₦airaland Forum

This going to pile on this young man more pressure.
It is enormous.
There are wars everywhere; even domestic wars that Obama has to fight.
We should just keep wishing him well.
It is enormous pressure.

Rosa: you are actually complaining.
You may take some time to read the citation on Obama by the Peace Prize committee.
He is definitely a man who wants everyone in the world to live respecting others' right to live. For that alone, he deserves the plume.
Even, an Hamas spokesman has just spoken on CNN that Obama deserves the award.
Rejoice with him, and wish him well.

CBN STATEMENT

In furtherance of the Central Bank of Nigeria’s statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks— and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
The Special Examination primarily focused on assessing the health of the banks with particular focus on liquidity, capital adequacy and corporate governance. After a review of the findings of the Special Examination report in respect of these 14 banks, the CBN has come to the following conclusions:

The following nine (9) banks were found to have adequate capital and liquidity to support the level of their current operations and future growth:
1. Access Bank Plc
2. Citibank Nigeria Limited
3. Ecobank Nigeria Plc
4. Fidelity Bank Plc
5. First City Monument Bank Plc
6. Skye Bank Plc
7. Stanbic IBTC Bank Plc
8. Standard Chartered Bank Limited
9. Zenith Bank Plc
The 10th bank – which is Unity Bank—was adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.

The remaining four banks were found to be in a grave situation:
1. Bank PHB Plc; 2. Equitorial Trust Bank Plc;3. Spring Bank Plc; and 4. Wema Bank Plc.

After a careful consideration of the matter, and in exercise of the powers conferred on him by Sections 33 and 35 of the Banks and Other Financial Institutions Act 2004, the Governor of the CBN, by order in writing, has taken a number of measures aimed at arresting the grave situation of these four banks.

The measures are:
a) The removal of the Managing Directors of Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc and the appointment of new Managing Directors for these three banks, namely:

1. Mr. Cyril Chukwumah for Bank PHB Plc; 2. Mr. G.O. Folayan for Equitorial Trust Bank Plc; and 3. Mrs. Sola Ayodele for Spring Bank Plc.

b) The removal of all Executive Directors in Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc. New Executive Directors will be appointed for these banks in due course.

c) The removal of all Non-Executive Directors in Spring Bank Plc.

d) The removal of Dr. Mike Adenuga, jnr., CON, as a Non-Executive Director of Equitorial Trust Bank Plc.

e) The order to the board of Wema Bank Plc to recapitalise by 30 June 2010. It is noted that Wema Bank Plc came under new ownership and management in June 2009 who took over a bank already in a grave situation and should not be held responsible for the present condition of the bank. The CBN will work with the Bank to ensure a successful completion of the recapitalisation exercise.

f) The provision of a total of N200 billion by the CBN as liquidity support and long term loans for the four banks adjudged to be in a grave situation to enable them continue normal business, while pursuing recapitalisation options.

g) The order to the board of Unity Bank Plc. to recapitalise by 30 June 2010. It is noted that Unity Bank Plc was adjudged to have insufficient capital for its current level of operations but was adjudged to have a healthy liquidity position and with no indication of poor corporate governance practices. The CBN has therefore exercised its powers under Section 13.3 of BOFIA to order the Board of Unity Bank Plc to recapitalise by the said date and the CBN will continue to monitor this situation.

In addition, the CBN will assist the five banks with insufficient capital in their loan recovery efforts, just as it did with the previous five. The CBN is happy to report that as at 25 September 2009, the five banks had recovered more than N110 billion of previously non-performing loans.

The CBN reiterates its commitment to stand by all Nigerian banks and work with their respective boards, management and other stakeholders to restore the stability of the financial system and thus ensure that our banks are able to effectively play their role in economic growth and development.

In furtherance of the commitment of the Federal Government to the growth and stability of the financial system, His Excellency the President of the Federal Republic, President Umaru Musa Yar’ Adua has directed the Honourable Minister of Finance and the Central Bank Governor to liaise with the Attorney General of the Federation, the National Assembly and other relevant stakeholders with a view to fast-tracking the process of establishing an Asset Management Company.

The formation of this company should facilitate an improvement in banking sector liquidity, protection of the earnings of banks from further erosion and a reduction of the debt overhang on the capital market and its participants. This should provide a much-needed fillip for the revival of the Nigerian Capital Market.

With the conclusion of the bank audit exercise, we have come to the end of the first phase of the process of restoring financial sector stability. Ongoing action will focus on building capacity within the regulatory regime; fast-tracking the implementation of risk-based, consolidated and cross border supervision frameworks; easing the flow of credit, particularly to the real sector of the economy; improving governance structures and practices in the financial services sector; and improving confidence in the economy in general.

HEAD OF CORPORATE AFFAIRS
CENTRAL BANK OF NIGERIA"

STATEMENT FROM CBN
In furtherance of the Central Bank of Nigeria’s statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks— and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
The Special Examination primarily focused on assessing the health of the banks with particular focus on liquidity, capital adequacy and corporate governance. After a review of the findings of the Special Examination report in respect of these 14 banks, the CBN has come to the following conclusions:

The following nine (9) banks were found to have adequate capital and liquidity to support the level of their current operations and future growth:
1. Access Bank Plc
2. Citibank Nigeria Limited
3. Ecobank Nigeria Plc
4. Fidelity Bank Plc
5. First City Monument Bank Plc
6. Skye Bank Plc
7. Stanbic IBTC Bank Plc
8. Standard Chartered Bank Limited
9. Zenith Bank Plc
The 10th bank – which is Unity Bank—was adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.

The remaining four banks were found to be in a grave situation:
1. Bank PHB Plc; 2. Equitorial Trust Bank Plc;3. Spring Bank Plc; and 4. Wema Bank Plc.

After a careful consideration of the matter, and in exercise of the powers conferred on him by Sections 33 and 35 of the Banks and Other Financial Institutions Act 2004, the Governor of the CBN, by order in writing, has taken a number of measures aimed at arresting the grave situation of these four banks.

The measures are:
a) The removal of the Managing Directors of Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc and the appointment of new Managing Directors for these three banks, namely:

1. Mr. Cyril Chukwumah for Bank PHB Plc; 2. Mr. G.O. Folayan for Equitorial Trust Bank Plc; and 3. Mrs. Sola Ayodele for Spring Bank Plc.

b) The removal of all Executive Directors in Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc. New Executive Directors will be appointed for these banks in due course.

c) The removal of all Non-Executive Directors in Spring Bank Plc.

d) The removal of Dr. Mike Adenuga, jnr., CON, as a Non-Executive Director of Equitorial Trust Bank Plc.

e) The order to the board of Wema Bank Plc to recapitalise by 30 June 2010. It is noted that Wema Bank Plc came under new ownership and management in June 2009 who took over a bank already in a grave situation and should not be held responsible for the present condition of the bank. The CBN will work with the Bank to ensure a successful completion of the recapitalisation exercise.

f) The provision of a total of N200 billion by the CBN as liquidity support and long term loans for the four banks adjudged to be in a grave situation to enable them continue normal business, while pursuing recapitalisation options.

g) The order to the board of Unity Bank Plc. to recapitalise by 30 June 2010. It is noted that Unity Bank Plc was adjudged to have insufficient capital for its current level of operations but was adjudged to have a healthy liquidity position and with no indication of poor corporate governance practices. The CBN has therefore exercised its powers under Section 13.3 of BOFIA to order the Board of Unity Bank Plc to recapitalise by the said date and the CBN will continue to monitor this situation.

In addition, the CBN will assist the five banks with insufficient capital in their loan recovery efforts, just as it did with the previous five. The CBN is happy to report that as at 25 September 2009, the five banks had recovered more than N110 billion of previously non-performing loans.

The CBN reiterates its commitment to stand by all Nigerian banks and work with their respective boards, management and other stakeholders to restore the stability of the financial system and thus ensure that our banks are able to effectively play their role in economic growth and development.

In furtherance of the commitment of the Federal Government to the growth and stability of the financial system, His Excellency the President of the Federal Republic, President Umaru Musa Yar’ Adua has directed the Honourable Minister of Finance and the Central Bank Governor to liaise with the Attorney General of the Federation, the National Assembly and other relevant stakeholders with a view to fast-tracking the process of establishing an Asset Management Company.

The formation of this company should facilitate an improvement in banking sector liquidity, protection of the earnings of banks from further erosion and a reduction of the debt overhang on the capital market and its participants. This should provide a much-needed fillip for the revival of the Nigerian Capital Market.

With the conclusion of the bank audit exercise, we have come to the end of the first phase of the process of restoring financial sector stability. Ongoing action will focus on building capacity within the regulatory regime; fast-tracking the implementation of risk-based, consolidated and cross border supervision frameworks; easing the flow of credit, particularly to the real sector of the economy; improving governance structures and practices in the financial services sector; and improving confidence in the economy in general.

HEAD OF CORPORATE AFFAIRS
CENTRAL BANK OF NIGERIA"

Breaking News: CBN sacks PHB, ETB & Springbank CEOs & EDs replaced by C Chukwumah, G O Folayan and Mrs S Ayodele respectively; offers N200b support. Wema, Unity to recapitalise.

How did I get here?
I had just listened to this lady on STV. OK: I had heard her before now, and I wondered: she can't even pronounce her name.
This morning, I had the, er, misfortune of seeing her again on STV, and much of the time, she had to repeat herself.
There is definitely a problem; and it does not seem that her bosses care a hoot - may be they are not watching.
A simple rule of communication is about COMPREHENSIBILITY. I should know - I not only read mass communication but I also practise; indeed, this is my 27th year, post-qualification, including a stint in a major American medium, though print.
She lost me several times during the news reading, so I simply switched off - mentally. In other words, I was seeing her but not watching. I don't know how many viewers were in my position.
It would be interesting to know what Dr Christopher Kolade would have to say about her performance: in his days as director-general of Nigerian Broadcasting Corporation - the forebears of Federal Radio Corporation of Nigeria - no newscaster would make the mistake of mispronouncing words much less speak through his or her nose.
Good luck to Adaure.

How I wish this would lead to someone who would begin to think of how our own moimoi - as you would want it - could be exported/imported - as a paste or the like, with all the instructions on how to prepare it, and even the nutrient composition, expiry date et al.

The reference to "today" in this piece is actually 1st October.

Please visit: http://modebayo-awosika-of-blessedmemory.com
By Ebun Awosika
It is exactly one year ago today that my dear husband and doting father of two was brutality and senselessly taken away from all of us that truly loved him. It’s still very hard to comprehend and even harder to accept.
Bayo’s future was full of so much promise. None of us, least of all he expected the unimaginable that occurred in the early hours of Nigeria’s Independence day, last year. The only one that sensed danger was too young to voice it at the time. We all assumed she wanted Daddy close to her all the time; no one could ever have anticipated that the human capacity for evil would rear its head with such ease and ferocity in Bayo’s direction, on that ill-fated night. We see it on TV all the time, we read stories about them too often, these “human beings” whose thirst for blood compels them to commit acts of wanton savagery as soon as any opportunity presents itself to them.
During this period, the Nigeria Police Force has been very loyal to its own. There was an inquest conducted which clearly established that an innocent citizen was callously murdered by one of them. They even showed up sometimes and attempted to make a mockery of the whole thing. Some of them even found the whole proceedings “funny.”
The loved ones that Bayo left behind don’t find it funny at all, they are still grieiving as if it just happened. How can anyone erase that look on his face in the coffin from their sub-consciious, ever. How does one reconcile “I’m on my way home now” to the Lord giveth and the Lord taketh, the same night.
After the inquest, the Chief Coroner of Lagos State, Justice Yetunde Idowu issued some additional directives which have already been published and which is reproduced below:
1. The Commissioner of Police Lagos State cause a wanted person’s advert to be placed in two national dailies within 30 days from the date this verdict is signed declaring Benjamin Oyigie wanted in connection with the death of Modebayo Awosika and ensure his arrest.
2. In the event that the Commissioner of Police Lagos State does not effect the above order, the Attorney-General and Commissioner for Justice Lagos State shall be at liberty to cause a wanted person’s advert to be placed in two national dailies declaring Benjamin Oyigie wanted in connection with the death of Modebayo Awosika.
3. The Commissioner of Police Lagos State should investigate or cause investigation to be conducted to determine the involvement of Benjamin Oyigie, Akpan David and any other person who may be implicagted in the death of Modebayo Awosikle.
4. The Commissioner of Police Lagos State is directed to cause a ballistic expert to examing the bullet fragments obtained by the Forensic Pathologist from the body of Modebayo Awosika, and compare same with bullet fragments from the service weapon in the custody of the Benjamin Oyigie and Akpan David at the time Modebayo Awosika was shot with a view to determine whether any of the service weapons was used in firing the shot that killed Modebayo Awosika.
Still no action from the Nigerian Police. None whatsoever. They have never even pretended to try to find the perpetrators of this heinous crime. Not at all. I guess we live in a country where such a degree of callousness and disregard for the sanctity of human life and the rule of law has now become acceptable. We certainly did not inherit these habits from our colonial masters; we have found a way to excel in them on our own. In fact, the people who carry out atrocities or condone and encourage same in our Fatherland are usually the ones rewarded with choice apartments, lucrative deals and the keys to Aso Rock city. These are the people who procreate with relish (with as many partners as possible) forgetting that their descendants will surely inherit a country full of all the evils that they have helped to nurture AND PRESERVE. No matter how wealthy they are and how well-protected, they cannot have full proof immunity from the ills of the society in which they live. ‘Ferrying’ their toddlers to private schools with armed men in uniform as escorts or driving around in bullet proof vans or boxes does not guarantee immunity, why is that so difficult for some to understand? WHY?
It is what it is. You either accept it or if not theh you have no choice but to move to another country where everything works as it should but the sense of belonging is absent no matter how hard you try. This is what the average Nigerian has come to expect 49 years after independence; how sad?
HELP US SEEK JUSTICE FOR BAYO
We have not given up on the pursuit of justice. Due to the interest generated by this tragedy at home and abroad, a website has been established to help us in our fight for justice. The website provides useful information on the events of that ill-fated night and contains an online petition for justice. Our aim is to get thousands of signatories within a target period and we are well on our way. The reasons for establishing the website are numerous, but suffice to say that we hope to generate international attention to this quest for justice in the face of local nonchalance and see where this takes us.
Kindly visit http://modebayo-awosika-of-blessedmemory.com/ and help us in our quest for justice by signing and completing the Online Petition. Thank you all very much.
We hereby express our sincere gratitude to the Hon Attorney General and Commissioner for Justice, Lagos State, Mr Olasupo Sasore, SAN, and his staff for their tireless pursuit of justice on our behalf. Through them, we have seen that all hope is not lost in Nigeria.
Ebun is the widow of Modebayo Awosika

[b]Jimoh Ibrahim, Ali Dangote pay N6b[/b]By Our ReporterPublished TodayNewsRating: Unrated
Rockson pays Intercontinental
Frontline businessman Jimoh Ibrahim, yesterday paid N3billion to Oceanic International Bank Plc in settlement of his company’s debt.

On May 18, the bank wrote Global Fleet Group, putting its debt at N8billion.

Besides, it acknowledged the payment of N3billion between last December and May.

Ibrahim’s payment of N3billion yesterday followed the allegation by the Central Bank of Nigeria (CBN) that his firm is "not a performing debtor" of Oceanic Bank. CBN claimed he is owing the bank N14billion, but Ibrahim put the debt at N8billion.

A letter signed by Omotayo Ajani, General Manager, Corporate Banking Group, acknowledged receipt of the payment.

The letter reads: "We write to acknowledge receipt of your transfer instruction of the sum of £11,618,000.00 (Eleven Million, Six Hundred and Eighteen Thousand Pounds) being naira equivalent of N3,000,116,140.00 (Three billion, One Hundred and Sixteen Thousand, One Hundred and Forty Naira only) to be applied on receipt for payment on account of your outstanding balances with the bank in the following accounts:

Global Fleet Oil and Gas Ltd 0011201008448

Global Fleet Industries 0011101028564

Fleet Hotels Ltd 0011201008438

NICON Group 0011101016319

Barr. Jimoh Ibrahim 0013003000359

"The bank undertakes to refund to you any excess charges or debits on the account that is not authorised by you, or interest rate that is not in compliance with our terms of loan as soon as the reconciled account is mutually agreed upon.

"We thank you for your continued cooperation."

Reacting, Ibrahim said his loan was performing and blamed Oceanic Bank for any outstanding in the account which he attributed to poor banking relationship.

According to Ibrahim, "in 2007 alone, Oceanic Bank by a letter dated 23

rd May 2007, credited Global Fleet account with N1.98billion being reversal of excess charges and accrued interest on the company’s account.

He said: "When a bank by its own admission and confession says it overcharged our account with N2billion, CBN should be cautious; it should figure out what exactly the debt profile is. This is why I said that our company’s account with Oceanic Bank should be audited for the first time in five years."

Ibrahim said Global Fleet had no reason to stop its relationship with Oceanic Bank but advised the bank to be transparent.

He said CBN would succeed only if it publishes exactly what everyone is owing and avoids computer errors that have reduced some people’s debts.

Intercontinental Bank Plc yesterday confirmed that Rockson Engineering Ltd has made some payments to defray its debt.

The bank said the payments were made following the CBN/Nigerian Deposit Insurance Corporation (NDIC) joint examination of its books.

Last Tuesday, CBN said the company was owing the bank N36,989,685.84, but the firm denied the claim, putting its debt at N14,423,291,589.49.

Also yesterday, it was learnt that Alhaji Ali Dangote, owner of Dansa Oil and Gas Limited had paid Intercontinental Bank N3billion. He is said to be owing N8.3billion.
http://thenationonlineng.net/web2/articles/15645/1/Jimoh-Ibrahim-Ali-Dangote-pay-N6b/Page1.html

Mr. Babafemi confirmed that some of the debtors have started responding, "As at this afternoon, we had information that some of them had made payments in excess of N10 billion into two banks, and some of the debtors who could not raise money have been coming forward with documents of their properties to make commitment."

Sources at the commission confirmed that one of those whose names were published by the Central Bank last week, Jimoh Ibrahim of Global Fleet, brought a bank instrument of N1 billion to the EFCC at Abuja on Monday.

N8b?
N3b?
N1b?
What did he pay?

@ Sisi Jinx: that's really thoughtful.
If the man was called - by God - then how come humans have the power to, er, decall him?
Really thoughtful.

The media too is culpable
By Wale Fatade
August 15, 2009 08:09PMT/NEXT






The fall of five bank chief executives from Olympian heights last Friday was not totally unexpected. But if one was to go by information in most Nigerian newspapers and magazines - and some relatively unknown foreign publications - nothing was wrong with our banks.

The weakness of the banks was not only hidden by the absolute lack of capacity to report the financial sector effectively but by the largely incestuous relationship between them and the media. What with the plethora of awards from the media that appeared to be in competition to outdo one another in giving awards to some of the indicted CEOs and the institutions they used to head.

The ones that stick out like a sore thumb are the THISDAY awards instituted by the newspaper and the Nigerian Bankers Award regularly hosted by Vanguard newspapers. There were also awards by The Banker, a publication of the Financial Times of London, African Investors magazine and Euromoney Institutional Investor Plc. These were complemented by a group of gangster financial journalists that routinely blackmailed and threatened some of these bank executives to do their bidding in return for regular spiking of damning articles.

After some of these nebulous awards, the banks would take up advert pages to proclaim them in, (wait for it) the same newspapers/magazines that gave the awards. In some instances, billboards and large outdoor adverts featured the citation of the awards and the banks' websites too. Sometimes, the awards were foisted on the chief executives who would proudly mention them in their personal websites and those of their banks.

Award list

On Oceanic website, the bank states, "For the umpteenth time, leading African regional bank, Oceanic Bank International Plc, has again won the keenly contested 2008 best bank in Nigeria. This time from the EMEA Finance, the UK based financial intelligence magazine covering Europe, Middle East and Africa." The bank was also named 2007 Bank of the Year, the second time in a row by The Banker, a subsidiary of the Financial Times of London. The site claims that the magazine is "an internationally recognised and acclaimed organisation involved in providing coverage and analysis of banking and banks - an authoritative source of global financial intelligence since 1926." Oceanic Bank's former CEO, Cecilia Ibru, was named African Business Woman of the year 2006 by African Investors Magazine, while THISDAY awarded the bank Most Improved Bank Award in 2007.

Intercontinental Bank was voted Most Improved Bank by THISDAY in 2005, the Bank of the Year 2008 by The Banker magazine, African Bank of the Year 2008 by the African Banker magazine, most corporate socially responsible bank in Nigeria for 2007 and 2008 by Vanguard Newspaper.

Again, The Banker magazine gave Bank of the Year award to Union Bank between 2001 and 2003 just as the director of Euromoney Institutional Investor, Simon Brady, presented a certificate to its sacked chief executive, Barth Ebong, as the Best Bank in Nigeria for 2006.

The CBN hammer, in a way, also questions the rationale behind the ranking given by many of the international rating agencies. "Aa", "AA", "A1+" and the entire gamut of other notations most certainly do not mean anything again as some of these banks were rated to have "very high credit quality," "short term liquidity is outstanding," and "a financial institution of very good financial condition and strong capacity to meet its obligations as and when the fall due." But now we know better.

Surely, a section of the media is culpable in this long game of deceit.



Back

Erastus Akinbola opens up
By Nicholas Ibekwe


August 15, 2009 08:05PMT/NEXT






The former group managing director of Intercontinental Bank Plc, Erastus Akingbola, at a public sitting with the House Committee on Market and Institutions, on May 27, revealed how his bank and other financial institutions including Zenith Bank Plc and Union bank Plc, alongside the Securities and Exchange Commission may have defrauded Nigerians in the public offer of Africa Petroleum Plc shares.

1. "At Completion Board Meeting, SEC is supposed to be there and they were there. And when you have firm underwriting, you are supposed to even exchange cheques that day. If cheques are not exchanged, commissions are not paid. Didn't SEC ask what is going on?

The reason why cheques were not exchanged, some of the banks went there with smaller cheques, when they saw bigger figures, they put their cheques in their pocket. Because they told the lead underwriters, the figures here are different from what we agreed in all our discussions. They said ‘don't worry, don't rock the boat, let this ceremony go on, we will resolve it,' and we agreed.

"So there was no cheque exchange, no commission paid and with my amateur law, no consideration even passed. So how come we are saying that there is a contract?

2. "They said we signed. Yes we signed. But if you sign and you can prove that there is a fraud in that contract, it is actionable. The fraudster should not be allowed to profit by that fraud. Every court knows that and that is what we are standing on. We are not saying that we did not sign, but we are saying we have evidence to show that there is deceit in this matter.

3 "Prospectus: I don't know whether the committee has seen the prospectus, I will show you the true copy. Pages seven and eight have an over-imposed page which carried different figures and this is what went out to the public. So have we not even deceived the public to say that on one side the following banks and underwriters are underwriting this? On the superimposed page, there is another one. I was thinking that SEC should have told them go and change this before you go to the market.

4. "What we are saying here is that law cannot override morality. There is moral issue in these matter. A situation where people purported to be lead underwriters collected money for ₦10 billion suddenly overnight change to ₦800 million each, and push bigger figures to other people.

5. "The understanding of the Completion Board Meeting which we all know is a ceremony that nobody wants to rock. Usually, when you complain, they say ‘don't worry; after the issue, we will resolve it.' They did not come back to regularise this issue. There is breach of promise. They did not come back to regularise the documents. We did not get this final documents until the offer closed. So, we had no opportunity to even know what they promised they will correct. They did not correct it, that is the issue.

6. "This issue closed September 29, and we did not get the documents in our own office until later in October. They even dated October 02 in their own office. So there is no opportunity for us to have checked and complained to SEC. So, it's a smart game and that is what we are against.

7. "If we are owing AP, we could say ‘AP, turn it to deposit for us for one year' they will agree. But that is not the issue. The issue is that we cannot profit through this fraud, that is what we are after.`

8. "The lead underwriters who made some representation to us and said they will be underwriting ₦10 billion each and put their banks forward, suddenly they removed their banks and put their issuing houses or capital companies and then reduced their own offer to ₦800 million each and those who were supposed to accompany them on a journey, they gave all of us ₦5 billion, ₦6 billion and we said ‘this is not fair.' We have no problem with the issuer, it's a problem with the lead underwriters and this has to be resolved.

9. "SEC [the Securities Exchange Commission] coming to behave like a prosecutor; I think they are holding themselves out unnecessarily. Something they should resolve is what they are now coming to be against they are even taking sides and I don't think this is right sir."

Erastus Akinbola opens up
By Nicholas Ibekwe


August 15, 2009 08:05PMT/NEXT






The former group managing director of Intercontinental Bank Plc, Erastus Akingbola, at a public sitting with the House Committee on Market and Institutions, on May 27, revealed how his bank and other financial institutions including Zenith Bank Plc and Union bank Plc, alongside the Securities and Exchange Commission may have defrauded Nigerians in the public offer of Africa Petroleum Plc shares.

1. "At Completion Board Meeting, SEC is supposed to be there and they were there. And when you have firm underwriting, you are supposed to even exchange cheques that day. If cheques are not exchanged, commissions are not paid. Didn't SEC ask what is going on?

The reason why cheques were not exchanged, some of the banks went there with smaller cheques, when they saw bigger figures, they put their cheques in their pocket. Because they told the lead underwriters, the figures here are different from what we agreed in all our discussions. They said ‘don't worry, don't rock the boat, let this ceremony go on, we will resolve it,' and we agreed.

"So there was no cheque exchange, no commission paid and with my amateur law, no consideration even passed. So how come we are saying that there is a contract?

2. "They said we signed. Yes we signed. But if you sign and you can prove that there is a fraud in that contract, it is actionable. The fraudster should not be allowed to profit by that fraud. Every court knows that and that is what we are standing on. We are not saying that we did not sign, but we are saying we have evidence to show that there is deceit in this matter.

3 "Prospectus: I don't know whether the committee has seen the prospectus, I will show you the true copy. Pages seven and eight have an over-imposed page which carried different figures and this is what went out to the public. So have we not even deceived the public to say that on one side the following banks and underwriters are underwriting this? On the superimposed page, there is another one. I was thinking that SEC should have told them go and change this before you go to the market.

4. "What we are saying here is that law cannot override morality. There is moral issue in these matter. A situation where people purported to be lead underwriters collected money for ₦10 billion suddenly overnight change to ₦800 million each, and push bigger figures to other people.

5. "The understanding of the Completion Board Meeting which we all know is a ceremony that nobody wants to rock. Usually, when you complain, they say ‘don't worry; after the issue, we will resolve it.' They did not come back to regularise this issue. There is breach of promise. They did not come back to regularise the documents. We did not get this final documents until the offer closed. So, we had no opportunity to even know what they promised they will correct. They did not correct it, that is the issue.

6. "This issue closed September 29, and we did not get the documents in our own office until later in October. They even dated October 02 in their own office. So there is no opportunity for us to have checked and complained to SEC. So, it's a smart game and that is what we are against.

7. "If we are owing AP, we could say ‘AP, turn it to deposit for us for one year' they will agree. But that is not the issue. The issue is that we cannot profit through this fraud, that is what we are after.`

8. "The lead underwriters who made some representation to us and said they will be underwriting ₦10 billion each and put their banks forward, suddenly they removed their banks and put their issuing houses or capital companies and then reduced their own offer to ₦800 million each and those who were supposed to accompany them on a journey, they gave all of us ₦5 billion, ₦6 billion and we said ‘this is not fair.' We have no problem with the issuer, it's a problem with the lead underwriters and this has to be resolved.

9. "SEC [the Securities Exchange Commission] coming to behave like a prosecutor; I think they are holding themselves out unnecessarily. Something they should resolve is what they are now coming to be against they are even taking sides and I don't think this is right sir."

Every topic I have had to post appeared in Nairaland Forum. Why can't I get to the Home Page

Let me also advise all debtors of Nigerian banks, that the CBN and all government agencies are united in our commitment to support the recovery efforts of the banks. Debtors who do not pay shall have their names published in National Newspapers in due course and we will solicit the support of law enforcement agencies in recovery.
SANUSI SAID THAT, JUST IN CASE WE ARE WONDERING WHAT HAPPENS TO THE DEBTORS

Abi o?

Interesting too, that quite a number of our news media now can update their websites as news breaks. Got alerts from The Nation as the sack occurred, and much later, as the acting appointments were made. Have also followed the news on NEXT, BusinessDay and The Nation's websites. Not to forget that we are also engaging here in real-time discussions on the developing story. It is heart-warming.

Wondering why the woman would have to wait till she gets removed. Her time seemed to have been up a while back. Now, this is a digression.

I doubt if he is afraid of taking needful decisions

Let's not desecrate the thread now. Please.

Just call it SANUSITATION! To bring some sanity to the sector

For crying out loud, CBN just bailed out the banks. It only makes sense to put its own managers in charge.

New Acting CEOs have been named for the five banks. Lai Alabi (Intercontinental), Funke Osibodu (Union Bank), John Aboh (Oceanic), Nebolisa Arah (Afribank) and Susan Eroche (Finbank)

Did you see anywhere in that story that anything was mentioned about delivery date? And, by the way, this Clinotech has no pedigree in building of clinics much less mega hospitals!
This is the entry on Clinotech on http://strategis.gc.ca/pics/ht/clinotechdiagnosticsandpharmaceuticals.html:
"Clinotech Diagnostics & Pharmaceuticals Inc. is known worldwide for its dedicated R & D as well as production and distribution of in-vitro diagnostic devices. In addition, this Canadian West coast enterprise provides services in contract manufacturing, private labelling and OEM supplies.

Targeting both prevention and treatment, Clinotech focuses on creating technology that will enable earlier diagnosis and better monitoring of human diseases as well as providing the utmost appropriate treatment for the sick." The founder is one Dr Harrison Ofiyai - that sounds like a Nigerian name - although the Tide story on this put the CEO's name as Mr Celel Caglar.

I don't know, that is why I asked if there was anyone who knows.

Anyone who has any worthwhile information about this new television station called NN24 should please say what  s/he knows.

A reputable automobile servicing company with headquarters in Lekki, requires for immediate employment a seasoned marketing practitioner to head its Marketing Department. If you think you are the suitable person for this job, please contact 07025866708. No unserious caller, please.

There was a time that the CAC announced that people could do their registeration by themselves online. What re the steps?