The Abacha template might be one to look at again, with respect to setting up a dedicated Banking Malpractices Tribunal, given the critical place of banking in the economic development and the refusal of our bankers to live up to the requsite billing. We need such a Tribunal to save banking from the hands of bank ‘owners’ and their friends…
As I ruminated the other week over the N21 billion Cosmas Maduka-Ifeanyi Ubah-Access Bank fiasco, one of the intriguing things that stood out for me, was the ease with which money made its way out of the system, in defiance of conventional credit guidelines and corporate governance protocols put in place for banking transactions, especially when it is director-related. As well-meaning as Dr. Maduka might have been, there was little doubt, from the story he told, that he was in breach of the guidelines and he would still have been, even if things had gone well. Unfortunately things didn’t go well, leaving a hole of N21 billion in the books
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First Bank is the one we know, but this kind of scenario we are learning of is almost default practice in most of our banks. The Asset Management Corporation of Nigeria (AMCON) sits on many loans repackaged by them. Otudeko is not the only billionaire with the kind of tendencies for which he has been accused. As a fact, a good number of today’s whizkids are in the same bracket.
My earlier intervention on the First Bank matter, titled “Why Elephants Don’t Do Breakdance”, went viral for some reason, even though what I wrote was basically what was in the space. I also ensured that all my statements were prequalified with words like ‘alleged’, ‘seeming’ etc, to protect oneself in such a touchy situation where money is involved. What is most important is that the Central Bank of Nigeria (CBN) stepped forward to ensure the bank does not have permanent issues, which may cause problems for other sectors of the economy, and other banks as well. Some of the issu
CEO of Belujane Konsult, Chris Aligbe
Aviation industry stakeholder and Chief Executive Officer of Belujane Konsult, Chris Aligbe, in this interview speaks on the challenges in the aviation industry, even as he appeals to the federal government to support the parastatals to survive the economic challenges occasioned by the coronavirus. He also calls on the Asset Management Corporation of Nigeria to invite the founders of Aero Contractors and Arik Air and hold talks with them on the future of the airlines. Chinedu Eze brings the excerpts:
For some time now there has been an exchange of words between the Asset Management Corporation of Nigeria (AMCON) and the former management of Arik Air. While AMCON has said it met a hopeless situation when they took over Arik in February 2017; the airlineâs former management insists otherwise. So, what do you think?
Louis Achi
On Wednesday, April 28, 2021, the Senate passed an Asset Management Corporation of Nigeria (AMCON) Amendment bill that empowers the corporation to, among others, take possession, manage or sell all property traced to debtors.
This is notwithstanding whether or not such assets or property were used as security/collateral for obtaining the loan in particular.
The passage of the crucial bill followed the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions. AMCON is also being empowered to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.
Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), in his presentation said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation (NDIC).
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