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
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