I thought that in Bank phb's dictionary, impossible doesn't exist and their cars run on water. Those phb guys are daydreamers. Wake up!!

slimes:

I thought that in Bank phb's dictionary, impossible doesn't exist and their cars run on water. Those phb guys are daydreamers. Wake up!!

I work with PHB my dear and I can tell you we are not daydreamers as you call us.  We just dare to achieve the extra-ordinary and I don't recall anything being wrong with that.  We set ambitious targets and strive to achieve those targets.  It is a fundamental law that has been in existence for a long time and we merely used it as part of our vision and it worked.

I urge you to imbibe the culture of doing away with impossibilities even in your daily living.  It will help you.

As an aside, you don't know Francis Atuche or FA as we call him.  A saint he is not but a great man he surely is.  We shall all miss him

CBN's report (to be published later on today) state's that PHB only crime was poor governance (and not bad loans!). Atuche's bid to become the top 3 Nigerian banker by 2010 (ahead of Zenith and Intercontinental Bank) shot him in the foot when he went ahead with the advised acquisition of Spring Bank. Poor guy; he is actually a very good man.

First, let us know if his resignation is justified or is this move another form of coercion.

At last, FA had yielded to the advice of non executive directors of the Bank and thereby saved his head from public disgrace.

Naija pple go learn by fire by force.

He has resigned at last, as his sack could have been announced today:

http://234next.com/csp/cms/sites/Next/Money/Finance/5466377-146/Bank_PHB's_chief_executive_resigns_.csp

:-x :-x :-x

Smart move Mr. Atuche, at least you resigned before your sack letter came. I hope you have also been wise enough to transfer your loot and family to safety.

Why is he refusing? And what does he want again? It is very unfortunate that people who claim to intellect in Nigeria has no where in their skull for honourably resignation unless been forced out or disgrace then they will be seeking court order from one place to other, very unfortunate.

@ bisiaet, the man has resigned.

sharp guy

delegiwa:

I work with PHB my dear and I can tell you we are not daydreamers as you call us.  We just dare to achieve the extra-ordinary and I don't recall anything being wrong with that.  We set ambitious targets and strive to achieve those targets.  It is a fundamental law that has been in existence for a long time and we merely used it as part of our vision and it worked.

I urge you to imbibe the culture of doing away with impossibilities even in your daily living.  It will help you.

As an aside, you don't know Francis Atuche or FA as we call him.  A saint he is not but a great man he surely is.  We shall all miss him

Dude,
There is nothing wrong is trying to out perform others or trying to achieve the extra ordinary BUT it becomes a day dreaming/wild goose chase when it's taken to the extreme without recourse to logical thinking and meticulous/calculated actions.
You'll agree with me and everyone here that Atuche and his team failed woefully in this regards and should be held laible for financial recklessness.

He shud hav resigned quietly.

Well that was honorable of him in the context of our African Leaders

There is no need to talk too much, my fingers are crossed for the end result.

eeeeeeyaaaaaa

But the Guy has Resigned,

Was the acquisition of springbank not approved by the board of directors?so why hang the man alone for a decision taken by many.

puff puff has turned to buns o!!

As Lemo Reads the Riot Act to Five Banks…
Atuche Fights to the Bitter End
By Ijeoma Nwogwugwu, 10.02.2009



As the Central Bank of Nigeria prepares to make its announcement this afternoon on the second round of intervention in five of the 14 banks for which it has concluded the special audit exercise commenced on the 14 last August, the Managing Director/CEO of Bank PHB, Mr. Francis Atuche has held out to the bitter end.
The banks that will be affected by the shake up are BankPHB Plc, Spring Bank Plc, Equitorial Trust Bank Plc, Wema Bank Plc and Unity Bank Plc.
The announcement will be made by CBN’s Deputy Governor, Operations, Mr. Tunde Lemo who will be standing in for the Bank’s Governor, Mr. Sanusi Lamido Sanusi.
Sanusi it was confirmed left for Ankara, Turkey this morning on a British Airways flight to attend the annual meetings of the World Bank and International Monetary Fund.
Speaking to THISDAY a few minutes ago, Atuche denied newspaper reports (not THISDAY) this morning that he has resigned his position from the bank.
Specifically, he said he wrote a thank you letter to his staff, preparatory for the CBN announcement this afternoon on his removal as BankPHB’s CEO.
“Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said.
He said he has had a very interesting six weeks and “has seen the other side of midnight” but is taking whatever the outcome will be this afternoon in good faith.
When asked if he will attend the meeting convened by the CBN today with the affected five banks, he answered in the affirmative. “Yes I will be there. I have no reason to stay away,” he stated.
Atuche has been fighting the battle of his life for well over a week to retain his position as MD/CEO of BankPHB.
Last Monday, the chairman of the bank, Mr. Kola Abiola who saw the writing on the wall and based on feelers from the CBN, had advised him to resign, which he initially said he would consider but later bluntly refused to step down.
This got to a head on Wednesday, this week, when some directors of the banks held a meeting (not board meeting) at the premises of Spring Bank, a subsidiary of BankPHB.
At the meeting, Abiola once again raised the issue of Atuche’s resignation which he rejected a second time with the backing of other directors.
Atuche, after the meeting, promptly left Lagos for Abuja to solicit the support of high ranking government officials to intercede on his behalf with the CBN governor. But it was too little too late.
Had he accepted the offer on the table to resign voluntarily on Wednesday, BankPHB’s board would have appointed their own MD/CEO and would have been saved the embarrassment of having a new executive management appointed for them by the CBN.
BankPHB’s problems are not unconnected to acquisition of the crisis-ridden Spring Bank last year. The acquisition resulted in huge holes in the books of BankPHB.
The second round of intervention by the CBN entails the injection of N200 billion in the five banks and the removal of the executive management of three of them.
The three banks whose executive management will be removed this afternoon are BankPHB, Spring Bank and Equitorial Trust Bank who will be replaced by a new team to be announced by the CBN today.
The audit exercise showed that all three banks are illiquid and their capital adequacy ratios failed to meet the minimum stipulated requirement.
In the case of Wema and Unity Banks, their management will not be removed, but both banks will get capital injections from the CBN.
The management of both banks are being let off the hook for two reasons. In the case of Unity Bank, the audit showed that even though its capital adequacy fell below the minimum stipulated requirement, it was sufficiently liquid, and was therefore advised by the CBN to raise additional capital.
It was given till June next year to meet the minimum capital adequacy ratio of 10 per cent as stipulated by the CBN.
With respect to Wema Bank, the bank’s management is being left in place because it is a new team that took over the bank barely six months ago after the O’dua Group which previously held a substantial stake in the bank sold it to new shareholders, a consortium called the SW8.
The management of Wema Bank has also been advised by the CBN to raise fresh capital.

He don happen tan tan na tan !!!

I am waiting for the day i won't hear bad news from Nigeria

Hmmmmn, getting more and more interesting!

“Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said.
He said he has had a very interesting six weeks and “has seen the other side of midnight” but is taking whatever the outcome will be this afternoon in good faith.
When asked if he will attend the meeting convened by the CBN today with the affected five banks, he answered in the affirmative. “Yes I will be there. I have no reason to stay away,” he stated.

So Atuche still did not resign. . . .
Waiting for Lemo to mouth the sack later this afternoon. .  . .

This got to a head on Wednesday, this week, when some directors of the banks held a meeting (not board meeting) at the premises of Spring Bank, a subsidiary of BankPHB.
At the meeting, Abiola once again raised the issue of Atuche’s resignation which he rejected a second time with the backing of other directors.
Atuche, after the meeting, promptly left Lagos for Abuja to solicit the support of high ranking government officials to intercede on his behalf with the CBN governor. But it was too little too late.

Being Abiola/Yar'adua bank, maybe he thought he can get Yar'adua stop Sanusi

The three banks whose executive management will be removed this afternoon are BankPHB, Spring Bank and Equitorial Trust Bank who will be replaced by a new team to be announced by the CBN today.
The audit exercise showed that all three banks are illiquid and their capital adequacy ratios failed to meet the minimum stipulated requirement

I read from BusinessDay that Mike Adenuga will be removed as NED in ETB. Lemo bombshell not news again, we now know who are going: PHB,Spring & ETB CEOs
http://businessdayonline.com/index.php?option=com_content&view=article&id=5467:adenuga-atuche-2-bank-chiefs-directors-to-go&catid=1:latest-news&Itemid=18

In the case of Wema and Unity Banks, their management will not be removed, but both banks will get capital injections from the CBN.
The management of both banks are being let off the hook for two reasons. In the case of Unity Bank, the audit showed that even though its capital adequacy fell below the minimum stipulated requirement, it was sufficiently liquid, and was therefore advised by the CBN to raise additional capital.
It was given till June next year to meet the minimum capital adequacy ratio of 10 per cent as stipulated by the CBN.
With respect to Wema Bank, the bank’s management is being left in place because it is a new team that took over the bank barely six months ago after the O’dua Group which previously held a substantial stake in the bank sold it to new shareholders, a consortium called the SW8.
The management of Wema Bank has also been advised by the CBN to raise fresh capital.

I just hope critics will not say this is because Unity is a northern bank and Tunde Lemo former Wema Bank boss.


Analysts,quack and informed,are bracing up for the next war of analyses. Tunde Lemo, let's have the results. . .

I like bank phb,

IFELEKE:

Dude,
There is nothing wrong is trying to out perform others or trying to achieve the extra ordinary BUT it becomes a day dreaming/wild goose chase when it's taken to the extreme without recourse to logical thinking and meticulous/calculated actions.
You'll agree with me and everyone here that Atuche and his team failed woefully in this regards and should be held laible for financial recklessness.

My reply was to the person who said we were daydreaming and you know we are not.  I know this because we've achieved every single thing we set out to achieve.

Atuche should not resign. From the three issues raised against his bank i see nothing he's done to warrant his removal by the CBN. Removal of bank directors is not at the whims of a CBN governor but, can only be done where the directors have contravened specific provisions of the BOFIA, the CAMA or the Money Laundering Act.
i do not think Atuche can be validly removed for the loss incurred by a bank in which his bank acquired controlling shares. afterall, he is not the M.D of Spring bank or is he? i think Atuche has a good case and he has a duty to refuse to resign and to defend his intergrity

@ delegiwa, u guys av achieved everything apart from good customer service, though i have not entered a bank phb bank branch before, but what i hear is that the bank doesnt have good customer service, correct me if am wrong

@delegiwa
I just read your submission that you will miss him (FA) does that confirm that he has gone? I mean has he agreed to resign eventually?

It's not easy to leave the top.

Where are all the reactionary elements to talk nonsense now?

Sanusi, more grease to your elbow jare!

hardbody:

@delegiwa
I just read your submission that you will miss him (FA) does that confirm that he has gone? I mean has he agreed to resign eventually?

yes the guy has resigned   http://234next.com/csp/cms/sites/Next/Money/Finance/5466377-146/Bank_PHB%27s_chief_executive_resigns_.csp

Wahoooooooooooo!!!!.Though i dont have an account with them,but they are my best bank.Why did this kind thing happen to Atuche!!!,easier to fall than to rise!!.I love BankPHB.Nawa for this Sanusi hammer.Well,FA,just take heart.It is part of life.

JAZES:

yes the guy has resigned http://234next.com/csp/cms/sites/Next/Money/Finance/5466377-146/Bank_PHB%27s_chief_executive_resigns_.csp

That report has been debunked.

“Contrary to reports today, I have not resigned from the bank. I simply wrote a thank you letter, a valedictory letter, in readiness for whatever the CBN wants to do,” he said.
http://www.thisdayonline.com/nview.php?id=155990

why is FA's issue such a hot topic,