Sanusi And The Intercontinental Bank Deal


The picture one naturally has of Mallam Sanusi Lamido, the current Central

Bank Governor is that he is pious spotless and saintly. One always thinks

that he does not live in a glass house so he is capable of throwing stones

fearlessly without looking behind.
It has however been revealed that Holy Mallam Sanusi has fingers several

unholy pies. One of such is his deal with the retired Managing Director of

Access Bank Plc, Aig Imo
The story from highly placed authentic sources within the CBN who have

squealed recently is that at the time Access Bank made a bid to purchase

the insolvent Intercontinental Bank under Sanusi's bank reconstruction

schemes the then M.D. of Access Bank, Aig Imokhuede was one of the largest

debtors on the books of the bank.
In a nutshell Imokhuede owed Intercontinental Bank sums running into

billions of Naira for loans he took from the bank to buy intercontinental

shares in the good old days of margin lending.
The highly placed source 'within the CBN also revealed that Erastus

Akingbola, the then CEO of Intercontinental bank also took a similar loan

from Access bank approved by Imokhhuede, to enable Akkingbola purchase

Access bank shares. It was not unusual for MD's of banks to do such loan

exchanges in those inglorious days of margin lending.

Open chapter two: according to the source, in the course of reviewing

Access bank's bid for intercontinental bank, it was discovered that

Imokhuede was one of the largest debtors on the books of the bank and a

corporate governance issues were raised: Can IMOKHUEDE make a bid to

purchase a bank where he is one of the highest debtors? Should he not be

made to pay the debt before Access bank can be prequalified to make a bid

for intercontinental bank?
Our sources within the CBN revealed that SLS was having none of this

corporate governance argument. He suddenly was no longer “Mr. Governance”.

Would you believe that our Holy Mallam would suddenly change the colour

of his skin and uncharacteristically become one who would jettison rules

of corporate governance and propriety? Why would he do so? No not Sanusi.

It would seem that Sanusi is also a business man and a pretentious

profiteer clothed in the Marxist grabs. He too cannot resist sweet deals

that may come with the clear danger sign. Sanusi not only went blind, deaf

and dumb to the corporate governance issues, he went a step further to

handle the deal personally and close it hurriedly ad surreptitiously in

favour of Imokhuede.
In simple terms Access bank led by Imokhuede purchased intercontinental

bank whilst he was one of the highest debtors of the bank. The open secret

is that Sanusi in confederation for approving this deal that allowed a

debtor buy a .creditor without paying his loan has become a shareholder in

Access bank.
Sanusi's favour to Imokhuede has been converted to a share of the

pie-equity in the deal.
Some may say this is all conjecture. If indeed this is so, then Sanusi

should show proof that at the time Intercontinental bank was purchased by

Access bank, Aig Imokhuede was not owing the bank. Sanusi should also show

proof that the billions owed by Imokhuede has been paid as at today.

He should also show proof that this transaction was well above board and

no shady share exchanges in his favour.
By Ahmed Mohammed