ofiko123:
Terrible, what will happen to the sacked bank directors...

They have already fed fat, nothing will happen to them

Agbegbaorogboye:


You don't have light, ask Buhari

You don't have TV, get a real job so you can afford one.
I'm not the cause of your problems.

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.

thebosstrevor1:


So why do you omit this and why didn't you click on the link to see further information.

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

thebosstrevor1:



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.

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.

Agbegbaorogboye:


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

The link was before your eyes but you were on a mission to prove a point.

I have read the news.

lessonotes:
I watched the other tread with dismay and intrigue as fellow Nairalanders were asking what is the concern of CBN with FBN and that wetin concern CBN with the appointment of an MD of one of the oldest but shaking Banks in Nigeria.

Well it is not far fetched. FBN has been shaking financially for a while, which prompted CBN to support them. This their recent shaky system can not be too far from when the FBN Holding Chairman and a very large shareholder divested huge sums of money into 2 of his interest companies. I think these ventures didn't turn profitable, so FBN bore the brunt.

This caught the eye of CBN and so they waded in; because if they allow CBN to go the way of bankruptcy, CIBN cannot help depositors and the shock will be too unbearable for the Nigerian Economy. So they've been patching and patching the Bank through financial support.

Well this intervention gave CBN a say and they made reference to it in the last query within 24 hrs "Re: Audited FIRS Accounts for the Financial Year Ended December 31, 2020,” revealed that the bank was yet to divest its interest in HoneyWell Flour Mills, Barti Airtel and other non-permissible interest."

So this new action is not out of order. CBN now calls the shot in the Bank and so depositors funds is safe, but a bad investment has been done and CBN would find a way out of this mess.

I think First Bank wins.

So non of the board pays for their carelessness?

Agbegbaorogboye:


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.

That is if you are employed.

Empty barrels make the LOUDEST noise

thebosstrevor1:


How is this my problem

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!

AsomughaChuks05:
Soon CBN will start employing workers for banks. The CBN lost focus as the economic headlight of the country since Prof. Chukwuma Soludo left with his robust financial/economic policies.

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

emmyN:


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!

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.

Checked86:

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

Dude stop writing rubbish down.

Cbn does not employ staffs for commercial banks.

thebosstrevor1:


Dude stop writing rubbish down.

Cbn does not employ staffs for commercial banks.

The screen sir. Commercial banks give CBN names of every potential staff and exit follows the same process. Trust me

Che k your alert via email it is more efficient n instant.

TalkTalkTwins:
I think everything is Nigeria is just jaga jaga
GTB is my favorite bank, but they have only two branches in Imo State, like a whole state o.

Omo
Now the issues we're facing is they don't send alerts anymore, and mobile app is not loading.
So anytime you check your balance with USSD, you're charged normal rate plus #10.

Checked86:

The screen sir. Commercial banks give CBN names of every potential staff and exit follows the same process. Trust me

This is my first time of hearing this....
Cbn has no business with commercial banks hr employment policies.

thebosstrevor1:


This is my first time of hearing this....
Cbn has no business with commercial banks hr employment policies.

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.

thebosstrevor1:


Did you read the CBN governor speech because what you posted is different from the cbn governor speech, also, what you posted is contradictory because the loan was collected during the tenure of the previous md.

Here is some of the cbn governor statement from that same article.

It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.


Note: no mention of obadeko or his loan was mentioned in the governor statement, the main issue was first bank non compliance with cbn regulations when changing directors.

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/

thebosstrevor1:




That is if you are employed.

Empty barrels make the LOUDEST noise

Can any noise be louder than that made from page 1 to 6, all meaningless and hardened against people with better understanding?

Agbegbaorogboye:

Can any noise be louder than that made from page 1 to 6, all meaningless and hardened against people with better understanding?

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

Checked86:

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.

Interesting...never knew.

thebosstrevor1:


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

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.

RuudVanNisteroy:

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/

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.

RuudVanNisteroy:

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/

wahala dey first bank like this?

VictorUSA:
CBN has just exercised its power as the apex bank in nigeria.

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.

Agbegbaorogboye:

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.

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.

thebosstrevor1:


But you put all the blame of the bank woes on one man.

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 MD.

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.

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.

RuudVanNisteroy:

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.

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.

SouthSouth1914:


Your brain is incomprehensible! I put up an argument about CBN dabbling into banks internal affairs which I hope should be resolved by the board.

I asked if there was any platform (legal binding) that gives the CBN to act this way. You didn’t respond to any of my questions, but you rather jump into attack like someone on panic mode! What is wrong with you children of nowadays?

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!!!

jlinkd78:
This Govt want to make people panic when they have not been able to create anything the only Bank of reference in terms of healthiness is now being fingered with their leprous hand of mismanagement. This CBN that is supposed to be busy printing billions to be shared across the States now wants to crash First Bank, regarded as the Rock of Gibraltar Bank, same way big names like Oceanic and Diamond Banks including Intercontinental went out of space cos of conflict of interests

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?

RuudVanNisteroy:
The CBN is trying to make sure Oba Otudeko repays the insider loan he received.Their exposure is close to N85 billion.This is the bank my parents have all their savings. CBN as the regulator has to make sure what happened to Oceanic Bank,Intercontinental Bank and Societies General Bank,doesn’t replay itself due to reckless insider loans that are not being repayed and keep getting restructed without any tangible collateral,should it go bad.

CBN Statement

"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"

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..

owobokiri:


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..

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.

Your darling Mummy has been fired!!!!

post=101239014:

Good to know that our other darling mommy is not affected.
She issa Role Model to us and many Nigerian ladies out there.
We love you mom.