________Culled from Vanguard

[size=18pt]Afribank shareholders write Jonathan, want Sanusi stopped[/size]
Business Mar 8, 2010 By Innocent Anaba
Shareholders of Afribank Nigeria Plc have appealed to Acting President, Goodluck Jonathan, to stop Central Bank of Nigeria’s Governor, Malam Lamido Sanusi, from completely destroying their  life long investments in the bank.

They also want the bank and the executive management be given a minimum of 24 months within which to reposition the bank, failing which appropriate measures may be meted out by the CBN.

The shareholders, in an open letter by their counsel, Mr. Onyebuchi Aniakor, to Acting President Jonathan said “we, Nigerian citizens and shareholders of Afribank Nigeria Plc humbly and most respectfully write to appeal for your Excellency’s kind and urgent intervention on the unrelenting and unceasing efforts of CBN and its Governor, Malam Sanusi to completely destroy our life long investments in Afribank Nigeria Plc.

“Since August 14, 2009 when, on the ground of alleged lack of sound corporate governance and depletion of capital, which have since been shown to be false and unfounded, the CBN swooped on the bank, completely disrupting it business, and our investments in the bank, while the bank itself has remained on a cliffhanger with the future utterly bleak.

“We are highly concerned by the undisguised contempt and discrimination with which the bank and its shareholders have been treated and have continued to be made to suffer in the hands of the CBN and its Governor.

“Also, even on the alleged examination report of the bank whilst only the sum of N11.5bn was said to have been recommended as fresh capital injection into the bank, not only was this not made available to the bank and/or its shareholders for them to consider and if deemed fit inject the said sum, the CBN, however, unilaterally claimed to have forcibly advanced the sum of N50bn to the bank through their self appointed executive management of the bank and on their own terms.

“We consider it highly unfair and singularly exploitative that under the rule of law regime of this administration, an agency of the Federal Government could, at this point in our long search for self actualization and sustained national development, proceed to make nonsense of the lifelong investments and hard earned assets of its citizens.

“The CBN and its Governor have been boasting that they have all the powers under Section 35 of the Banks and Other Financial Institutions Act; and that this makes them unanswerable to anybody.

“But, the 1999 constitution,  which is the supreme law of the land is there. Neither the CBN nor its Governor can be higher than the constitution or the government duly elected under this constitution. And, under our laws and the constitution no citizen of this nation should be condemned or his properties and assets expropriated without giving him a hearing.

“We humbly urge your Excellency to come to our rescue and intervene since, as enjoined under the constitution, the security and welfare of the people shall be the primary purpose of government. Our prayers are that the executive management of the bank, namely, the Managing Director and Executive Directors appointed by the members of the bank who were forcibly and peremptorily removed by the CBN on  August 14, 2009 be restored back to office.

* That the bank and the executive management be given a minimum of 24 months within which to reposition the bank failing which appropriate measures may be meted out by the CBN.

* That the CBN’s said special examination report on the bank be made available to the bank and its members for their consideration and if need be, implementation.

Sanusi should save our economy from total collapse and resign.

This man has no clue his job description.

Imagine printing N600 billion without Senate approval, dish N50billion out to Afribank without seeking the consent of the shareholders to know if they needed these loans.

The CBN's own report which the shareholders yet disprove says Sanusi's report said they needed N11 billion loan. There were no efforts to assess if the Bank's Shareholders can refinance the bank just as it was done for Mike Adenuga and EcoBank. Yet Sanusi went ahead to give them N50billion, which is 4 times of what Sanusi's own dodgy reports declared.

Such brazen dictatorship. THIS IS PURE MUGABE-ECONOMICS

Even Pat Utomi was making a similar argument that his BankPHB did not need the loan given to them.

sanusi is seeking cheap attention,

It is not impossible that Sanusi could find himself in jail.

The man is hurting the economy

I can't wait to see him go

^^^^
Still waiting for the pro-Sanusi crowd to stir.

And for a whole Gov of Central bank to say that the saga in the Aso rock cant affect the economy of Nigeria and all that, he surely not worthy to run the office.
But i am sure that the Jonathan admin wont do jack about him

Sanusi has done everything and commented on everything, shared his opinion on everything from tribes to politics to One Nigeria and hasnt done shiot for the banking reform.

He wants to be a celeb, thats the thing with Naija everyone is a celebrity govs, senators, ministers, GNB govs,comissioners- It shouldnt be like that.

sjeezy8:

Sanusi has done everything and commented on everything, shared his opinion on everything from tribes to politics to One Nigeria and hasnt done shiot for the banking reform.

He wants to be a celeb, thats the thing with Naija everyone is a celebrity govs, senators, ministers, GNB govs,comissioners- It shouldnt be like that.

Well, i will say our system allowed it.

Sanusi has done the country more harm than good

Fhemmmy:

Well, i will say our system allowed it.

as in the media? or

Sanusi has done the country more harm than good

sjeezy8:

as in the media? or

In our country, almost anyone can grant interview even on issues that they know nothing about, while the minister of information is misinformed

We need to stop looking for cheap messiahs!!!!!

I understand most of our problems boils down to corruption, but if we encourage a system where everybody take their eyes off the ball in the name of fighting corruption we will destroy enterpreneurship.

Let those who it is their duty fight corruption. We have the EFCC, ICPC, Police, CCB . . .

mikeansy:

We need to stop looking for cheap messiahs!!!!!

I understand most of our problems boils down to corruption, but if we encourage a system where everybody take their eyes off the ball in the name of fighting corruption we will destroy enterpreneurship.

Let those who it is their duty fight corruption. We have the EFCC, ICPC, Police, CCB . . .

You mean you never receive the memo that Central bank is another arm of EFCC?

sanusi no sabi wetin him dey do!!!!!!!!!!!!!!!!

make d man go run him papa emirate and leave CBN alone.

Despite Sanusi's very strong political connections, there's no way his dubious banking policies will not come back to bite him us on the butt, economically, politically, and strategically.

From the start I saw a man who does not understand his job or job description like his 'appointor'  Offshore President YAR A'LAR.

Now, that is the issue, when you have an incompetent President, you will have incompetent appointees.

Sanusi Lamido may be very educated ( at least by North stndard) but he has Fire Brigade mentality, and better of looking for a job as an entertainer or better still a celebrity. He is getting himself too much involved in political matters rather than as a Central bank governor, propably worse than a bad Soludo he replaced. SOLUDO is not good at regulating the banks, he paddy with them too much. SANUSI is just trying to run the banks without reference to the shareholders.

Yes, he must ensure that the depositors and savers are protected but just priniting monies and injecting into the banks without approval from the useless NASS ( which by the way he went to lecture those daft lawmakers who don't even know the law or their rights that they ended up apologising to SANUSI instead of the other way round)

In my own opinion, SANUSI want to become a RIBADU but what he forgot was that RIBADU was loved by the ordinary NIgerians for fighting the big shot in political power by using the media before they could use it against him and the EFCC.

Anyone who lack originality is going to die faking it. RIBADU is the real deal, SANUSI is the copycat

SANUSI is just a gra gra master which is the opposite of his job description and may cause more damage than good, but if you tudy Economics with a bit of Islamic studies, a Prince from Kano and next door to the Offshore President state of Kastina then how difficult is to get a job of being a central bank governor?. Zero percent difficulty.

Sanusi would have to rersign soonest. He neither has the capacity nor the desire to fix the economy he single handedly battered on his assumption of office.

Anyway, he is on his way out.
If we understand the judgement given by the supreme court concerning the sack of the former First Bank MD, Bernard Longe, then we would comprehend easily the problem Sanusi would be facing soon.

Based on the Supreme court judgement, all the recently sacked CEO's can now demand reinstatement as due process wasn't followed in their own disengagements.

Frustration would soon set in and he{Sanusi} would have to put in his resignation

Una carry risk man put for frontline of economy. Una no know before?  Na for sudan dem they learn about economy? Una never shout.

Is anything wrong? None of SLS's Boys have shown up yet. _{Well maybe they now know better.}

na_so:

Una carry risk man put for frontline of economy. Una no know before? Na for sudan dem they learn about economy? Una never shout.

Is anything wrong? None of SLS's Boys have shown up yet. _{Well maybe they now know better.}

Na for sahara desert I go learn about ice and snow

naijaking1:

Despite Sanusi's very strong political connections, there's no way his dubious banking policies will not come back to bite him us on the butt, economically, politically, and strategically.

It is biting us already

mikeansy:
“The CBN and its Governor have been boasting that they have all the powers under Section 35 of the Banks and Other Financial Institutions Act; and that this makes them unanswerable to anybody."

If there is an iota of truth in the above pronouncement, than Sanusi is just another power-drunk goon and something must be done to stop him from thinking himself "unanswerable to anybody"; what an insolent animal!

please people should just leave Sanusi alone,people just hate him cause they were affected by his move to sanitise the sector and those who publish bad things about him in the media are being sponsored by ibru,akingbola e.t.c
I dont believe sanusi is a bad man,he has done a good job so far and by looking at him on TV making speeches will tell(the wise one)he is not a bad man as some people are trying to paint him,
He should resign,he should continue with his much needed support,
Thats the fifth reason i want yaradua to come back to support sanusi,
carry on Sir,we support you and forget your detractors and NL is not gonna do any good

The chicken he has since being breeding, will soon come home to roost, if not already home. The sack he visited to the Ex-CEOs will soon be reversed for lack of fair hearing. Supreme court is very much averse to this , if established to be true.

The chicken he has since being breeding, will soon come home to roost, if not already home. The sack he visited to the Ex-CEOs will soon be reversed for lack of fair hearing. Supreme court is very much averse to this , if established to be true.

The chicken he has since been breeding, will soon come home to roost, if not already home. The sack he visited to the Ex-CEOs will soon be reversed for lack of fair hearing. Supreme court is very much averse to this , if established to be true.

The chicken he has since been breeding, will soon come home to roost, if it is not already is. The sack he visited to the Ex-CEOs will soon be reversed for lack of fair hearing. Supreme court is very much averse to this , if established to be true.

xterra2:

please people should just leave Sanusi alone,people just hate him cause they were affected by his move to sanitise the sector and those who publish bad things about him in the media are being sponsored by ibru,akingbola e.t.c
I dont believe sanusi is a bad man,he has done a good job so far and by looking at him on TV making speeches will tell(the wise one)he is not a bad man as some people are trying to paint him, He should resign,he should continue with his much needed support,
Thats the fifth reason i want yaradua to come back to support sanusi,
carry on Sir,we support you and forget your detractors and NL is not gonna do any good

We don't need to be sponsored by Ibru, or Akingbola to see that Sanusi is a misfit for the job. Ibru and co were the CEOs, Sanusi made us believe they were about to caused all the problems, then he attacks the common shareholders of the banks on whose backs the banks were built, now he's getting employees fired left and right. So, my brother it's not just about Ibru and Akingbola anymore.
Nobody says Sanusi is a bad man, but he's just not educated enough/qualified/capable of running our CBN.
If you have an opening for the chief iman of Abuja mosque, maybe, he could apply with his advanced islamic studies degree obtained from Sudan. Not to occupy the office of the CBN governor.

PapaBrowne:

Sanusi would have to rersign soonest. He neither has the capacity nor the desire to fix the economy he single handedly battered on his assumption of office.

Anyway, he is on his way out.
[b]If we understand the judgement given by the supreme court concerning the sack of the former First Bank MD, Bernard Longe, [/b]then we would comprehend easily the problem Sanusi would be facing soon.

Based on the Supreme court judgement, all the recently sacked CEO's can now demand reinstatement as due process wasn't followed in their own disengagements.

Frustration would soon set in and he{Sanusi} would have to put in his resignation

Its obvious you dont understand. Longe was removed by the board of FBN and not the CBN. The supreme court ruled in his favor because as MD he was absent at the board meeting that effected his removal ,and thus the meeting was termed null and its subsequent decision and action nullified along with it. The FBN issue is in no way relevant to the CBN's removal of the CEOs.

@topic
If the shareholders of Afribank feel they have been treated unfairly, or that the CBN acted illegally, they should seek redress in the court of law, and not try to court sympathy from the presidency. If the unsoundness of the bank was falsified by the CBN, it shouldnt be difficult to have the CBN halted by the courts. Instead they are pandering for public sympathy via the news media.

The shareholders were responsible for appointing the defunct executives and were busy smiling to the bank with their dividends while depositors funds were being squandered. Where were they when the sacked executives let the bank accumulate a N142 Billion portfolio of non-performing loans, which due to the intervention of the CBN, they have recovered N42 billion. They have no moral grounds to complain about loss of investments when they have profited from the losses of depositors.

Still I dont see what they are complaining about, as they have already repaid half of their CBN debts and should have their bank back before the end of the year. The CBN has stated that the attraction of capital to the banks will be open, and existing shareholders will be allowed to increase their stakes in the banks.

biina:

@topic
If the shareholders of Afribank feel they have been treated unfairly, or that the CBN acted illegally, they should seek redress in the court of law, and not try to court sympathy from the presidency. If the unsoundness of the bank was falsified by the CBN, it shouldnt be difficult to have the CBN halted by the courts. Instead they are pandering for public sympathy via the news media.

The shareholders were responsible for appointing the defunct executives and were busy smiling to the bank with their dividends while depositors funds were being squandered. Where were they when the sacked executives let the bank accumulate a N142 Billion portfolio of non-performing loans, which due to the intervention of the CBN, they have recovered N42 billion. They have no moral grounds to complain about loss of investments when they have profited from the losses of depositors.

Still I dont see what [size=28pt]they [/size] are complaining about, as they have already repaid half of their CBN debts and should have their bank back before the end of the year. The CBN has stated that the attraction of capital to the banks will be open, and existing shareholders will be allowed to increase their stakes in the banks.

Welcome back oga, we've been waiting for you!
Everywhere in the World, the reason why people buy shares is with the expectation to make profit , and "smile to the bank"
Earning big dividends has never been a crime until you and Sanusi arrived at the scene.
Are you trying to confuse issues with "they" the shareholders were not the ones indicted with "so-called" unsecured loans, they were the connected politicians, friends, and bussiness associates of the CEOs.
So, please no confusion.

naijaking1:

Welcome back oga, we've been waiting for you!
Everywhere in the World, the reason why people buy shares is with the expectation to make profit , and "smile to the bank"
Earning big dividends has never been a crime until you and Sanusi arrived at the scene.
Are you trying to confuse issues with "they" the shareholders were not the ones indicted with "so-called" unsecured loans, they were the connected politicians, friends, and bussiness associates of the CEOs.
So, please no confusion.

"Everywhere in the World, the reason why people buy shares is with the expectation to make profit , and "smile to the bank" - via legal means and not doctoring the books.
who appointed said executives and kept them in office - the politicians, friends and business associates? The shareholders reaped the benefits of the crooked acts of the executives.
While they are fine to want to make profit and maybe even deserve to keep their profits, they left the door open when their choice of executives turned out to be crooks. The CBN didnt appoint the sacked executives, they were the shareholders choice.
Their shares are still intact and the bank is only under interim management, and if they want to invest more money they are free to do so at the appropriate time, but to suggest that the CBN should have 'left it to them' is ridiculous, since it being left to them is why the CBN had to intervene.
If they dont want CBN intervention when their executives mismanage funds, they should return all depositors funds and surrender their license.

Like I said before, if they have a genuine case, let them go to court and not use political means to manipulate the system.