This is not a surprised result at all.
You need to see how black americans give birth to babies without any plan for proper training or education.
the highest level of education for many of them is High School(secondary school), with many dont finish or finished without good result.
many of them are not ready to work. I live with them and I interact with them.
75% of the have their first baby by or before age 18 years.
i believe they need to do something to change the trend.

rip obi and others!!!

Having read and saw all the killing and maiming of our brothers and sisters by those animals in the north. im begging all corpers that may still be in the north not to risk their lives by participating again in the north elections. 4,5 and 6 years in school should not just wasted like that any more.
pleeeeeeeeeeeeeeeeeeas.
They dont go to school. they dont have future and they dont lose anything if they die. so they are always ready to kill.
I school in North and I know them.
i'm begging please, i dont want a single person to lose his/her live again.

Gbam!

Tinubu Speaks On Botched ACN/CPC Merger, Cautions Buhari Against Blackmail

THE WILL



LAGOS, April 16, (THEWILL) – Former Lagos State Governor and leader of the Action Congress of Nigeria (ACN), Asiwaju Bola Ahmed Tinubu has cautioned the presidential candidate of the Congress for Progressive Change (CPC), General Muhammadu Buhari on making derogatory comments over the failure of the ACN and the CPC to reach a working alliance ahead of the Presidential election which held today nationwide.

Bola Tinubu spoke during a question and answer session with journalists after his accreditation to vote in the election in Alausa, Lagos.

On why the alliance failed?


The story is not different from what the National Chairman said last week. It is very unfortunate that the two serious national parties could not solve the problem earlier than now. We have been at it for quite some time now. You all are aware of the National Democratic Movement, which Alhaji Atiku Abubakar was a member before he moved back to the People’s Democratic Party (PDP). The movement was left with Attahiru Dalhatu Bafarawa, General Muhammadu Buhari and us. From that moment on, it would have been a good opportunity to form an alliance. It is not about individual. It is about the need to form a strong structure.

So what transpired?


At that time, there was no Congress for Progressive Change (CPC). What we had was The Buhari Organisation (TBO). Suddenly, CPC was registered. To me, at that stage, instead of a merger to form a unified platform, they started talking about alliance. Alliance in a presidential system has never worked. You need to form a common platform with a common manifesto to be able to work together and be able to educate the people on the difference between the common platform and the constituting parties.

When the merger plan did not work, they dragged us back. I will not blame any person. But Buhari, as a leader who is highly experienced, and has been a statesman and contested election twice and has complained of rigging and irregularities in court for a long time challenging the process, he should have seen that it is not wise to bring CPC in at the time we were rooting for a merger. But we still respected him and wanted to continue with the merger plan, but he said he wanted an alliance. So, the merger was suspended.

However, if you want alliance, instead of a merger, you must be ready to negotiate, give, take and make sacrifices. But it is unfortunate that we are so self-centred and selfish to the extent that it beclouds our patriotic sense. They do not want to give, but want take. We suspended the alliance talk till after the National Assembly election, the result of which showed that Action Congress of Nigeria (ACN) has better strength and better spread than CPC. So, we should be the leader in the alliance.

But they want to keep the presidential candidate as well as the running mate, in an alliance where we should be the leading pack. Now, the alliance is not strong enough to produce the senate president, neither can it produce the House of Representative Speaker, so what are we going to get in return? I am ready to sacrifice my two legs to be amputated, but you are not even ready to sacrifice your index finger. They were offering us cabinet positions which you can change your mind tomorrow and sack at will.

When did the ACN back up then, was it after the offer of cabinet positions?


We were still ready to go along with the plan in the interest of the country. But we later discovered that while we were negotiating the alliance, they are also speaking with the Save Nigeria Group (SNG), to which they have conceded the slot of Vice Presidency. We accepted him, but asked him to surrender the vice presidential slot. If we do not have that, our platform, which we have laboured so hard to build, will be in danger.

So we proposed a merger which will be implemented after the election. We could not afford to jettison our symbol because it is the symbol of economy, especially for the poor. But we were ready for a joint logo that will show the broom on one side and Buhari’s pen on another side as a new logo for the future. The negotiation went to that extent. Yet, they refused to commit to that plan. At that point, it became clear that they are only after using us to win election, without having any regard for our platform. We decided at that point to cancel all suggestions and look at things holistically.

Why did the ACN not push for a candidate from the younger generation?


We actually did because globally, younger people are taking over governance. They are producing better results, even the very conservative Russia is shifting ground for the younger generation. Our candidate is younger than others. Ribadu is a lawyer and an institutional man. He built Economic and Financial Crimes Commission (EFCC), which became a deterrent to widespread irregularity, from the scratch. When Ribadu was at EFCC, Buhari was one of the principal advisers of EFCC. Both of them have a long family history when Ribadu’s father was a parliamentarian. So, he could have become our national hero and our own Mandela, by supporting Ribadu.

So, may be, the election will throw up a run off. Then we can resume the alliance talk. But I got a text from Chief Bisi Akande this morning that “General Buhari on Voice of America radio today said that ACN has already sealed a deal with the PDP for some cabinet post and Speaker of House of Representatives.” That is false, if it is true that Buhari said so. It is blackmail. I do not expect somebody of his calibre to make such statement. We are going to remain committed to our manifesto.
On the meeting between the ACN and President Goodluck Jonathan?

If President Jonathan will invite the leadership of the ACN to even have a discussion on collaboration, he has done well. It means he has shown the desire to win the election. But what has Buhari done? Has he ever willingly contacted the leadership of ACN privately? Until we were rallied by some leaders who wanted us to form the alliance, Buhari never took a single proactive step. I do not believe a man running to be the President of Nigeria and not Emir of Katsina should have the needed flexibility. To be a good leader, you have to be flexible and accommodating.

On Nuhu Ribadu’s readiness to drop out for Buhari


In fact, in all honesty, Ribadu was even willing to step down when we consulted him. He was ready to make the huge sacrifice. But the other party remained unbendable. I have never being a part of federal government even though, the democracy we enjoy today is a product of our struggle in National Democratic Coalition (NADECO). I did not take advantage of it when former President Olusegun Obasanjo, who is my kinsman, was in power. Or are you going to say he did not invite me? He invited me several times. He even set a booby trap in 2003. I bypassed it and defuse that trap.

Was CPC formed to frustrate the merger of progressives by fifth columnists?


Let us finish the bleeding before the careful analysis and post-mortem of the failure of the alliance will be done. But a leader must be able to identify great opportunities and sit on it, hold on tight. No one can mislead me easily because I examine facts, figure, and factors before taking decision. So, irrespective of how many columnists, why will a leader see that opportunity and not seize it? I think is a question of the quality of leadership ability.

Tell us details of your meeting with President Goodluck Jonathan?


He sought for my audience in Lagos not in Abuja. As somebody, I knew when he was a Deputy Governor, I have to respect him. The meeting was in Lagos. I told him that I have been in this position for years. During the military era, General Ibrahim Babangida took me as a younger brother and was very close to my family. Despite that, I did not change my position. When our democracy was aborted, I had a choice to go back to my profession. I chose to stay with the people, and struggle for democracy. I went into exile. I do not have to do that if not that my commitment to democracy is very firm. I told him that PDP has failed us for 12 years and I have 101 reasons not to join them. I said, “Mr. President, I respect you but I am not going to work with you. I have a party that I am leading and I am not looking for anything.” I do not need a presidential jet. I have been in presidential jet three times since the return of democracy. I boarded presidential jet twice with Alhaji Abubakar Atiku en route Umrah. The third time was with President Umaru Yar’Adua. We met at Kaduna. We flew together to Abuja. If they are sure I flew in presidential jet to see Jonathan, let them produce the manifest of that flight. It is amazing that blackmail thrives more than the truth in this country. There are so many misleading stories that could easily be verified but surprisingly ended up being believed.

On the election proper


This election has its own form and next week’s governorship will have its own form too. That is when this low turnout will turn to massive turnout. All politics is local. We are all going to massively vote for Governor Raji Fashola.

http://www.osundefender.org/?p=15026

The anatomy of rigging
By Olu Jacob



A few years ago, Aminu Bello Masari, who was then the Speaker of the House of Representatives, was sitting with Ehipo Ejiga, a brilliant raconteur and member of the House when Mr. Ejiga suddenly asked, “Mr. Speaker, is it possible to go to heaven without dying?” Mr. Masari, whose dour demeanour hides a sharp wit, turned to Mr. Ejiga and said, “Yes, it is possible. If you are a member of the PDP.”

For good or ill, after the massive rigging that made the 2007 elections one of the worst in history, the Peoples Democratic Party (PDP) has become a synonym for fraud. The choice of Attahiru Jega to chair the Independent National Electoral Commission (INEC) has been for many Nigerians the single most important factor that gave them faith in the current process.

According to Saidu Muhammed Dansadau, a former senator from Zamfara State, “There are two major routes to rigging. Where you have the majority of the people supporting your party and, therefore, willing to allow you to tamper with the process. And secondly, when you have an INEC chairman who turns himself into a returning officer and goes to the Villa to announce election results even before all the votes have been accounted for. You cannot do that with Jega.”

Let them sue

Indeed, Mr. Jega, despite the shoddy manner in which he has handled election matters of recent, has done enough to ensure that the polls are credible.

The choice of the Open Secret Ballot system, a modification of the Option A4 which was successfully used in the 1993 elections, was quite inspired. The worst incidents of rigging have always occurred when secret ballot is used. Often, party agents on the losing side refuse to sign the results sheet, because the numbers do not tally with their expectations.

The story is told of the agent who told the inimitable Arthur Nzeribe that he had evidence that the other party was rigging the polls, evidence that would be useful in court. And the senator had answered, “To hell with evidence. Let us rig, let them sue.”

Over the years, elections in Nigeria became a matter of out-rigging your opponent, until the use of Option A4 or the open ballot, which makes people queue up behind the candidates of their choice. It wasn’t so free, however, because the very act of queuing behind candidates exposed people to all kinds of dangers in a country where political differences run deep. Many people simply would not turn up for voting to avoid being marked down as the enemy.

In the 2011 elections, the method is modified. The open secret ballot means that while the accreditation of voters from 8am to 12 noon will be done in public, the voting itself will be secret, thus preserving the sanctity of the exercise.

Does that mean then these elections cannot be rigged at all? Abubakar Bawa Bwari, who is running for the governorship of Niger State against an incumbent PDP governor, said it would be decidedly more difficult now. “But nothing is beyond the PDP,” he said. “You never know what they are planning next.”

Mr. Bwari would know. A former majority whip in the House of Representatives, he had been a party stalwart until a few months ago when he left to contest under the ACN.

To be sure, it has always been easy to rig elections in Nigeria. And despite prevailing opinion, it is not just the PDP that rigs elections. As politicians like to say, every party rigs elections in areas where they can.

Indeed, everyone is guilty of the crime; from the electoral body which makes materials available in some centres and not in others; to policemen who choose the moments to look away; and politicians who steal ballot boxes and papers. Even voter apathy helps; politicians notice the absence of people on a queue and proceed to thumbprint ballots to make up for the shortfall in that centre.

This in no way suggests that government officials are uniformly corrupt. People have died trying to protect ballot boxes before, policemen as well as electoral officers.

One of the worst cases I know happened during the great rivalry between the National Party of Nigeria (NPN) and the Nigeria Peoples Party (NPP) in Niger State. A group of thugs hijacked a bus carrying election officials who were transporting the results and burnt everyone in it.

The methodology of rigging

The former Cross River State governor, Donald Duke, made some comments last year about the methodology of rigging. He spoke mainly of how electoral commissioners posted to states get compromised during so called ‘courtesy calls’ on the governors.

But there are various levels of rigging. In the most comprehensive method, the process begins with voter registration exercise. The parties in power at various stages ensure that multiple registrations, underage registrations by minors, and fictitious names are used to beef up the number of registered voters.

Once you have the numbers and the extra voters’ cards, the next step is to plan how to distribute those cards on Election Day to people who will use them.

Find suitable centres, find agreeable party agents, find the right election officials, bribe the police and SSS, and make sure the people of that area are traditionally supporters of your party or have been extravagantly induced. It is suicidal to go to a place where you are unpopular and try to rig elections there.

Sometimes, nothing so complex occurs. In the last election, I was at a centre where the police and the Electoral officers were given money to leave the scene, while supporters of a politician in the contest who had bought ballot papers came by and started thumb printing on the ledger.

To stay or not to stay

Rigging requires many people to be successful. In last week’s aborted election, at least one governor from the north central state had reportedly tried to use ballot papers obtained illegally to flood the votes.

An INEC contractor who spoke to NEXT on condition of anonymity said the governor got a huge cache of the papers used as sample for training NYSC members and other electoral officers.

“We contacted Jega and told him the problem. He said we must make sure that anywhere we see such a thing, we change the ballot. So we had to do some security changes in the papers,” he said.

One of the most ingenous thing about the current ballot papers and result sheets is the serial numbering, so that the papers meant for a certain area cannot be used for another zone. Although it had its drawback, like last week when some states and zones had so much papers and some had none, yet the papers could not be moved around to places with shortages.

Yet, Mr. Jega alone, enormous as his responsibilities are, cannot stop rigging – which was why he had insisted that people stay at the polling units after voting to see the placement of results. This tactics has helped in 2007 in Kano and Bauchi States where voters waited around to ensure the safety of their votes.

However, there have been conflicting signals from the Inspector-General of Police and the National Security Adviser, both of who have warned that voters who stay after casting their votes do so at their own risks.

There is no doubt that this year’s election will be better than the last one held four years ago, but how much better will depend on a number of factors. Yet, as Mr. Dansadau said, “Anyone who hopes to rely on rigging to win election this year is living a life of illusion.”

@all,
the crowd were not BB supporters at all.
these are my Ibadan people we like watching activities.
u need no see how many people would gather if they catch thief or madman is dancing in the public.
people are just there to see a former President of nigeria. how i wished i was in Ibadan to watch. but not that i or we de support buhari nor bakare.
mind you, i can vote for them though. but the crowd is not the supporters. Gaskiya!

thanks to the ongoing banking reform.
the best ever!
union bank, now finbank, then which one again?
i de laugh

OBJ, IBB, Abubakar, others may lose life benefits
| Print | E-mail
Written by Ayodele Adesanmi
Thursday, 17 February 2011

FORMER presidents of the country and military heads of state may lose the life benefits approved last year, by the Senate for them, their wives and children.

On the list also are Senate presidents, their deputies, speaker of the House of Representatives, their deputies and chief justices.

The Senate had, last year, through the passage of a bill for an Act to provide remunerations for former presidents, heads of the federal legislative houses and chief justices of the federation, approved the benefits.

The bill stipulated that members of the families of the deceased former presidents and vice-presidents would be entitled to annual payments, as shall be recommended by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) and approved by the National Assembly and in manner as shall also be prescribed by the National Assembly.

But, on Wednesday, the Senate Committee on Federal Character and Inter-Governmental Affairs declined to lobby for funds for them in the 2011 budget.

The chairman of the committee, Senator Smart Adeyemi, told officers from the Office of the Secretary to the Government of the Federation (SGF), who were in the National Assembly to defend their 2011 budget, that he could not defend the request.

Senator Adeyemi’s refusal was hinged on the fact that past presidents did not deserve that treatment, because they were comfortable, while he insisted that they had “mismanaged Nigeria.”

According to him, “my conscience will not allow me to champion it. The past leaders should sacrifice the perk for the development and employment which they failed to provide during their reigns.

“Tell them to sacrifice. The hospitals have no drugs, the roads are bad, there is no electricity and most graduates are unemployed.”

The Permanent Secretary in the office of the SGF, Mr Taiye Haruna, who represented the Head of Service, said former presidents were to be provided with a five-bedroom duplex within Nigeria; allowance for their staff, and three vehicle to be replaced every three years.

He added that the former presidents are also to enjoy free medical treatment abroad and a luxurious treat whenever they are in Abuja.

But Smart Adeyemi disclosed that “In a situation where there are a lot of unemployed graduates roaming the streets and threatening a revolution, rather than give this money to them, we should use it to generate employments.”.

the link:

http://www.nigeriamasterweb.com/paperfrmes.html

ON WATCH: EFCC exposed
By Stephen Davis


February 13, 2011 02:00AM
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Economic and Financial Crimes Commission (EFCC) Chairman Farida Waziri must be looking for somewhere to hide this week following the release of confidential cables from the US Embassy in London citing in detail UK Foreign Office assessments of the Nigerian Government in 2008 and 2009. Michael Aondoakaa, former Federal Attorney General and close associate of James Ibori, is cited as keeping “Waziri on a very short leash.”

A leaked US Embassy cable dated 17 November 2008 notes, “Former UK Chargé in Abuja (and current FCO East and Central Africa Group Head) James Tansley assesses that Waziri will not pursue any corruption cases that are not in the government’s interests.” It seems from the cables that “not in the government’s interests” means contrary to the wishes of the cabal running the Yar’Adua Presidency. This was alluded to in this column on 19 December 2010, On Watch: Soft on Corruption, in which I stated: “The political playing is done by Chairman Waziri deciding which reports to act on and pursue to prosecution. And therein lies the potential for mischief.”

One of the high profile cases Waziri consistently backed away from was the prosecution of former Delta State Governor James Ibori who has been accused of embezzling vast amounts of Delta State funds while he was governor and transferring it to the UK. UK authorities have been keen to pursue legal action against Ibori through the London courts but the EFCC and former Attorney General Aondoakaa have been less than helpful. Aondoakaa, a close associate of Ibori, had requested the British return evidence earlier provided for the case.

Nuhu Ribadu, while head of the EFCC had initiated an investigation against Ibori. A successful prosecution against Ibori had serious implications for those in the cabal around President Yar’Adua. Pressure was brought on Ribadu to drop the investigation and when he would not comply he was removed with a trail of manufactured evidence sufficient to provide the necessary pretext for his dismissal.

Waziri replaced Ribudu as chairman of the EFCC and quickly moved the case against Ibori into slow motion. In one of the leaked US Embassy cables Tansey “noted that it is bizarre how frequently Waziri asks for additional information on major cases, details that she should already be familiar with if she is ‘really digging into her portfolio”.

The leaked US Embassy cable also noted that “Waziri would prosecute small cases” confirming the opinion that has also been previously set out in this column on 05 December 2010, On Watch: Criminal Protection, “Thus far the EFCC’s conviction rate of “high profile cases” languishes in single digits.”

In a further cable labelled CONFIDENTIAL from the US Embassy in London dated 22 May 2009 the UK’s Serious Organised Crime Agency (SOCA) Africa programme officer Mike Davey noted “the EFCC’s reticence to prosecute high-level political cases.” Waziri’s stifling of the EFCC has become evident to foreign crime fighting agencies.

On 19 September 2010, On Watch: Corruption Undermines the Peace Process, this column observed that EFCC Chairman Waziri “is the insurance for the big men who have flaunted Nigeria’s laws and enriched themselves from state coffers thus ensuring those in poverty remain in poverty”.

Clearly the EFCC has been reigned in by Waziri who holds total control on all key operations in the EFCC. In the Yar’Adua Administration she played the role of protection for the tight cabal that ran the Presidency. That cabal is falling apart rapidly under President Jonathan. Waziri’s patrons are increasingly being exposed. Ibori and Aondoakaa are both facing prosecution.

The fact that the EFCC has been become misdirected by Waziri is clear to both the US and UK Embassy staff and in particular the UK’s Serious Organised Crime Agency which interacts frequently with the office of Nigeria’s Federal Attorney General and Nigeria’s crime fighting agencies. In this respect the EFCC’s reputation has taken a nose-dive under Waziri’s chairmanship and with it has gone the view that Nigeria is serious about fighting corruption. This is a significant set-back for the Jonathan administration which must now work to repair the reputational damage of Nigeria’s anti-corruption agency and demonstrate that President Jonathan is very committed to fighting corruption at all levels of Nigerian society.

So one is drawn to ask why, after two and half years of restraining the EFCC from carrying out its responsibilities to the fullest extent possible and frittering away the EFCC’s hard won reputation for fighting corruption without fear or favour, is Farida Waziri still the chairman of the EFCC?

Jarus:

Why did they not want him to be where he is today? Did they have any skeleton in their cupboard? Are they afraid?

Answers
1. yes, they have skeleton in their cubboard
2. they have once under rated sanusi b4 as a young MD of FBN.
Akingbola has once shouted sanusi down in MDs' meeting in CBN
they were MDs when sanusi was looking for job.
the first job as a banker for sanusi was intercontinental when it was merchant bank.
3. most nigeria banks have skeleton in their cupboard, and as someone that once under rated a young fulani man. that may be a revenge/pay back time if he became CBN governor


Alas! he became and the unwanted happened.

never ever under rate a younger person
yoruba say' omode nbo wa dagba lona.

Nawao!
So, corruption is as old as the birth of the nation called nigeria.
can this be stopped and when?
we pray God save Nigeria from the endemic of corruption.

what party does he belong to if any?
has his name submitted to INEC for the 2011 election?
then I think he should ask the likes of Harry Akande about Nigeria politics
he cant just down over here and be using imperical analysis to settle nigeria problem.
he need to come and start showing some stuff in advance, then we can feel he can actually can.

Why we voted for Jonathan – Northern Govs
Headlines Jan 17, 2011 By JIDE AJANI, Editor, Northern Operations, EMMANUEL AZIKEN, TAYE OBATERU, DEMOLA AKINYEMI & ALIYU DANGIDA
ABUJA—SOME governors of states in the North, yesterday, insisted that their decision to vote for President Goodluck Ebele Jonathan as the Peoples Democratic Party, PDP, presidential candidate was hinged on the exigencies of national unity, patriotism and the need to uphold tenets of the Constitution of the Federal Republic of Nigeria.

Their insistence came at a time that moves were already being explored to re-invigorate the Jonathan/Sambo Presidential Campaign Organisation with “elders who are more versed and tested in a presidential contest.”

Meanwhile, Vanguard has been informed that there are already informal engagements of leaders of the PDP with those “considered to have really lost out in the series of congresses” of the party in the last two weeks.


Jigawa State delegates at the PDP Presidential Primaries at the Eagle Square, Abuja. Photo by Abayomi Adeshida
Of special focus, Vanguard was made to understand, would be leaders of the Northern Political Leaders’ Forum, NPLF, who are members of the party.

The state governors who defended their choice of President Jonathan over former Vice President Atiku Abubakar spoke through their advisers.

From Adamawa, the home state of former Vice President Atiku Abubakar, Governor Murtala Nyako who spoke to Vanguard through his Special Adviser on Media and Publicity, Alhaji Aminu Iyawa, described the comments of those accusing northern governors of betrayal as a figment of their imaginations.

Political antecedents

The Governor noted that delegates to the PDP presidential primaries voted for the better candidate without manipulation whatsoever. He said the delegates considered who among the presidential aspirants was best for the North-East sub-region and the entire country before they made their choice, adding: “The delegates know Atiku Abubakar and his political antecedents more than any other person(s).”

For Governor Buba Suntai of Taraba State, his Senior Special Assistant (Media), Mr. Emmanuel Bello made it clear that Governor Suntai was not a traitor. He said: “ We voted based on convictions and patriotism. We believe in Nigeria and the supremacy of our constitution. President Jonathan’s presidency is the elixir Nigeria needs for progress and development.”


From left: First Lady, Dame Patience Jonathan; President Goodluck Jonathan; and Commander, Presidential Air Fleet, Air Commodore Adeshola Amosu, at President Jonathan's celebration of victory at the presidential primaries at Port Harcourt, yesterday. Photo: State House.
Governor Jonah Jang of Plateau State hinged the support of the people of the state for President Jonathan on the imperative of having a national rather than a sectional leader at this point of the country’s history.

Reacting to accusations of betrayal from some quarters over the massive support given to Jonathan by many states in the northern part of the country, Jang said that Jonathan had demonstrated within his short tenure as president that he is a nationalist.

Jang who spoke to Vanguard through the Director of Press and Public Affairs in his office, Mr. James Mannok, said Jonathan deserved the support he got from the North.

He said: “For nine months that President Jonathan has been in office, he has no doubt shown himself as a nationalist; as a national leader. He has not reduced himself to a sectional leader and he has demonstrated through his policies, actions and the way he has responded to issues affecting different parts of the country.

“That is one of the reasons why he has endeared himself to Plateau and other states. For us, we see him as a visionary leader committed to one Nigeria and a strong developed nation. What this country needs at this moment is a leader that understands that what is important is the unity and development of this nation.”

From Kwara State, Billy Adedamola, Special Assistant on Media to Governor Bukola Saraki, who was a member of the Northern consensus quartet, it was made clear that a number of factors were responsible for Jonathan’s success
Adedamola said: “The problem really was that delegates from Kwara State were disenchanted with the way and manner Governor Bukola Saraki was treated over the consensus arrangement.

The argument during the campaigns that we didn’t come from the far North in spite of our commitment and allegiance to the consensus arrangement didn’t go down well with them at all. The governor really tried all he could to calm them down over that but of course he couldn’t follow them down to where they would vote.”

Governor Ibrahim Shema of Katsina State, speaking through Alhaji Nasiru Abdul, Special Adviser, Media, explained that what happened last Thursday at the Eagle Square in Abuja was part of “the beauty of democracy.”

Exercising voting rights

He said the people had the right to exercise their voting right and nobody should take that away from them, adding: “ This is a democracy and every delegate at the convention was entitled to a vote and that is what they did.”

The deputy publicity secretary of PDP in Jigawa State, Alhaji Ali Abdulkadir Hadejia, said that no amount of blackmail or pressure will stop them from supporting the presidential ambition of Goodluck Jonathan in the 2011 general elections.

He said the decision of Governor Lamido to support Jonathan’s candidature wasn’t his alone but the decision of PDP and law abiding members of the party, adding that the recent protest in Hadejia had nothing to do with the support the state offered to President Jonathan in the just concluded party primaries.

Noting that the protest was organized by CPC members in favour of their gubernatorial aspirants, Hadejia said they were 100 per cent for Jonathan and there was no going back because it was PDP decision.

In his reaction, Governor Isa Yuguda of Bauchi State said the state delegates voted the way they did because they were against dividing Nigeria along tribal and religious lines.

Yuguda who spoke through Alhaji Sanusi Mohammed, his Special Adviser, Media and Publicity, said: “We should be able to give each and every Nigerian an opportunity to serve in whatever capacity. Therefore, accusing Mallam Isa Yuguda of supporting President Goodluck Ebele Jonathan, Yakasi and his group are not only trying to derail the nascent democracy we are enjoying, they are also trying to divide Nigeria along tribal and religious lines and this is what any patriotic Nigerian will kick against. We stand by Goodluck Jonathan.

Restructuring and reinvigoration

Meanwhile, a source inside Aso Rock Presidential Villa who worked with the Jonathan/Sambo Presidential Campaign Organisation, told Vanguard there was need for a restructuring and re-invigoration of the campaign organization.

The source said: “From what happened before and during the contest for the PDP ticket, it became obvious that while members of the Campaign Team put in their best, there would be need to bring on board more tested and experienced politicians who would be interested in delivering on the project.

Mr. President himself, while appreciating the work of the present team appears to have also come to terms with the need for a more energetic team. The elections in April would be a different thing entirely and all hands would need to be on deck.”

The need for this, Vanguard was told, came “because of the obvious absence of very tested and experienced politicians with the reach and network across the length and breath of this country. The general election is a different thing all together. There would be no excuse for false moves. The President can call on people from even his South South geo-political zone who are known, tested and trusted to deliver on elections.”

what is the meaning of Easteners, and who are they?

General Babangida believed that allocating ballot boxes for each state of the federation was undemocratic.

, and Atiku can easily know that Babangida did not vote for him if the result says ATIKU had no vote from Niger, and Babangida came and vote for who.

The Vanguard Man of the Year 1st: Sanusi Lamido Sanusi
Special Reports Jan 1, 2011 ….Controversy personified, a bundle of courage and an enigma

By Omoh Gabriel
Long after he would have left office as governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi will have a lot of explanations to make to Nigerians and non-Nigerians alike on some of his actions and statements in office, especially in the outgone year.

A few will suffice for this prologue:inability of the banks to give out loans to businesses largely on account of fear of Sanusi; the consequential damage to the economy; woes allegedly brought to the five banks which Sanusi claimed to have rescued, by the new managements he appointed for them; his controversial indictment of the National Assembly for appropriating to itself 25% of the nation’s resources annually;and his deafening silence to the counter allegation by the leadership of the legislative that the apex bank’s budget is even in excess of that he claimed the National Assembly spends.

Add to that his recent threat that more former bank MDs would be jailed for corruption when in fact their cases are still being heard.

Sanusi’s critics are legion and so are his admirers. Whatever opinion you may hold about him, it is clear that he, more than any other Nigerian, has influenced the news, for good or ill, this year.

He beats to the second position the immediate past governor of Lagos State,Asiwaju Bola Tinubu,while Wikileaks as personified by Jules Assange comes third.
-Editor

Even without his November 2010 Igbinedion University, Okada convocation lecture that sparked the controversy over the pressure being piled on the nation’s economy by the huge overhead cost of the National Assembly, it would have been difficult to deny Mallam Sanusi Lamido Sanusi, governor of the Central Bank, CBN our-man-of-the-year award.

Truly, this aristocrat has restored substantial sanity to the banking sector such that, today, bankers have to think twice in taking lending decisions.

Truly, businessmen/women and customers are wary of taking loans without paying back.

But truly too, businesses are collapsing because they can’t assets loans; and fingers are pointing at some of the executives appointed by him to manage the banks he claimed to have rescued, for corruption possibly worst than the previous executives.

Yet, Sanusi carries on to the applause of some Nigerians and hisses of others almost in equal measure.

To some he is a phenomena, to others he is just a ruthless and vindictive opportunist. The low, the high, the mighty and powerful have all felt his presence. He is the only spike in the Umaru Yar’ Adua now Jonathan administration.

rasputinn:

any how you see it. i think the message is clear.

'justice delayed is justice denied'

', should be purnished'

lol

'justice delay' they say 'is justice deny'


the court should do something , whether to jail him or void his removal before Alabi and other finish intercontinental bank.
i know 99% that he may not go back to the bank. yet, some people are waiting to see the verdict and know the real truth.

whoever is guity of any offence should be purnish accordingly.

Court Orders EFCC To Release Akingbola’s Property
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Written by Akeem Nafiu, Lagos
Saturday, 18 December 2010

A federal high court in Lagos has ordered the Economic and Financial Crimes Commission (EFCC) to vacate the property of a former Managing Director of Intercontinental Bank Plc, Dr Erastus Akingbola, located at 12, Ruxton Road, Ikoyi.

The order, according to Justice Charles Archibong, became imperative because the anti-graft agency took over the said property without the due process of law.

The court also ordered that the EFCC immediately allow Akingbola full access and occupation of the property.

Justice Archibong, while delivering his ruling on an originating summon filed by Akingbola, through his counsel, Felix Fagbohungbe (SAN), on Friday, agreed with the applicant that the said property was not in the schedule of the property attached by EFCC following the order of Justice Tijani Abubakar in December 2009.

Justice Archibong, therefore, ordered the anti-graft agency to release the property to the former bank chief.

However, the court refused to vary the bail condition granted him by Justice Mohammed Idris on August 30.

“I will not vary the condition of the bail which the accused is admitted to bail in this present charge,” the judge ruled.

The court adjourned till February 18, 2011 for Akingbola’s arraignment on fresh charges filed by the EFCC.


http://tribune.com.ng/sat/index.php/news/2799-court-orders-efcc-to-release-akingbolas-property.html

Court Orders EFCC To Release Akingbola’s Property
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Written by Akeem Nafiu, Lagos
Saturday, 18 December 2010

A federal high court in Lagos has ordered the Economic and Financial Crimes Commission (EFCC) to vacate the property of a former Managing Director of Intercontinental Bank Plc, Dr Erastus Akingbola, located at 12, Ruxton Road, Ikoyi.

The order, according to Justice Charles Archibong, became imperative because the anti-graft agency took over the said property without the due process of law.

The court also ordered that the EFCC immediately allow Akingbola full access and occupation of the property.

Justice Archibong, while delivering his ruling on an originating summon filed by Akingbola, through his counsel, Felix Fagbohungbe (SAN), on Friday, agreed with the applicant that the said property was not in the schedule of the property attached by EFCC following the order of Justice Tijani Abubakar in December 2009.

Justice Archibong, therefore, ordered the anti-graft agency to release the property to the former bank chief.

However, the court refused to vary the bail condition granted him by Justice Mohammed Idris on August 30.

“I will not vary the condition of the bail which the accused is admitted to bail in this present charge,” the judge ruled.

The court adjourned till February 18, 2011 for Akingbola’s arraignment on fresh charges filed by the EFCC.


http://tribune.com.ng/sat/index.php/news/2799-court-orders-efcc-to-release-akingbolas-property.html

By Ben Agande & Inalegu Shaibu
ABUJA — The Senate, yesterday, reacted to the statement credited to the Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, that the 25 per cent of the national budget is expended on the National Assembly, saying the statement was part of an orchestrated campaign to tarnish the image of the National Assembly.

Chairman of the Senate Committee on Information and Media and spokesman for the Senate, Senator Ayogu Eze, who addressed Senate correspondents said the Governor of the Central Bank might be summoned to provide further clarification on the statement attributed to him.

The CBN governor was quoted in the media as saying that the situation whereby 25 per cent of the country’s revenue spending yearly goes to the National Assembly is unhealthy for the country and its economy.

But in his reaction yesterday, Ayogu said the statement credited to the Governor of the CBN was not only mischievous but embarrassing and calculated to tarnish the image of the National Assembly.

According to him, “the total budget figure for the year 2010 as amended is N4,427,184,596, 534. That is the entire budget of the federation. And the entire budget of the National Assembly, including the Senate, the House of Representatives, the National Assembly Service Commission, our legislative aides and all the entire current and capital expenditure for the year 2010 is N158,916,167,627.

What we have is N4.427 trillion for the entire federation and what the National Assembly gets is N0.158 trillion which is 3.5 percent of the entire budget of the federation. So where is the mathematics of the 25 percent coming from?

“I think that this is not only mischievous, it is calculated to tarnish the image and reputation of the National Assembly and it is part of the orchestrated assault, verbal and sometimes physical, against the National Assembly by some misinformed people who do not wish the National Assembly well.”

http://www.nigeriamasterweb.com/paperfrmes.html

Who is lying?

Bankole also faulted a newspaper report attributed to the Central Bank Governor, Sanusi Lamido Sanusi that the National Assembly gets 25% of the annual budget, saying, "the total budget is N4.6 trillion and the national Assembly get a N100 billion. By my calculation, that amount to 2.5% and I am praying that he was misquoted.”

Meanwhile, a fuming Senate yesterday accused the Sanusi of attempting to spite the National Assembly. The Senate spokesman, Senator Ayogu Eze said at a press conference in Abuja that the lawmakers may be compelled to summon Sanusi to come and explain his statement. The lawmakers also demanded immediate retraction by Sanusi and with apology.

He said it was untrue that 25 per cent of the recurrent over head budget of the federation goes to the National Assembly. “I find that rather very curious, in the sense that even before going to the press, the respective newspapers should have pulled a copy of the amended approved budget for the year and did the calculation for themselves.

“This was not the case and what we saw in the paper this morning, some were giving the indication that the national assembly has crippled the economy. That the national takes 25 percent of the entire budget of the federation, and so on so forth, all the papers took it from angles that cut their fancies. I want to state categorically that that is not true. The total budget figure for the year 2010 as amended is N4, 427, 184, 596, 534. That is the entire budget of the federation.”

http://www.leadershipeditors.com/ns/index.php?option=com_content&view=article&id=20387:civil-servants-most-corrupt--bankole&catid=51:cover-stories&Itemid=101

Banks Move To Beat CBN Deadline Union, Finbank In Talks With Core Investors
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Saturday, 30 October 2010

SOME banks in the country may have begun recapitalisation talks to beat the December deadline given by the Central Bank of Nigeria.

Already, there are indications that three banks, Union Bank, Finbank and Bank PHB, have begun recapitalisation talks with core investors.

Union Bank said on Thursday it was in exclusive recapitalisation talks with a core investor following last year’s banking sector bailout.

The central bank rescued nine banks deemed to be undercapitalised in a $4 billion bailout last year and has since been seeking new investors to recapitalise them.

“Out of the multitude (of potential investors), one has been identified for further talks,” Union Bank spokesman, Francis Barde, told Reuters, but declined to comment further.

Banking sources said the talks were with a local private equity firm interested in taking a stake, potentially in conjunction with a consortium.

Also, Central Bank governor, Lamido Sanusi, was quoted by CNBC to have said Union Bank had confirmed it was in exclusive talks but gave no further details.

“I don’t think it’s going to take a long time and the market will be given information as time goes by. There is certainly one firm talking to them,” Sanusi told CNBC Africa television.

“There are reserve bidders in the pipeline but I do think they are going to close the deal,” he said.

Also, Finbank is in talks with a potential strategic investor about recapitalisation, the Nigerian stock exchange said on Friday.

“The bank has notified the exchange that it has entered into negotiations with a potential strategic investor which, if successful, could lead to the recapitalisation of the bank,” the stock exchange said in a notice.

Meanwhile, indications emerged that First City Monument Bank (FCMB) has made a bid to acquire Finbank, banking sources said on Friday.

“We have made a bid. I think ours is the preferred bid but we have not been announced as the winner yet,” a source at FCMB said, asking not to be named.

A source at Finbank also said FCMB was the preferred bidder.

Also, Central Bank advisers have recommended a preferred bidder to acquire Bank PHB and the bank’s board will meet to consider the proposal next week, a banking source said on Friday.

“There is a preferred bidder but the board needs to consider it,” the source said, adding that an announcement would be made next week.

to hell to sanusi and all his cronies.

nobody says those MDs are saints or anything

BUT sanusi's approach was questionable.

if they like they should jail everybody .

that doesnt make the sanusi a good CBN governor.

how fair is economic indexes under sanusi

are we better off or worse off.

Bleep sanusi Bleep all of una

naijaking1:

If you call this petition to AGF a media war, what do you call Sanusi's year long roadshows, interviews, accusations, and summary call for execution of the innocent without trial
I beg, let's not turn reason upside down. All of a sudden, unearthing the truth has become a waste of taxpayers' money?
Tell me you don't mean it, please.

i dont blame anyone of you for talking and behaving in the naija way.

how much did sanusi gave intercontinental bank and how much they loose to the massive withdrawals that followed the sanusi's action.

it's better we all shut up our mouthes and wait for the court of law to decide.

Remember sanusi delays court to hear the case against him by seeking for some court injuction that delays the hearing.
If he was right about the whole action , he better encourage speedy hearing of the case against him and present his numerous facts he claims he has.
whether thru EFCC or from akingbola instituted case, what we need is judgement and fear hearing. it doesnt matter who institute the case what we need is a good judge and court of law to determine who is right and who is wrong . somebody need to be jailed. Akingbola or SANUSI. I DONT MIND.

I think it is better that way.
if not , how do you expect my brothers from upper side of the country to pass.
after all, some of them were able to enter either through back yard or base on quota system which they claim more that 75% of.
it is a good cut off mark

all these are very interesting.
definitely someone or some people may be jailed.
and for me , I would nt be surperised if sanusi is one of them , 'for playing with the whole economy for personal grudges or pursuites'
let's wait and see. it is just a matter of time.

paddy_lo:

Nah. . lol. . .Price to book just means your share price divided by the book value per share. . .

Most banks trade at btw 1 times book and 1.5times book

1 times book is regarded as being cheap,while 1.5times is regarded as becoming expensive

Now like i said earlier the market will decide how to value your shares

Intercontinental was trading at around 1times book. .  .ie 0.92(Price) X 29(Book value) = 27(Share price)

Maybe First bank was trading at 1.5 X book. . who knows,cause i dont have the figures

It just means that First bank was trading at a premium to intercontinental

or that inter was trading at a discount to First bank or its peers(i dont know what the ratios for other banks was at the time)

Why the discount?. . .well maybe the market percieved first bank as being a stronger bank,with better networks
Maybe it saw risks in inters porfolio

Maybe it was mispricing Intercontinental,and overpricing first bank

either way its not a crime

thank you bros.

our eyes shall soon clear

, but I think we all know that Saraki recommended sanusi to the late Yaradua for the position. If you dont know better know now.

a source from sarakis confirmed some of these allegations to me.

they gave sanusi the high position and he needs to recriprocate by taken the steps he took.

they thought taking over of the intercontinental bank will be easier than what they met.

Akingbola too has a big flop from his how side everybody knows.

But the approach still remain questionable.

In advance countries they bail out troubled financial institutions.

they dont criminalize banking transactions.

all these already have NEGATIVE EFFECs On our weak economy

The Takeover Agenda
Written by Demola Abimboye
Sunday, 08 August 2010

Erastus Akingbola, embattled former chief executive officer of Intercontinental Bank PLC reveals in a petition to the attorney-general and minister of justice how a plot was hatched to take over the bank from its owners

His return to the country was as miraculous as his departure a year earlier, beating eagle-eyed security operatives in Lagos and Abuja on both occasions. Twelve months after his 21-year-old baby – the Intercontinental Bank PLC, IB, PLC – was kidnapped from him by the Central Bank of Nigeria, CBN, and he escaped being captured by going on self exile in the United Kingdom, Erastus Akingbola, former managing director of the bank, flew quietly into the country August 3, 2010, through the Nnamdi Azikiwe International Airport, Abuja.

The following day, he reported voluntarily at the headquarters of the Economic and Financial Crimes Commission, EFCC, at 10.15a.m. accompanied by Felix Fagbohungbe, his lawyer. By press time last Friday, August 6, he was yet to be released.

Akingbola’s unscheduled return to the country has created new dimensions to the various legal battles instituted against him on allegations first, of “money laundering” and later, “breach of fiduciary relations” or the ones he filed to clear his name from the charges and the takeover of his bank by the CBN. It also opened a new vista in his attempt to retrieve the bank he holds as dearly as his baby from the CBN as well as unearthed the politics of the travails of the former president of the prestigious Chartered Institute of Bankers of Nigeria, CIBN.

In a fresh petition to Mohammed Adoke, attorney-general and minister of justice, Akingbola has revealed that rather than allegations of stealing money of IB PLC, the duo of Sanusi and Bukola Saraki, governor of Kwara State, have used the so-called reforms of the banking sector by the former soon after he became governor of the CBN on June 4, 2009 to plot a systematic take-over of the 21-year-old bank. The grand plan is being executed by Mahmoud Lai Alabi, former employee of the governor who once turned around WEMA Bank PLC before selling it to SW8 Investments Limited.

The document obtained exclusively by Newswatch was titled: “Fraudulent takeover of Intercontinental Bank PLC by Dr Bukola Saraki, Mallam Lamido Sanusi & Mahmoud Lai Alabi.” The former IB PLC boss revealed that about two and a half years ago, the governor who was former managing director of Societe Generale Bank of Nigeria, SGBN, which belonged to the Saraki family; had requested that his distressed bank be merged with Akingbola’s outfit. But the deal failed principally because of SGBN’s debt crisis which forced the CBN to revoke its licence a couple of years earlier. “We conducted a due diligence exercise and noticed N30 billion negative capital. So the board of IB PLC turned it down. Saraki was very unhappy,” Akingbola said.

Saraki never betrayed his emotions but bid his time. He continued to do business with Akingbola and obtained about eight billion Naira loans for his companies. Time to have his pound of flesh soon came when it was time to renew the appointment of Chukwuma Soludo as CBN governor. Saraki was alleged to have prevailed on the late President Umaru Yar’Adua not give the professor of Economics a second term. Instead, he took Sanusi to the late president as the next man for the coveted job. “Being my customer, Saraki confirmed this personally to me,” Akingbola wrote.

On June 4, 2009, government announced Sanusi’s appointment as CBN governor. Barely two weeks in office, on June 18, he began a probe of 10 banks including IB PLC. To Akingbola, this was unusual, as the regulatory institution had just completed a comprehensive examination of the bank as part of normal protocol and gave it a clean bill of health. The fresh examiners concluded work mid- July and the bank waited for their report. “Suddenly, they returned claiming that several accounts, which they had verified and agreed with us as performing were now re-classified non-performing,” he told the justice minister.

The manipulations notwithstanding, IB PLC’s ratios were reportedly alright. Yet, the examiners returned four more times to re-classify more accounts as “non-performing.” These included accounts Akingbola and the bank’s board regarded as their bests. The embattled banker said these unusual re-classifications forced him to ask some of the examiners what the problem really was. “They confided that the new CBN governor was bent on removing certain bank CEOs, and wanted to show that IB PLC was too exposed to bad loans.”

They revealed further that Sanusi had formed a team in CBN reporting to him directly and that each completed examination report was turned down if it was not damning enough. They were then ordered to go back until they achieved certain ratios. “One of the examiners showed me a report on IB PLC, which was favourable. This had been rejected by the CBN governor as it did not justify or warrant my removal.”

Worried by the development, Akingbola claimed he sought Saraki’s assistance since he recommended Sanusi’s appointment. The Kwara State governor reportedly said Sanusi was unhappy with him and Cecila Ibru of Oceanic Bank because the duo had contributed six billion Naira to stop his confirmation by the Senate. “I refuted this allegation by telling Saraki that my religion would never allow me to do such a thing, as no human can undo what God has ordered in Heaven.”

Akingbola revealed that he did not stop there. He met Sanusi and asked him about the six billion Naira Senate bribery allegation. “He said he had put that behind him, as ‘not all king makers in council will support the choice of a new Emir.’ I once again reiterated my innocence, based on my religion that the God I serve will never permit me to try to block someone else’s good fortune.”

Still not convinced he had cleared himself from the festering mess, Akingbola told Aliko Dangote, president, Dangote Industries, the strange CBN’s repeated examinations and the bribery allegation by Sanusi. He promised to intercede. Surprisingly, Sanusi told Dangote that it was Saraki who revealed to him the bribery plan and that Akingbola even lobbied him to assist him become the CBN governor. Saraki had allegedly incited Sanusi against the Intercontinental boss to facilitate his removal and takeover of IB PLC. “It has now become evident that both Saraki and Sanusi used the opportunity of the worldwide financial crisis of 2008-2009, to jump into certain banking institutions and take them over. The crisis had been acknowledged and was being well-managed by Soludo, the former CBN governor. The entire industry was affected, as others worldwide,” Akingbola said.

He noted that the Nigerian economy was hit by four economic catastrophes: the oil price drop from $147 per barrel to $30 forcing oil importers to refuse to sell in a hurry at this new low price, so banks had to give them time for the price to improve; the worldwide stock market collapse that led all foreign investors in the Nigerian Stock Exchange to hurriedly sell their shares thereby further depreciating the NSE index which had adverse effect on the banking industry; the CBN devaluation of the Naira by 40 percent which meant that importers with unsettled bills had to source more Naira to buy Dollar, and thus strained bank customers and the loan portfolio of the banks and a panic among overseas banks that had dollar placements with Nigerian banks. They immediately gave notice and withdrew their funds. IB PLC lost $1.2 billion in this way.

The petitioner said that rather than the new CBN governor perform the role of ‘lender of last resort,’ he used the crisis to takeover banks for his mentor. To date, no report of the examination was made available to any of the sacked CEOs, the management or the boards. They had no opportunity to learn how the CBN came to its decision, nor were given opportunities to respond to the examination reports as is the usual process. “My removal by Sanusi was done in flagrant disregard of the legal provisions regarding the removal of the bank directors (i.e. Section 35 of the bank and other Financial Institution Act, Cap. B4 Laws of the Federation, 2004) as there was no lawful special examination ordered into the affairs of Intercontinental Bank PLC, as required by law. Since no order for special examination of the bank’s affairs was signed by Sanusi, as required of him by the law of this country, his order for my removal is improper and unlawful,” he insisted.

Akingbola recollected that two lorry loads of policemen were sent to IB PLC to remove him, saying it was like a bad movie, a big surprise that a person could be driven away from a business he had started and nurtured for 21 years in one hour; and without any opportunity to contest it. “I was surprised that the next morning (Saturday), all the papers carried personal interview with Sanusi, in which he accused all the CEOs of various misdeeds. This showed that it was pre-planned and well-rehearsed.”

In the evening of August 19, the deposed bank chief executive received a call that Sanusi, under the powers that President Yar’Adua delegated to him, had ordered the EFCC, police and State Security Services, SSS, to arrest him and that two lorry loads of personnel were en route to his house. He hurriedly left the house, mindful of all that had transpired in the previous 72 hours. At that instant, he recalled a professional disagreement he had with Sanusi while he was CEO of First Bank PLC. That time Sanusi’s staff were de-marketing IB PLC by spreading false stories that the bank was distressed. Although Akingbola complained to Soludo who reprimanded him, this sad memory convinced him that Saraki and the new CBN boss wanted to take over IB PLC by fraudulent means. He believed that if they should capture and put him in their custody, they could kill him “in order to silence any opposition to their plans.” He voted with his feet.

Alabi was appointed by the CBN as the new CEO of IB PLC. Instructively, he was an employee of Saraki as chairman of Songa Farms and several development funds in Kwara State. On assuming office, one of his first achievements was to write off Saraki’s loans to the tune of seven billion Naira. The loans were given to Linkers, Dicetrade, Skyview Properties and Joy Petroleum. He also wrote off loans totalling N32 billion for the friends of the governor and Sanusi. According to Akingbola, all the written-off loans had been classified as “good” and “performing” by CBN examiners. More importantly, Saraki secured his loans with his properties in Ikoyi and Victoria Island, Lagos and Abuja.

The CBN examination report of May 2010, was said to have complained about this massive “cash gift” to Saraki. It also noted that there is a N95 billion loan over-provision, which means IB PLC was deliberately marked down previously.

Next, Alabi recruited former SGBN staff as executive directors and loan managers. For example, Gbenga Alade, formerly of SGBN, is now executive director, ED, Risk Management. “As each of the senior management of IB PLC was being terminated, Alabi was recruiting and replacing them with former Societe Generale Staff, in order to complete the takeover. It is clear, from these actions that I was removed to smooth the takeover of IB PLC for Saraki,” Akingbola said, adding “In fact, Saraki is running IB PLC by proxy. Saraki has now used his political power to takeover IB PLC after his failed peaceful merger attempts.”

He is peeved that Sanusi claims to have injected N100 billion, less than 10 percent of IB PLC’s value, and as such now owns the bank 100 percent. But before the take over, the bank had a balance sheet of N1.6 trillion, paid-up capital of N230 billion, 330 branches, two foreign subsidiaries, 10 well- established subsidiaries and 12,000 members of staff. “Where is the justice,” Akingbola wondered.

Worse still, when CBN injected the fund, he wrote to the board that it was a seven-year loan. Akingbola is worried by CBN’s desperation to sell the bank within a year of the loan. Consequently, he has appealed to Adoke to institute independent investigation into the “so-called” banking reform of Sanusi, the fraudulent N32 billion loan write-off at IB PLC and all the allegations against the banks’ CEOs. Also he called on the government which believes in the rule of law, to reverse the fraudulent takeover of IB PLC and return it to its board, management and shareholders. “Even with the deliberate damage being done to the banks and their stock prices on a daily basis, if we are given six to nine months, the banks will be restructured to normal, favourable and fair positions,” he pleaded.

But saraki has denied the allegation that he is owing the sum of seven billion Naira, being outstanding debt of three companies allegedly linked to him. The governor who spoke through Fatigun Akintoba, special adviser, communications and strategy, described the claim as frivolous, mischievous and a calculated attempt to mislead the unsuspecting public and drag his name into the mud. He said Saraki had resigned his appointment as a director in all companies that he has had interests, including Limkers Nigeria Limited and Skyview Properties Limited and that he was not involved in the day-to-day operations of the two companies. He claimed that neither the governor nor any member of his family was at any time whatsoever a shareholder or director of Joy Petroleum Limited.

The governor stated that Limkers which was alleged to be owing N1.89 billion, has paid N1.7b, that is about 90 percent of the loan. Therefore, the issue of waiver does not arise.

Skyview Properties’ loan was a “margin facility” which gave the total control of the management of the said shares, for which the loan was secured, to the bank. In addition to the value of the shares, the company paid N343 million. “This should be noted, as in similar situations, other customers have insisted that their exposures are only covered to the extent of the values of the shares in the books of the banks,” he said.

Akintoba said Alabi is not an ex-staff of Saraki as claimed by Akingbola and this is not the first bank in which he has been saddled with such responsibility by the CBN. He was at Spring Bank and Wema Bank before the emergence of Lamido Sanusi. “It should be noted that Alabi’s involvement in Shonga Holdings Limited as a non-executive chairman was a service to his home state based purely on merit. Shonga Holdings does not belong to Saraki but a registered corporate entity owned by the new Nigerian farmers and four major banks as shareholders; and it is the holding company for commercial farming enterprise.

Saraki said it is unfortunate that the issues raised in the petition were laced with political mischief and a calculated ploy to heat up the polity and distract the public attention from Akingbola’s ineptitude and inadequacies.

Saraki said he has no shares in Intercontinental Bank, therefore, the issue of his running the bank by proxy does not arise. Also, the claim that he was instrumental to the appointment of Lamido as CBN governor, who in turn chose Alabi to replace Akingbola was baseless and unfounded. He charged Akingbola to face and address the problems at hand rather than shifting blames and giving political colouration to the issues.

On the issue of the merger between SGBN and Intercontinental Bank, contrary to Akingbola’s claim in the petition, the failure of the merger did not affect the relationship between the two of them because after the merger deadlock, Akingbola came to seek his favour on the survival of Intercontinental Bank. First, he did a letter for him to intervene on his behalf from the late President Yar’Adua to give Intercontinental Bank more time to build its capital. It was after the merger that he also came to ask Saraki to plead with Bio Ibrahim, former transport minister, to get lucrative account of the ministry and its parastatals like Nigeria Port Authority, Nigerian Maritime Safety Agency, NMSA, Nigeria Shippers Council, Nigeria Railway Corporation and National Inland Water Ways.

Besides the petition, however, investigations by Newswatch revealed that contrary to CBN’s assertion that IB PLC borrowed money to stay alive, the bank as at August 14, when the apex bank removed Akingbola, was not owing CBN one kobo even though it was normal for banks to borrow from it. Conversely, it owed the inter-bank market N73 billion as at that time. Yet it was not the heaviest debtor. However, all efforts to get CBN to release the list of all banks borrowings from it proved abortive. A source said the CBN should have shown which bank borrowed what over a period so it becomes very transparent. “Borrowing from Central Bank is not a crime. Why is the facility there if you think we shouldn’t use it? Have you forgotten that Unity Bank, even though it was found to be seriously under-capitalised was let off the hook. The same thing with WEMA. And what about ETB owned by Mike Adenuga,” the source asked.

But the source said that now that Akingbola is back in Nigeria, he should defend his reputation already shot to pieces. Currently, he is involved in five suits. He instituted one while four were against him – three locally and one in London, the United Kingdom. The ousted banker fired the first salvo on August 18, 2009, when he sued the CBN for wrongful removal. In the case marked FHC/L/CS/903/09, Akingbola through F.O Fagbohungbe & Co, his lawyers, had prayed the court to quash Sanusi’s order which purportedly ousted him from office “for not being in good faith, contrary to due process of law, discriminatory, ultra vires, illegal, unconstitutional, null and void.”

He prayed the court to reinstate him to his lawful position as group managing director of the bank and issue a perpetual injunction stopping Sanusi, CBN, it servants or officers from unlawfully interfering, harassing, victimising or disturbing him in the exercise of his duties. He averred further that Sanusi did not comply with the provisions of Section 33(1), 35(1)(d) and (2)(d) and (e) of the Banks and Other Financial Institutions Act, BOFIA, cap B3, laws of the Federation of Nigeria 2004, in making the order of August 14 which removed him from office.

Akingbola contended that the CBN did not carry out “special examination” of the bank’s books and affairs on June 18, 2009, and that there was no information to Sanusi that the bank was failing within the context of Section 35 of BOFIA and that despite repeated requests for the report of the Joint CBN/NDIC Ad hoc Assignment,” Sanusi “refused, ignored and neglected” to furnish him with a copy. He said that Sanusi and CBN, both respondents, did not make recommendations including shoring up the capital base of the bank for the board of directors’ consideration. He is, therefore, claiming 50 billion Naira exemplary damages against Sanusi and CBN.

On August 19, Abdullahi Mustapha, judge of the Federal High Court, granted Akingbola the permission to challenge his sack. Consequent upon Akingbola’s audacity, the CBN petitioned the EFCC to help it recover some of the alleged bad loans. It, however, took the anti-graft agency four months to institute a case number FHC/L/CS/443c/2009: The Federal Republic of Nigeria v. Erastus B.O. Akingbola. The case was filed on December 21, 2009. The 28-count charge bordered on money laundering and other economic crimes amounting to N346 billion against Akingbola. Count one said he “created or caused to be created a false and misleading appearance of active trading in the shares of Intercontinental Bank on the Nigerian Stock Exchange by approving the utilisation of an aggregate sum of N179.385 billion of the bank’s funds for the purchase of Intercontinental Bank’s shares.

He was also accused of causing the bank to transfer 8.540 million pounds in favour of Fuglers Solicitors, London on March 13, 2009, and another 1.3 million pounds on July 13, 2009, being “money derived from an illegal act with the aim of concealing the illicit origin and thereby committed an offence contrary to and punishable under section 14(1) (a) of the Money laundering (Prohibition) Act, 2004.

Other counts included transfer of various sums from the bank to some companies in which he is a majority shareholder such as N5.5 billion on April 2, 2008, to Summit Finance Company Limited and subsequently shared it out to other directors and he got N255 million; N1,729,312,500 to the same company on March 20, 2008; N4,406,081,973.82 to Tropics Properties Limited in May 2009, N1,214,368,896.81 to Tropics Securities Limited; N4,379,549,129.37 to Bankison Nigeria Limited in May 2009, and N1,214,368,896.81 to Tropics Securities Limited; all with intent to conceal their origin.

Loans were also allegedly given to companies belonging to companies owned by other directors of the bank. These include eight billion Naira Soon-Kak Holding Limited linked to Ikechi Kalu; N8 billion to Tofa General Enterprises linked to Isyaku Umar; N8 billion to Cinca Nigeria Limited where Hycinth Enuha is a director and N8 billion to Harmony Trust and Investment Limited. Raymond Obieri, IB PLC chairman is a director in this outfit.

Akingbola dismissed the counts saying that there was no evidence to support the claim that he misappropriated N346 billion and 10.9 million pounds. On December 23, 2009, EFCC instituted suit no FHC/L/CS/1492/2009: Chairman, EFCC v. Dr. E.B.O Akingbola for Mareva injunction and to freeze his accounts. This application was heard in the chambers of the trial judge during the Christmas vacation of that year and judgement given on December 31, 2009. The judge froze Akingbola’s accounts and “temporarily attached” his assets pending conclusion of his trial. He, however, allowed him access to N1.4 million per month as living expenses and retaining legal advisers, “being amount equivalent to his last take home pay as chief executive of Intercontinental Bank PLC.”

But the order has been challenged by Akingbola and is pending in an appeal number CA/L/388/2010. In the appeal, Akingbola among other grounds condemned the ex-parte application and that it was heard in chambers during the Christmas vacation contrary to Order 46 Rule 4 of the Federal High Court (Civil Procedure) Rule 2009 which precluded all judges of the Federal High Court from hearing civil matters from December 23, 2009 and January 5, 2010. “All the applications were heard on December 30, and determined on December 31, while no summons was filed by EFCC for an urgent hearing of the application,” his lawyers deposed.

Fred Agbaje, a constitutional lawyer, told Newswatch that a judge can hear an ex-parte application in chambers and that even a hearing can be heard likewise once both parties agreed. Also, he said, in special cases such as security matters or where a minor is involved and the judge wants to protect the people’s identities, matters can be heard in chambers. Outside of these two scenarios, all cases must be heard in the open court. “But in this case, since there was no summons for urgent hearing, with due respect to the judge, he has embarked on a voyage of illegality.”

To freeze Akingbola’s assets outside Nigeria, a suit was also instituted by Intercontinental Bank in the High Court of Justice in England in folio No. 1680. Other defendants in the matter are Kayman Company Limited, Verndale Properties Limited, Jasmine Properties Limited, Caelum Limited and Sanami Limited. On December 23, 2009, Justice Nicol issued a freezing injunction that Akingbola must not “remove from England and Wales any of his assets which are in England and Wales up to the value of 10.5 million pounds or in any way dispose of, deal with or diminish the value of any of his assets whether they are in or outside England and Wales up to the same value.” He, thereafter, listed all the assets but told Akingbola that he had a right to apply to vary or discharge the order. He has since done so. Hearing in the matter comes up in December.

In November last year, the Securities and Exchange Commission instituted proceedings at its Administrative Proceedings Committee while on March 2, 2010, it initiated another action at the Investment and Securities Tribunal, IST, Abuja, marked IST/OA/12. Instructively, issues pleaded in this case were, in fact and content, the same as in all other cases whether locally or abroad. Consequently, Fagbohungbe told IST that the application before it was another avenue or means of persecuting Akingbola, albeit through an abuse of judicial process with a serious likelihood of creating chaos and bringing the tribunal on a collision course with not just the Administrative Proceedings Committee of SEC but also the Federal High Court, Court of Appeal and the High court in England whose decision would be recognised and enforced in Nigeria.

He urged IST to condemn the action of the applicant in perpetually litigating either directly or through privies on the same subject matter. “The conduct is tantamount to forum shopping, contemptuous of the judicial system and a gross abuse of judicial process,” he pleaded.

The lawyer cited Fatayi-Williams, J.S.C. in the case of Savage v. Uwechia (1972) 3 S.C. 206 at 212 when he held that: “It is our view and this view has been expressed many times in this court that there must be an end to litigation. To borrow the homely phrases used by Spencer-Bower and Turner, a plaintiff should not be allowed to take two bites at the same cherry. To allow the plaintiff in the instant case to do so is to connive, albeit unintentionally at a gross abuse of the process of this court.”

The crisis in the banking sector since the sack gale of August 2009, has impacted negatively on the economy. About 7,000 bankers have lost their jobs by early January this year while more than 14,000 were pencilled down for retrenchment. The worst hit banks were IB PLC and Oceanic Bank. Both sacked about 2,500 workers. WEMA bank sacked 1,000 while others like First Bank, Fin Bank, First City Monument Bank, Diamond Bank and StanbicIBTC have retrenched hundreds of their staff.

When the sack gale was becoming too devastating, Sunday Salako, acting national president, Association of Senior Staff of Banks, Insurance and Financial Institutions, ASBIFFI, warned that the sack whirlwind violated the nation’s labour laws as well as the agreement the union reached with most banks. Also the federal government called on the banks to halt the mass sack of workers. Adetokunbo Kayode, then labour minister, then had to caution the banks that they could not do what they liked and warned them to stop further retrenchment.

The manufacturing sector has also felt the effect of the banking reforms. Most companies no longer enjoy loan or overdraft facilities. The attendant credit squeeze has forced them to retrench workers or close shops.

As yet it is not clear what the CBN intends to do to the banks whose CEOs were removed last year. When he first took them over, Sanusi went all over the world to look for buyers for the banks. But the noise was so loud then that his plan had been exposed. Interested buyers quickly backed off. All the international investors who were interested knew it would be continuous litigation against those banks. “Where have you even seen the governor of a central bank going round media houses and going round the international community telling them that my banks are bad? Who will buy those shares? That was why the shares kept coming down. And let me tell you, if today the government is courageous enough to return the banks to their owners, the share prices will go up immediately,” a source told Newswatch.



Reported by Soji Akinrinade and Bala Dan Abu