ByBabajide Komolafe, Providence Obuh & Nnena Ezeah

Customers of the three nationalised banks are disagreeing over the take-over of the banks by the Federal Government.

Two weeks ago, the Federal Government through the Nigeria Deposit Insurance Corporation, NDIC, took over the assets of former Afribank Plc, Bank PHB Plc and Spring Bank Plc following the revocation of their licences by Central Bank of Nigeria, CBN.

The assets of the three banks were transferred to three new banks, referred to as “bridge banks” created by  NDIC. Mainstreet Bank took over the assets of Afribank, Keystone Bank took those of BankPHB while Enterprise Bank took over the assets of Spring Bank. The three bridge banks were sold to Assets Management Company of Nigeria, which injected N678.5 billion as capital into the banks and appointed new management to run their affairs.

Customers of the defunct Afribank, Bank PHB and Spring Bank were, however, divergent in their views and reactions to the nationalisation of the banks.  The response of a cross-section of customers of these banks interviewed by Sunday Vanguard is presented below.

Patrick Chukwuemeka  (Afribank)
I believe CBN in their good judgment, so I have no reason to doubt that CBN and other relevant agencies such as NDIC and AMCON gave serious considerations to safeguarding depositors and investors’ interest.  So, my money is safe, though initially, I was scared and tensed but with the announcement by CBN I am assured that my money is safe. So, I am not leaving the bank for that reason.

Nduka Madueke (Afribank)
I am not happy with Sanusi, in particular, I feel this is a way of taking over these banks to introduce and implement his so- called Islamic banking in them. Remember those banks are from the North. If it were government that are taking over these banks, it would have been a different ball game, but I know this is a simple conspiracy to hijack these banks and turn them into their selfish Islamic banking thing.

Even if the banks did not meet up with their banking requirements, there is always a sanction option for such offences. In any case, the banks in such situation are  given considerable period to meet up or merge. This, I believe, is highly political; all these three banks are northern banks and the only way this Islamic bank can take effect is by taking them over. Sanusi and his cabinet have succeeded, NDIC and AMCON were just manipulated. The taking over is sudden and there was no consideration.

Anonymous (Bank PHB)
For me, I am agitated  and for that I wanted to withdraw my money from that bank, but they refused. They  convinced  me that nothing is going wrong and that my account is intact.

Wuruola Tayo (Bank PHB)
When I heard about the problem and the deficiencies of my bank, I was  nervous. I almost went to withdraw my money, but thanks to NDIC and AMCON that organized and managed to rescue the situation, I am happy that the bank has been taken over by the government.

Anonymous (Spring Bank)
I am not happy with the new policies in the banking system. Now, I am scared of even carrying out any banking activities with any bank again because  Iam scared the bank can go down at any time  since it has become a government property. Am here to close down my account and I will think of what next to do.

Ngozi Onyekwere (Spring Bank)
The action by CBN is drastic but I know it is in the best interest of the costomers of these banks. The bank is among the 10 that failed CBN stress test in 2009. This is not the only bank affected, I heard Access Bank has merged with Intercontinental Bank, Finbank with First City Monument Bank and Ecobank with Oceanic Bank. The problem is almost everywhere, I believe what they did is the best and all transactions with the bank are still valid as you can see normal banking activities are going on.

Olanike Ogunaike (Bank PHB)
When I heard that the banks where going to merge, I was confused because I am a businesswoman. The little amount I had I was thinking of how I will get my money, so on Saturday my husband asked me to use my ATM to collect my money from the bank. When I got there, we had to queue, there were lots of people on the queue, before it could get to my turn, there was no money.

On Monday, I went back to withdraw directly. Even some of the people that have account with them decided to come and withdraw but the bank assured us there was no problem, that we will get our money; that even though they merged, the account will still be there.

I don’t know why the Federal Government is doing this to us, we keep our money in the bank but to get it is another problem. They should have mercy on us because we don’t have the money, our children are in school, the small money we have they are punishing us and stopping us from collecting it.  I have to look for a way to pay my children’s school fees because they will soon resume, my family, my business is there, it has not been easy at all, the government should look into all these problems.

Anonymous (Afribank)
Sanusi is doing something that we don’t understand, because everything is upside down as far as I am concerned. The banks are confused by Sanusi, they should look for a way to talk to all the new MDs they have now. I am even tired of this entire bank, CBN wahala.

CBN should do things in the normal way and not anyhow. It is the poor people that are suffering; the rich people have in one way or the other collected their money but see us, nobody cares.  I believe before Monday I’ll get my money because I have been parading here for long. You know something, they know that we want to withdraw our money from their bank and they are afraid of losing us. Those who have real money have been collecting, those that have less are the ones they are tossing about.  We are in a terrible situation, we don’t know what to do.

Emakpo Onoriode  (Bank PHB)
When I first got the news, the thing sent some shivers down my spine, but when the news continue to unfold, I discovered that there was nothing much to worry about or panic about  in the sense that CBN and NDIC promised that the shareholders and the customers have no problem with the bank. S,o for that reason, I am no more afraid, I initially wanted to go and collect my money but I suspended that move, I don’t think there is any need for one to panic, unless they prove us otherwise.

The recent development has shown that the CBN with the kind of policy he (Sanusi) is coming up with, is showing that he is inconsistent. There is a lot of clear demonstration of insincerity of purpose in what he is doing, going by the fact that last year when he told us that he gave up to N600 billion and injected these billions into the banks and just less than one year now, he is telling us that those banks are insolvent and can no longer meet up with the deadline.  This has now led to handing them over to the Federal Government. And, now the news we are hearing is that the shares of the banks can no longer be traded on the stock exchange, meaning that the shareholders will likely lose their shares.  That is another area people are panicking about.

Bukky Oladele  (Spring Bank)
I am not happy about what has happened to my bank, but if that will bring about improvement in the banking system,  I am ok with it. I am watching them.

With the level of assurance they have given us, I think there will be no problem, they told us our accounts are intact, that it is only change of name and management that have been done. I am not a biased person, I see Nigeria’s bank doing better in the future.

As for Sanusi, the man is expected to come out with clear demonstration of purpose in anything he wants to achieve. If he is telling us that the money budgeted last year will not live up to expectation, let them account for what they did with the money.  From all indications, they have not justified the money that was injected into those banks and for that reason we are expecting him to come up and tell us what happened to those money and again why is he now injecting more money there.  He is always taking radical decisions; the man seems to be taking wild decisions not taking cognisance of the National Assembly.

We expected him to be more considerate than being authoritarian and that is what makes him to do things the other way round sometimes.

When I heard the news I wanted to go and withdraw my money but since then I’ve not been able to, am not afraid, the latest news is that our money is intact, I’ve not withdrawn but I’ve made deposit and I believe my money is safe. Since am using text alert I am expecting to get alert in my transactions but if I don’t get it that is when I will suspect something but for now, no cause for alarm.