Monday, August 17, 2009

On the sack of 5 Naija Bank's CEOs

The Central Bank of Nigeria (CBN) has dismissed the Chief Executive Officers and other top management of five major Nigerian Banks. The banks are Intercontinental Bank, Union Bank, Afribank, Oceanic Bank and FinBank.

This appears to be the first step in a drastic plan to clean up Nigeria’s ailing banking industry.
The news comes at a time when the CBN governor, Sanusi Lamido Sanusi, a risk management expert is preparing to sit down for a meeting with all the chairpersons and chief executives of all twenty three of Nigeria’s banks, later today in Lagos. Our sources say that no proxy representation is allowed at the meeting and this has forced many chairperson and CEOs, many of whom were on holiday abroad, to fly back to Nigeria in the last twenty four hours.

Due to the high sensitivity of the news, ST will brief you more later after due research and findings.




Trybes said...

It just all seem to me like a charade..They all come with their zombie policies without any plans of continuity and when this guv is gone,another would be in with a whole set of new plans..Nigerias are just to myopic and always seem to live in the moment..sad but true..
I think we should take a cue from developed nations and not continue this circle of bastardization of policies put in place all in the name of kangaroo politics...

Sassy Trends said...

Well said my dear...

j.ifeme said...

I agree with Trybes. We are very good at starting new things, and in the end there is no record of achievement. I think our government still develpment defined up-side-down.

Sassy Trends said...

I think this is all about politics too and it is all about power show.
On a lighter note, I think if most of the unfortunate CEOs had taken caution before now, it would not have gotten this bad.

Anonymous said...

what happened to soludo?

Lhinkoln said...

Charles Soludo you mean?
It looks like so many Nigerians out there are so far away from home.

Lhinkoln said...

And for this, Sassy i don't think there is any thing called politics in this because what goes round comes round.
If they have done their work well without coding so many things and doing things that has marred their integrity like turning the bank into money making ventures for themselves and their families, this would not have happened.

There is should be a control been enforced even upon CEOs of bank irrespective of the fact that they are the number person in the bank. They should not be seen as people one can not dare to go near because they should be under authority too.

If you ask me what I think, I will say it serves them right and I will strongly encourage the CBN and the Government in all to keep up the good work and work towards taking the weeds out.

Besides, there are more to go and more to be probed so they should tighten their seatbelt and forge on. We will strongly support them.

miss.fab said...

Errr I was gonna ask the same thing leggy did. Excuse my ignorance o.

Heard about this a few days ago. In this Nigeria of ours this is how people make enemies o. I totally support removing people who aren't doing their jobs though. That's the way forward

BSNC said...

hmm i hope they are doing the right thing..

Naija bad boi.... said...

fing is...i strongly believe ds stuf was more of a witch-hunt...if not ...y didnt they wait till they finished er' not sayin i dont suport it...just dat ...dont single out some ppl cos u got beef for them!!!

funny fing is one o'dem happens to be my uncle sef...oooh!!! no more BTS cash!!!

Sassy Trends said...

miss.fab, Charles Soludo is no more the governor of CBN, Sanusi Lamido has been appointed and I think he is working hand in hand for the rebranding of naija abi wetin man go talk?lol

The thing is I don't think it's all about making enemies but it's all about doing the right thing.

@BSNC, we all can't help but keep hoping.

@Lhinkoln, hmn...plenty talks oooo, we all know it's in a bid for a better naija sha.

@leggy, nothing happen to SOludo o but he is no more the governor of CBN.

Sassy Trends said...

@naijabig boi, na which one be your uncle for there so?hahahahhaha.. God don catch you!
No wonder you dey talk sey na biff dem dey biff them.
I no think sey na biff sha o, na system clearing according to

Thanks for stopping by jare.

'sola said...

so soludo is finally out,i knew he wouldn't get re elected when that article came out on 234next about his lavish spending habits. But sacking five CEO's? And why oceanic bank.

Sassy Trends said...

@Sola, Soludo is out o and no one looked forward to re-electing him anyway.
Oceanic, who apparently has gotten so many awards mostly foreign has goten so many skeletons in their cupboards my dear. Apart from the heavy loans they give out to specific people, it was said that the ex MD/CEO devised a way of making money by opening personal branches that brings in inflow of cash to her own account only and this according to people is GROSS THOUGH 90% OF md/ceoS IN NAIJA DOES THAT, invstigation is still on it.

PYS said...

This came in as a rude shock to everyone.
I call it the fall of the mighty and the clash of the titans!
I am sure there is more to come, we probably haven't seen nothing yet in Nigerian's Banking scene.
Nice post.

Sassy Trends said...

Hey PYS, you back yet? Nice add
How have you been my dear?

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