By  PETER EGWUATU
LAGOS—Ahead of the court-ordered general meetings for the five rescued banks by the Central Bank of Nigeria, CBN, shareholders have expressed willingness to approve their acquisition deals with other banks to meet up the September 30 deadline by the apex bank for their recapitalisation.

Five of the eight rescued banks —Intercontinental Bank Plc, Oceanic Bank International Plc, Union Bank of Nigeria Plc, FinBank Plc and Equitorial Trust Bank have signed acquisition deals ahead of the September 30 deadline given by CBN for them to recapitalise.

While Intercontinental Bank Plc has an acquisition deal with Access Bank, Oceanic Bank is going along with Ecobank Transnational Incorporated, just as Union Bank, FinBank and Equitorial Trust Bank ,ETB, signed deals with African Capital Alliance, First City Monument Bank Plc and Sterling Bank respectively.

Oceanic Bank International Plc, Finbank Plc, Union Bank of Nigeria Plc and Finbank Plc are to convene their court-ordered meetings in respect of their proposed recapitalisation transactions respectively on September 27; September 29, September 30, and September, 29.

ETB is also said to be finalising the date for its EGM.

On this development, some of the shareholders said they were behind the various schemes of arrangement and would give their overwhelming approval at the various meetings.

Chairman of Ibadan Zone of Shareholders’ Association, Chief Sola Abodunrin, said it was a good development that these banks have been able to find partners that would assist them in their recapitalisation.

President, Association for Advancement of the Rights of Nigerian Shareholders, Dr. Faruk Umar, said shareholders have no alternative but to support the acquisition.

He said a word is enough for the wise, urging his fellow shareholders not allow this opportunity of saving the remaining five banks from being liquidated to slip away by approving the merger deals.

The President, Nigerian Constance Shareholders’ Association, Mr.Shehu Mikail, said the CBN should be commended for the efforts to stabilise the financial system, adding that shareholders should complement the efforts by approving the rescued banks preparing to merge with other stronger ones.

“The reform by the CBN will lead to stronger financial system, which will be beneficial to all stakeholders. We should support the rescued banks by approving their merger deals. When we do that we will be saving our investments, saving jobs and saving the entire economy from another major dislocation,” he said.

Mikail assured that members of his association are strongly behind the various merger deals and would vote accordingly in their support.

Another shareholder activist and founding member of the Nigeria Shareholders Solidarity Association, Alhaji Gbadebo Olatokunbo, said shareholders should stop protecting selfish interest and support the last phase of the banking reform.

“Enough is enough of greed and selfish leaders playing Gods on rescued banks. We say no to those opposing the recapitalisation of these banks and vote yes to the last phase of the reform,” Gbadebo said.