₦airaland Forum

opadiya:
IB was no doubt a bigger bank in terms of assets and customers. Even Access had to relocate their head office from Oyin Jolayemu to Danmole, the then IB headquarters, after the merger. The power that be at the time wanted to get rid of the Bank and Akingbola.

That Oyin Jolayemi that is not bigger than Intercontinental branch in Challenge or Ring Road , Ibadan.

By now, I would have expected our people to know how to thread carefully knowing fully well that South Are always looking for the slightest opportunities to attack them.

Wisdom is more profitable to direct.

Streetinvestor2:
Why don't u tell us why cbn has refused to apply the same standard used for aso savings on unity Bank. Did aso savings not go to court. Did intercontinental bank not go to court. Was access bank not indebted to intercontinental before the take over. Go check if iintercontinental bank was not far bigger than the access bank that took over it.
The ceo of international bank and the shareholders whr ready to even recapitalise the bank but Sanusi was only interested in take over of the bank.The case was even taken to senate but some political powers whr bent to steal the bank.It is the same thing that just played out in aso savings.The good thing about karma it could be. Loud like thunder. Who told you some of the properties are owned by the late guy.It is properties by some political criminals he represented..I expect more discoveries and seizures in future

You are quite right. He seems to be in disagreement with the term VINDICTIVE I used for SLS.

Different laws for different people.

Iamblessed8888:
Is this why Meristem has been having issues

Indeed, I am disappointed in Meristem. I hold them in high esteem and would have staked my all that they can never be involved in such atrocious atrocities.

mikeapollo:
The bolded is inaccurate and misleading. A CBN governor cannot just liquidate a whole bank just because of vindictiveness or because he/she did not like the CEO. There are rules and laws that guide the operations of banks.
Let's stop this tendency of bringing up wild, unfounded conspiracy theories to support or defend big men who might have committed crimes or looted and destroyed our institutions., thereby jeopardizing the economy and millions of jobs.
Has Akingbola, Ibru or any other former CEOS been able to challenge the CBN in court and won? I think Bank PHB went to court and they lost!
For instance in the case of Ibru, one of her atrocities was that she approved huge personal loans (unapproved by the Board of Oceanic Bank), collected the money, and then used it to build hundreds of branches which she then rented out to the bank at huge annual sums. What do you call that? Depositors funds were being endangered in all these. There were several other issues as well.
The truth is, we needed a no-nonsense person like Sanusi, who was bold enough to stand up against the crimes going on in the banking sector, the oil sector with NNPC, and even the legislators who were consuming 25% of national overheads and nobody could talk.
We Nigerians always complain that many things are wrong in the country but when we see someone who is bold enough to address these things, we turn around to cook some funny excuses, rumours and stories to muddle the issues

I am not here to argue that they do not deserve the hammer. Part of my reason for emphasizing his vindictiveness is the fact that some other banks were systemically weak as at then too. I am quite aware of the sins of the two personalities. I am not here to absolve them of any blame. But as my people will say " cutting the head off is not the solution to headache". In this same country, we are always quick to jump on the " thousands will lose their jobs, children will be thrown out of school" etc when serious decisions need to be taken. A well articulated and properly structured regulatory guidance and supervision would have achieved a better decision then.
It might interest you to know that a bank in Nigeria today that people would not want to believe is systematically sick and only being panel beated for wareva reasons. If the real Prudential guidelines and the risk assets portfolio are scrutinized devoid of bias and sentiments.

For all I know, no big person in Nigeria is a saint and in actual fact, majority do not have skeletons in their cupboards. Rather, they have mortuaries there.

Galactics:
One of the few sensible ones amongst them up there. Tinubu is no doubt the most useless president in history of Nigeria.

But he will become an endangered species the day he talks about your Lord and Saviour in Abia. Just the way Sowore has become.

We know your type.

jp130:
Accesscorp with a huge retain earnings is busy taking over banks in other country. Make them consolidate and manage them efficiently.
I learnt wigwe and Aig started this bank at a very young age. If he could possess such a talent then, he could explore real estate as well

" If he could".......... Adverbial clause of Assumption.

ghm:
Thanks. Wigwe's money is a long accummulated and compounded money for over 3 decades of successful, diligent, focused and highly rewarding career.

The only issue that is inexplainable to me is how and why Access Bank can be owing Intercontinental Bank billions, shown in their books and the then CBN did not go after Access Bank to pay off the loan but instead shut down Intercontinental Bank and sold it to Access bank, its creditor. That is abracadabra!

In simple terms, it is just about Sanusi showing is typical VINDICTIVE nature. He had axe to grind with Akingbola and Mama Ibru as at then.
As at the time the two banks were taken over, Skye Bank then was systemically injured and wounded.

Bottom line, never joke with a contemporary on the same level with you who suddenly gets upgraded above you. Especially as a regulator. Above all, a crab can swallow a Whale in Nigeria.

nosa2:
I am really not understanding. Did auditors find fraud in the company books?

So every rich man in Nigeria is a thief

If the so called Auditors were to be doing their job as expected, there wouldn't have been terms like " Insiders abuse" and bad loans to top management. If fact, maybe the undertaker that took over bad debts of banks would have wound up by now.

mikeapollo:
Banks always have inter-bank transactions so owing one another is normal. What is not acceptable is for a CEO or management to violate the banking law, rules and regulations and indulge in or perpetuate fraud or criminal activity that jeopardizes depositors funds and financial health of the bank

Greed may be immoral but it different from fraud or crime! .

The 109 properties in London (IF TRUE), paints a picture of a greedy person who amassed wealth in the midst of poor people around him that may be suffering. But did he break any law?
If yes, then let the CBN go after his estate and anybody that may be involved.
Access Bank started operations in 1989, and with the kind of money that these bank CEOs made during Soludo's bank recapitalization of 2004-2006 when dollar was around N120, these guys could have acquired billions of their bank shares for as low as 0.50k (nominal value) at inception and sold as high as N30 or N40! Imagine someone having N50billion when dollar was N120 or N150. That is about $300m - $400m which could conveniently buy 100 houses in London (as investments for future streams of income). Then the billions of dividends received annually.

It could be morally wrong, but did he break any law or steal depositors' or the bank's money?

And sometimes, we should even blame shareholders who only care about receiving dividends and close their eyes to bad corporate governance. As long as dividend is paid, they keep singing praises of management until the bubble bursts. That was the case of banks like Intercontinental and Oceanic Bank.
If Access Bank directors are also guilty of breaking the rules, the CBN must deal with them as well. Simple!

If you are familiar with the position of the two banks then, what Access was owing Intercontinental had nothing to do with the normal short term inter- bank settlement or indebtedness. Akingbola bailed out Access at a point when their position was precarious.
You may wish to argue further perhaps just like I said, if you are not deeply familiar with the case then.

As a caveat, my position is not to pass judge me on any body.

EDUECO:
Wigwe made more than $US 4 million from ACCESSCORP dividends annually.

Do you even know the power of 4 million dollars?

He could have acquired those London properties mostly from the proceeds of his annual dividends.

Eskis Sir, you are too much than this.
Though we all are entitled to our opinions, but in all honesty, Some of them are laughable. This is one of them.
Justifying the purchase of over 100 houses with a yearly dividend of $4m? Haba!.

Oga, let us talk about FUGAZ results being awaited of Dangote Refinery listing abeg.

No vex sir.

Which kain below the belt blow be dis for early Monday morning?

Sensiblerealist:
Like my friend's brother would always say, 'In this life, find your level, maintain there'.
Despite his father's past corruption scandal, these ones still get moth for CAF

The Baba planted them well.
The brother is using part of the looted funds to organize boxing events left , right and center. Meanwhile, the gigantic event center in Lekki is bringing in cash every Saturday.

If you dey join them say people wey embezzle money no go die better, stop wasting your time.

FreeStuffsNG:
Smh.

It was a Delta-state born Nigerian Judge who ruled against Senegal. CAF only complied with the ruling.

Nigeria is more than involved in CAF but we play it codedly.

She only headed the panel.
MOTSEPE is crying now that he is surprised the Tunisian FA President was also on the panel.

All the baby analysts talking down on Wike, what will you do now that he has dusted your Lords and Saviours.

Person pass you, you talk say na by small. Then, enter Agulu market and buy the small nao.

And some clowns are comparing this guy with the short man angel that built 48 smart schools with N43B?

Na wa.

Dem know Dem selves across all divides.

Gullible Nigerians are fighting their battle.

GeeKudi:
The wait is so tiring

The results are coming soonest like thieves in the night.

Latest this coming Friday. At least 3 from FUGAZ.

Rufai, come and blame Tinubu again.

Obedients, come and claim the government gave him the money to spend.

Obi, come and tell us that Nigeria's democracy is in the mortuary.

1,2,3,......go.

reddingtonblack:
I wont go anywhere, if it impossible for you to make a point here, stay on that nairametrics

I went to school so i can think for myself

E sho for your bodi.

Rotji:
But that's Tompolo's name na

Tompolo's real birth name is Government......something something 😏

Government Ekpomupolo.

Bournvita.

NEPA.


Go to Bayelsa and confirm.

AndroBlaze:
Was Ladoja not part of the high chiefs in Ibadan before he became governor?

Don't think this writeup is credible as the only thing that can stop someone from being a governor has to be listed in the constitution, not any local law or custom.

What could be more credible than something directly from the authority on a government letter head? This is not AI and neither is the news strange as at now in Oyo

Adblg0610:
If Sharafadeen Alli truly wants to be governor in 2027, he should approach a Federal High Court to obtain a perpetual injunction to defer the chieftaincy title for now, because it’s not done in good faith and if not delayed, it would affect his traditional hierarchical seniority.
Trying to combine both will likely cost him both.

What would be his prayers at the court concerning the perpetual restraining order?

He will just ask the court to restrain the government claiming he is not ready or what?

reddingtonblack:
If you can think @least those who can do, for every policy there are ripple effect

Yes i can get dollar now but with the new policy implemented thats is about to change cos one of the suriest means for parallel market to get forex is via diaspora remittance

When govt dole out policy, its mandatory for every sensible to unveil the motive, possible benefit or what they are tryin to achieve

uncle whats the motive, enligthen people since we know nothing

Go to Nairametrics and search under the topics in the last 24 hours on their website. With that, you will learn how to digest a policy without jumping on the criticism bandwagon.

Tenses:
You no dey tire for this your propaganda? E don dey turn to madness oooo.

It is on BBC and CNN.

The fact that NEPA is dealing with you does not mean you should argue blindly.

They must have been the ones that helped the short man angel presently in custody.

bigpicture001:
I would have replied u had u not used your last paragraph... I dnt engage in insults anymore... So bye!

Your cup of Akamu.

You for insult nao.

Precious201010:
This story get as e be... U for enter Okada take pursue the thief na.

He wants people on Nairaland to help him run after the Keke.

Start paying your tithe going forward.

Kalatium:
I had a clean, beautiful timeline in my head when i was a teenager :
Graduate at 20
NYSC at 21
Master’s at 22
Get married by 24 or 25.

Everything was planned like a well-written SOP.
Then Nigeria said, “Relax, I have edits.”

I didn’t even gwt admission early. In my undergraduate days ASUU strike entered like an uninvited guest.
Calendar shifted like NEPA light.
One extra semester became two… then somehow became “just manage it like that.”
Next thing…

I graduated at 27.
At some point, I stopped planning and started observing because in this country, your life plan is just a suggestion. Nigeria is the final editor.

You go draw straight line, life go use biro scatter am .
But here’s the funny part… you still arrive. Just not the way you imagined.
So if your timeline don bend small, calm down.
You’re not behind… you’re just studying in Nigeria.

Still yet to get married

Give credit to the source. We know some of you are not intelligent enough to come up with such like this.

#plagiarism is a crime.