AMCON announces Board Members of Nationalized Banks
Category: Money Market
August 7, 2011, 8.04pm
Following up on the daily execution of the intervention/nationalisation of Afribank Plc, Bank PHB and Spring Bank Plc by MoF, CBN, NDIC and AMCON from Friday, August 05, 2011; AMCON today announced a new set of board members for the nationalized banks.
Mainstreet Bank Limited (which assumed the assets of Afribank Plc)
Mr Falalu Bello Chairman
Mrs Faith Tuedor-Matthews Managing Director
Mr Kola Ayeye Executive Director
Mr Abubakar Sadiq Bello Executive Director
Mr Bolaji Shenjobi Executive Director
Mr Anogwi Anyanwu Executive Director
Mr Roger Woodbridge Executive Director
Keystone Bank Limited (which assumed the assets of Bank PHB Plc)
Mr Jacobs Moyo Ajekigbe Chairman
Mr Oti Ikomi Managing Director
Mr Shehu Abubakar Executive Director
Mr Demola Adewale Executive Director
Mrs Yvonne Isichei Executive Director
Dr Shehu K. Mohammed Executive Director
Mr Raphael Ereyi Executive Director
Enterprise Bank Limited (which assumed the assets of Spring Bank Plc)
Mr Emeka OnwukaChairman
Mr Ahmed KuruManaging Director
Mrs Louisa Olalokun Executive Director
Mrs Nneka Onyeali-Ikpe Executive Director
Mr Aminu Ismail Executive Director
Mr Niyi Adebayo Executive Director
Mr Audu Kazir Executive Director
While stating that other board members will be announced imminently, AMCON stated that the newly appointed boards will resume immediately on Monday with the mandate of managing the banks along best commercial practice to compete effectively in the Nigerian banking sector.
Timeline of Intervention
Friday, August 05, 2011; 1900hrs – Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umar Ibrahim announces creation of three Bridge Banks to assume the assets of former Afribank, Bank PHB and Spring Bank following the withdrawal of their licences by the Central Bank of Nigeria (CBN) over their inability to meet the September 30, 2011 deadline to recapitalise.
Saturday, August 05, 2011; 1400hrs – Managing Director/Chief Executive of AMCON, Mr. Mustapha Chike-Obi confirms that AMCON has acquired the three (3) banks through a subscription agreement and are now the new owners.
Sunday, August 07, 2011; 1720hrs – CBN announces the list of board members for the new three banks as stated above.
Monday, August 08, 2011; 0800hrs – The statement from the Central Bank of Nigeria stated that AMCON has concluded arrangements for the injection of N679 billion into these three banks on Monday and the CBN has granted the same inter-bank guarantee as it did to the banks that have signed Transaction Implementation Agreements (TIAs), until December 31 2011.
The N679 billion that will be invested in the Bridge Banks is to meet the minimum capital base of N25 billion and the minimum capital adequacy ratio of 15 per cent.
Mainstreet Bank is to receive N285 billion, Keystone Bank, will receive N283 billion and Enterprise Bank will receive N111 billion.