Tuesday, 5 July 2016

Militants, stakeholders urge Buhari to stop CBN from winding up banks

A Niger Delta militant group, Iduwn Volunteers Force, IVF and some major shareholders in the banking sector have urged President Muhammadu Buhari to stop the Central Bank of Nigeria, CBN, from forcefully winding up some banks in the country, including Skye Bank Plc.
The group, in statement in Lagos by its Commander Johnson Biboye, also asked the President to prevail on the CBN Governor, Godwin Emefiele to withdraw a letter addressed to 11 banks, including Skye Bank Plc, compelling them to bring ‘insider-related credits’ before December 31, describing it as an anti people's policy.

Buhari
Buhari

This, they said will throw the country into economic instability should the apex bank be allowed to go ahead with its planned directive as the plan was nothing but to take over the 11 banks.
The CBN had in a letter dated January 22 by its Director of Banking Supervision, Benjamin Fakunle, asked the banks to bring 10 per cent of their paid-up capital per director before December 31.
The letter reads: “CBN has granted an extension of time till December 31, 2016 to enable you bring your insider-related credits within the stipulated regulatory maximum of 10 percent of your Paid-up Capital per director including his/her related parties and 60 percent Paid-up Capital for total related credits in line with our circular BSD/9/2004 on Large Exposures and Connected Lending. You are however required to provide quarterly report/update on the progress made.”
Six months before the expiration of its directive, the CBN sacked Skye Bank management, yesterday.
The group asked the President to prevail on the CBN Governor, Emefiele, describing his policy as not only anti-people but a “a well-orchestrated plot by enemies of your government to use the CBN Governor, Mr. Emefiele, to systematically collapse the nation’s economy, so that global watchers could make mockery of your government and finally turn Nigeria to a laughing stock locally and internationally.”
“We the leadership of the above named freedom fighting group in the Niger Delta, who have sincerely followed your pragmatic approach to addressing serious national issues be it political, economic, infrastructural development and above all your desire to ensure things are done in accordance with strict due process, are worried about the anti people's economic policies of the CBN governor, Emefiele.
“Your Excellency, we are saddened as Nigerians that recent economic policies being released by the CBN, are not only anti-people, anti-economic development but also anti-progressive.
“It is very important to let you know of the ongoing harassment/intimidation of Chairmen of banks including their Managing Directors and Chief Executives.
“This, Your Excellency, should be aware, is a well-orchestrated plot by enemies of your government to use the Central Bank Governor, Mr. Godwin Emefiele, to systematically collapse the nation’s economy, so that global watchers could make mockery of your government and finally turn Nigeria to a laughing stock locally and internationally.”

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