Nigeria govt may acquire shares in 9 rescued banks

To all those who said Atuche's only problem was acquiring Spring bank, i hope this egg on your face smells good? I really need someone to explain to me what the job of the boards of Nigerian banks are? How can a bank have these huge amount of non performing loans without the connivance of the board? How come we have heard no word from Pat Utomi, the vice chairman of PHB board? It is easy pontificating about the Nigerian situation from outside but he who is faithful with little will be entrusted with more. If Pat Utomi cannot make PHB to be a model bank in terms of governance and performance by his influence,what hope does he have in sorting out a multi hydra-headed monster called Nigeria. He owes his gullible fans an explanation. For people like me,i am a cynic and have always known that it is easy to talk the walk, when it comes to the walk, puff-puff turns to buns!!! We have seen the likes of Segun Adeniyi and Dora Akunyili. Pat Utomi, silence is not golden. Go and learn from Deacon Gamaliel Onosode and how he extricated himself from Commerce bank.

How can CBN inject money into our banks the other day, and today they wanted to recover their money back, Haba, Sanusi has to take it easy, knowing the present state of our stock market, it is almost impossible to raise money now with the current price of stocks. And he has to know that he injected our money..(ofcourse yes) into our banks and has to allow us some time, but if he insisted on doing it his way, then all depositors of these 9 banks have to withdraw their monies until futher notice.

very hard words but true talk. Physician heal thyself....

excuse me, but the falcon securities md, peter ololo was he using jazz and hypnosis on the banks? how on earth did so many banks exceed their single obligor limit for him? NGN90billion??? Jeeze! then again it was probably the promise of a quick profit from speculating on exchange listed stocks......

Ololo or okolo...Reuters and Next with their stereotype of reporting.gutter journalists

I thot i heard the CBN Governor say the Federal Government wasn't interested in "acquiring" these Banks?? So whats the Finance Minister talking about ??? The FG claims it has no money to execute key infrastructural projects but the have enuf money to punmp into the Banks! Why are they not made to recapitalise?? I smell a rat.....

Which way Nigeria?Can we trust the new directors to manage these funds?I have come to believe that black men are evil not that whites are not but they still have morals which an average black lacks.

THE NORTHERN AGENDA IS BECOMING CLEARER.TAKE EQUTY IN OUR BANKS AND FIX THEIR BROTHERS AND UNCLES. SOUTHERNERS CONTINUE TO MAINTAIN SILENCE UNTIL THE NORTHERNISATION AGENDA IS OVER BEFORE YOU RECONGNISE YOUR LEFT FROM YOUR RIGHT.

I agree with KK. Pat Utomi is known to puff and puff all in the bid to further his interest and hoodwink some gulable Nigerians. He cannot claim ignorance of the monumental dizzying level of fraud in the bank that is known to be run by racketeers. The EFCC should cary out more forensic investigation and all key managers involved in the scheme should be brought to book. This includes the other banks and those that are known to have infracted on basic corporate governance principles.

When will do not do God's Will, all we 'll continue to experience are those palavas. Let's embrace God's Way,the right path - Islamic Banking - to get us out of this mess. GOD BLESS NIGERIA.

Keep up the good work Sanusi. God bless you.

fraud is everywhere in the world.........but why is the nigeria case so so bad? pls can the courts, if we have credible ones here in niaja, should pls speed up and put all these defaulters in jail........ibru,akingbola,ibori,igbinedions,peter ololo(a.k.a madoff of nigeria),anenih,jimoh ibrahim,atiku, etc... CAN THIS REALLY HAPPEN HERE?.........I JUST HATE THIS COUNTRY...............

Sanusi's plan for investment in the banks is a good one. With the govt as majority shareholder, they can push for the restructuring required under the guidance of CBN, cut down on the bloated management, pay structure and perks, sell off the assets linked to bad loans and sell the shares off when the bank is lean and efficient. However, after all said and done, all good plans often come to nought because of the "nigerian factor".

which northern agenda?, you underrate the northerner...there is no buyer for the banks, period...which sane northerner would throw his money away in nigerian banks?

Hmmm I wonder if this will teach Nigerians to cut their clothes according to their cloth and not their size. Firstly didn't most of us participate in all the soft loans: buy a car worth 5million pay 1k every month, buy a genset for 50k pay 500 every month, buy shoe for 5k pay 5naira every month, travel for summer or winter or fall or rainy season and pay 700 every month ??!! I even heard that a staff in one of these banks bought a car (jeep) for 5million after getting a soft loan (not car loan) and this is a staff of not up to 2yrs when wahala started, the name was on the list of staff debtors and up for sack if the debt wasn't paid in a ridiculous deadline (maybe 1hour!) When asked by the fellow colleagues that why didn't use the car loan said the threshold for car loan wasn't enough to buy the car of choice and another was sacked as they were allowed to use mastercards from the bank so went on a summer shopping spree only to be hit by this wahala and entered trouble. So most of us even people like KK, eseoghene oghara, etc running our mouths and casting stones as if we haven't sinned are part of the whole debt wahala. Why can't I be satisfied with a honda city without borrowing but I must buy a prado if I have to borrow my lifetime to payfor it? Why buy a jet if the life time of my staff and family will be borrowed to pay for it? Why buy a shoe for 5k if I have 2 pairs @ home that suit the same purpose and which I haven't used since I bought them? Charity they say, begins @ home e je ka so otoro jare!

Concerned Nigerian,what are you high on? How does your epistle relate to my post? There is no relationship between the subject of my post and yours.

It is a monumental pity that these MDs reckless has caused a serious meltdown for our great country, Nigeria. Within the next 2 years, Nigeria will witness serious economic depressions characterized by unemployments,high costs of livings, lack of FDI, etc. The main cause of all these is Poor Corporate Governance, which basically means that the Board (by their compositions and values)was not able to perform the oversight role on the Management. Infact, the so called management was basically those MDs, because they never sought for the advice of the management staff, or if they asked for it, they eventually did what they wanted. In effect, those banks have been managed by one sole. For instance, Did those MDs consult the management before they collected those loans for themselves? They would have just ordered the credits division of the banks to approve the loans. May be the Heads of Internal Control and Risk Managements should have been appointed by CBN to prevent their immoral loyalty to the MDs. CBN of Sanusi is doing very well trying to sanitize the system by correcting the CBN' past errors. Sanusi should not ignore the other banks where this one man syndrome still exists even though they are currently perceived to be systemically ok. It is quite unfortunate that many innocent people are going to pay for the reckless of these 1 man ('woman') syndrome (poor corporate governance) by being sacked by current management of those banks, confronted with high cost of living for the next 2 years,and unnecessary harashment by security agencies. For the unemployed, Self Entrepreneurship will be a problem in an era where banks are no more lending. Nigerians, let's keep hope in God Almighty.

One needs 25bn to be a universal bank. Why would anyone pay for these banks WITHOUT some form of guarantee. There are clearly no risk management and control systems in place so it becomes next to impossible to ascertain what it is that one is buying.

wonders they say shall never end. you mean the money CBN has just injeced into the banks will now be sourced from the stock market? My question is how is the state of the market? people that invested in the stock market before now are able to smile with such investment. when we say we are trying ti build a stong banking sytem the best way must be to render the poor poorer.