Sanusi Offers 5 Banks For Sale; Bank PHB, Union, Oceanic Listed

Sanusi Lamido, Governor, Central Bank of Nigiera.

Sanusi Lamido, Governor, Central Bank of Nigiera.

Nigerian Central Bank Governor Lamido Sanusi said he expects three international lenders, a number of private equity houses and local lenders to submit offers for banks bailed out by the Central Bank by mid-July, Bloomberg reported today The interested parties are undertaking “detailed” due diligence, the Central Bank governor said.

Nigeria imposed new management and injected funds into eight banks last year in a bid to nurse them back to health and find potential buyers.

“We’ve got three international banks that have remained in the serious running to acquire banks,” Sanusi said in an interview yesterday in Basel, Switzerland.

“There’s also a number of local banks and private equity firms. By the middle of  August  we should actually have clear visibility on at least five of the banks.” The financial crisis left the country’s lenders with toxic assets of about $10 billion, New York-based Eurasia Group estimated a year ago. The central bank fired the top managers of eight of the country’s 24 lenders and gave the industry an injection of 620 billion naira ($4.1 billion) to stem the decline.

“Securing a future for Union Bank, Oceanic, Intercontinental, PHB and Afribank is the priority as these banks are the most “systematically important” to Nigeria,”Sanusi said.

The Central Bank is waiting for presidential approval for a law that will create the Asset Management Corp. of Nigeria, a government entity that will buy bad debts from the banking sector, using funds raised through government-guaranteed local bond issuance.

The bonds will be issued on a deal by deal basis and the presidential approval is expected early next month, Sanusi said.

Sanusi said he sees no reason now for a change in the benchmark interest rate. “A rate cut at this particular moment in time doesn’t appear to be necessary

“There is no compelling imperative at this point to review the interest rate stance,” he said.

Sanusi said the next monetary policy meeting will take place on July 5.

27 COMMENTS

  1. WHERE ARE WE GOING IN THIS COUNTRY….ALL STATE TRUST BANK EMBEZZLE OUR MONEY THEY GO SCOUT FREE ,ALSO WONDER’S BANK ALSO DID SAME TO OUR PEOPLE WITH OUR GOVERNMENT INTERVENTION. NA WA O…

  2. Wjere is the company Act? is their no difference between private company and government (statutoty organizations) company? Is the bank Act dead? The role of Central bank to acquired or sell, not to talk of appointing Directors for the banks is total utrie- vire and the Nigerians should stand against it in totality.
    Your advisory roles and statutory roles should not conflict with share holders interest……Union Bank and Afri Bank are not government institutions like NEPA OR NITEL and Sanusi has no legal right to sell this company neither did he have that right to appoint his cosmetics political directors without the consent and approval of the shareholders……………………where in the world is this nonsence been done?
    Usa bail out their bank, and never dream of selling this bank? please leave our banks alone and let our economy develop . They are private companies. If the central bank bails out the banks the banks will repay back and to my surprise, investigation revealed that some of these bank like union bank and afri bank do not even used the money because they dont need it for any purpose. The banks are not nationalised and Sanusi is going beyond the call of duty .You have no right to appoint CEO’s for banks. This man should be taken to court on behalf of the shareholders and the public.

  3. What is Sanusi up to? he has only succeeded in causing more confusion with his morbid desire to give out our economy to the Arab world in the name of offering the so called five distressed banks for sale. Any body who is foolish enough to stake his money in the name of buying bank from Sanusi is doing that at his own risk. Sanusi has not offered his dead Unity bank for sale, so he should not start a process he cannot finish.

  4. Here too, sentiments apart! By the way, I hate the mallams, however, lets look at this CBN cases seriously. When this mallam pulged some of the managers, majority of them quietly went and sat down knowning fully well what they did. We heard how managers were given loans running into billions of naira to themselves via proxies without colatarals. Bank were losing billions upon billions why Soludo held sway at the CBN. A rot of many years can not be cleared in a day. Again we know how bad some Nigerias are. They will do all to frustrate Sanusi because he has stopped the ‘business as usual’.
    Sanusi, I know you are doing your best at CBN – Keep the good work up.
    Thanks and may God bless you.

  5. Sentiment apart.Sanusi has done so much damage to Nigeria economy than good.Banks in Nigeria are in bad shape now becuase of the way and manner the man in the helms of affairs in CBN handle the simple corporate governmance.Well,we all needs to be weary as this economy is bleeding in all facet of life due to BAD implimentation of the so call banking reforms.

  6. No malam should be allowed to use the monthly revenue allocation to his state to hijack these banks as they are planning to.

  7. i think that the banking sysyem has been made too uncertain to want to cause a total damage. The intention of these reforms aren’t to make us lose all our investments. I think this posture going forward is too militant. Haba!

  8. i think that the banking sysyem has been made too uncertain to want to cause a toatal damage. The intention of these reform isn’t to make us lose all our investments. I think this posture going forward is too militant. Haba!

  9. I strongly believe those who are against Sanusi are people from convicted Banks MD………and you people plot will never succeed. for someone to make its plans known to people and taking the right step towards it, is better than those silent killer banks MD. Among Sanusi and FUGITIVE AKINGBOLA, IBRU, OLOLO, EBONG, ATUCHE ETC whos killing the economy of this country?

    I think you people should just go and find something else to say than tribalising Sanusi action which is far from his own thinking.

  10. Sanusi is an empty head that is full of arrogance and bad temperment, this man is not qualified to be cbn governor. We need d capable Soludo back. This terrorist sanusi has killed our economy and stock market, he should be sacked now!!!!!!!!

  11. HOW MUCH? I AM INTERESTED. SE I GO GET DISCOUNT?

    THE BIDDERS INCLUDE FOREIGNERS AND NIGERIANS, SO WHAT IS BAD IN THAT? NIGERIANS HAVE LOST FAITH IN BANKS AND THIS MAN AND HIS TEAM ARE TRYING TO SHORE UP THEIR INTEGRITY AND SOME BIGOTS ARE CRYING ABOUT IT.

    NA WAO FOR THIS COUNTRY, WE ARE ALWAYS LOOKING AT ISSUES THROUGH THE LENS OF IBO, YORUBA AND HAUSA. IF I MAY ASK, WHAT OF THE OTHER TRIBES……….EVEN OUR ECONOMIC GOLDEN GOOSE IS NOT EVEN LOCATED MAJORLY WITHIN ANY OF THIS THREE MAJOR(?) TRIBES.

    ABI DEM TELL UNA SAY HUNGRY MAN NO DEY SCATTER ALL OVER THE TRIBES IN NIGERIA? WHAT WE NEED IS FOOD, SHELTER, SECURITY…………….AND IF THIS MAN IS DOING HIS OWN BIT TO ACHIEVE THIS, SO BE IT.

  12. Moments ago I was thinking about the most unpatriotic Central Bank of Nigeria Governor, none but Malam Lamido Sanusi. A destroyer of Nigerian Heritage. Haba! He never learnt any lesson from recent events!
    He has returned to the original script prepared for him to execute by those who appointed him – the great enemies of our heritage! May be they have seen a loop hole in President Goodluck Jonathan’s ambition which may make him to accede to their request to sell our assets to covetous foreigners, who have their eyes fixed on our banks which they ironically recently derided as weak! Truly these banks are about the strongest in the world, thanks to Soludo and the powers which supported him.
    President Jonathan should know that God made him for Nigeria, and should not allow himself to be high-jacked by any external ‘power’ which is no power in the face of God’s, otherwise he will be done for.
    Sanusi should learn from the proverbial lessons of recent events which are grave warnings to him. God is still at work in Nigeria- leave our heritage alone! But the dog that would be lost…….!

  13. Am assuming that most of the people that read this paper have some level of intelligent. But most of you still think as if you all have holes in your heads. I will ask all of you one question. Would all of you rather allow all these banks to fail instead of injecting public money to safe depositors accounts in these banks or do what he (Sanusi) is doing now hoping they can be safed from total collapse? Just a question. Also I wonder if Nigeria can survived with all these tribal division. It looks like the closer we get the farther we become. The worst thing British did for Nigeria was lumpimg us together, cos we are not one and we will never be one. Look around you, food, culture, language, religion etc are very different. We just about need visa to travel within Nigeria cos as soon as you cross the state line you are a foreigner. Is that my only observation?

  14. Sanusi, Ranka de de, you are doing a good job.Imagine if that owigbo was still on the sadle, Cecelia and Akingbola could have drye up all the hard earning money of those that put theire money on those bank. Sanusi ride on you are the rightman yo man the Central Bank. Also those crook may try to snick back through theire crony.

  15. The banks are not Sanusi’s to sell. They are private companies. If the central bank bails out the banks the banks will repay what they owe. This bow and arrow banking is peculiar only to Sanusi. The banks are not nationalised and the man is going beyond the call of duty. He even has no right to appoint CEO’s for banks. The man should be taken to court on behalf of the shareholders. He now wants to reap where he did not sow.

  16. YORUBA AND IBO PEOPLE SHOULD LEAVE SANUSI ALONE. AFTERALL IT WAS YOUR BROTHERS AND SISTERS THAT STOLE THE MONEY THAT KILLED THESE BANKS. U SHOULD BE GRATEFUL TO SANUSI FOR HELPING YOUR KINSMEN REVIVE THEIR RUNNED DOWN BANKS. SEE ALL THE BANK MD CROOKS THAT WERE SACKED (FUGITIVE AKINGBOLA, IBRU, OLOLO, EBONG, ATUCHE ETC ) ALL FROM EITHER IBO OR YORUBA TRIBE AND NO NORTHERNER. THAT TELLS YOU SOMETHING ABOUT YOUR PEOPLES DUBIOUS WAYS AND CHARACTER. AREWA PEOPLE ARE KNOWN FOR HONESTY AND GOOD WORK JUST LIKE RIBADU, EL-RUFAI, IDIAGBON AND NOW SANUSI. ENOUGH OF THIS INSULT ON THE MESSIAH OF OUR BANKING AND ECONOMIC RENNISSANCE..

  17. We need Soludo back, this sanusi is a nonentity and idiotic noise maker that has killed our economy with his Sharia banking nonsense!

  18. Sanusi is not confused … he is in the right direction … it’s not business as usual in the banking industry. Many people arent comfortable because of the banking sanitation because they dont want this country to move forward. To them, it does not matter even if banks turn to plantain sellers.

    To those of us who are sure that Sanusi is in the right direction, we pray that God will continue to guide and guard him and grant him the wisdom He granted Solomon in order to take the banking industry to the desired destination.

  19. Dr. Jonathan must stop this man otherwise he will cause more damage to our economy.

    He is talking without thinking

  20. really,this mallam has done far more worse than good in our economy.He has practically grounded the economy

  21. Sanusi, why can’t you leave CBN for those that can effectively manage it becos you confused. I obsreve that you speaks from two of your mouth. You are the most inconsistent person I ever see in the world. Meanwhile, when are you sending away the rogues, fraudsters and illegal imposors in Wema bank packing ( SW8) and their leader in CBN in peson of “pastor” Tunde Lemo. They are destroying the bank by looting on daily basis without bring kobo to the bank except bank quarantee from Sky. Pls Mr Governor, we are waiting.

  22. Sanusi is a confused man. this mallam does not know ABC of running central bank nay economy. instead of solving our economic problems, sanusi came and created more problems for the prople via massive sack of bank staff, stoppage of funding to manufacturers, unguarded statements that make bankers and banking business look dubious in the eyes of people, and forceful takeover of banks from shareholders whithout better plans for the future of those banks other than acting as emperor and display of raw power. Pres Goodluck should sack this man for our economy to move forward because he has nothing to offer.

  23. Sanusi is just copying some paper work of another chap he knows that is why he wouldn´t succeed in all his plans. Nigeria is now in a confused state economically and no one can trust the CBN and its leadership.

    Unless Sanusi will “sanunitise” the CBN and fire some crooks inside the CBN.

    Watch out he will leave the place without a tangible success.

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