How CBN Governor, Sanusi Lamido Sold Intercontinental Bank To His Friends!

(m) at 11-10-2011 01:48AM (8 years ago)

(3516 | Gistmaniac)


 .How CBN Governor, Sanusi Lamido Sold Intercontinental Bank To His Friends!       
Written by thestreetjournal     
Thursday, 06 October 2011 13:14 
•Intercontinental Bank’s Biggest Debtors Are Its New Owners
Street Journal’s investigations have revealed discrepancies in the sale of Intercontinental Bank Plc to Access Bank by the Central Bank of Nigeria. It has been discovered that the Central Bank Governor, Malam Sanusi Lamido waived a
 loan of N8.9Billion for Senator Bukola Saraki and another N16.2 billion loan for Aigboje Aig-Imoukhuede, the MD of Access Bank, to help them buy Intercontinental Bank over. Before now, there had been allegations that the former Kwara State Governor was at the background of a grand scheme to take over Intercontinental Bank.
After Erastus Akingbola was sacked as the bank’s MD, Mahmoud Lai Alabi was named as his replacement. Alabi was until his appointment on Saraki’s payroll, being the Chairman of Shonga Farms, a Saraki initiative that brought displaced Zimbabwean farmers to Kwara State. It was reported then that one of the first steps Alabi took as MD was to write off Dr. Saraki’s N8.1 billion loan. Alabi also went ahead to sack Executive Directors of the bank who were replaced one after the other with staff of Saraki’s Societe Generale Bank. It might not be wrong therefore to conclude that Saraki has been running Intercontinental Bank by proxy since the new management took over.
Questions are already being asked within the banking sector regarding how Aig Imoukhuede who is one of the biggest debtors on Intercontinental Bank’s list suddenly mustered enough resources to buy the bank.
It was announced recently that Access Bank would acquire 75% stake in Intercontinental Bank for N 50 billion and combine both firms’ operations within one year of the merger. Shareholders of the latter had reportedly given their support to the merger, though it remains unknown whether the shareholders are aware of the situation or they just decided to ignore.
The move which is plagued with irregularities has exposed the Central Bank Governor’s inadequacies. Sanusi Lamido Sanusi who has hitherto been seen as one of the most upright men in the country has come under criticism especially regarding the motive behind the sale of the bank. Questions are also being raised about his sincerity in the deal.Documents in Street Journal’s possession revealed that a N 16.2 billion loan was duly obtained from Intercontinental Bank Plc and signed for by Aig Imokhuede, the Access Bank MD in favour of United Alliance Company of Nigeria.
Sequel to the Central Bank’s regulatory action on five banks two years ago, the apex bank published a list of defaulting customers of the banks who were asked to pay up to prevent appropriate legal actions from being taken against them by the apex bank. Those on the list were described by the Central Bank as the “largest debtors.” Incidentally, the third slot on the list of the largest debtors published on August 18, 2009 was occupied by United Alliance Company of Nigeria and the balance of its indebtedness as of May 31, 2009 was N 16, 247,686,168.18. Its Directors were listed as Mr. Aig Imoukhuede and Mr. Herbert Wigwe both of who are also Group Managing Directors of Access Bank.
In a letter sent to the United Alliance Company from Intercontinental Bank Plc on November 19, 2009, terms of restructuring a N 10.3 billion loan facility were outlined. The loan had a tenure of 36 months and according to the purpose stated in the document, the time extension was to enable the borrower, i.e United Alliance to liquidate its outstanding indebtedness to Intercontinental Bank in line with its cash flow.
While repayment was to commence in April, 2010, an interest of 18% was agreed on. And as part of the conditions, 894,690,600 units of Access Bank shares were listed as security as well as “joint and several personal guarantees of Mr. Herbert Wigwe and Mr. Aigoje Aig-Imokhuede for the full facility amount and accrued interest.”
A letter from United Alliance to Intercontinental Bank dated 10th March, 2011 showed that Intercontinental Bank was being owed the sum of N 10.2 billion by United Alliance, a company headed by Aig Imokhuede, Intercontinental Bank’s new buyer. Street Journal gathered that as it stands, Access Bank’s two Group Managing Directors are indebted to Intercontinental Bank to the tune of N 10.2 billion.
The March, 10 letter which was to help United Alliance get an extension for the repayment of the facility reads inter alia: “we would like to assure you of our absolute commitment in repaying the above facility. Repayments of these facilities are based on the cash flows generated by United Alliance through its investment management activities. However we are currently having difficulties matching our cash flow with the current agreed repayment dates. We hereby write to formally request for a change in the repayment dates of our facility to ensure that it synchronises with our cash flow in order to meet the obligation as the fall due.”
It was also requested in the letter that the dates be moved to “at least the last day of the first week of each calendar quarter. In other words to at least the 7th day of April, July, October and December respectively of the year.”
Another letter confirming the status of United Alliance was received by Intercontinental Bank Plc when the July fall date came. A letter signed by Chizoba Ufoeze on behalf of the United Alliance Company of Nigeria Limited read in part “we acknowledge the receipt of your letter dated 30th June, 2011 informing us of the portion of the term loan (N 1, 307, 465,060.12) due on 7 July, 2011. However, due to constrain in our cash flow, we humbly request a 30 day extension to clean up this obligation. We assure you of our determination to liquidate this term loan within the term specified in the offer letter and thanks for your patience. ”
Many of those who know the internal workings of Intercontinental and Access Banks are yet to come to terms with how Aig-Imokhuede, one of the biggest debtors of Intercontinental Bank, who has asked for extension of repayment over and over would offer to buy the bank over and Malam Sanusi Lamido would go ahead to sell the whole Bank to him at a ridiculous N50 billion when even the quarterly profit of Intercontinental Bank is more than 50billion Naira



Johnmilla55 (m) at 11-10-2011 09:07AM
(24 | Newbie)

poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.
Reply
kebella (f) at 11-10-2011 09:41AM
(43578 | Addicted Hero)

 Lips Sealed Shocked Shocked

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sugaDaddy1forU (m) at 11-10-2011 04:53PM
(3516 | Gistmaniac)

Quote from: Johnmilla55 on 11-10-2011 09:07AM
poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.
U're a fool, i dont blame u bcoz u dont even knows what is happening in ur country. Try read newspappers to educate urself ponk A*#S. Angry Angry Angry Angry Angry Angry Angry[/color]

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cadanre (f) at 11-10-2011 05:00PM
(9186 | Hero)

Quote from: Johnmilla55 on 11-10-2011 09:07AM
poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.

Most especially this guy who called himself sugadadi. He hate northerners and northern leaders. Ooooooooooooooooops! There is nothing you can do. THE WORLD CENTRAL BANK GOVERNOR OF THE YEAR 2011 'SANUSI LAMIDO SANUSI' has made it. We thank God for that. Nobody has ever made it in the history of CENTRAL GOVERNORS of the country as he did. 2011 WORLD CENTRAL BANK GOVERNOR OF THE YEAR.   Cool Cool Cool Cool Cool Cool

GO TO HELL NOTHERN HATERS.

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kebella (f) at 11-10-2011 05:09PM
(43578 | Addicted Hero)

sharrup madam Huh? Tongue

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babyleslie (f) at 11-10-2011 05:14PM
(1406 | Gistmaniac)

Quote from: kebella on 11-10-2011 05:09PM
sharrup madam Huh? Tongue

Abeg tellam again nd again..
Reply
sugaDaddy1forU (m) at 11-10-2011 05:40PM
(3516 | Gistmaniac)

Quote from: cadanre on 11-10-2011 05:00PM
Quote from: Johnmilla55 on 11-10-2011 09:07AM
poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.


Most especially this guy who called himself sugadadi. He hate northerners and northern leaders. Ooooooooooooooooops! There is nothing you can do. THE WO<MARQUEE WIDTH='100%' BEHAVIOR='scroll' SCROLLAMOUNT='5' DIRECTION='left'><a href='http://www.bigoo.ws'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/h.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/a.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/v.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/e.gif'><img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/t.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/h.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/e.gif'><img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/v.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/i.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/s.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/i.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/o.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/n.gif'><img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/t.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/o.gif'><img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img border='0' width='15' src='http://www.bigoo.ws/image/spacer.gif'>[/url]<img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/s.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/e.gif'><img alt='www.bigoo.ws' border='0' src='http://media.bigoo.ws/letters/style17/e.gif'>[/url]</MARQUEE>
<a href='http://www.bigoo.ws'><span style='text-decoration: none'>Glittery texts by bigoo.ws</span>[/url]</font></p>RLD CENTRAL BANK GOVERNOR OF THE YEAR 2011 'SANUSI LAMIDO SANUSI' has made it. We thank God for that. Nobody has ever made it in the history of CENTRAL GOVERNORS of the country as he did. 2011 WORLD CENTRAL BANK GOVERNOR OF THE YEAR.   Cool Cool Cool Cool Cool Cool

GO TO HELL NOTHERN HATERS.
Oh my goodness, Im supprise that u said this. My postings are based on any wrong doings in my country, i dont care where u from. My two last postings were from my own town n i dont give a shit bcoz i want to alert people who doesnt know to be careful. Being defensive will never help our country to grow atol, U've to be neutral my sister. Is u that always taking sides like u doing now, any time we've a post here about south, u guys always comment anything but once its about north oh God, u guys will be so defensive but why...If U're afread of heat, u need to get out of the kitchen....

Reply
sugaDaddy1forU (m) at 11-10-2011 05:47PM
(3516 | Gistmaniac)

Quote from: cadanre on 11-10-2011 05:00PM
Quote from: Johnmilla55 on 11-10-2011 09:07AM
poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.

Most especially this guy who called himself sugadadi. He hate northerners and northern leaders. Ooooooooooooooooops! There is nothing you can do. THE WORLD CENTRAL BANK GOVERNOR OF THE YEAR 2011 'SANUSI LAMIDO SANUSI' has made it. We thank God for that. Nobody has ever made it in the history of CENTRAL GOVERNORS of the country as he did. 2011 WORLD CENTRAL BANK GOVERNOR OF THE YEAR.   Cool Cool Cool Cool Cool Cool

GO TO HELL NOTHERN HATERS.
Oh my goodness, Im supprise that u said this. My postings are based on any wrong doings in my country, i dont care where u from. My two last postings were from my own town n i dont give a shit bcoz i want to alert people who doesnt know to be careful. Being defensive will never help our country to grow atol, U've to be neutral my sister. Is u that always taking sides like u doing now, any time we've a post here about south, u guys always comment anything but once its about north oh God, u guys will be so defensive but why...If U're afread of heat, u need to get out of the kitchen....
 

Reply
sugaDaddy1forU (m) at 11-10-2011 05:51PM
(3516 | Gistmaniac)

Quote from: kebella on 11-10-2011 05:09PM
sharrup madam Huh? Tongue
Pls dont mind her, they always defensive anything about north but love to coment any shit about south.....Im not supprise any more....Wow....

Reply
cadanre (f) at 11-10-2011 05:52PM
(9186 | Hero)

Quote from: sugaDaddy1forU on 11-10-2011 05:47PM
Quote from: cadanre on 11-10-2011 05:00PM
Quote from: Johnmilla55 on 11-10-2011 09:07AM
poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.

Most especially this guy who called himself sugadadi. He hate northerners and northern leaders. Ooooooooooooooooops! There is nothing you can do. THE WORLD CENTRAL BANK GOVERNOR OF THE YEAR 2011 'SANUSI LAMIDO SANUSI' has made it. We thank God for that. Nobody has ever made it in the history of CENTRAL GOVERNORS of the country as he did. 2011 WORLD CENTRAL BANK GOVERNOR OF THE YEAR.   Cool Cool Cool Cool Cool Cool

GO TO HELL NOTHERN HATERS.
Oh my goodness, Im supprise that u said this. My postings are based on any wrong doings in my country, i dont care where u from. My two last postings were from my own town n i dont give a shit bcoz i want to alert people who doesnt know to be careful. Being defensive will never help our country to grow atol, U've to be neutral my sister. Is u that always taking sides like u doing now, any time we've a post here about south, u guys always comment anything but once its about north oh God, u guys will be so defensive but why...If U're afread of heat, u need to get out of the kitchen....
 


OK PROPHET SUGARDADI.  Cool Cool UNDERSTOOD.  Grin Grin

Reply
kebella (f) at 11-10-2011 06:00PM
(43578 | Addicted Hero)

Quote from: sugaDaddy1forU on 11-10-2011 05:51PM
Quote from: kebella on 11-10-2011 05:09PM
sharrup madam Huh? Tongue
Pls dont mind her, they always defensive anything about north but love to coment any shit about south.....Im not supprise any more....Wow....
is bcos of yu  Tongue

Reply
kebella (f) at 11-10-2011 06:01PM
(43578 | Addicted Hero)

Quote from: babyleslie on 11-10-2011 05:14PM
Quote from: kebella on 11-10-2011 05:09PM
sharrup madam Huh? Tongue

Abeg tellam again nd again..
thats what am doing Grin Grin

Reply
sugaDaddy1forU (m) at 11-10-2011 06:04PM
(3516 | Gistmaniac)

Quote from: cadanre on 11-10-2011 05:52PM
Quote from: sugaDaddy1forU on 11-10-2011 05:47PM
Quote from: cadanre on 11-10-2011 05:00PM
Quote from: Johnmilla55 on 11-10-2011 09:07AM
poster all dis fake fake news wey u dey post for us self, ee bi like say u no get hand work abi? why ee bi say all the fake fake news here, na you post all of them? if you post all this kind news again here, me go personally delete you from Naijapals.

Most especially this guy who called himself sugadadi. He hate northerners and northern leaders. Ooooooooooooooooops! There is nothing you can do. THE WORLD CENTRAL BANK GOVERNOR OF THE YEAR 2011 'SANUSI LAMIDO SANUSI' has made it. We thank God for that. Nobody has ever made it in the history of CENTRAL GOVERNORS of the country as he did. 2011 WORLD CENTRAL BANK GOVERNOR OF THE YEAR.   Cool Cool Cool Cool Cool Cool

GO TO HELL NOTHERN HATERS.
Oh my goodness, Im supprise that u said this. My postings are based on any wrong doings in my country, i dont care where u from. My two last postings were from my own town n i dont give a shit bcoz i want to alert people who doesnt know to be careful. Being defensive will never help our country to grow atol, U've to be neutral my sister. Is u that always taking sides like u doing now, any time we've a post here about south, u guys always comment anything but once its about north oh God, u guys will be so defensive but why...If U're afread of heat, u need to get out of the kitchen....
 


OK PROPHET SUGARDADI.  Cool Cool UNDERSTOOD.  Grin Grin
Thats OK if u understood but Im not a prophet, Im just saying how it is.....

Reply
sugaDaddy1forU (m) at 11-10-2011 06:06PM
(3516 | Gistmaniac)

Quote from: kebella on 11-10-2011 06:00PM
Quote from: sugaDaddy1forU on 11-10-2011 05:51PM
Quote from: kebella on 11-10-2011 05:09PM
sharrup madam Huh? Tongue
Pls dont mind her, they always defensive anything about north but love to coment any shit about south.....Im not supprise any more....Wow....
is bcos of yu  Tongue
Thank u darling Kiss Kiss Kiss Kiss Kiss Kiss

Reply
Johnmilla55 (m) at 11-10-2011 07:06PM
(24 | Newbie)

this poster still dey here, i dey talk you dey talk about north and south.
Reply
kebella (f) at 11-10-2011 09:25PM
(43578 | Addicted Hero)

Quote from: sugaDaddy1forU on 11-10-2011 06:06PM
Quote from: kebella on 11-10-2011 06:00PM
Quote from: sugaDaddy1forU on 11-10-2011 05:51PM
Quote from: kebella on 11-10-2011 05:09PM
sharrup madam Huh? Tongue
Pls dont mind her, they always defensive anything about north but love to coment any shit about south.....Im not supprise any more....Wow....
is bcos of yu  Tongue
Thank u darling Kiss Kiss Kiss Kiss Kiss Kiss
Kiss Kiss Kiss

Reply
sugaDaddy1forU (m) at 11-10-2011 11:10PM
(3516 | Gistmaniac)

Quote from: Johnmilla55 on 11-10-2011 07:06PM
this poster still dey here, i dey talk you dey talk about north and south.
Forgive the ignorant, and forget  the hateful and dismiss the hurtful....We are living the most unpredictable period in history of humankind. Recognizing our ignorance is the principle of wisdom.......

Reply
Senegal (m) at 11-03-2012 07:41PM
(10197 | Hero)

Quote from: cadanre on 11-10-2011 05:00PM
Most especially this guy who called himself sugadadi. He hate northerners and northern leaders. Ooooooooooooooooops! There is nothing you can do. THE WORLD CENTRAL BANK GOVERNOR OF THE YEAR 2011 'SANUSI LAMIDO SANUSI' has made it. We thank God for that. Nobody has ever made it in the history of CENTRAL GOVERNORS of the country as he did. 2011 WORLD CENTRAL BANK GOVERNOR OF THE YEAR.   Cool Cool Cool Cool Cool Cool

GO TO HELL NOTHERN HATERS.

Shut your stinking mouth
Reply