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Bank MDs removal: Reactions from shareholders

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Dr. Farouk Umar, Chairman, Advancement for Rights of Nigerian Shareholders The action by the new CBN governor is well commended. Coming from the banking industry, he knows where the problems are.

This bold action shows that the immediate past governor of the CBN, Professor Chukwuma Soludo did not perform very well, otherwise, he should have fished out this managing directors that are not implementing good corporate governance.

(Mrs.) Cecilia Ibru (Oceanic Bank), Mr. Okey Nwosu (Finbank) and Dr. Bath Ebong.
(Mrs.) Cecilia Ibru (Oceanic Bank), Mr. Okey Nwosu (Finbank) and Dr. Bath Ebong.

The action by the governor shows that he has shareholders and depositors interest to protect.
In fact, I sincerely commend his courage to remove the managing directors that are reckless with shareholders’ funds. This is an opener for other managing directors to be very cautious and follow the rules of banking.

Chief Timothy Adesiyan, President, Nigerian Shareholders Solidarity Association (NSSA)

Well, it is too early to comment. BJakande turns 80 laid enduring legacy

It was a celebration of the one popularly called ‘Action Governor’ and ‘Baba kekere’ in his days as governor of Lagos State.  Jakande earned the alias for two major reasons; action governor for his enduring stirling performance while in office and ‘baba kekere’ (young Awo) for emulating the late sage, Chief Obafemi Awolowo in performance. An ‘action governor’ he was because of the legacy he left behind.

‘A baba kekere’ he never was as the trajectory of his political career alienated him from Awo’s disciples at a time. But all the same, we would like to get a clearer picture of the criteria used by the CBN Governor in sacking the 5 banks managing directors.

However, the governor knows better because he came from the banking sector. If he can take such action within the short period in office, then he must have had some knowledge about them which he needs to divulge to the investing public.

I personally cannot just commend his action, because I cannot justify his action immediately until we have details.  One of the reasons why shareholders keep asking for audit committee members who have accounting background is to checkmate the excessiveness of the management of companies. We would comment more when we get details why they are sacked.

Sunny Nwosu, Independent Shareholders Association of Nigeria (ISAN)

Well, it is too early to comment because we are yet to get the full details. But all the same, the CBN executives should be sanctioned as well because they approved the results presented by these banks.

If what the CBN governor said about these banks managing directors are true then its action is justifiable.  However, the CBN officials should be equally sanctioned because every year they approve the results of these banks. We will come out with our official position on this issue when we get the full details on why the managing directors were sacked.

Mr. Boniface Okezie, Progressive Shareholders Association of Nigeria (PSAN)
Well, the action taken by the new CBN governor is okay. But there are some of them that have done well and sacking them is not the best.

For instance, Mr. Sebastian Adigwe is a real banker that knows his onions. He has performed creditably well to reposition Afribank Nigeria Plc.

It is quite unfortunate that he is affected.  We would want the CBN to shed more light on how the decision to sack the banks’ managing directors came up and the criteria used. What is the role of the CBN examiners? If actually it is the loan exposure that was used , then CBN should also be sanctioned.

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