Oceanic shareholders sue CBN, Ibru

THE CBN DID NOT BUY SHARES IN THE BANKS BUT RATHER THEY INJECTED FUNDS INTO THE BANKS.SOME LOAN DEFAULTERS ARE THE ONES SPONSORING THESE KIND OF LARGE MOUTHS.

Clearly, a few lawyers will be enjoying a feast of fees for a while to come.

I am afraid of my country. Leadership is once again failing Nigeria. The new governor of the Cetral bank have just suceeded in killing Nigerian banking system by his actions. I predict failure of Nigerian banking because of his reckless action of sacking in one swoop 5 bank CEOs. Confidence in Nigeria banking system is now so low that no foreign investor will invest in any Nigerian bank. Now he wants to introduce Islamic banking that will offer non interest bearing loan. Interest bearing banks are having difficulty surviving and he is telling us that non interest bearing bank will survive. I wish him luck but make sure public money will not be used in setting up the white elephant called Islamic banking. When all is said and done, Nigerian will all realize that this administration have taken Nigeria back ten years.

I like how the shareholders,sue the cbn governor

GOOD MOVE! This is what the shareholders and bank directors should have done immediately Sanusi announced the forceful takeover of the banks. Our elite in the South must learn to use the instrumentality of our judicial system to defend their rights or enforce them. They unfortunately too often take to lobbying Emirs and the so-called Northern bigwigs anytime they have problems as the country belong to these people. This is wrong as it amounts to self-surbordination. If Erastus Akingbola had used all the time he spent visiting Emirs and Northern governors to plan a legal and media defence in case of any Sanusi's illegal actions against Intercontinental, he wouldn't need to run away from the country. The Southern elite must stop being timid; they must assert their rigths as bonafide Nigerians.

I wounder why Nigerian are too selfish,455,000 od.shares.the CBN is protecting the interest of both the shareholders and the depositors.shareholders or not the deed has been done.

SANUSI WILL FAIL! Yes, the bankers should resist the COUP before it's too late. Sanusi is executing a coup to take control of the commanding heights of the organised private sector from Southerners. It’s become so glaring that Sanusi wants to sell these banks to fake foreign investors fronting for Fulanis. But we should not watch him destroy what others have built with their hardwork and talent. We all have a responsibility to resist. SANUSI WILL FAIL! EVIL CAN NEVER TRIUMPH OVER GOOD!

@BAYO: In what form will the CBN inject the 420Billion? is it as a loan or as equity? If it will be as a loan, at what interest rate? Sure, the money will be injected as equities. The reconstituted Directors of the Banks are already drawing up plans for that. and only the shareholders can decide at a General Meeting whether share/equity should be sold. it means, soon, CBN will own those Banks and CBN can sell the Banks!

I really support the CBN Governor. He's doing a good job. All mockerers should be silent.

Akingbola and Ibru deserve to lose their banks if they are this timid. They knew what was in the offing long before anyone else, and that Akingbola especially chose to sell his birthright by lobbying his Fulani executioners rather than use the instrumentality of the law to fight off the marauders is nauseating. Former Rivers Governor Peter Odili has an injunction against both EFCC and Sanusi and still walks free despite incurring a rap sheet as long as the River Niger. Why couldn't Akingbola and Ibru do same? And how come its mostly the Yoruba that are trooping to EFCC to seek reprieve? Where are Henry Imasekha, Chuma Obue and Jite Okoloko? It particularly disgusts me when I see those Aboki EFCC morons putting their grubby hands on Mrs Ibru. Would they do that to a Hajia? Someone answer me.

How can Nigeria move forward with all these "special" specie of Nigerians suing and complaining about CBNs actions. 455,000 shares one person? Na wa o. I wish Sanusi Lamido Sanusi had left these banks to collapse then there wouldn't have been comments like the ones I have just read above. Nigerians can never be satisfied that is why we are not moving forward as a nation. May god help Nigeria.

Leke, all you have done is sucecessfully reveal how myopic you are. Its amazing to see how nigerians are very quick to reduce every action by every leader to tribal bias. In my opinion, this is the root cause of all the issues we face in Nigeria. Some people do good, and some accredits to tribal or regional bias, thus someone else fails to do another good for fear its treated the same. GOSH!!!!!! what happened to National solidarity, or patrotism, or even the National Anthem... How many people making posts in this forum that are blaming Sanusi can even sing the full national anthem without faltering.... Guys, Gals, we need to wake up and stop blaming the leaders for every wrong turn. The facts are there to behold, did these executives fault by granting loans without necessary securities? yes!!!, did they fail to protect the shareholder's investments? Yes, Did cecilia ibru appear before the EFCC when first called upon? No!!!!, Did CBN discuss his actions with the national assembly for acting on them? No!!!, these are the issues to focus on, this are the hurdles preventing Nigeria from being the UTOPIA will all like it to become...

I think the shareholders and their counsel are a bunch of unserious people. Why would they want to sue cecilia ibru who was compelled to go (sacked); especially if they claim the bank was far from being distressed as per last financial report?

His only god can save us in this nation,let cry to him to swep this generation of viper. if cbn governor his benefit from this unperforming loan.think

@Yoyo and Wole. Yes, you're right. Our Southern elites are too snobish to work with their own people like journalists and lawyers in a network to protect their own interests as it's done in the UK for example. They're too aloof, they prefer being friends with Dangote and the Emirs. But we must remember the maxim: injustice to one is injustice to all. Hence, we have to defend the bank chiefs. Because if the rights of the rich Southerners could be so trampled upon, then the ordinary Southerners have no hope under this Fulani government of Yaradua.

Respect the dignity of Mrs Ibru! EFCC should respect the dignity of Mrs Cecilia Ibru. Photos showing operatives of the agency, dressed as Hausa-Fulani, putting their hands on the woman show the indignity that this illustrious citizen is being subjected to in full public view. These ostensibly Muslim EFCC operatives wouldn’t have done that to a Muslim woman from the North. Normally, femae operatives should have been used as Mrs Ibru’s minders which is the practice all over the world. It’s becoming clear that Sanusi and Yaradua want to seize these banks from their rightful owners and give them to their fellow Fulanis. Enough of this public humiliation of Southerners!

Wise saying.....A man will never do anything that is not in his favour.Sanusi is right but nigerian need to check the action

I think Sanusi Lamido has been wrong all along! I think the man became intoxicated by the apparent and superficial power of the office of the CBN governor. What with his infamous speech announcing the takeover of the 5 banks...I this,.....I that,....I am.....that I am......! Bull **it! I guess that in his haste and state of power drunkenness, he quote only sections the CBN act that supports 'I am.....that I am...' and generally forgot the parts that give other rights to shareholders!

Oceanic shareholders are cowards who couldn't do the right thing when it mattered. They were happy when Oceanic was readily borrowing money from the CBN and cooking its books, overlooked by complicit auditors. Now they complain when the CBN injects money to stabilise it in lieu of its true shortfall and the removal of its badly governing MD. Oceanic is a public liability entity and holds shareholder funds in trust, but they have operated like a family business and kept accurate information from their shareholders. Shareholders should be privy to certain information such as exposure to margin loans and non-performing loans. Their lack of transparency, abuse of insider loan, unnecessary expenditure, round-tripping and other unwholesome practices have greatly stressed active shareholders and depositors alike. But one must question the role and responsibilities of shareholders associations and the likes of Stephen Isibor for not successfully probing the actions of their boards over the years.

All those southerners (like me) supporting an elite, WHY??? what has any Nigerian elite (Norhern or Southern) ever done for the people? Bush apparently attacked Iraq to get cheap oil for his people......but Ibori fought Obj for derivation for who...? Which of our leaders/elite have given anything to we praise singers. How many micro loans did Cecilia or Erastus give to mechanics in Sapele or Ogbomoso? Yet we poor people want to support them....? WHY I ask...?

THE FUNDS INJECTED BY THE CBN IS IN FORM OF A LOAN AND NOT EQUITY...SO THIS IS A FRIVOLOUS LAWSUIT. GRANTED THE ENDGAME MIGHT BE TO TAKE OVER THE BANKS, EXPANDING THE EQUITY BASE IN ORDER TO INFUSE FUNDS PERMANENTLY INTO THE BANKS WOULD BE DONE BY THE DIRECTORS ALREADY VOTED IN BY THE SHAREHOLDERS. WOULD THESE DIRECTORS WHO HAVE SKELETONS IN THER CUPBOARDS BE ABLE TO HOLD OUT?

Its amazing how we Nigerians act when we see that the so call elite are in trouble. for me i believe that if you consider yourself poor, then you are poor. why do we belittle ourselves and we call some elite and some poor. well that is not the issue at hand. the fact is if anyone of you have a legal background, you will know that the Companies and Allied Matters Act, gives the shareholders every right to vote for who they want to be the chairman of the company in which they have shares. What did Sanusi do, he just imposed a chairman. why? this goes to show the dictatorial state of mind he carries around. Even if he wants to ensure that depositors and creditors rights are protected, come on, do the right thing, lets work in accordance to the law. His defence before the House, was basically reliant on the CBN act and BOFID or so. For me, the financial records should have been brought before the shareholders and request that an emergency meeting be called to nominate a new chairman and he wil take it from there. i make no judgement on whether nor not his action is for a good cause or not because we nigerian, or people in general are quick to object against ideas and when it turns out good we being to laugh like we had been supportive all along. truth be told, why would a bank load money without substantial collateral,Dangote is a crook, his company sold out shares (bagco) and everyone that i know did not get all the shares they paid for neither was their balance returned. i meant this man is up to no good. i rest my case

Why is it that we Nigerians don't embrace the truth especially when it matters most?the CBN GOV. HAS CARRIED OUT HIS FUNCTION as his office warrants,so let us applaud him foe coming to the aid of the Isibors.We should face facts as the basis of our analysis.did these banks' chief erred in their capacities as the no one employee of these bank?were lax in credit practices?and others.if yes cbn gov no matter which part of the country he is from is justified.second,mr isibor should have had known that times without number sanusi has reiterated that the fund is not equity but convertible facility.common Nigerians!!!!

Right from the moment the bank CEOs were removed, I questioned the authority of CBN to do so without causing an extra-ordinary AGM of the Boards to be involved. It is true that there is an anti-elites feeling sweeping through Nigeria because of the audacity of politicians and the likes of novo-rich by corruption or nepotic patrionage who throw their wealth around and push us from the road with their stolen money. All the same how can the owners of the banks, who are the shareholders be simply set aside and the CBN Governor uses money belonging to all of us to alter the share structure of the banks without the approval of the shareholders. The future of the nations economy now stands on the decision of the courts on this crucial matter. The judiciary must not fail the nation at these crossroads

My prophecy is coming to fulfilment earlier than I expected. All these Jankara actions of Mallam Sanusi and Madam Debt Collector will soon be thrown out by the courts. Lol

@TATA: so how come the CBN is asking the accused MDs to relinquish their shareholding?

Look at you,so called Dr. Egbosiuba,USA.Why are you people so adarmant,why always talking about ISLAM when ever something happen.As Dr.as you are, please try and understand what islam is all about, you don't need to be muslim,to avoid saying something you don,t know.Do you think the other shareholder/stakeholders are fools like you.

its a pity nigeria.nigeria if you are alive then arise and speak out,arise and shine ,arise and say no to all these atrocities against you.this nation nigeria please arise and for once say no to the evil against you 'cos it has become so much. is it not clear to all of us that there is no law let alone rule of law in nigeria. a day of judgement is fast approaching

Question1:When bigger banks "failed" in the US and UK last year did you guys hear of bank chiefs being locked up in detention? Question 2: If there is no political agenda to this why are the bank chiefs in detention being asked to sign of their shares...Oh u will tell me efcc has denied it like they denied they ever bargained with Ibori, Tafa Balogun,Alamasegha, etc?? Question 3:If the cbn governor is not trying to sell to banks to foreign cronies, how come he suddenly lifted suspension of their shares, so that they can crash and be bought over cheap? somebody help me here o

The injection of funds is a loan. The banks will pay it back. CBN has poer over bank shareholders because its actions to secure shareholders' interests supercedes shareholders' authority. CBN is a regulator. The court case will die before it gets to court. Instead, shareholder's need to get a restraining order on CBN's move to sell equity to new investors, except the new investors can negotiate with shareholders as in the case of IBTC-CHarterd and Stanbic bank.

@YOYO...FARIDA WAZIRI C0MES FROM A "PROGRESSIVE" CULTURE WHERE MEN OFFER THEIR WIVES AS "KOLA" TO GUESTS. So you can understand why treating women with dignity is anatema to her.I wonder if Cecilia Ibru was going to fly considering the bodyrub she's getting from these EFCC thugs in the name security. I know the Urhobo honour their women, so why are they not protesting, more especially considering that Farida was put ther by an Urhobo named James Ibori.

THANK YOU SO MUCH MR ISIBOR FOR SUEING THE CBN AND SANUSI.WHAT HE DID WAS VERY WRONG.I PRAY THAT THE RULE OF LAW WILL CORRECT ALL THESE WRONGS.

If Sanusi's agenda is to fulanise the banking system, all we need to do is to take our southern money out of the banks taken over and seek refuge in banks run by our brothers - hoping they would not develop itchy fingers, loan all the money to themselves and kill off the banks like National, Coop,ACB NNB.... People get real and smell the coffee!

@Iyat: quoting you:“I wounder (sic) why Nigerian are too selfish,455,000 od.share”. My question to you is: is he selfish because he didn’t share some of his 455,000 Ordinary Shares with you or with the less privileged in society? Maybe if you changed your mentality, you too could be rich someday. But as it is, you think it is a bad thing to be rich and with that kind of mentality, you can never be rich. “shareholders or not, the deed has been done” – unintelligent gabble. Inferring from your name, where you are from is apparent to me: same region as the CBN governor. Did you know that naming and shaming loan defaulters by the regulator body (the CBN) the way the CBN has done had never happened anywhere else in the world? Well according to the BBC, it hasn’t. Quoting the BBC “Analysts have struggled to come up with a precedent for a public naming and shaming of loan defaulters by a monetary authority on this scale elsewhere in the world.” You can read the rest of that article here: http://news.bbc.co.uk/2/hi/business/8211577.stm Its uncivilized behaviour by an uncivilized man (don’t be fooled by the suits he wears)….and someone should please help tell our CBN governor that bow ties are meant to be worn only for special events. This same CBN has ordered that all ATMs be removed from public places. What amazes me is that these same CBN officials travel outside the country and see that ATMs are meant to be in public places for convenience. Like Dr. Egbosiuba, from USA has said in an earlier post (above), “When all is said and done, Nigerian will all realize that this administration have taken Nigeria back ten years.” Thanks.

@femi from lagos. Thank U

I think by now the sentimentlity that has trailed the decision of the CBN Governor to intervene in the current alleged banking crisis should have been binned. As a southern professional, I don't see any northern agenda in Sanusi's bid to regularise what he has identified as technical illiquidity in the '5-banks' as they have now come to be known. The apparent information asymmetry (where all stakeholders do not have equal access to the full details underpinning the CBN's convictions) may be partly to blame for the myriad of conspiracy theories being propagated all over the country. I believe that more facts would emerge as the case unfolds and the dismissed CEOs would have their day in court to defend their reputation. It is an undisputable fact that the banking crisis is not restricted to Nigeria, and yes, where fraud has been proved, other bankers of seeming impeccable reputation have been jailed. Bernard Madoff is a case in point. Not only that, his personal assets have been pursued by the 'Feds.' In my humble opinion, it would not be right to rush into conclusions either that the CBN has a hidden agenda or that the CEOs are fraudulent, I would rather hope that the rule of law is upheld in this critical test of the Nigerian re-birth.

LETS WAIT FOR THE COURT TO DECIDE...THIS I THINK IS FRIVOLOUS...GOING FOR A RESTRAINING JUDGMENT AGAINST THE CBN...WOULD ALSO BE SPECULATIVE AND THROWN OUT...CBN HAS POWERS TO ACT ON BEHALF OF SHAREHOLDERS AND DOES NOT NEED TO CALL A MEETING. IN AS MUCH AS THE CBN HAS STATED THAT IT IS A LOAN THAT WOULD BE REPAID WHEN THE BANKS ARE REFINANCED. CASE CLOSED. THE ISSUE OF ASKING DIRECTORS TO PLEDGE THEIR SHARES AS COLLATERAL IS ALSO HEARSAY...THE CBN HAS DENIED IT. BUT EVEN IF IT IS TRUE, IF YOU ARE ASKED TO PROVIDE ASSETS OR SHARES AS COLLATERAL FOR BAIL, IF YOU ARE SURE THAT YOU ARE NO GOING TO RUN AWAY OR INTERFERE WITH THE CASE WHAT IS WRONG WITH THAT?

I am surprised that many educated Nigerians don't know their rights, thank God for the latest development (some shareholders) going to court to check the CBN governor. I am neutral to both parties involved, but let the interest of the public be protected, let the right step be taken at the right time.

WHAT NONSENSE.....WHERE WERE THE SHAREHOLDERS WHEN MRS IBRU WAS BUSY EMBEZZLING THE DEPOSITORS MONEY?

When will people like Edewor stop ascribing ethnic & religion tone to national issues.Has he forgoten so soon that Cecilia Ibru at d moment is not so sound healthwise that she probably need surport from EFCC male operatives that are stronger than their female counterparts?Or that Mrs Farida Waziri is a christian despite her first name?From Edewor's name we know u ar from the same ethnic background like Cecilia,and probably has gained much from her!

What we have all failed to answer is, can the EFCC determine the bail conditions irrespective of the courts?

Nigeria indeed is a difficult country. When will it be possible to see things without ethnic colouration? If we are clamouring for the Ghana-type revolution, where should it start from? Yesterday, Reuters reported that banking regulators have taken over five more banks in US bringing the total number of collapsed banks to 89 this year and the Americans did not call it an ethnic agenda. Someone must get this great country working and he cannot do that without stepping on toes. The sacked MDs of the five banks were guilty of breaking many banking rules and they should be made to face the law. Ssnusi is a human being, he could make mistakes but the banking sector must be sanitised.

Pls ensure that you leave God out of 9ja case! The country has been blessed beyond limits, what else do you want from God! We suffer our inability to manage our affairs wtout religious or tribal sentiments. I dont support the take-over instead the Banks should be asked to call back the loans and the debtors given ultimatum. But let the banks solve the problems they caused themselves. If CBN is looking for a firm to take over, Pls try NEPA for a start!

All should know well that the CBN's Governor Lmido Sanusi is welled informed about the whole senario before the banking wahala---- KNOW that he's a RISK MANAGER.

All should know well that the CBN's Governor Lmido Sanusi is welled informed about the whole senario before the banking wahala---- KNOW that he's a RISK MANAGER.

Granted that it is probable that these bank MDs may have been guilty of acts that were criminal as alleged by Sanusi but please and please with reference to the approach the CBN governor has taken in this matter and accredited precepts and practice of administrative due process his actions and mentality are uncivilised ,unenlightened,insensitive and mellodramatic you dont solve a problem by creating other problems.You dont scare the same would be or potential investors you are trying to woe into your country by publicly disgracing loan defaulters and giving them the status of a bunch of barons.Foreingn investors also take loans from banks to do business locally .What signal are you giving to them. You dont allow panic withdrawal of funds in the same banks you claim you are trying to protect their interests. I belive a billion and one simple and mature ways to have handled the affair existed and still exists how about giving ultimatums to start with before exercising sanctions like azeezabu pointed out.

Had no action been taken, the banks would have collapsed in time. Why didn't shareholders look into how their banks were really run any earlier?

I dont see what is bad in Lamido Sanusi's action. Lets forget tribalism, we are all one under the logo "Nigeria". Corruptions is too much in the banks mostly among the banks youth. Nigerians name has been damaged all over the world. Ibru and others are not above the law of the country.Efcc should also try to extend their work to federal services office because frauds are comitted among the Directors and staff of Federal civil servants.

Joseph Sanusi sacked Hakeem Bello Osagie. He also eased out Subomi Balogun (FCMB) and Paschal Dozie (Diamond Bank) while firing Mohammed Hayatudeen of FSB. Nobody questioned his powers. Paul Ogwuma sacked Femi Adekanye and Ralph Osayameh (both of the defunct Commerce Bank) and several other bank ceos while also having at least 50 bank executives docked under the Failed Bank Tribunal and nobody questioned his powers. Sanusi Lamido has exercised the same power as his predecessors and some uninformed people are questioning his authority and ascribing ethnicity to it. I am ashamed......

@ Xalim, Unless one is suffering from amnesia, or one is trying to be mischievious, there is no reason to lump the previous sack of bank CEO's in the 90's and early this decade with what precipitated this current action.

@ Martins, the shareholders are just wasting their money and time. All the months Oceanic & co were hiding under the Discount window provided by CBN, why cant they call an Xtra ordinary AGM to correct the evil deeds. Your argument should have been that Nigerians especially the elites never understand anything or the difference between a Bank and other companies. Banks operates under Company & Allied Matter Acts and BOFIA wt further control coming from CBN, NDIC & NDLEA Acts not to mention Financial Intelligence laws and other international Financial laws which Nigeria is a signatory to. Sanusi is surely a man with a heart of GOLD with sympathy for the Bank Depositors and even the shareholders; cos if i am in his shoes I would close the Discount window and refuse to give them any financial support. Their accounts would have been in the Red and this would empower me to send them out of Clearing, Money Market, Forex Market etc. Within 2 days all depositors and the Mumu shareholders would have developed HBP. By then I will remove Cecilia Ibru & co and arrange them under the 1.Failed Banks Act,NDLEA acts etc charging them with about 57 offences each, the courts would lift the veil of incorporation and this would empower NDIC to realise both the Bank Assets and their individual belongings to pay the depositors. I wondered who the ill advised Shareholders would have brought a charge against then. If they are not financial illiterates they would have remembered how many Banks the NDIC have liquidated in the last 15 years and let them tell us when any of the shareholders were compensated with the Assets realised. I am so happy for the Lawyers that got the Shareholders brief as they have little to work for to earn so much.Fellow brothers and sisters, we work so hard under excruciating conditions to make money in Nigeria but just don`t know how to protect our wealth including Banking Deposit and Shares. We take Financial/Banking decisions on emotion and sentiments. Sanusi should be praised for his actions so far. I must be honest with you folks that what he has done so far is scratching the problem;if we feel otherwise let him,the Presidency or the National Assembly set up a Truth Commission on our Banking Industry, the outcome would have been so horrendous that we would recommended LAWRENCE ANINI and Ishola Oyenusi for post humours National honours. Infact, Sanusi`s decision to limit his investigation focus on Bad Debt for now is my concern because even the exonerated Banks when put under further parameter of investigation shall surely eat the dusts. I wish to encourage everyone to be vigilant and let us support the CBN Governor, let us respect professionalism and integrity in our business and individual dealings, let us be bold to blow the whistles whenever we observe wrong doings, let us jettison religious and ethnicity in making decisions and let us continue to ask God to intervene in the affairs of this country by Fire!!! Regards

THE TRIBALISTS AND NEPOTISTS IN NIGERIA WILL NOT GO FAR AS NO ONE CAN RISE ABOVE HIS VISION!!! CHIEF GANI FOUGHT FOR NIGERIANS

For Mallam Lamido Sani (another Abacha) He came to run the script of what Vanguard 23rd March that the Northerners want 5 bank when he was not yet the Governor of CBN. Ofcourse seen his Kingsmen wanted this, hence Soludo can be CBN governor. This script is a do or die for Mallam Lamido. Please not that This is part of the real 7 piont agenda. Agenda 1. Make all the important ministry Northern controlled i.e. Petroleum, Transport, Finance etc. 2 Agenda: Cancell the contruction of North-South railway standard guage contruction so that the only viable business done by the northern brothers (Haulaging) must continue. 3rd agenda: Transfer most of the petroleum development to the north i.e Petroluem University from Efurum in Warri to Kaduna, thank God for the Niger Delta that fought this to stand still. Top managements of NNPC are now mostly Northerners Up Yaradua!! 4th agenda: Kill 5 Southern Banks, use some foreign friends to buy it and then transfer ownership to Northerners. Agenda 5 – 7 are the big ones very soon. Please note the prediction of the break up of the country by 2015 by the US intelligence; this is just less than 6 years away. The reall 7 point agenda will aid this faster.

Under Sani Lamido, First Bank wrote-off Billions of bad loan. If Lamido is arresting the 5 bank chiefs, then EFCC must arrest Lamido too. He also is guilty. But if they fail to arrest him that means the northerners are playing the Vanguard 23rd March 2009 game that says: The North want 5 Banks.