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Diamond Bank, Skye Bank, Others Jostle To Acquire Enterprise Bank … Real Reason Behind Enterprise Bank Chairman, Emeka Onwuka Resigned Unveiled. + Customers Flee to Make withdrawal…

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It is no longer news that the Chairman of Enterprise Bank Ltd, Mr. Emeka Onwuka stepped down from the Board but information filtering alleged that he is set to buy the ailing bank from Asset Management Corporation Of Nigeria (AMCON).

It is said that Emeka Onwuka in a letter of resignation addressed to the Managing Director AMCON had referred to his earlier declaration of interest, intimated the management of his interest with a group of investors who intends to acquire AMCON’s shares in Enterprise bank ltd.

Reliable sources alleged that Emeka who was Group Managing Director/CEO of Diamond Bank Plc from May 2005 to February 2011 approached the board of Diamond bank to release fund to secure the purchase of the bank. It was gathered that Diamond bank doesn’t want to come out to bid for the purchase but prefer to use Emeka to penetrate the deal.

Insider of the bank who craved anonymity alleged that the resignation notice was less than normal period expected on an executive like Emeka.

Skye Bank Plc, on the other hand has indicated interest in acquiring Enterprise Bank Ltd., Timothy Oguntayo, the Group Managing Director of the bank, said in Lagos on Thursday.

Oguntayo made the development known at the bank’s pre-Annual General Meeting media briefing, adding that the bank had submitted a bid and scaled through various stages of due diligence.

“We are in the race for the acquisition of Enterprise Bank, we have scaled through the first hurdle stage and in the last due diligence stage,” Oguntayo said.

Those in know alleged that some of the ‘dirty things’ going on in Diamond Bank include bribing of top executives of both Asset Management Corporation of Nigeria (AMCON) and chartered Institute of Bankers (CIBN) who will facilitate the speedy acquisition by Diamond bank as other organizations are jostling for the same bank, Enterprise. It was gathered that a top executive of AMCON was given close to N200million to cede the bid in favour of Diamond bank.

An insider of Diamond bank alleged that the bank has given over N1billion to their connections in both Central Bank of Nigeria and Federal House of Representatives who are behind acquisitions of such transactions.

Finding revealed that the board of directors of Diamond bank has spent whooping amount of customer’s money to facilitate the purchase and this is affecting smooth operation in the bank. A customer who prefer anonymity divulged to us that she visited atleast two branches of Diamond bank within one week on different day to collect her money saved in the bank but met excuses that the network is down only for a her friend, a staff of Diamond bank to revealed that there is no cash on ground to pay anyone who wanted to collect huge amount of money.

To confirm the allegation, we visited two branches of Diamond bank in Lagos, a branch at Pedro B/stop in Gbagada and Abeaokuta expressway, Iyana Ipaja. The situation met confirmed what was reported as angry customers reacted to the inability of the bank to pay cash and mammoth crowd waiting to get there transactions done.

Though there were more than 20 bidders that have indicated interests in the purchase of Enterprise Bank, which not only underscored the attractiveness of the bank but vindicated the decision of the corporation to start with the bank, Diamond bank’s strategy to make the acquisition a reality is making the management to sack staffs to reduce overhead on staffs.

Additional report has it that, Jimoh Ibrahim who was one of the latest investors to bid has been shopping for a real investment in the banking industry to revitalize some of troubled companies which had nosedived.

Sources said that, Jimoh who is still a big player in the oil & gas business, newspaper publications, insurance, hospitality among others is still angry due to the way his investment in the aviation sector collapsed and has been making several moves to invest in a better industry.

Meanwhile, Femi Obateru is spearheading the interest of Obat Oil in the deal.

He is the Managing Director of Obat Petroleum and in charge of extensive operations of the family investment with a growing hold in the aviation sector. To succeed, interested parties need to pay all the debt of AMCON, including the 100% stake in Enterprise Bank and Femi is said to have put all machineries in place in achieving this project.

Findings revealed that Daimond bank has lay off over 500 staffs since inception of the idea to acquire Enterprise bank. According to investigations, Diamond bank is also involved in extortion scam, deducting money from customer’s account without approval.

It could be recalled that Onwuka has had a successful career in the banking industry. He has contributed immensely in the development of the banking industry in the last 20 years and Diamond bank in particular. It was his pedigree that earned him his appointment as the Chairman of Enterprise Bank Ltd, one of the nationalised banks. This singular appointment is in recognition of his sterling banking qualities and his ability to turn around and reposition the bank for greater heights.

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Wema Bank Emerges Best Performing Bank in Half year 2022

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Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best performing bank in the first half of year 2022 financial year with a weighted average score of of 2.83 points, beating 12 other bank’s.

 

According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in one category. Stanbic IBTC and First Bank came second and third respectively..

 

The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

 

The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

 

The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

 

During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

 

The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

 

Wema Bank came first in the category of

Leading bank’s by customer deposits growth . The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

 

Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}.

 

Stanbic IBTC , the second place winner, ranked first in total asset growth rate and leading bank’s by cost to income ratio growth rate

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Again! FCMB Lands IN Serious Trouble Over False Claim…… As Court Orders Bank To Pay N540m Damages.

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First City Monument Bank (FCMB) is in hot soup as the Federal Capital Territory (FCT) High Court has ordered the bank to pay N540.5 million in damages to Pastor Emmanuel Omale of the Divine Hand of God Prophetic Ministry and his wife, Deborah over false claim that they laundered N573 million for former chairman of the EFCC, Ibrahim Magu.

Delivering judgement in the suit, Yusuf Halilu, the judge, held that the bank breached its “duty of care to the claimants,” the Omales and their church.

The judgment was on the suit marked: FCT/HC/CV2541/2020 filed by Mr. Omale, his wife and the church.

The judge held that the evidence before the court showed that the bank admitted error in its report to the NFIU of entries in the account of Divine Hand of God Prophetic Ministry which was accused of laundering money on Mr. Magu’s behalf.

Mr. Halilu also said the bank claimed that the purported N573 million was wrongly reflected as credit entry in Divine Hand of God Prophetic Ministry’s account by its reporting system, which it recently upgraded.

The judge held that FCMB admitted the error, which brought incalculable damage to the reputation of the claimants both within and outside the Nigeria – depleting their church’s membership.

Mr. Halilu said the claimants provided sufficient evidence to establish case of negligence against FCMB.

Consequently, the judge awarded N200 million as aggravated damages; N140.5 million as specific damages and N200 million as general damages.

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More Troubles For Dangote Cement As Kogi Govt Demands 10 Per Cent Share, Orders Immediate Seal Off

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However, Dangote Cement is facing allegations of sharp practice from Kogi State government, Kogi Assembly as well as Akwa Ibom State.Already, the Kogi State House of Assembly has ordered stoppage to the activities of the company in two Local Governments in the State while investigations continue.

To make the claim possible, Kogi State House of Assembly ordered the management of Dangote Cement company to provide all necessary documents that have to do with the transfer of Obajana Cement Company owned by Kogi state government to Dangote Cement Company.

The House also directed that the documents signed at the establishment of the Company and relevant receipts of dues it claimed to have paid to Kogi State Government available at the next adjourned sitting date.

The speaker of Kogi State House of Assembly, Matthew Kolawole, gave the order after interim reports of the ongoing investigative hearing on Internally Generated Revenue (IGR) which was submitted by the ad hoc committee led by Hon. Isah Tenimu Umar, Member Representing Lokoja I Constituency and deliberated upon at the plenary on Wednesday.

Kolawole said this has become important in view of the claims and counterclaims between the Chairman of Kogi State Internally Generated Revenue Service (KGIRS) and representatives of Dangote Cement as the acting chairman of KGIRS, Salisu Enehe had earlier accused Dangote Cement Plc Obajana of forging its tax receipt during the investigative hearing by the State House of Assembly.

According to the State Revenue Boss, most of the figures the company claimed to have paid are totally incorrect, urging the company to check its record.

He added that despite the billions of Naira that company is making from the state monthly, it has failed to pay taxes that are due to the state and Lokoja Local Government Area.

Nigerians Getting ₦1,593,247 Per Week From ₦99,000 Investment in Amazon
Nigerians Getting ₦1,593,247 Per Week From ₦99,000.

In another development, Following the unrestrained environmental degradation in Ankpa and Olamaboro local government areas, Kogi state House of Assembly on Wednesday, directed the Commissioner of Police and Commandant of the Nigeria Security and Civil Defence (NSCDC) to seal off operations of Dangote Plc in the affected areas of the State.

The House gave the order during a public hearing on activities of Dangote Group in the state, especially on the the massive exploitation , environmental degradation and non compensation to the affected owners of the land and without revenue accruing to the state government.

The Speaker, Kogi state House of Assembly, Mathew Kolawole, charged the NSCDC commandant to ensure immediate implementation pending when the ad hoc committee on revenue clarifies some grey areas. Kolawole, who lamented the environmental degradation caused by mining activities on Kogi by the Dangote group and its subsidiaries, accused the multi national business concern of making billions in the state but yet fails to give back to it.

Akwa Ibom is also finding it difficult to collect its entitlement from the Dangote Group. According to reports from the place, the Itu Local Government blocked Dangote premises with their trucks because the company has refused to pay tax for more than two years despite pleas and series of warnings.

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