lastpage:

Wait a minute! So, its no longer "bridge Bank"?
It has suddenly gone from Bridge to "Nationalization" (using government money to take over private enterprise!) and from that to AMCON! (and then pass it over to their friends and cronies later on; does this remind me of Mallam El Rufai's infamousBurea of Public Privatization? -BPP))


This is a classic case of VODOO banking policy!  

Sanusi, you try no be small!

New management for Nationalized bank.


Old New
• Afribank • MainStreet Bank Chairman - Jacobs Moyo Ajekigbe(From First Bank)
• Bank PHB • Keystone Bank Chairman- Falalu Bello (From Unity Bank)
• Spring Bank • Enterprise Bank Chairman- Emeka Onwuka (From Diamond Bank)

Cikks:

All deeds have been done, CASE CLOSED. Everyone to now bear it in mind that we have a DECEITFUL CBN Governor. In all these acts he has not said a word, he just presents the Min of Fin or his deputy to do the talking. September 30 should have been maintained.

I ask the business minds here,,,Do you think that the MD of bankphb Francis Atuche would have recapitalized his bank? My answer is 200% yes. He is a business mogul, a goal getter and an achiever. He would have done that.

I would suggest to him to play invisible and buy his bank back from Amcon. That is the only way to get his baby back to him.

So why the heck didnt he recapitalise his bank before the hammer chopped his head off? Business mogul my backside!!

lol why do you think the CBN has been giving those 'cape vine capital' and so on the middle finger they can obviously smell them from within
invisible ko delectable ni

Cikks:

I am a staff in one of the affected banks and this is my point.

The CBN intervention is a good initiative but I have a serious doubt with its implementation.
I will hold the apex bank for planning this betrayal chess game since 2009 to take over some of these banks with this reason; Why would the CBN avoid appointing a business minded MD instead of auditors? This is a clear indication that the CBN head does not want the banks to seal concrete deals on recapitalization. Business minds are purely and solely different from auditors mind.

I still ask, why would he take this step before sept 30 as his deadline. Though I understand some shareholder where planning some shady deals by monday.

I also ask why would he do this before the resumption of Okojo Iwuala?

Secondly, Islamic banking invisible managers cannot penetrate Nigerian market without competing favourably on the same platform as other perceived healthy banks if not through acquiring existing banks and maintain their customer base and assets.

However, one of the top economy driver in this country in the person of Dangote as an islamic man will simply key into this non-interest bank. No hausa business man would want COT charges and other interest bearing charges as its against their religion.

Nevertheless, Islamic banking has been proven to be an economy growing tool but has a major flaw as a means of funding terrorism because of their huge wealth base. Nigeria is a lawless country where cash are moved around without questions.

Al quada has stated that Nigeria will be one of their base and with this banking reforms its clearer now on how their operations will be.

Finally, I implore us all to understand and stand for the TRUTH else we will be wiped and deprived of our natural resources soon to be sold out to the asians as Nigeria and africa as a whole is the surviving continent for the world in the future.
if you need a chat with me ping me on 20d164fd


Regards,

What a dollop!

Yea Sanusi is pushing Islamic banking is because of one man, Dangote!! You need anointing oil!

Why has Okonji Iwuala refused to resume? The hastiness of all this looks suspicious but that is our breath of fresh air.

deenee:

@nwabobo- [s]Sanusi never initiated the setting up of AMCON, Soludo did.[/s] Get your facts b4 going public.
you are slightly incorrect.Yes AMCON was part of the 16 point agenda in the original consolidation plan which was initially suggested by Joseph Sanusi (apparently He didn't have the clout to implement any of the plans on the 'white paper')

Soludo just suggested that the government should set up a TARP fund(troubled assets relief program) for the industry to cushion the effects of bankruptcy anticipated during the first round of consolidation. He later jettisoned this idea when most banks were able to recapitalize with 25 billion and replaced it with a second phase of consolidation which I would say, started the whole mess in the industry today. It was during the second phase of consolidation that banks started cooking up their financials,conducting fictitious valuations and manipulating stock prices so that they could raise fresh funds from the capital market.


I still recall watching an interview that Soludo granted during the wake of the recent global liquidity crisis and he categorically said that the banking sector in Nigeria does not need the relief fund because banks have successfully completed another round of consolidation and 'Nigerian banks are too big to fail'(I am presently trying to search for the video on YouTube)

It was during this period that there was this mad rush to open branches on every street and loans were granted with reckless abandon.

So my take is this-Soludo might have had the idea but Sanusi actually fought for it and ensured that the bill for the creation of AMCON was passed by the National Assembly

Thanks for the clarification. i hope Nwabobo reads this.

emmatok:

Sorry, you cannot buy into those banks until they are sold off.

That will be after 3 years.

The so called bridge banks are LTDs and not PLCs.

AMCON did not actually inject N678bn in cash into those banks.

AMCON injected N678bn in bonds.

Which means the bond holders(bridge banks) will have to source for fund their-selves.

Thanks for the education. I was also doubting if the stocks will be available, since as of right now, Spring, Bank PHB & Afribank legally dont exist.

I hope the banks are better repositioned by their respective new managements. Who knows? In 3 yrs, they may turn out to be among the top banks in Nigeria.
Goodluck to them

BRIDGE BANKS - A bank that the CBN designates as insolvent and subsequently takes over control. The CBN oversees loans and deposits for three years or until they find a buyer or liquidate the assets. A bridge bank must be a national bank or a federal savings association.

Nationalised Banks : Winners and Losers

Winners
• Depositors: Deposits have been saved by CBN's intervention and AMCON's acquisition.
• Regulators: Making quick but hard and necessary decisions to reform and safeguard the financial system.
• Bank customers: Will benefit from competition, especially in the retail segment of the market, as more banks offer innovative products and jostle for market share.

Losers
• Retail shareholders of the defunct Afribank, Bank PHB and Spring Bank: With the revocation of the banking licences and acquisition by AMCON, whatever was left of their negative shareholders funds (if any) has perished.
•Major shareholders, including Francis Atuche, Abiola and Yar'Adua families (Bank PHB), Osa Osunde (Afribank), Kola Daisi, Segun Agbetuyi (Spring Bank) and other institutional shareholders watched their investments go up in smoke.

P.S-The major shareholders mentioned aboove have made it very difficult for any serious investor to commint to long term capital financing required for the recapitalization.Hence the draconian move by the CBN. Sad though the the investing public (aka retail shareholders) are bearing the brunt of this mess which was not created by them.



http://www.thisdaylive.com/articles/nationalised-banks-winners-and-losers/96132/

deenee:

Nationalised Banks : Winners and Losers

Winners
• Depositors: Deposits have been saved by CBN's intervention and AMCON's acquisition.
• Regulators: Making quick but hard and necessary decisions to reform and safeguard the financial system.
• Bank customers: Will benefit from competition, especially in the retail segment of the market, as more banks offer innovative products and jostle for market share.

Losers
• Retail shareholders of the defunct Afribank, Bank PHB and Spring Bank: With the revocation of the banking licences and acquisition by AMCON, whatever was left of their negative shareholders funds (if any) has perished.
•Major shareholders, including Francis Atuche, Abiola and Yar'Adua families (Bank PHB), Osa Osunde (Afribank), Kola Daisi, Segun Agbetuyi (Spring Bank) and other institutional shareholders watched their investments go up in smoke.

P.S-The major shareholders mentioned aboove have made it very difficult for any serious investor to commint to long term capital financing required for thr recapitalization.Hence the draconian move by the CBN. Sad though the the investing public (aka retail shareholders) are baering the brunt of this mess which was not created by them.



http://www.thisdaylive.com/articles/nationalised-banks-winners-and-losers/96132/

You are very correct.

CBN actually took over those Banks due to the behaviour of The major shareholders.[b][/b]

@ denee, I still stand my ground that AMCON was 100% initiated by Soludo. Here are excerpts from his response to Aganga. If you have any fact to the contrary, do let me know.


"Hon. Minister, perhaps you are not aware that the Financial Sector Regulatory Coordinating Committee (FSRCC) under my chairmanship ordered for a consolidated examination (audit) of all the banks in early March 2009. At a stakeholders seminar in Lagos on 30th March, 2009 I made a PowerPoint presentation to the stakeholders gathered at the Eko Hotel on the state of the banking system, our responses so far including details on tightening of regulation and supervision, and spelt out CBN’s action plan to resolve any systemic distress as follows (I quote slides 13 and 14, and slide 20 of the presentation):

Strengthen CBN’s contingency planning framework for systemic distress

Keep vigilance on early warning signals through rigorous examinations

·If chronic liquidity problems--- provide term loans; target examination, and seek restructuring of balance sheet and management
·If solvency problem:  Could change Management, and strategic plan to recapitalize bank, including possibility of merger with/acquisition by stronger bank.
· Encourage banks to strengthen/ review bank-specific contingency plans
·Asked banks with signs of liquidity pressures to present plans for restructuring of their balance sheet
· Reviewing the draft Asset Management Company of Nigeria (AMCON) bill--- to be established to buy up toxic assets of banks,


Do I need to say more? I thank the National Assembly for finally passing the AMCON Act. Are you still there, Hon. Minister, or are you embarrassed to learn that even the AMCON you taunt as the ‘saviour of the banks’ happens to be one of Soludo’s initiatives?"

deenee:


P.S-The major shareholders mentioned aboove have made it very difficult for any serious investor to commint to long term capital financing required for the recapitalization.Hence the draconian move by the CBN. Sad though the the investing public (aka retail shareholders) are bearing the brunt of this mess which was not created by them.



http://www.thisdaylive.com/articles/nationalised-banks-winners-and-losers/96132/

Not even the complete picture.
the management installed by CBN were also part of the problem.
they seemed to look for investors that will retain their services and refused to try every scheme in the books to frustrate investors that would not serve their selfish interests.
I said in the past the choice of magt that Sanusi chose for the rescued banks were some of his worst decisions.Not only have i been vindicated by the conduct of these CEOs as confirmed by insoders but it seemed another set of funny characters have been hired for these 3 banks.I know a few who i would not expect the CBN to touch with a long pole.I suddenly see their names announced as part of the mgt of these banks and i simply shake my head in amazement.

Dis Guy:

What a dollop!

Yea Sanusi is pushing Islamic banking is because of one man, Dangote!! You need anointing oil!

that is a TKO.

@nwabobo
There is no need to go into 'attack mode' (it tends to blur one's ability to engage in a constructive and meaningful discussion). If you read my post and deconstruct my take on the matter without any cognitive bias, you will notice that I didn't say that AMCON was Sanusi's original idea. I just made a clarification so that the actual facts are not muddled up (it wasn't Soludo's idea too).  I am also not trying to rewrite history in anyway. It is vital to do this so that, people do not think that AMCON actually came into existence during Soludo's tenure.

I also agree with you, that Soludo had commenced the 'audit' of banks during his tenure but I doubt if the level of financial misappropriation uncovered till date would have been detected through his 'audit' because, apparently, he was confident that with the second round of 'consolidation',  'Nigerian banks were too big to fail'

Beyond this, I think that the level of decadence witnessed in the industry would perhaps be at a minimum if he had the guts to actually set up the corporation as against   ‘reviewing the draft'-originally put forward by Joseph Sanusi (refer you to my post again!) whilst making this ‘suggestion’ known "at a stakeholders seminar in Lagos on 30th March, 2009 during a PowerPoint presentation "(cited by nwabobo, 2011).
Ideas or suggestions on paper really amount to NOTHING, if they are not implemented in due time.

Don’t get me wrong, I admire Soludo and I have been taught by him when he was a visiting tutor to my alma mater in the US (a rare privilege for me). I also think that the speed at which Sanusi is moving with the reforms may not be sustained in the long run due to the unanticipated effects it will have on the economy. However, I still give Sanusi kudos because he is doing ‘something’ at least. It is going to be a tough call as there is already a growing apathy for investments in the banking sector and foreign investors are watching with a bemused expression, but then, the era where bank MDs set up proxy companies and use shareholder’s funds for personal/proprietary trading whilst giving bogus loans to their cronies is over.

Finally, I cannot recall taunting AMCON as ‘saviour of the banks’ whilst presenting any of my views on the above subject matter. Even if I did which, I have not, I would suggest that you take a second look at and I quote your sentence thus-Hon. Minister, or are you embarrassed to learn that even the AMCON you 'TAUNT' as the ‘saviour of the banks’ happens to be one of Soludo’s initiatives?”.   No offence meant , but try and look up the dictionary meaning of ‘TAUNT’ and see if it has been used in right context (you seem to be contradicting yourself here).


P.S-I am not a ‘hon.  Minister’ and have a dim view on cheap sarcasm. I am just a ‘Nigerian professional in Diaspora’ who is passionate about our great country because I believe that Nigeria will be great again. This is going to be my last feedback on this.
Thank you and God bless Nigeria.

Charm lies in the unsaid, the unwritten, and the undisplayed. It takes mastery to control silence.
                                                                               N Taleb

@ denee,

Thanks for the effort you have taken so far to clarify your points but it seems you did not really get my post referenced above.

I clearly made it known that those were 'EXCERPTS' from Soludo's response to Olusegun Aganga, former Minister of Finance following the later's suggestion that Soludo should be in Jail for destroying the nation's economy. The full text can be obtained here; https://www.nairaland.com/nigeria/topic-595685.0.html


On your assertion that Joseph Sanusi initiated the formation of AMCON, I'll like you to furnish me with a reference on that. God bless.

· Reviewing the draft Asset Management Company of Nigeria (AMCON) bill--- to be established to buy up toxic assets of banks,

meaning someone probably his predecessor initiated it? 

_{same way Allison Madueke/GEJ is being praised for the PIB}

PLease just to know, ,

Can a bank sent ATM card to customer through mail or Post without going to bank branch for collection?

^^^ yes but the person must go to bank to get d PIN. U can't use d card without it's PIN, so I suggest u go get both d card and PIN to avoid losing ur card in transit.

Thanks Bros,

But I would like you to give more details. The fact was that my boss gave me assisgment to know, How can ATM Card be sent without going to bank outlet for collection both in Nigeria or abroad? Your Urgent reply would be highly appreciated. Thanks

So after six pages of hail and thunder what the sitrep. Is there a run on these banks or any bank for that matter today. Not been paying much attention to the wires.

What the Fulani cannot get
Fulani destroys. He can't farm, he rears cattle to eat farmland; he cant run textile factories, he took them from Hausa landowners and destroyed them. He can't trade, so he asks for concessions; he can't read so he asks for federal character; he can't compete so he insists on quota system; he does not have oil so he wants petroleum university in his land; he does not have the shoreline so
he begins to dredge river Niger; he knows nothing about shipping but he prefers to man the ports; he does not understand banking; so he must reform it; he did not have the presidency so he precipitates violence to invite a coup and reset contest.

He can't build a bank with national spread so he uses force and manipulation to seize them from owners. He has no conscience or moral in matters of power and superintendence over the money. He is just not designed for progress.

mbulela:

Not even the complete picture.

Not only have i been vindicated by the conduct of these CEOs as confirmed by insoders

Can you give details confirmed by the insiders?

mbulela:

it seemed another set of funny characters have been hired for these 3 banks.I know a few who i would not expect the CBN to touch with a long pole.I suddenly see their names announced as part of the mgt of these banks and i simply shake my head in amazement.

So we are in for another round of "tricks" by some of the new managers?

taiwolad:

Thanks Bros,

But I would like you to give more details. The fact was that my boss gave me assisgment to know, How can ATM Card be sent without going to bank outlet for collection both in Nigeria or abroad? Your Urgent reply would be highly appreciated. Thanks

Sorry for d late response. In any case ur boss or u (with his express authorisation) MUST go to d bank branch of his choice.

Let ur boss go to d branch of his bank closest to him with a written instruction to transfer his ATM and PIN from whichever branch it to the one close to him. This instruction will be processed and d card & PIN mailed to such branch as requested . . .ur boss or u (if he authorises u) will then go and pick it up. U can only collect d card but NOT d PIN. Ur boss will have to pick up d PIn him/herself. Ur boss shud also be ready to bear d cost of mailing it/them.

As for home delivery, never done that one but I guess it is possible only in d case of the card not PIN and the account holder MUST cover d bank in d case of any loss of money thru d ATM card or loss of card in transit. This indemnity is taken care of by a well-written, correctly-signed and self-delivered ATM transfer request form or letter.