WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2011-03-21 Time: 23:00:01 Posted By: News Poster
By Amaka Ifeakandu
Lagos – Indications emerged over the weekend that the proposed sale of rescued banks by the apex regulator, the Central Bank of Nigeria (CBN), might be delayed as the parties’ involved in the deal still needed to pass through different hurdles. Investigations by LEADERSHIP showed that some shareholders of the banks have kicked against the deal and noted that they were not part of the transaction, while some have headed to court to stop the business combination altogether.
It was gathered that the planned acquisition of Intercontinental Bank by Access Bank might not be a done deal as some shareholders who rejected the marriage plan vowed to use any available means to stop the relationship.
Similarly, some shareholders of BankPHB have gone to court to contest the recent move by the regulators to sell the bank to Habib Bank of Pakistan
The Federal High Court, Lagos, last week halted the apex bank move to sell the bank pending the determination of a suit by some aggrieved shareholders.
It was also learnt that the FCMB has failed to seal a deal to take over controlling shares in Finbank as Vine Capital Partners has also indicated interest in the bank.
An official of the CBN who confirmed the development under the condition of anonymity said that two financial institutions are currently bidding for Finbank, stressing that it was only when the CBN announces the prefered bidder that everybody would know the core investors.
Vine Capital Partners led by Tosa Ogbomo, a former Goldman Sach executive, has reached an advanced stage to conclude business transactions with Afribank.
It was also gathered that the Vine Capital’s strategy in pushing for two deals involving Afribank and Finbank at the same time is to eventually bring both of them together to create a bigger bank that could compete favaourably in the market currently occupied by Zenith Bank, UBA, GTBank, among others
Although Union Bank has reached concluding stage to sign an MOU with an entity believed to be Capital Alliance, LEADERSHIP learnt that the shareholders are waiting to see the scheme of merger for them to know the next line of action. First Bank is successful in acquiring Oceanic International Bank while it was not clear who is interested in Spirng Bank.
Some bank officials, shareholders and capital market operators who spoke on this business combination said that the transaction might face a big hurdle given the position of the affected banks as publicly quoted companies and the strenuous requirements for combining such companies.
Speaking on the issue, the president of the Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, noted that the shareholders were ready to frustrate any business combination that was not fair to the shareholders and would not add value to the bank.
He pointed out that outright merger or acquisition should be the job of the Securities and Exchange Commission (SEC) and not the CBN as the affected banks are quoted on the Nigerian Stock Exchange (NSE).
The shareholder-activist observed that the shareholders had been short-changed by the apex bank, as it was revealed by the new ownership formula, and stated that they would continue to challenge the move in the court of law until justice was achieved.
He explained that the Asset Management Corporation of Nigeria (AMCON) and the minority shareholders were left with the lowest percentage and might end up with 10 per cent each.
Speaking further, he pleaded with the apex bank to allow the board of the affected banks to decide on who acquires their banks through transparent bidding process and stressed that the fund being offered by the proposed core investors would not in any way pay off Tier 11 funds injected by the CBN.
Okezie, who questioned the secret signing of MoUs by the parties involved in the deals, pointed out that shareholders would frustrate the move when the board calls for scrutiny and approval of the scheme
Another challenge has been that former management teams of some of the rescued banks are working underground to buy over their banks. It was gathered that some of their agents have travelled to the USA in search of core investors.
Original date published: 21 March 2011
Source: http://allafrica.com/stories/201103211350.html?viewall=1