₦airaland Forum

i thought ndanusa was recently apointed into one of those 5 banks as an ed, atuche if guilty would have little or no choice, pressure,

china's independence is oct 1st, they would be 60. in comparison with where we are, i am heartbroken

hitv is really getting wack used to be a loyal customer,

what i did ? dstv comact 4,5 hitv 3,5 because of fox news and biscon( i am a republican)

madagasy, showsport, aljazeera for all the soccer i need, still pay 8k per month subscription way better than dstv premium or hirubbish 6k

the actions by the Central Bank of Nigeria (CBN) in the last seven weeks have slowed down economic activities in the country. A clear indication that the economy is on the back foot is glaring in the construction and real estate sectors where demand for cement and other building materials have fallen below the seasonal demand recorded during the same period (rainy season) in previous years.

another indication of where the economy is headed is the recent appreciation of the naira against the US dollar at the weekly Wholesale Dutch Auction (official market) conducted by the CBN in the face of declining oil prices (oil slumped to $64 per barrel by Saturday). This is the surest sign that demand for foreign exchange has declined considerably in recent weeks making it possible for CBN to meet weekly demand. Compare this to less than six months ago when the apex Bank struggled to meet the weekly importation bill and did all it could to protect the country’s foreign reserves from rabid speculators. All the above are clear pointers to the fact that commercial banks are lending less to the economy which is impacting adversely on economic activities.


http://www.thisdayonline.com/nview.php?id=155657

adebayo's article posted in several papers. with the intending deregulation of the downstream sector in the next two months, one wonders which bank would want to get burnt, i am not saying they have done no wrong, thats for the courts to decide.

ok 100 , 120 fine.


what i have against the list has to do with the matter of  completeness. The CBN tells us that five out of the first ten audited  banks passed their audit (Diamond, First Bank, Guaranty Trust, UBA,  Sterling ). There is skepticism by some about this especially since  the new CBN governor previously worked in two of the  banks that  passed , i.e. First Bank and UBA.  Perhaps such skepticism is far fetched. Still, I am certain they also have some bad debtors like the five failing  banks who have had the names of their bad debtors published. In my  opinion, the names of the bad debtors of ALL the banks should be  published irrespective of whether the bank passes the CBN audit or not

@otox a copy might be in the paper tommorrow. the highest each bank got was 100 bill, in a bank with shareholders funds topping 400 bill . the parameters for the special exam hasnt been released. sanusi has even been quoted as saying in an interview with punch that non injection of such funds doesnt equate to their collapse.

just trying to play devils advocate


THE brazen decision of the Lamido Sanusi-led Central Bank of Nigeria (CBN) to sack the CEOs and Executive Directors of Oceanic Bank, Afribank, Intercontinental Bank, Union Bank and Finbank should be treated with the due suspicion that it deserves.

The present predicament of the banks was long in coming. The bitter, persistent complaints of alleged marginalisation of the ‘North’ by the Soludo consolidation policy by Northern politicians, journalists and traditional rulers during the Obasanjo administration, gave an inkling of what fate would befall the banks immediately this adminis-tration came into office.

And the ‘Northern’ saboteurs went into action as soon as Yar’Adua was sworn in. They first focused their attacks on Soludo and its main achievement, the consolidated banks, which were blamed for all manners of ills plaguing the country’s economy.

The African Finance Corporation, which was established by the Soludo CBN in partnership with Nigerian banks, was portrayed as a gigantic fraud. The Presidency even set up a special investigative panel which could only find Soludo culpable of alleged procedural mistakes in setting up the continental development financial institution.

Then came the accusations that the ex-CBN chief was not policing the banks properly and that he co-owned some of them.

Series of pressure was mounted on the Professor of Economics, making him to embark on a series of measures to pacify the powers that be. He gave back the operating licence of Société Générale and to achieve regional balance also Savannah.

Moreover, he even forgave the 70 billion naira debt of Unity Bank. But all to no avail. The North wanted that position at all costs. When the time came for the renewal of his term of office and against all rules of logic in view of his world-acclaimed achievements, Soludo was asked to go and Sanusi was swiftly named in his replacement.

The curious thing about the processes of appointment and Senate confirmation of Sanusi was the lack of controversy which should normally have characterised them because of the antecedents of the Fulani man.

Sanusi is an unabashedly  Fulani nationalist and he has made that clear in many articles he has written since 2000 and which were published in Nigerian newspapers and online, especially on gamji.com.

He has made disparaging remarks about Chief Obafemi Awolowo and even attacked Abacha and Babangida, non-Fulani former Northern heads of state.

He made sure his readers understood him well that he was foremost a Fulani — he even described the term Hausa-Fulani a nonsense nomenclature. In fact, the title of one his articles was “The Fulani without Apology”. Sanusi’s writings were so nauseating that Garba Shehu, the non-Fulani Northern rights activist, once described them as “racist crap”.

Aside from that, Sanusi at First Bank was rumoured to be actively engaged in the infamous de-marketing campaign, a charge that Intercontinental Bank made against him, in a veiled reference, in a newspaper advertisement early this year.

Doubts about the veracity of the widely-held suspicion were dispelled by the negative feature on Nigerian banks published by The Africa Report, in which Sanusi was the main source of information. He was also exclusively interviewed in the report.

That such an unabashed tribalist could be appointed into such a professional national office without any protests shows the political lethargy of the Southern elite.

And that must have emboldened the Fulani CBN chief that he made very negative remarks about Nigerian banks in the very first interview he granted the press upon his assumption of office. In the interview, with the West Africa correspondent of the Financial Times, he made it point blank that he would prefer new investors to come into the market, even expressing his preference for foreign players at the expense of those he referred to as anonymous Nigerian nominees.

That interview also failed to elicit condemnation despite its patent patriotism and its potentials to cause a confidence crisis in the capital market. No wonder that Sanusi felt so sure of the docility of his victims that he devised the so-called audit programme, carried it out in a rash and without even waiting for the completion of the exercise or informing the boards of the affected banks of its findings, he went ahead to change the managements of the banks.

Without doubt Sanusi’s actions are premeditated and are meant to change the ownership structure of the banks. Why the haste to take the decisions when the so-called CBN audit has not been conducted in all Nigerian banks?

Why did Sanusi not invite the boards of the banks to show them the results of the so-called audit and ask them how they think they could solve the problem; for example, giving them a deadline to recapitalise?

Why wield the axe so soon?

The practice all over the world is to first demand that the existing shareholders meet the capital adequacy. It is only where they are not able to raise the required capital that forced intervention by the regulators takes place.

These are indications that Sanusi is following a script.

The appointment of Southerners as acting MDs of the 5 banks is a smokescreen. When the smoke clears, Fulanis would have become the majority shareholders of most Nigerian banks. As Sanusi has said that he would invite investors to shore up the capital of these banks and take stake in them.

There is a grand conspiracy by the Yar’Adua administration to foster Fulani control over all facets of life in the country. What Sanusi has just done must be linked with what his people are doing in other sectors of the economy where they’re edging out other Nigerians, such as in the oil & gas industry.

Today, it’s the banks. Yesterday, it’s the petroleum products importers. Who knows who’s next?

When will Southerners and other marginalised Nigerians begin to resist this blatant process of internal colonialism?

Akeem Adebayo writes from   Dubin, Ireland

interesting column


By DELE SOBOWALE
The battle line is drawn and hardening with each passing day. The billion naira question is: Will Soludo survive the impending war as he did that of the banking consolidation? The answer is: may be —Dele Sobowale, Sunday Vanguard, August 19, 2007, p 7.

FORGIVE me for quoting myself but it is merely designed to remind our readers of the fears that were expressed immediately after the governor of Central Bank of Nigeria, CBN announced the new strategic alliance for the naira on Tuesday, August 14, 2007.

The governor received a standing ovation for another virtuoso performance from the audience except for a few. One of the few not standing and clapping was the “Duke”, Nduka Obaigbena, the publisher of Thisday, sitting very close to me. The Duke was not convinced by the governor.

I was also not standing. But, I was glued to my seat, despite the long cherished Yoruba custom of giving honour to whoever deserves it. Instead, I was immobilized because of an Area Boy’s instinctive feeling that a war had been declared by the governor without realizing it.

Blood would flow or heads would roll. Whose blood and whose heads? After the briefing, most of my media colleagues headed back to Lagos and Ibadan; so did I. But, I quickly repacked my bags and headed back north where I suspected a battle line was forming against Soludo.

Driving to Jos, Kano, Katsina, Kaduna and Lokoja at a pace that Napoleon Bonaparte, 1769-1821, would have envied, I proceeded to get in touch with friends from my ten years spent working and living in the north that I knew to be within the northern power structure or were close to it.

By Friday night, August 17, 2007, when I sought the services of a university cyber café to send my piece: New naira policy: will soludo survive this? I was certain that there was nobody of significance in the north who was not against the policy for one reason or another.

With the North solidly against, it would have required a totally unified south for Soludo to expect a drawn battle; no victor and no vanquished. Unfortunately, I also knew that even the south was strongly divided on this issue. The conclusion from all this was obvious: Soludo was headed for a defeat which might even go beyond the reversal of the policy but which might threaten his job as well.

The events of the last two weeks have confirmed my worst fears. Professor Soludo had been forced to withdraw the policy; he has also been distanced from the Economic Management Team, EMT, while two of his subordinates have been included probably without his prior consent.

Calls for his resignation still rang out despite his public capitulation to superior forces. He wisely followed that age-long counsel of sages: “Accept gracefully what you cannot otherwise refuse.” But, is the war over? It is doubtful and the reasons are not too difficult to discover.

First, the nation now has “a wounded lion” who, as long as Soludo remains in office, poses a threat to those whose vested interests his policies would damage.

And as long as Soludo strongly believes in those policies his presence in the office leaves open the possibility that they might re-emerge again. Secondly, within the CBN, he has at his command enough incontestable constitutional powers to make some of his adversaries pay dearly for the humiliation he has suffered as a result of this public rebuke.

Thirdly, the tacit approval of those policies by the World Bank and other key Western financial players means he possesses an “external army” which could still be mobilized in support of his position. In the end, he might turn the victory into a defeat for his detractors.

While that is true of Soludo, it is also unlikely that Yar’Adua will move very soon to remove the CBN governor unless Soludo himself resigns especially after the capitulation.

The nation requires a certain measure of stability in its macro-economic policies and Soludo remains the last key player from the Obasanjo administration. Even, if the reforms are to be re-visited, as they should, the process needs to be gradual to ensure that the nation does not again enter the trap of frequent policy reversals.

For that reason,Yar’Adua needs Soludo still at the CBN and will probably keep him there despite the insistence of the “fire-eaters”of the north who want him to push the CBN governor out immediately.

Interestingly enough, this totally avoidable disaster was brought about by two factors which have received little attention, at least to the best of my knowledge.

The first was the Central Bank of Nigeria Act which was signed into law on May 25, 2007, four days before his departure, by former President Obasanjo. I know Baba Iyabo’s admirers will again ask us to leave him alone. But, when a leader departs office by leaving banana peels all over the place, he has “murdered sleep.”

The Act, which was hardly put through the rigours of public debate and scrutiny such as attended the Freedom of Information Bill, FIB, empowered the CBN governor to an extent unprecedented in our history.

Whether or not such enormous powers which might be justifiable, given Soludo’s previous track records, would be generally advisable, if others less talented as he came to the helm, was probably not considered at all. It is my belief that Obasanjo saw it as an instrument to protect his “reforms” and nothing more. But, in the end it has placed the CBN governor and any President in potential conflict.

The other element contributing to the tragedy was the quality of legal advice Soludo received. To the extent that Section 19 subsections 1 and 2 made it mandatory for the governor to seek the approval of the President before national currency is issued, then the governor was misled by his legal advisers who failed to draw his attention to those provisions of the Act.

There is little doubt in my mind that Soludo would not have acted as he did if the legal advisers have briefed him properly on the due process. Where do we go from here? I think Yar’Adua should be magnanimous and accept the governor’s apology; keep him in office and work with him for the sake of our country. Anything else will just prolong this unfortunate and needless controversy and distract everyone from the enormous tasks of nation building ahead of all of us – both in and out of government.

A CBN letter to the banks on the 18th of June said : RE Joint CBN/NDIC AD-HOC ASSIGNMENT

The letter reads in part “a team of CBN/NDIC bank examiners led by Mr X has been scheduled to carry out an Ad-Hoc Assignment in your bank. Please provide them with the necessary information that will enable them to promptly complete the assignment.”

The CBN officials said an ad-adoc assignment was different from a special examination. They disclosed that a special examination can only be conducted on a bank if there is a petition from within the bank to CBN, stating that there is a grave situation in the bank or that after CBN/NDIC examination, the report points to a deteriorating financial situation in the bank.

According to the officials, in that case, the CBN will write formally to the bank board, intimating it of its intention to do a special examination, detailing the areas and material facts to be provided. The examiners will move in to carry out the assignment.

After the examination, the report is compiled and a copy sent to the bank for it to study. Thereafter the CBN will schedule a meeting with the bank board to discuss the findings of the report of the examination and out line possible solutions. If it is the erosion of capital, the board will be asked to raise capital and given time frame to do so. All of these were not carried out this time around, the CBN officials said

Besides, the banks affected complained that the figure on non-performing loans they were being asked to provide for changed with each examination which gave rise to suspicion that something was fishing.

A letter written by one ofthe banks to CBN Director, Banking Supervision titled request for report of CBN examination read: “We observed Sir, that CBN and NDIC examiners have visited our bank several times between the months of February and July this year.

However, we have not received any official report on any of these examinations. We equally noticed that the figures and details of non-performing accounts to be provided for, change with each different list given to us and also different from the various exit interviews held with our management. …we shall therefore be very grateful Sir if we can receive the full examination report with details of accounts deemed non-performing for our review and response in keeping with your normal practice.” The letter was not responded to, they said.



http://www.vanguardngr.com/2009/08/26/cbn-never-conducted-special-exams-on-banks/


nigerians are very quick to judge, i understand theri frustation at our nearly failed state hence the PHD syndrome, we havent heard from the accused, they were not given an opportunity to defend these allegations, i think sanusi was careless in the handling of a very sensitive nature.

it annoys me to pieces to hear that waziri is in lag chasing the most wanted people in nigeria, when people like ibori and co are strolling. i repeat

you cant have a morally sane banking industry in a corrupt society

I have always been and would remain sceptical about the decisions of the cbn managment, i think the short and long term consequences would be terrible for our economy.The economy deserves the banks it has, so you cant isolate 5 banks and think all will be well.

Did the CBN governor get approval from the n.assembly to inject 400 bill, might top 1 trill depleting our foreign reserves when the so called debtors have the cash to pay for it if pressured.

Who are the new investors the cbn governors wants to take ownership of these banks

If an audit of the 14 banks were done,he wouldnt have made such an annoucement because it is far reaching

are you telling me that there are no poor .prforming loans in 1st bank and others, take a look at UBA

He did the right thing in a wrong approach, and if not well managed could be disastrous for nigeria, no bank is willing to loan out money. the effect on our economy. no foreign bank would even want to open letters of credit, the power projects may be as well dead. and if manufactures dont get loans why wouldnt bankers cut corners so i say the effect is never ending

SACKED BANK MDs LATEST: Billionaire owes bank N70bn
- As CBN declares war on serial borrowers
- Begins forensic auditing of 22 banks
- Recovers N5bn loan from customer owing N18bn
- Massive withdrawals at affected banks
- CBN gov in crucial meeting with EFCC’s boss.

AS the storm in the banking sector rages, it has been revealed that a certain billionaire businessman is owing one of the troubled banks about N70 billion, while the Economic and Financial Crimes Commission (EFCC) has reportedly recovered about N5 billion from another businessman, who owed another troubled bank about N18 billion. While the Managing Director of the bank which gave the N70 billion loan, allegedly without due process, was among those sacked last Friday by the Central Bank of Nigeria (CBN), the boss of the bank that loaned the N18 billion is said to be among those on the next sack-list.

But President Umaru Yar’Adua who was said to have been alarmed by the magnitude of the rot in the banking sector, had directed that all the money owed the troubled banks should be recovered by the security agencies. Indications have also emerged that the EFCC had swung into action to get the five sacked managing directors arrested. Operatives of the commission were said to have moved into Lagos from Abuja and had tightened the noose on the affected bankers, with a source saying that they might be taken in late yesterday or today.

http://www.tribune.com.ng/18082009/news/news14.html






How bad Intercontinental Bank was before CBN hammer

Facts emerged over the weekend on how bad the situation was in some of the banks affected by the Central Bank of Nigeria (CBN) hammer on their management. Among the facts that emerged was the severe situation of the case of Intercontinental Bank plc. BusinessDay learnt over the weekend that, Erastus Akingbola, the former managing director, gave out N250 billion to his associate companies which was used to buy shares in bank. Indeed, 78 percent of Intercontinental Bank’s shareholders’ funds were eroded, according to the CBN findings. It was learnt that Intercontinental had bad books in oil and gas as well as real estate. This had prompted the former CBN governor, Chukwuma Soludo to bail out the bank few months ago. Soludo had saved the bank because he realised there would be a systemic problem and that there was problem with the country’s income as at that time and therefore advised the president, Umaru Yar’Adua, accordingly. It was also gathered that Intercontinental Bank had gone into discussions with Access Bank and Fidelity Bank towards a merger such that Akingbola would have been chairman and the incumbent management structures would remain. “He was trying to save himself but unfortunately the CBN refused to endorse the merger proposal because his own case was too glaring and too bad. When he realised he was being pushed to the wall, he decided to lobby and when lobby failed, he decided to rubbish the three petroleum importers owed N35 billion”, the source said.

http://www.businessdayonline.com/index.php?option=com






NSE Suspends Trading On Shares Of Troubled Banks

The shares of Oceanic Bank, Afribank, Intercontinental Bank, Finbank, and Union Bank were suspended by the Nigerian Stock Exchange (NSE) on Monday, the first working day after their Managing Directors (MDs) were fired last Friday. Central Bank of Nigeria (CBN), Lamido Sanusi, announced their sack, relying on the Banks and Other Financial Institutions Act (BOFIA).

NSE Director General Ndi Okereke-Onyiuke, briefed journalists after a meeting with stockbrokers on Monday, where she noted the request by stockbrokers for the CBN to disclose the full list of bank MDs to be fired during this industry audit. She said they want all the names announced in the next round, once and for all, to make it easy for every one to absorb the shock without prolonging the agony. When full suspension is placed on the shares of a company, such shares are not traded on the NSE for as long as the action subsists. It is mostly done when a company decides to engage in share reconstruction, and is unlike technical suspension where people can still buy and sell their shares, except that price is frozen due to plans by the company to either raise fresh capital from the primary market, distribute bonus and or dividend. Okereke-Onyiuke displayed a letter from the CBN to formerly inform the market of its action.

http://www.independentngonline.com/news/tfpg/article02







Pharmaceutical manufacturers set to meet local demand by 2015

PHARMACEUTICAL manufacturers have set a target to locally manufacture 80 per cent of drug demand in Nigeria by year 2015. Chairman, Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN), Dr. Joseph Odumodu disclosed this during the 2009 pharmacy week organised by the Pharmaceutical Society of Nigeria (PSN). Odumodu stressed the need for pharmaceutical manufacturers to build the necessary infrastructure and competency to meet the aggressive growth challenge. "No manufacturers can operate in the next three to five years without a functional and robust quality operations system in place. We must improve the standards or go into other businesses", he said.

http://www.ngrguardiannews.com/business/article02//indexn2_






At Last, Otedola, Dangote Settle Differences

The swords have been sheathed in the long-drawn battle between two friends and business giants, Alhaji Aliko Dangote and Mr. Femi Otedola, who had been at each other’s neck for nearly a year. In a truce brokered by the Editor-in-Chief and Chairman of THISDAY, Mr. Nduka Obaigbena, and other friends of the business moguls last Sunday, the two men decided to bury the hatchet and forge a new bond. They had been invited separately for breakfast at Roberts Café, Victoria Island, Lagos , completely unaware of what was in the offing until they “bumped” into each other at the café. Obaigbena had been speaking to the two men individually before their misunderstanding over the purchase of Texaco became a media war, but the mediation had only succeeded in curtailing the public nature of the fight. At the reconciliation meeting on Sunday, they finally saw eye-to-eye for the first time in months as they spoke to each other at length, shook hands, asked frank questions and gave what were considered to be honest answers as to the source of their differences. To the delight of their friends, they made a solemn pledge to let “bygone be bygone”. They vowed to restore their confidence as friends, as Otedola acknowledged Dangote as his “elder brother” and “mentor”, promising to give Dangote his “due respect”.

Dangote, on his part, pledged to look after his “younger brother” and “protégé”. When Obaigbena asked the two billionaires to apologise to each other, Otedola seized the initiative. He cut in and said that in Yoruba tradition, Dangote was his senior and it was therefore unnecessary for the Kano-born sugar and cement giant to apologise, as only the junior apologises to the senior. They both agreed to end the long-running media war and withdraw all court cases related to the disagreement. The meeting ended with the declaration of “no victor, no vanquished” by the two parties. After the meeting, which was witnessed by Mr. Nduka Irabor, for chairman of House of Representatives Committee on Communications, and Mr. Albert Okumagba, the CEO of BGL Ltd, among others, the two billionaires drove together to Dangote’s house. Otedola also invited Dangote over to his office this Friday.

http://www.thisdayonline.com/nview.php?id=151958






CBN withdraws N110.5bn from circulation

ACTIVITIES at the Open Market Operation (OMO) wing of the money market showed that the Central Bank of Nigeria (CBN) withdrew N110.5 billion from circulation, last week. The News Agency of Nigeria (NAN) reported that the CBN also raked in N35.39 billion from the OMO and N75.11 billion on bills at the Primary Market Auction (PMA), respectively. The CBN, in its weekly report made available to NAN, said investors’ needs were met as the apex bank sold to them what they wanted. At the OMO segment, on Tuesday and Wednesday, the CBN sold 30-day tenor bills worth N20 billion and 30-day tenor bills worth N6.21 billion respectively. The following day, the apex bank sold 30-day tenor bill worth N5.67 billion and 7-day tenor worth N3.51 billion respectively. The report said for all the four bills, bidders got all that they bidded for and the bills would mature on September 10, 11, 12 and 20 respectively. The bid rates and issue rates on the bills stood at 9.00 per cent respectively but it, however, made a deficit of N35.39 billion at the OMO segment.

http://www.tribune.com.ng/18082009/news/news14.html







$659m revenue loss: NEITI report indicts NNPC, DPR, Chevron, Mobil

The loopholes inherent in the exploration and processing of crude oil in the country have cost Nigeria a revenue loss of $659million, as the Nigeria Extractive Industries Transparency Initiative (NEITI) indicted the Nigerian National Petroleum Corporation (NNPC), the Department of Pertroleum Resources, Chevron and Mobil. NEITI, in the highlights of Audit 2005 report released to the public on Monday, said it was worying that Nigeria knew the quantity of crude oil it was exporting but could not say how many barrels of oil it produced. According to the report, the major avenue of loss of revenue included underpayment of royalties, non remittance by the NNPC of what it received from the sale of domestic drude, underpayment to the Niger Delta Development Commissiuon by the oil companies, difference in the lifted quantity of crude oil between the terminal operators and the companies making the lifting and the general poor record keeping on the part of the regulators. For example, NEITI said the possible shortfall in the payments of royalties and Peroleum Profit Tax resulted from anomaly in the interpretation and application of the MoU clauses is estimated at $309.9million for Petroleum Profit Tax and $249.9 for royalties.

http://www.tribune.com.ng/18082009/news/news4.html

In what is considered an effort to diffuse the blame on the liquidity challenge in the banking sector, the Central Bank of Nigeria (CBN) yesterday released the names of debtors – mostly shareholders/directors – who secured loans totalling N747 billion from the five banks whose executives were sacked last Friday.
A breakdown of the loans, which are classified as non-performing, is as follows: Oceanic Bank Plc, N278.204 billion or 37 per cent; Intercontinental Bank Plc, N210 .903 billion or 28 per cent; Afribank Nigeria Plc, N141.856 billion or 19 per cent; Union Bank of Nigeria Plc, N73.582 billion or 9.8 per cent; and FinBank Plc, N42.445 billion or 5.6 per cent.
The two biggest debtors to Intercontinental Bank are Ascot Offshore Nigeria Limited through which Henry Imasekha along with three others secured N44.67 billion and Rockson Engineering Limited through which Engineer J.1. Arumemi-Ikhide and his wife secured N36.989 billion.
Oceanic Bank on the other hand, has Notore Chemical Industries Limited, which borrowed N32.392 billion and Rahamaniyya Global Resources through which Abdul Rahaman Musa Bashir got N28.598 billion.
The two principal debtors to Union Bank are Transnational Corp Plc, in which the Director-General of the Nigeria Stock Exchange (NSE), Dr. Ndi Okereke-Onyiuke is a director/major shareholder, which borrowed N30.863 billion on behalf of the company and MTS First Wireless Limited through which Chief Lulu Briggs secured N9.849 billion.
Afribank has Kolvey Company Limited, which borrowed N16.5 billion and Rehoboth Assets Limited through which five of the Ajaegbu families got N28.598 billion.
The two key debtors to FinBank are Aquitane Oil and Gas which borrowed N3.656 billion and Falcon Securities through which it’s Managing Director, Peter Ololo, who is currently cooling off with the Economic and Financial Crimes Commission (EFCC) in Abuja secured N3.49 billion.


couple of question?
i know rockson is still being owed billions by the federal goverment

@posters

Central bank governor Lamido Sanusi had said the banks would be run as normal until new investors were found. However, investors are believed to have asked for trading in the shares to be halted.

We will see some near-term uncertainty in the naira as the scale of the problem is probably bigger than it is, i am sure at least 20 banks would fall under the axe if lamidos mantra "fairness"is followed.

i go take sidon look approach. Uba got cleared too

In all honesty, its to early to comment. i would like to keep my fingers cross. i have a grouse with the fact that he didnt have a full audit injstead of this partial audit, true some banks were in liquidity crisis, but as i said lets wait and see

my grouse with sanusi was the timing of these, why hastily announce in a draconian manner the sack of 5 ceos when a comprehensive audit f all the banks werent announced.why spare zenith. bad loans ,well tell me about the loan first bank where he presided over gave to adenugas failed bid $$$$, would keep my finger crossed though.i fear at a time the market is volatile, where foreighn investors are gradually coming back. the effect of this when our Fg is bancrupt of Morals, Leaders, and cash.

i believe he was killed to protect powerful sponsors of the sect.Cp has been removed, although extrajudicial killings must be condemned

i am suprised at the amount of vile, if you dont like it, you could watch ACBN or Discovery world, i give them a pass mark.

will pay 1.6

Virgin Nigeria Crisis Deepens as 6 Executives Quit
•Olumide named new MD
05.25.2009

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THISDAY Investigation

Ever since Virgin Nigeria Airways (VNA) announced the suspension of its long-haul flights from Lagos to London and Lagos to Johannesburg, its fortunes have gone from bad to worse.
The once proud airline, credited with upping the ante and setting new standards for domestic air travel in the country, is about to lose six members of its senior management staff comprising executive directors and other senior executives.
Some of them were seconded to the Nigerian airline by Virgin Atlantic Limited (VAL) under a Technical Services Agreement (TSA).
The top executives who have resigned their appointments with effect from this month are the Managing Director/CEO, Conrad Clifford; Chief Operating Officer, Kevin Dudley; Director of Safety, Alistair Henry; Director of Ground Operations, Yves Gilbert; Director of Maint-enance, Jim Barnes; and Mr Ronnie Classen who also was contracted to the airline in an executive capacity.
Yesterday, the airline announced that the Deputy Managing Director, Captain Dapo Olumide, will become the new Chief Executive Officer on June 18, 2009.

http://www.thisdayonline.com/nview.php?id=144254





ARIK steps up, branson at it again

What set the beginning of Mr. Lamido’s name coming into touch with as well as popularity in the Nigeria’s corporate business circle, banking industry in particular, was when he first took an appointment with the defunct Icon Limited (Merchant Bankers) in the mid eighties. Lamido’s hard work, resilience and exceptional dedication to his duties paved his way to rising to the position of the Area Manager, Kano. His desire and unflinching commitment to knowledge and its continued pursuit, informed his voluntary resignation from the then Icon Limited in order to pursue higher education in the far away Khartoum, Sudan. Among the many experiences he gained while in the Icon Limited include; financial advisory services, debt conversion, credit and marketing knowledge and its applications.
After Lamido’s successful further studies in Sudan, United Bank for Africa (UBA) searched for him and appointed him its Principal Manager II in the Risk Management Division of the bank in the month of May, 1997. As usual with Lamido, his managerial expertise and being time bound in discharging his duties in this division made him rose up to the position of the Principal Manager I in January, 1998, and its Assistant General Manager (AGM), that same year. According to a source in the UBA, Lamido proposed and spearheaded the establishment of the Group Risk Department of the bank. He was appointed to head it and tasked with the responsibility of transforming the previous Credit Risk Division into an Enterprise Risk Management Sector of the bank.
Lamido’s impressive performance and rich profile in credit risk management left the First Bank Nigeria Plc with no better choice, than to invite him and appoint him its Executive Director Risk Management. “Dan halas” meaning “genuine son in Hausa” did not disappoint the management of this Elephant Bank (as it is widely known and called across the country). He opened the treasure of his wealth of experience acquired over the years and appropriately applied them in discharging his duties in this post. He, within a short time, reformed the bank’s risk management structure by breaking it into four departments; Operations Risk Department, Market Risk Department, Credit Analysis and Processing Department and Credit Monitoring and Control Department.
Sanusi Lamido’s golden cap of success in the First Bank before his new appointment to lead it, was taking the credit risk management profile of the bank to an unprecedented level, through effective and maximum utilization of the natural disposition of all the staff under his control.
On the educational side of his life, Lamido is a 1981 graduate of Economics from the famous West African University, Ahmadu Bello University (ABU), Zaria. Before then, he satisfactorily attended St. Annes Primary School, Kakuri, Kaduna, and the prestigious Kings College Lagos between the years 1973 – 1977. Not too long after his graduation, Lamido went back to ABU for his Post Graduate Studies. Between the years 1991 – 1997, he was at the International University of Africa, Khartoum, Sudan, where he first studied Arabic before obtaining a second Bachelor’s Degree, this time in Islamic Law.
From the beginning of his banking career to date, Lamido has attended numerous in service training courses both in Nigeria and in the over seas. His mastery of Credit Risk Management knowledge made him to be the first choice of organizers of public forum that has to do with business risk management both locally and abroad.




http://www.triumphnewspapers.com/san712009.html

Wish him all the best, hope he doesnt dissapoint

Obama would mostly likely talk about democracy, since africa is just being democratised and Ghana ia a model state where it has worked, simple, Why are we complaining, he is also not going to S.A

This project shouldnt be of top priority with scarce resources, one wonder how many roads could be built across the nation with this sum. wonder if it couldnt be concessioned.
2009 Appropriation Bill ceded 91 per cent of the capital vote to five key priority sectors, namely: N361.2bn for critical infrastructure, including capital allocations of N88.5bn for power; N15.4bn for aviation; N26.5bn for petroleum resources; N129.3bn for works; N35.2bn for transport and N48.7bn (out of a capital vote of N64.45bn) for critical infrastructure within the Federal Capital Territory.

T

http://news.bbc.co.uk/2/hi/africa/8052402.stm.

http://www.punchng.com/Articl.aspx?theartic=Art2009051615145445.


can this ever end?

goverment should inject liquidity into the market,,,many ways e.g paying the huge debt owed local contractors

arsenal 4 life

This is the funniest thread i have read today, cant stop laughing

sorry story