See how some youth are supporting First Bank and dissing CBN...
Ignorance everywhere?
These are the people stealing your future and those of the yet unborn.

First bank, by extension Oba Otudeko, Ibukun Awosika and co have blatantly refused to divest the banks investment in Honeywell and that doesn't ring anything to the youth?

They use our common wealth to create stupendous wealth for themselves and their cronies without any thought for others. When a few at the top refuse to creat opportunities for others, nothing will trickle down as it should.
Nigeria is stuck in this quagmire because ALL those who are saddled with the responsibility of looking out for others in society keep appropriating the chunk of it to themselves and leaving only the crumbs for the majority.

Yet the youth don't get that these educated elites are really the enemy, not the 4/4 year Politicians.
Go figure!

PS ... CBN is no Saint either. They waited 4 years? What kind of regulatory authority is that? Paddy paddy officials everywhere.

xtremecr8:
Hmmm. This life ehn! This is the board of the same bank we appealed to to pay us for designing their 125th Year Anniversary logo and their Directors told us to go to court but we know there's a God of Justice.

This is the same board and Management we appealed to concerning our ongoing predicament in the hands of the Mr Adeduntan-led management that suffered and humiliated us.

We created an iconic 125th Year Anniversary logo for this same bank under this sacked board but the bank went behind us to use our logo for the whole celebration, spent a whopping N18.3 Billion on adverts and promotions that same year and never paid us a dime for designing their 125th Year Anniversary logo.

CBN should please prevail on First Bank Plc to pay us for our hardwork and toil on this logo we designed for them to commemorate their 125th Year Anniversary.

We deserve to get paid and we beg all well meaning men and women of this great country to help us appeal to FBN to pay us for designing their 125th Year Anniversary logo.


Here's the Nairaland thread on our predicament in the hands of the FBN management under Mr Adeduntan and appeal going on for years now

https://www.nairaland.com/5591806/how-first-bank-did-not

And here's our video narrating our ordeal


https://m.facebook.com/ReportYourself/videos/723288038412109/?refsrc=https%3A%2F%2Fm.facebook.com%2FReportYourself%2Fvideos%2F723288038412109%2F&_rdr

The person u are complaining against is who cbn is forcing first bank to retain. It's like u are pleading your case before your enemy!

bunto:
Your darling Mummy has been fired!!!!

Don't mind the dullard. Most of those zombies are dull in the head. Just like the other one writing nonsense from page 1. That's why they can support a dullard too.

thebosstrevor1:


Imagine the ignorant who think he has written something wise. apparently, you think you were right after the jargons you wrote down.

All the false accusations and personal attacks were dismantled just with links from premiumnews.

You didn't write down any facts down other than personal attacks and abuses, i believe your lack of understanding of simple English couldn't make you know the differences between removal and retirement even when it was glaring in your eyes.

You are just waste of space, time and energy.

And you're a terrible waste of ejaculation and ovulation.
You've made very baseless and useless arguments based on your low iq and poor understanding. I'll point some of them out for you maybe you can correct yourself.
You claimed CBN has a tenure of 10years for bank MDs while the CG guidelines of the bank says maximum of. That's English confusing you there.
You claimed adeduntan is the reason the bank is under forbearance while the governor's statement shows he was actually brought in to save the bank.
By extension, you claimed the bank entered forbearance last year while it's occurred that the bank entered forbearance since 2016.
You claimed the MD suddenly retired in 24hrs and that it's normal while it's occurred that the statement was put out by the bank to muddle the waters. The man still had eight months.
Lastly you claim the loans don't have anything to do with sacking of the board while the CBN governor's speech shows that to be a lie.

I hope you can see through your stupidity now. No need to reply me with more foolishness. Just a nod of the head will do. I'm reading no more foolishness from you.

Agbegbaorogboye:

And you're a terrible waste of ejaculation and ovulation.
You've made very baseless and useless arguments based on your low iq and poor understanding. I'll point some of them out for you maybe you can correct yourself.
You claimed CBN has a tenure of 10years for bank MDs while the CG guidelines of the bank says maximum of. That's English confusing you there.
You claimed adeduntan is the reason the bank is under forbearance while the governor's statement shows he was actually brought in to save the bank.
By extension, you claimed the bank entered forbearance last year while it's occurred that the bank entered forbearance since 2016.
You claimed the MD suddenly retired in 24hrs and that it's normal while it's occurred that the statement was put out by the bank to muddle the waters. The man still had eight months.
Lastly you claim the loans don't have anything to do with sacking of the board while the CBN governor's speech shows that to be a lie.

I hope you can see through your stupidity now. No need to reply me with more foolishness. Just a nod of the head will do. I'm reading no more foolishness from you.

Savage

yanabasee1:


Have you visited a bank today to see if there's never a complain of debit with no pay?


Let me tell you my story...


I travelled down home to go for introduction/knocking of door...

was given a date to come with my people and items to come with to get a marriage list...

I transferred 300k to my account with atm card to enable me run errands to have things in order... then I started withdrawing and using the cash gradually..

On the said day.. I decided to withdraw everything that was left in the account to buy few things and transportation of my elders from my village to her village. So I went to a POS agent and we agreed on a charge for the left over 158k, she did the transaction and the money vanished. Almost ran mad as I had nothing on me to even fuel up.

Ran to the nearest bank branch and I was asked to sign some indemnity form before they could released my account after I threatened to withdraw the bank from my salary account...and taking the case up into the social media..

The branch manager was really a helper.

Later found out that the money was reversed. But since there was nothing in the account, I was unable to see my cash even via my mobile app.

What you experienced was a pos dispense error where your account was debited but apparently not credited to the pos agent's account... That's all. Stop going about with baseless stories that don't make sense..

What I'm guessing happened is that since your account was a salary account, the manager felt safe enough for the BRANCH to provide the money for you and put a hold for that amount on ur account pending whenever the pos debit reverses or when your salary enters and the hold placed will take effect.

bunto:
See how some youth are supporting First Bank and dissing CBN...
Ignorance everywhere?
These are the people stealing your future and those of the yet unborn.

First bank, by extension Oba Otudeko, Ibukun Awosika and co have blatantly refused to divest the banks investment in Honeywell and that doesn't ring anything to the youth?

They use our common wealth to create stupendous wealth for themselves and their cronies without any thought for others. When a few at the top refuse to creat opportunities for others, nothing will trickle down as it should.
Nigeria is stuck in this quagmire because ALL those who are saddled with the responsibility of looking out for others in society keep appropriating the chunk of it to themselves and leaving only the crumbs for the majority.

Yet the youth don't get that these educated elites are really the enemy, not the 4/4 year Politicians.
Go figure!

PS ... CBN is no Saint either. They waited 4 years? What kind of regulatory authority is that? Paddy paddy officials everywhere.

Thank you, many don't know what those fools have done to their future. But how do these idiots intend to get back that huge sum of money without collateral What if he dies won't that even complicate the issue?

I think CBN should prosecute the whole board and send them to jail for even trying to joke with people's life savings.

TrueNigerian300:


Thank you, many don't know what those fools have done to their future. But how do these idiots intend to get back that huge sum of money without collateral What if he dies won't that even complicate the issue?

I think CBN should prosecute the whole board and send them to jail for even trying to joke with people's life savings.

The management of First Bank deserved to be flogged!Oba Otudeko is 77 years old and worth $550 million dollars and they were playing such a dangerous game by refusing to perfect the collateral or lien of his shares.

If the bank went bankrupt they won't have been able to collect even a dollar of his $550 million fortune.

franugo:


What you experienced was a pos dispense error where your account was debited but apparently not credited to the pos agent's account... That's all. Stop going about with baseless stories that don't make sense..

What I'm guessing happened is that since your account was a salary account, the manager felt safe enough for the BRANCH to provide the money for you and put a hold for that amount on ur account pending whenever the pos debit reverses or when your salary enters and the hold placed will take effect.

You are guessing and then be confident enough to say that my story is baseless?

yanabasee1:



You are guessing and then be confident enough to say that my story is baseless?

I know enough to be confident to say that...maybe I was too firm, but you really shouldn't be denigrating the bank unnecessarily. They did extremely well by providing the cash for you from their coffers to help you through that time, the least you should do is be thankful

tonyashburton:
Oil dey your head bro.Enlighteb these ignoramuses typing rubbish up and down.When Oba Otyludeko was Chairman he made sure he secured juicy loan packages for his companies and used FBN money to acquire shares in Bharti Airtel where he was also made Chairman.Now the chickens have come home to roost.

Will they want to be enlightened?

This same issue on Twitter generated a lot of good and robust debates. Coming to NL, you have mostly ignorants filling the front page thread with garbage.

bunto:
See how some youth are supporting First Bank and dissing CBN...
Ignorance everywhere?
These are the people stealing your future and those of the yet unborn.

First bank, by extension Oba Otudeko, Ibukun Awosika and co have blatantly refused to divest the banks investment in Honeywell and that doesn't ring anything to the youth?

They use our common wealth to create stupendous wealth for themselves and their cronies without any thought for others. When a few at the top refuse to creat opportunities for others, nothing will trickle down as it should.
Nigeria is stuck in this quagmire because ALL those who are saddled with the responsibility of looking out for others in society keep appropriating the chunk of it to themselves and leaving only the crumbs for the majority.

Yet the youth don't get that these educated elites are really the enemy, not the 4/4 year Politicians.
Go figure!

PS ... CBN is no Saint either. They waited 4 years? What kind of regulatory authority is that? Paddy paddy officials everywhere.

When they saw CBN, they saw the Buhari-led administration.

They all forget that most of us are all part of the 1 percenters, and the other 99 percenters are the elite who forget about party affiliation when anything threatens their stolen wealth.

I fully and wholly support the CBN on the matter. This is the same way Oceanic went under. A bank that was doing so well.

Agbegbaorogboye:

And you're a terrible waste of ejaculation and ovulation.
You've made very baseless and useless arguments based on your low iq and poor understanding. I'll point some of them out for you maybe you can correct yourself.
You claimed CBN has a tenure of 10years for bank MDs while the CG guidelines of the bank says maximum of. That's English confusing you there.
You claimed adeduntan is the reason the bank is under forbearance while the governor's statement shows he was actually brought in to save the bank.
By extension, you claimed the bank entered forbearance last year while it's occurred that the bank entered forbearance since 2016.
You claimed the MD suddenly retired in 24hrs and that it's normal while it's occurred that the statement was put out by the bank to muddle the waters. The man still had eight months.
Lastly you claim the loans don't have anything to do with sacking of the board while the CBN governor's speech shows that to be a lie.

I hope you can see through your stupidity now. No need to reply me with more foolishness. Just a nod of the head will do. I'm reading no more foolishness from you.

1. What is the difference between maximum of 10 years and 10 years, the rules says, a bank md can be in power for a max of 10 years. You claim i was not correct, i was.

2. Mr Adeduntan was not brought in to save the bank, Mr Adeduntan was employed in 2014 as first bank Executive Director/Group Chief Financial Office. after the retirement of Bisi Onasanya as the Managing Director and Chief Executive, who served from (2009 - 2015) Adeduntan was selected by the board as the next person in line on January 1, 2016.

3. I took the grace to correct myself, when i wrote that it was a mistake and that first bank have been on forbearance since 2016.

4. I didn't claim. it is a rule of first bank for ceo that they must serve for 6 years, the former first bank ceo Bisi Onasanya served for 6 years.

5. The loan has nothing to do with the sacking of the board, the sacking of the board and the loans are 2 different issues infact the cbn sent 2 memo to the bank. One concerning lnsider loans and secondly concerning not informing cbn about change of board.


I think, this should be the last time replying an ignoramus like you. I don't want to start my night with negativity like the way you have started your morning.

Is like FirstBank is another subsidiary branch of CBN.

yanabasee1:
Is first bank a branch of CBN?

my brother am just wondering!

RuudVanNisteroy:

Ecobank will also be having sleepness nights due to the loan they extended to him. [b[CBN has given First Bank 48 hours to recover the loan to extended to him for his compnay Honeywell, which they refused to perfect the collateral.[/b]

With the new interim management, CBN may agree with First Bank once again restructure the loans he woes. So, Ecobank and First Bank can try and recover most of the amounts loaned to him.

Thank God Cbn put mouth o!

zicoraads:

When they saw CBN, they saw the Buhari-led administration.

They all forget that most of us are all part of the 1 percenters, and the other 99 percenters are the elite who forget about party affiliation when anything threatens their stolen wealth.

I fully and wholly support the CBN on the matter. This is the same way Oceanic went under. A bank that was doing so well.

cbn must make sure the monies collected are returned by fire o!

RuudVanNisteroy:

The management of First Bank deserved to be flogged!Oba Otudeko is 77 years old and worth $550 million dollars and they were playing such a dangerous game by refusing to perfect the collateral or lien of his shares.

If the bank went bankrupt they won't have been able to collect even a dollar of his $550 million fortune.

so first bank will just die like that?

franugo:


I know enough to be confident to say that...maybe I was too firm, but you really shouldn't be denigrating the bank unnecessarily. They did extremely well by providing the cash for you from their coffers to help you through that time, the least you should do is be thankful

I should be thankful? They debited me and was unable to pay me...It isn't my fault..Their system failed..I should sue them for the Psychological trauma I went through..


I work seriously hard to earn every penny and I wish to save my money with me, but the government is imposing cashless policy on me...

If the government will tackle insecurity and reduce armed robbery to it's lowest level...

People will gladly keep their earned money to themselves...

baralatie:

so first bank will just die like that?

First Bank is too big to fail. It will be propped with goverment money if need be.

I will come back to comment

martooski:


It has turned to bad debt sir.

That's how banking works. They use director fund to provisioning bad loans

So taking over their investments is it back by any law of the federation

thebosstrevor1:


First bank have been under regulatory forbearance since last year. The former md has been in office since 2017, isn't he the cause of why the bank is in distress.

So what is your point??

You actually think you know but you don't, and that is very bad.

My advice for you is that you devote time to read and understand what Board of Directors, MD, Regulatory process, Retirement, and others mean. From everything you're typing, you lack knowledge of the banking system and that is why you're arguing blindly.

thebosstrevor1:


But you put all the blame of the bank woes on one man even though the board are also complicit in this issue.

I earlier wrote that the cbn found that the board had given preferential treatment when giving loan to obadeko. That is why he was told to pay back.

I stand with my earlier statement, the retirement of the former Md was not because of an hostile board but because of lack of compliance with cbn regulations.

Apparently, the bank have been in distress since 2016 when the former md was in position.

There are 2 different issues.

1. The bank distress issues
2. The board lack of compliance with cbn regulations when appointing new board.

These 2 are unrelated.

*Two VERY RELATED Issues you wanted to say.*

Adeduntan was brought in and supported by CBN after concluding to bailout Firstbank January 2016, his tenure is due by December 2021. In fact, his FBN Holding Directorship was ratified at their AGM a day before he was removed. Himself and GMD U.K show interest and were voted back till the next AGM.
And the reason for his removal is due to the bank's distress attributed to the Chairman's and other insider loans.

So, number 1 caused number 2 and CBN duly intervened.

XPresie:


*Two VERY RELATED Issues you wanted to say.*

Adeduntan was brought in and supported by CBN after concluding to bailout Firstbank January 2016, his tenure is due by December 2021. In fact, his FBN Holding Directorship was ratified at their AGM a day before he was removed. Himself and GMD U.K show interest and were voted back till the next AGM.
And the reason for his removal is due to the bank's distress attributed to the Chairman's and other insider loans.

So, number 1 caused number 2 and CBN duly intervened.

Adeduntan wasn't brought in, he was employed by First bank in july 2014.

After the 6 year tenure of the former Md, who retired in December 2015, Adeduntan became the new Md with the support of the board on 1st of January 2016.

XPresie:


You actually think you know but you don't, and that is very bad.

My advice for you is that you devote time to read and understand what Board of Directors, MD, Regulatory process, Retirement, and others mean. From everything you're typing, you lack knowledge of the banking system and that is why you're arguing blindly.

I didn't type anything that was wrong except the forbearance mistake.

thebosstrevor1:


Lol

Told yiu to mark the post
https://www.nairaland.com/6531570/emefiele-oba-otudeko-rebuffed-pleas

afroxyz:


Told yiu to mark the post
https://www.nairaland.com/6531570/emefiele-oba-otudeko-rebuffed-pleas

I will never mark a post from a gossip site.

I have never heard about that source before.
The only financial online media i know is proshare, nairametrics and businessday.

thebosstrevor1:


I will never mark a post from a gossip site.

I have never heard about that source before.
The only financial online media i know is proshare, nairametrics and businessday.

It is a bad trait to never take correction and stew in your own ignorance even after being corrected. You can watch the press conference as well.



https://www.youtube.com/watch?v=0m1TczgUrFU

RuudVanNisteroy:

It is a bad trait to never take correction and stew in your own ignorance even after being corrected. You can watch the press conference as well.



https://www.youtube.com/watch?v=0m1TczgUrFU

Bad trait indeed, you won't be the one to tell me what to believe and not believe.

domchike:

So taking over their investments is it back by any law of the federation

There is no investment to take