. . . any of the dreamkillers in the list below? Those bank directors who "borrowed" depositors money with no intention of paying back while the depositors of the failed banks are left gnashing their teeth. One of them may be our parent, child, cousin, nephew/niece, other relation, friend, neighbour, church/mosque/shrine fellow worshipper, fellow alumni etc. If you know any of them, kindly advise him to repay ASAP.
Let's remember that in the US, Madoff got 150 year jail sentence, after having been exposed by his kids. Unfortunately some of the insider credit abuse proceeds end up in the US and some of the kids of these fraudulent Nigerians are reaping the benefits of the more effective US judicial/financial system.
I would rather encourage my relation or friend to pay up instead of taking the risk of being killed or jailed by the revolutionary, in the mould of JJ Rawklings. that we all seem to be waiting for.
----------------

Senate Names Adedoyin, Offor, Bayero, Others in N53.3bn Insider Credit Abuse
•Gulf Bank former director owes N7bn
From Sufuyan Ojeifo in Abuja, 07.08.2009

At last, the Senate Committee on Banking, Insurance and Other Financial Institutions yesterday made good its threat to name former directors of 13 failed banks who were involved in insider credit abuse that led to the banks’ failure.
The former directors of the failed banks collectively owed the failed banks N53.3 billion out of which the Nigeria Deposit Insurance Corporation (NDIC) has so far recovered a paltry N4.722 billion.
Former Minister of Science and Technology, Chief Ebitimi Banigo; former Minister of Information, Chief Dapo Sarumi; former Governor of old Kwara State, Alhaji Shaaba Lafiagi; an industrialist, Prince Samuel Adedoyin; a businessman, Sir Emeka Offor; and former Minister of State for Foreign Affairs, Chief Dubem Onyia, featured in the list.
Former presidential aspirant, Mallam Saleh Jambo; ex-Lagos State commissioner, Chief Remi Adiukwu-Bakare; her husband, Chief Stephen Bakare; Senator Chris Adighije; Senator Mike Ajaegbo; Chief S.O. Bakare; Chief Great Ogboru; Sir Victor Odili; Mr. Paul Achimugu; Mr. Adeyeba Adekunle Johns; Chief C.M. Ibeto; Alhaji Abbati Aminu Saleh; and Ibrahim Aminu Saleh among many others, also featured in the list.
Although, the name of foremost industrialist and richest man in the country, Alhaji Aliko Dangote, featured in the list as having received a credit of N650 million from the failed Liberty Bank in the name of Bullion International and Dangote Group of Companies, the NDIC indicated under recoveries made that he had liquidated the entire loan.
Chairman of the Committee, Senator Nkechi Nwaogu, named the affected former directors on the floor of the Senate shortly after the consideration of the Committee’s report of the public/investigative hearing on the agonies of the depositors of the failed banks and financial institutions.
This was consequent upon the approval by the Senate of the fifth recommendation contained in the 12-page report in which the committee was asking for its (Senate) mandate to publish the names of those involved in the insider credit abuse.
The Upper House, in approving the recommendation, directed that Nwaogu should proceed immediately to reel out the names contained in a tentative report presented to the committee by the NDIC.
The report, signed by NDIC Board Director/Director, Legal Department, A.B. Nyako, entiled: “Re: Schedule of Insider Credit of Banks Closed on 16th January, 2006,” said: “We refer to your letter dated 25th June, 2008 in respect of the above subject and forward herewith, the attached updated schedule of insider credits of 13 closed banks as at June 2008.
“Please note that in view of the fact that the accounts are insider related, the records are constantly being reviewed and reconciled. Accordingly, some of the figures reported are tentative.”
By reading the names on the floor, Nwaogu and members of her committee enjoyed parliamentary immunity. No legal action can be instituted against them.
Nwaogu was, however, hesitant despite enjoying legislative immunity, to release the names. There was mild drama before she declassified the list.
Many senators, including Olorunnimbe Mamora, Bassey Ewa-Henshaw, Ahmad Lawan and Ayogu Eze, supported the disclosure of the insider credit abusers, while a few including Senator Joseph Akaagerger initially opposed on the ground that some of the former directors are now chairmen of boards of some Federal Government agencies.
Mamora said: “A lot of violation and disregard for rules was carried out by the banks executives. There must be mechanism for enforcement of rules to bring this people to book.”
Lawan stated: “What happened in the bank was a betrayal of public trust. It was abuse of trust that people would put their money and because some people were privileged to know some directors, they would take money without due process, without even paying back.”
Senate President David Mark ruled that Nwaogu should read out the names, declaring that the Senate as an institution must be upright in the fight against corruption.
He said failure to announce the names of the creditors would amount to shielding corrupt people in the society. Nwaogu spent about 30 minutes reeling out the names and the details of the credit and recoveries made by the NDIC.
Some of the details reeled out by Nwaogu indicated that the highest insider credit abuser was a former director of failed Gulf Bank, Adeyeba Adekunle Johns, who got about N7 billion.
Banigo, former Chairman of failed All States Trust Bank, got about N3.2 billion with only N10 million recovered from him so far.
The remaining outstanding of about N11.8 billion was got by companies against whom no directors’ names were indicated. An individual (Prof. Nta Henshaw) got N17.9 million, bringing the outstanding balance to N15,170, 852,591.19.
Others are: Eagle Bank former directors - Alhaji Ibrahim Aminu Saleh and Abbati Aminu Saleh (N26.918 million) - who were personally guaranteed by their father and former Secretary to the Government of the Federation, Alhaji Aminu Saleh; and Paul Achimugu (N5.5 million), among others.
Trade Bank: Alhaji K.A. Olatunde (N13.3 million); Alhaji S.Y. Abdullahi (N1.25 billion); Lafiagi (N1.156 million) and David Chuka Nwosu (N3.4 million), among others.
Gulf Bank: Alhaji Sanusi Ado Bayero (N45.003 million); Babajide Rogers (N11.874 million); and Muyiwa Osho (N242.1 million).
City Express Bank: Prince Samuel Adedoyin and Mrs. Sola Adeoti (who both got N5.584 billion out which N453 million has been recovered so far).
Assurance Bank of Nigeria Plc: Angela Onyeador (N30.7 million); Chuka Nwokoko (N31.9 million); and Moore Onyekaba (N3.6 million), among others.
African Express Bank: Sir Emeka Offor through his Chrome Oil Services and other related companies got N15 billion and has repaid over half of the sum taken as loan.
Offor however, said he had defrayed his debt to less than N900 million and that he was at the verge of offsetting the balance when the report was made public by the Senate.
Liberty Bank: Chief Victor Odili (got N41.1 million; N10.6 million and another N2.6 million got in the name of Colodense Nigeria Limited) and Dr. T.C. Osanakpo (N43.6 million got in the name of Rison Palm Limited).
Hallmark Bank: Alhaji B.I. Bunu, Chief F.E.C. Adiele, Chief Jude Akpunku, Dr. Sam Eke, Nnamdi Anyaehie, Nze Maduako and others got a total of N9.3 billion.
Lead Bank: J.I. Abulime (N5.8 million); Mallam Saleh Jambo (N17.2 million); Captain Onu and Chief Dubem Onyia (both got N26.6 million in the name of Easy Link Aviation).
Metropolitan Bank: Senator Chris Adighije (N1.9 million); Senator Mike Ajaegbo (N210 million)’ Chief (Mrs) Remi Adiukwu-Bakare (over N1.093 billion); Great Ogboru (N799.7 million); Oladapo Sarumi (N3.8 million); and Chief S. O. Bakare (about N800 million).
After she rounded off and laid the report on the table of the Senate, Senator Enyinaya Abaribe (PDP, Abia South) raised the alarm that Nwaogu’s mobile phone was already being inundated with text messages threatening her life.
Mark, however, assured her that the Senate would request the Inspector General of Police (IGP) to provide her and members of the committee with adequate security to protect them.
He said the Senate was proud of them and that the Upper House would not abandon them after having done a great job in the interest of the nation.
According to him, “You have performed wonderfully. I commend you for the courage to bring this to limelight. You do not need to be afraid for what you have done for your country as those that have sent you the text messages should first think twice about their actions.
“We stand by you; we are together in this and we take full responsibilities for this report. It is a far-reaching report. We will do what we have to do. We must play by the rules. Those names here should be ashamed of themselves.”
Meanwhile, the Senate approved the other 14 recommendations by the Nwaogu-led Committee.
For instance, it recommended that the NDIC and all banks involved in the purchase and assumption (of failed banks) should embark on renewed public awareness and sensitisation campaign in the print and electronic media on the payment procedures to enable depositors in pre-and post consolidation failed banks, come forward for their deposits.
It also recommended that the Central Bank of Nigeria (CBN) should re-examine the practice under “Purchase and Assumption” whereby assuming banks are allowed to cherry pick the good assets of failed banks and leave only the government to take responsibility for the bad ones.
In addition, it recommended that the Senate should direct the NDIC to come up with a plan for immediate payment of all depositors irrespective of the pending court cases and to put a definite deadline for completion of the process.

Debtors to Failed Banks…

Adeyeba Adekunle Johns
N7b (Gulf Bank)
Alhaji Sanusi Ado Bayero
N45.003 million
Babajide Rogers
N11.874 million
Muyiwa Osho
N242.1 million
Ebitimi Banigo
N3.2b with N10 million recovered
(All States Trust Bank)
Professor Nta Henshaw
N17.9 million
Alh I.Aminu Saleh & A. Aminu Saleh - N26.918 million (Eagle Bank)
Paul Achimugu - N5.5 million
Alh K.A. Olatunde
N13.3 million (Trade Bank)
Alh S.Y.Abdullahi
N1.25bn
Alh Sha’aba Lafiagi
N1.156 million
David Chuka Nwosu
N3.4 million
Prince S. Adedoyin & Mrs. Sola Adeoti
N5.584b with N453 million recovered (City Express Bank)
Angela Onyeador
N30.7 million (Assurance Bank of Nigeria plc)
Chuka Nwokoko
N31.9 million
Moore Onyekaba
N3.6 million
Sir Emeka Ofor- N7.5bn with N3.8bn recovered (African Express Bank)
Chief Victor Odili
N54.3 million (Liberty Bank)
Dr. T.C. Osanakpo - N43.6 million
Alh B.I. Bunu, Chief F.EC. Adiele, Chief Jude Akpunku, Dr. Sam Eke, Nnamdi Anyaehie, Nze Maduako
N9.3bn (Hallmark Bank)
J.I. Abulime - N5.8 million (Lead Bank)
Mallam Saleh Jambo - N17.2 million
Captain Onu & Chief D. Onyia
N26.6 million
Sen Chris Adighije
N1.9 million (Metropolitan Bank)
Sen Mike Ajaegbo - N210 million
Chief (Mrs.) R. Adiukwu-Bakare
over N1.093 billion
Great Ogboru - N799.7 million
Oladapo Sarumi - N3.8 million
Chief S.O. Bakare - N800 million

Source: [url=http://www.thisdayonline.com/nview.php?id=148176
]This Day[/url]

Another round of failed banks looming very soon? Leading to closed factories, failed small & medium scale enterprises due to lack of bank credit then more unemployment = increased armed robberies & kidnappings even of the big men and their relations & friends.
===================================
Banks groan under N1.25tr loans to 'big five'

CBN may opt for full disclosure soon
By Ade Ogidan (Business Editor) and Taiwo Hassan

AN air of discomfort enveloped Nigeria's banking industry following disclosures that about five companies and their directors have literarily compromised funds of shareholders and customers of the financial institutions.
Already, the Central Bank of Nigeria (CBN) has opted for a full disclosure strategy to stem the tide of anxiety faced by the lending banks.
As at yesterday, over N1.25 trillion was being owed the banks by the high profile individuals and their companies, with a significant percentage of the debt stock in foreign currencies.
But the debtors have seemingly kept the banks on tenterhooks, forcing them to categorise the liabilities as bad debts that are being written off to cleanse the financial institutions' books.
Indeed, two of the companies and their directors have a debt overhang of $3.75 billion (N550 billion), with a further N280 billion representing the local currency component of their collective liabilities.
Another well-known group of companies, with an equally visible entrepreneur as its majority stakeholder, is allegedly owing $400 million (N58 billion).
Although some of the alleged debtors have denied that they owe the banks, hopes of the affected institutions to recover the loans are fading.
A survey by The Guardian indicated that objectives for which the loans were collected remained largely unachieved, with some of the banks strategising on how to present acceptable financials to their respective shareholders.
Some of the financial institutions, reeling under the pangs of the high bad debt stocks, have even been postponing dates of shareholders' meetings, while about two have decided to hold the mandatory forum in locations far away from Lagos, to prevent attendance by critical stakeholders.
Already, three banks have written off over N76 billion in loans, thereby assailing profitability and dividend payouts.
The CBN is flooded with petitions from some of the banks, over difficulties in debt recovery, especially from the major five debtors.
Some analysts, who spoke to The Guardian yesterday, expressed optimism that the banks could eventually recover some of the debts, going by the CBN's current disposition, which favours full disclosure of transactions.
A former Managing Director of one of the defunct banks said in Lagos yesterday that chieftains of the financial institutions should discard alleged blackmails from the debtors and expose them in the interest of their respective shareholders and customers.
"The recent exposure of directors of failed banks and their debts was a step in the right direction. From the feelers I am getting from the banks, many of them are mere hollow shells as these big five debtors have literarily crippled them," he said.
The full disclosure option appeared to have got the CBN's nod. Recently, it sent a circular to all banks, demanding that they "submit to the acting Director of Banking Supervision details of their total exposures to the companies in the energy sector, namely upstream, downstream and oil service companies, as at May 31, 2009."
CBN's governor, Lamido Sanusi, in his first official speech on assumption of office on July 7, 2009 said: "The CBN surveillance activities will receive new impetus to ensure efficient management and good corporate governance."
In stating the Central Bank's view that the Nigerian banking sector does not face a systemic risk, he said "our view is that there are stress points in banks' balance sheets (margin loans, proprietary positions, oil marketing names, unsecured large exposures) and these are being dimensioned."
The on-going court case involving Access Bank Plc and AP Plc has thrown up one such "stress points," and stakeholders await today's judgment, which coincides with AP's yearly general meeting.
Specifically, the two companies were at each other's neck over, which would be responsible for the shortfall of the exchange rate of Naira against the dollar.
According to Access Bank, AP has refused to pay the $35.1 million loan facility it granted it to import PMS into the country last year July.
The bank claimed that it entered into an agreement with the oil company in a transaction deal with the option that AP agreed to pay the loan within one year, but the company refused to honour the contract due to the shortfall of the dollar at the international market.
The bank said on July 18, 2008 it granted a letter of credit in form of a trade finance line to AP to facilitate the importation of petroleum products into the country, but the bank was stunned to hear that AP declined to fulfil the obligation, stating that it would not pay the difference in the dollar rate.
While reacting to this allegation in an interview with The Guardian in Lagos yesterday, the Chief Operating Officer of AP, Mr. Tunde Falasinnu, said that Access Bank's position against the oil company was in contrast to the agreement the two parties entered, relating to the importation of the petroleum products deal.
According to Falasinnu, AP has never in any way declined to pay the $35.1 million for the cargo that brought the petroleum products into the country, but what the bank was asking them to pay was not in line with the nation's official rate.
He said that the bank is one of the bankers that the oil company transacts business with, but relating to the specified oil contract, Access Bank was compelling the oil firm to pay the $35.1 million at $127 per dollar when the exchange rate as at when the oil business deal was transacted was $116.
Falasinnu explained that after series of meetings with the management of the bank over the matter to show understanding and the implication of the exchange rate, the bank decided that it would take a legal action against AP.
He, however, stated that in order not to go against the laws of the country and the wrath of CBN, the oil company decided to wait for the outcome of an investigation by CBN.
He went on: "Access Bank is a banker to AP Plc, one of our bankers, and we do transactions with them. On the 25th of July 2008 to be precised, they granted us a Letter of Credit for a cargo of PMS which worth $35.1 million.
"This, according to the transaction terms and regulation, was to be reopened after one year, which was opened as form M, and the form M was duly submitted to the CBN pending the time the exchange rate AP would pay to Access Bank when the obligation crystallises.
"As at the time the obligation crystallised, they debited us with N127 per litre of PMS that was N127.00 to a dollar. And as at that time, the official exchange rate was N116.82. So, when this letter came, we wrote a letter immediately, we protested that the rate they used was not the official rate and it was not acceptable except they want to tell us they have used the black market rate, even black market rate was lower as at then.
"Since that period, we have been exchanging letters between each other. In fact, I can tell you that I have exchanged more than 10 different letters within us. They were insisting that the rate they used for us was the correct rate as at that time. And now even as at today, or as at the time we were talking, the exchange rate has not gone beyond N127 they were claiming."
But Access Bank, in a statement yesterday, said the offer letter to AP stated that the "facility is subject to possible exchange rate risk and this risk remains the primary obligation of the customer and that there is no obligation on the part of the bank to provide the customer with funds (either in local or foreign currency) to repay any exposure from the utilisation of the facility."
Indeed, according to information, Access Bank offered AP the chance to cut its losses on the facility in dispute when the exchange rate started fluctuating and naira was falling fast, and offer which AP reportedly rejected.

[url=http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=220709&ptitle=Banks%20groan%20under%20N1.25tr%20loans%20to%20'big%20five']The Guardian[/url]

Another round of teeth gnashing by those who have their money tied up in the soon-to-be-failed banks, while some thieving rats who are responsible go on to more awards and accolades and the victims attend their owambe parties still.
A country of MUGUS Incorporated
---------------------------------------------------------

Re-consolidation looms, CBN seeks only 15 banks
By Enitar Ugwu, Bertram Nwannekanma and Azimazi Momoh Jimoh

DANGEROUS signals of a looming distress in the banking sector due to the "bubble money" saga may have sent the nation's economic regulators to the drawing board.
Among the options reportedly being proposed by the Central Bank of Nigeria (CBN) is a fresh round of capitalisation by banks. It was learnt that very soon, the CBN would present the consolidation plan to the Federal Government.
Unlike the 2004 exercise where the CBN concentrated on raising the banks' capital base to N25 billion, the proposed scheme slated for early next year would encourage merger and acquisition among the operators.
If this option is accepted by the government, the CBN may canvass the reduction of the number of banks from the present 24 to 15.
According to sources in the industry, the CBN is targeting next year for the re-capitalisation scheme, which may prune the number of banks in the country to 15, excluding the re-licensed but yet to be operational Savannah Bank.
The sources claimed that the apex bank was worried over the "bubble capital" saga rocking the nation's financial institutions, accentuated by high profile "dangerous loans" given by the banks, under assessed poor management regime.
CBN's governor, Lamido Sanusi, had recently given an indication about the re-consolidation of the banks.
The Guardian learnt that this would be two-fold as foreign banks would acquire Nigerian banks and some strong local banks would also take over their weaker ones.
The early next year time-frame, The Guardian also gathered, is for the CBN to finalise its ongoing audit of the banks.
An official of the apex bank said yesterday that it is not yet clear if the coming consolidation will be regulatory body-induced or not, pointing out that, it is the outcome of the on-going audit that will determine that.
A top banker said that another pointer to that is the fact that institutional investors both within and outside the country are positioning themselves to be part of this exercise once it takes off, given the numerous enquiries they are making regarding the health of some Nigerian banks.
He stressed that given the hints dropped by Sanusi on the health of Nigerian banks in his interview with the Financial Times of London last month, it is obvious that, it is a way of preparing the banks and banking public for the impending consolidation programme.
In that interview, Sanusi said: 'My initial feeling is that there isn't any bank that cannot survive in one form or the other, either in the form of getting some of the stronger banks to put in equity and merge with them or inviting foreign banks and letting them agree on the conditions for them to invest capital and management and revive the bank."
On the question of whether the envisaged consolidation would be regulatory induced or not, he had replied: "I wouldn't force any consolidation but I think it's important to send out signals to the banks that may have difficulties, that merging with stronger banks is certainly a very good possibility for saving themselves and saving their businesses.
"And we would try to create an environment that encourages that. We would try to encourage foreign banks that are coming, not just with money, but with management and systems, to come in and acquire. But we will not force any bank to merge. We are not going to have a Bank of America-Merill Lynch situation."
Interestingly, to prove foreign banks' interest in Nigerian banking system, the Standard Bank Group recently revealed that it was poised to increase its share in the Nigerian banking industry with the expected consolidation programme.
The Chief Executive Officer, Standard Bank Africa, Mr. Clive Tasker, while speaking on the group's growth strategy in Nigeria, where it had only one per cent market share, said that Standard Bank was shopping for the next available opportunity to acquire another bank in Nigeria because of the market's importance.
He spoke during a press conference at the 3rd yearly Standard Bank of Africa forum in Johannesbourg, South Africa recently.
Also, speaking on the theme, "The Nigerian banking system and the challenges of the global economic crisis," at the seminar for finance correspondents and Business Editors recently in Markurdi, Benue State, the Managing Director of Bank PHB, Mr. Francis Atuche, had listed regulatory induced consolidation in the banking industry as one of the options open to the country.
He recommended that the apex bank should introduce surgical intervention in form of injection of liquidity into the banking system via government-funded soft loans and re-capitalisation and regulatory induced consolidation via encouraging the big strong banks to acquire the weak and the anaemic".
He said that the liquidation of every weak bank associated with insolvency could result in a severe erosion of confidence in the banking system and could precipitate a run on the banks.
Based on this, he stated that, the best approaches are rehabilitation and consolidation. Both methods are considered more economically viable options from a national standpoint, but consolidation is however the most favoured because of its effect on investors' confidence.
Most of the banks, The Guardian learnt, got into this mess owing to their large exposure to debts owed them, coupled with the new CBN directive on full disclosure.
But the debtors have seemingly kept the banks on tenterhooks, forcing them to categorise too many liabilities as bad debts that are being written off to cleanse the financial institutions' books.
Indeed, two companies and their directors have a debt overhang of $3.75 billion (N550 billion), with a further N280 billion representing the local currency component of their collective liabilities.
The Senate Committee on Public Accounts also expressed dismay yesterday after hearing that the Education Tax Fund (ETF) placed over N2.7 billion in bank deposits without respect for financial and investment ethics and regulations.
At a meeting with the ETF management and officials from the Auditor-General of the Federation, the Senate panel was informed that the ETF Executive Secretary, Mahmoud Yakubu had been queried for going ahead to place the funds.
The query was reportedly issued by the then Auditor-General of the Federation, Robert Ejenavi, in March, 2009.
A Lagos High Court has adjourned hearing in the suit filed by Access Bank Plc against African Petroleum (AP) seeking the winding up of the latter over non-payment of credit facilities, till July 27, 2009.
In the petition, Access Bank wants an order to wind up the giant oil marketing firm over a $35.15 million (N5.6 billion) trade debt, while AP is accusing the bank of erecting stumbling blocks on its repayment bid.
Counsel to the respondent, Mr. P. A Ajibade (SAN), at the resumed hearing of the matter yesterday, told the court of his preliminary objection dated July 21, 2009 to the petition by Access Bank Plc on June 25, 2009, which he said had been filed and served the petitioner on Tuesday.
He told the court, that since the petition for winding up a company was under the Companies and Allied Matters Act (CAMA), there was no need for a written address and thus, was ready to proceed on the matter as the case had brought discomfort to his client.
But counsel to the petitioner, Mr. Norrison Quakers, requested the respondent to file a written address on the matter in conformity of Order 183, of the 2009 Federal High Court' Rules, which he said should precede the CAMA rules.
However, Ajibade argued that Order 183 cited by the petitioner was not decisive but rather left the decision at the court's discretion.
After resolving the matter in favour of the respondent, the respondent further asked for an adjournment to enable him study the preliminary objection and the accompanying affidavit, was served on him at the close of work on Tuesday.
Justice Ibrahim Auta granted the request and adjourned the matter till July 27, 2009 for hearing without written addresses.
In the preliminary objection supported by a 26-paragraph affidavit, Mr. Emem Ekpeyong, a legal officer to the respondent's counsel and filed on Tuesday, AP asked the court to dismiss the petition in limine on the ground that the petition has not disclosed any grounds under the recognised heads for winding up a company under Companies and Allied Matters CAMA CAP C20, Laws of the Federation of Nigeria 2004.
Other grounds for objection were that the subject matter of the suit constitutes an abuse of the processes of the court as well as that the applicant lacks locus standi to file a winding up petition against the respondent.
Access Bank had through the petition and signed by Mr. Olisa Agbakoba (SAN), prayed the court to wind up AP.
The bank anchored its position on AP's alleged inability to repay the two year-old facility on the grounds that the company is "insolvent and unable to pay."
Specifically, the bank told the court that since its repeated demand for the repayment of the $35.15 debt, being the outstanding obligation on a letter of credit opened on July 18 last year in favour of AP, could not yield any positive result, the order seeking to wind up the company became inevitable

[url=http://www.ngrguardiannews.com/news/article01//indexn2_html?pdate=230709&ptitle=Re-consolidation%20looms,%20CBN%20seeks%20only%2015%20banks]The Guardian[/url]