nobody: 11:50pm On Apr 29, 2021 |
emmyN: Tell me where i was wrong?? I believe because i didn't blame buhari, Nigeria and the rest blame game you are prone to, that is you are having an heart attack. I believe you think everything is a conspiracy. GTFOH. |
Re: CBN Fires First Bank Directors by Nobody: 11:51pm On Apr 29, 2021 |
Checked86: Dude stop writing rubbish down. Cbn does not employ staffs for commercial banks. |
Re: CBN Fires First Bank Directors by Checked86: 11:54pm On Apr 29, 2021 |
thebosstrevor1:The screen sir. Commercial banks give CBN names of every potential staff and exit follows the same process. Trust me 1 Like |
Re: CBN Fires First Bank Directors by pricklewane: 11:56pm On Apr 29, 2021 |
Che k your alert via email it is more efficient n instant. TalkTalkTwins: 1 Like |
Re: CBN Fires First Bank Directors by Nobody: 11:56pm On Apr 29, 2021 |
Checked86: This is my first time of hearing this.... Cbn has no business with commercial banks hr employment policies. 1 Like |
Re: CBN Fires First Bank Directors by Checked86: 12:02am On Apr 30, 2021 |
thebosstrevor1:Cbn has serious business. Ask questions. Just to shock you even more, contract staff names also go through that process but their exit must not involve CBN. CBN can approves or reject any staff placed for sack. No bank can sack real staff without CBN approval. 2 Likes |
Re: CBN Fires First Bank Directors by Nobody: 12:03am On Apr 30, 2021 |
thebosstrevor1:The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio (CAR) and non-performing loans ratio (NPL) substantially breaching acceptable prudential standards. The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans, and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. This conclusions arose from various entreaties by the CBN to them to recapitalize. Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic. The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank. The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives Read more at: https://www.vanguardngr.com/2021/04/cbn-sacks-first-bank-directors-retains-adeduntan-as-md/ 2 Likes |
Re: CBN Fires First Bank Directors by Agbegbaorogboye: 12:06am On Apr 30, 2021 |
thebosstrevor1:Can any noise be louder than that made from page 1 to 6, all meaningless and hardened against people with better understanding? 1 Like |
Re: CBN Fires First Bank Directors by Nobody: 12:11am On Apr 30, 2021 |
Agbegbaorogboye: Lol....is nairaland a place to be silent. Better understanding i guess from people like you that get their news from only channels tv. Btw, tomorrow is work, aren't you supposed to be sleeping |
Re: CBN Fires First Bank Directors by Nobody: 12:12am On Apr 30, 2021 |
Checked86: Interesting...never knew. |
Re: CBN Fires First Bank Directors by Agbegbaorogboye: 12:17am On Apr 30, 2021 |
thebosstrevor1:Nairaland is a place to be silent when you're ignorant. It's certainly not a place to advertise your ignorance and lack of understanding for free. Well, who is right now? The end justifies the means. You who have data got yourself entangled in a web of confusion that it will take a rocket launcher to shoot understanding into your dull brain. I'm not a kid. Don't worry about my sleep. Worry about yours. You've obviously taxed your brain beyond its elastic limit. It needs a rest. Just switch it off- that's if it was ever on. 3 Likes |
Re: CBN Fires First Bank Directors by Nobody: 12:20am On Apr 30, 2021 |
RuudVanNisteroy: But you put all the blame of the bank woes on one man even though the board are also complicit in this issue. I earlier wrote that the cbn found that the board had given preferential treatment when giving loan to obadeko. That is why he was told to pay back. I stand with my earlier statement, the retirement of the former Md was not because of an hostile board but because of lack of compliance with cbn regulations. Apparently, the bank have been in distress since 2016 when the former md was in position. There are 2 different issues. 1. The bank distress issues 2. The board lack of compliance with cbn regulations when appointing new board. These 2 are unrelated. |
Re: CBN Fires First Bank Directors by baralatie(m): 12:22am On Apr 30, 2021 |
RuudVanNisteroy:wahala dey first bank like this? |
Re: CBN Fires First Bank Directors by pricklewane: 12:24am On Apr 30, 2021 |
VictorUSA: But it as not been able to exercise is power with the way naira is spiraling down the tunnel abi that one no be CBN job. 1 Like |
Re: CBN Fires First Bank Directors by Nobody: 12:25am On Apr 30, 2021 |
Agbegbaorogboye: Imagine the ignorant who think he has written something wise. apparently, you think you were right after the jargons you wrote down. All the false accusations and personal attacks were dismantled just with links from premiumnews. You didn't write down any facts down other than personal attacks and abuses, i believe your lack of understanding of simple English couldn't make you know the differences between removal and retirement even when it was glaring in your eyes. You are just waste of space, time and energy. 1 Like |
Re: CBN Fires First Bank Directors by Nobody: 12:28am On Apr 30, 2021 |
thebosstrevor1:Do you know they are yet to perfect the collateral for the loans that are close to N100 billion naira given to him?Despite being reminded for three years by CBN? If anything goes wrong with those insider loans, Oba Otukedo assets in Airtel and Honeywell will not be touched, because First Bank will have no legal recourse in court because they failed to perfect the collateral for three years. 1 Like
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Re: CBN Fires First Bank Directors by Nobody: 12:49am On Apr 30, 2021 |
RuudVanNisteroy: Apparently, he used his shares in first bank holding company as a collateral for the honeywell loan and it is contrary to the conditions precedent for the restructuring of the company’s credit facility.” Because of that, First Bank does not have a binding document filed with the CBN that will allow it legally claim the collateral if there’s a default on the loan. This means, he was given preferential treatment by the board which is against cbn rules. He also has another case with ecobank, where he used his shares from airtel as collateral for the loan he collected from the bank. Otudeko’s Airtel shares were used as collateral for Honeywell’s Ecobank loan. Yet, in an interesting turn of events, those same Airtel shares as well as some Honeywell assets were also used as collateral for the credit facility from First Bank. According to one banking insider, “In a round about way, First Bank now owns the assets pledged to Ecobank.” His case is a complicated issue. Anyway i believe first bank is one of the bank classified by the cbn as too big to fail, i believe at the end, they will be bailed out by the cbn. 3 Likes |
Re: CBN Fires First Bank Directors by CorperKola: 12:58am On Apr 30, 2021 |
SouthSouth1914:Take them to court na whats the alternative? the bank should be left to be mismanaged and ultimately fail, carrying along with it depositors' funds because of your feelings the sacked board and chairpersons dare not go to court, u ignoramus are the one ranting here you were obviously born yesterday or just ignorant of Nigeria's banking sector history because even if you dont have common sense, you should at least be capable of learning from history!!! 5 Likes |
Re: CBN Fires First Bank Directors by Paentera(m): 1:04am On Apr 30, 2021 |
jlinkd78: Will you let those who are knowledgeable talk and stop pandering to the gallery. Were you not born when boards of Oceanic Bank and its ilk were removed by CBN? 4 Likes |
Re: CBN Fires First Bank Directors by owobokiri(m): 1:38am On Apr 30, 2021 |
RuudVanNisteroy: That Oba Otudeko of a guy is so dangerous with bank loans. He moves from bank to bank obtaining loans without any plans whatsoever to pay back.. In sane countries, the guy and his business would have been banned from accessing bank loans. He was fingered in the gtb loans wahala too. Everything the guy has, revolves around unpaid loans.. This is how they loot down banks and companies, no matter how strong the institutions are.. 4 Likes |
Re: CBN Fires First Bank Directors by Nobody: 1:42am On Apr 30, 2021 |
owobokiri:Ecobank will also be having sleepness nights due to the loan they extended to him. CBN has given First Bank 48 hours to recover the loan to extended to him for his compnay Honeywell, which they refused to perfect the collateral. With the new interim management, CBN may agree with First Bank once again restructure the loans he woes. So, Ecobank and First Bank can try and recover most of the amounts loaned to him. 2 Likes |
Re: CBN Fires First Bank Directors by Nobody: 2:27am On Apr 30, 2021 |
Your darling Mummy has been fired!!!! post=101239014: 2 Likes |
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