The Insider

FAYOSE ENDORSES FAYEMI.

The mercurial ex-governor of Ekiti State has finally declared his support for the AC in the Ekiti state re-run elections. According to Ayodele “Spotless” Fayose, the Ekiti people do not want Segun Oni and he cannot go against the wishes of the ordinary people. He maintains that he is still a PDP member and likened his endorsement of Fayemi to Colin Powell’s endorsement of Obama. How droll.

TINUADE LADOJA SUES EFCC.

The ex-lady of Oyo State, Tinuade Ladoja has taken the EFCC to court over her detention and public humiliation. She claims that her arrest for allegedly running a wonder bank ruined her reputation and destroyed her credibility.

IBINABO FACES TEN YEARS IN JAIL.

Sultry actress, Ibinabo Fiberessima faces the prospect of spending a decade of her life in jail. A Lagos High Court has ordered her arrest in respect of a manslaughter case.

LUCKY IGBINEDION’S COMPANY SET TO LIST ON STOCK EXCHANGE.

Pinnacle Point Group, a holding company for Lucky Igbinedion’s stolen assets has secured approval for a cross-border listing on the Nigerian Stock Exchange. The company is part of the ingenious scheme that Lucky and his cohorts are using to launder the billions stolen from the Edo State treasury.

DAY OF RECKONING FOR FAILED BANK CHIEFS.

The Senate recently announced its plan to go after owners of failed banks. The fallen titans of Nigerian finance have been living tranquil lives since the fall of their empires at the onset of Soludo’s banking consolidation. Many of them have been rehabilitated and are now running other businesses that are less prone to regulatory scrutiny. Most of them have shamelessly refused to repay the insider loans that crippled the banks they ran into the ground. Here is a list of some bank chiefs who are still living the life after wrecking the lives of so many ordinary Nigerians.

Chief (Prince) Samuel Adedoyin : He and his daughter, Pastor Sola Adeoti (Now a Redeemed pastor no less) destroyed City Express Bank.
Chief Victor Odili: Former Chairman of Liberty Bank, Now a shareholder in MTN and a major ally of Governor Rotimi Amaechi.
Chief O.B.A Kola Daisi: Former minister and ex-Chairman, Fountain Trust Bank, transferred his assets to National Lottery and Corporate Cabs now owned by his son.
Chief Henry MacPepple: Nigeria’s Bernie Madoff, The former chairman of Fortune International Bank nearly destroyed Wema Bank after racking up 10 billion worth of bad loans.
Chief Leo Stan-Ekeh: He and his protege, Chika Mbonu liquidated Assurance Bank. Ekeh is now a technology pioneer while Mbonu spends his time attending elite parties.
Chief Ebitimi Banigo: The Master of the Game. The former minister orchestrated a public offer just before his bank went bust, taking investors’ money with him. The former CEO, Mr Ebibomo Timitimi, is now the MD of Channel Oil and Gas.
Chief Olakunle Bakare is building a wonderful high-rise in Victoria Island even though a Federal High Court recently ordered him to refund the loot he plundered from Metropolitan Bank. Sources say that he used most of the money to finance his wife, Remi Adiukwu-Bakare’s perennial attempts to become Lagos State Governor.

By the way, a little bird told me that Bunmi Oni, the disgraced former MD of Cadbury, a man that seriously damaged the reputation of Nigerian managers, is now a pastor who occasionally chairs church conferences on ethics. Wow!

INTERCONTINENTAL BANK ON THE VERGE OF COLLAPSE.

Intercontinental Bank, one of Nigeria’s high-flying banks is facing serious difficulties that could force it into liquidation before the end of 2009. The bank’s precarious situation is due to its huge exposure to toxic loans to stockbrokers and importers of petroleum products.

While CBN has offered a stout defence of the bank’s financial position, a detailed investigation by THE INSIDER has confirmed that Intercontinental’s net assets are dwindling by the hour. The FIRS recently stopped the bank from collecting revenue and the EFCC has invited some of the bank’s top brass over the 19 billion facility given to Alhaji Shehu Badamasi, the CEO of Tanzila Petroleum.

The bank recently tried to raise some money by increasing its minimum savings balance from 1000 to 10000 hoping to use the cash to bolster its books. The move backfired as the general public could not understand the rationale behind the directive. As people rushed to withdraw their funds, the bank shut down its systems on March 6, 2008 and later blamed it on a technological problem.

Staffers of Intercontinental are already looking for jobs in other banks as it has become obvious that only a miracle will save Erastus Akingbola’s empire. His well publicized plans to buy a Rolls Royce Phantom on his sixtieth birthday may soon have to be placed on hold as the stark reality finally dawns on him.

Yesterday’s CBN directive would have carried more weight if the agency could be trusted. Professor Soludo promised depositors before the consolidation that no depositor would lose his money after the merger process. That turned out to be a blatant lie. Sylvester Odigie, a prominent businessman still has 300 million trapped in Fortune Bank not to talk of smaller customers that cannot afford to publicize their plight on the pages of newspapers. Soludo knows that there is a 95% chance that he will not be offered a second term at the helm of the CBN so he can afford to endorse Intercontinental Bank knowing that he is on his way out.

By the way, Intercontinental Bank has developed the habit of using its “Best Bank in Nigeria” award as a cudgel. Whenever, the bank receives bad press, it reminds us that The Banker, an affiliate of The FT named it as the Bank of The Year for 2008. But the same lazy researchers at The Banker, a PR rag, said that Spring Bank was one of Nigeria’s top five banks. A few months later, Spring Bank nearly collapsed. Lesson: Awards mean nothing. Always do your own due diligence.

By the way, I received a “damage control” text message from Intercontinental Bank today. It read, “Dear esteemed customer, the minimum balance on your savings account remains N1,000. Kindly disregard our earlier SMS on the increase. We regret any inconveniences and appreciate your continued patronage.” It came too late. I’ve already cleaned out my account. I advise you to do the same.

UBA AXES PRESTIGE BANK.

Remember that sexy advert with a goldfish in a bowl and the caption, “You’ll find it a little less crowded”? Well, it seems UBA’s foray into luxury banking has been short-lived. A source who spoke on the condition of anonymity says that Funmi Omitowoju, the MD of UBA Prestige Bank, could not meet her targets and was poaching customers from UBA Plc Regular. Unfortunately, Tony Elumelu doesn’t find such actions funny and the ex-MTN executive was quickly shown the way out.

COMMENTS?

Dayo Coker
Ex-Editor,
NIGERIAREPORTERS.COM

EFCC AND THE VASWANIS.

Why can’t the EFCC take care of this Vaswani matter once and for all? After accusing the controversial Indian brothers of forging documents to cheat Globe Motors out of a Honda deal, Farida Waziri’s agency is now saying that they fraudulent withheld 3 billion naira from the government as part of an import duty scam.

In my own humble opinion, the Vaswanis should have been chased out of this country a long time ago. Their continued stay in Nigeria shows that we are yet to shed the inferiority complex that allows Lebanese, Indians, Caucasians and other light-skinned people to treat us like animals and steal our resources.
It is truly amazing that the EFCC decided to move against Sunil and his brothers after the Stallion Group had signed an obscene 160 billion naira MOU with the Federal Government. I do not know how Yar’Adua managed to assemble the dumb kitchen cabinet that allows people like the undistinguished Dr Sayyadi Ruma, the Minister of Agriculture and Water Resources to direct economic policy.

I understand that a lot of money has been shared as kickbacks. How else can this insanity be explained? The MOU is supposed to revive Nigeria’s agricultural sector but Vaswani is a trader and an importer of rice not a producer. There is no evidence that the Stallion Group has rice factories in Thailand as was suggested by the Minister. How do they expect Sunil Vaswani to jumpstart Nigerian agriculture when he makes billions from undermining the same sector?

I hope the EFCC manages to establish a watertight case against these saboteurs.

TALKING ABOUT MOUS

The Korean National Oil Company has obtained a court order stopping the Federal Government from revoking its oil blocks. Hmm! The FG recently said that it couldn’t revoke Obasanjo’s Chinese rail contract because of the legal implications. I can’t seem to understand Yar’Adua’s line of thinking. Didn’t the same MOU specify that the contract must be executed to a certain level? So why are we allowing the same country that supplied us obsolete trains to threaten us with lawsuits? Yar’Adua’s economic advisers should tell him that China has too much to lose if we decide to stop doing business with them. It doesn’t really make sense to reward the makers of a defective satellite with a contract to build two more. Nigeria should be the dominant partner in the economic equation and not the submissive one. Haven’t we seen the way that Russia’s Putin uses natural gas to intimidate hostile countries and force concessions?

GREGG ELDER, NIGERDOCK AND MICHAEL HANSEN

After all the hoopla surrounding the power probe and the role of some IPP companies, I cannot understand why Gregg Elder, the CEO of Avsatel, one of the companies that stole billions from Nigeria, was allowed to return to Austria for medical treatment. Why didn’t they stick him in the Redington Hospital? Does the government honestly expect him to return?

Michael Hansen, the Danish CEO of Maerskline and APT Terminals was accused by customs of sabotaging their efforts to inspect some containers. A warrant was subsequently issued for his arrest. Two weeks after, he was let off the hook after paying a fine of 1 million. Would a Nigerian have enjoyed similar treatment? By the way, does the FG know how much Maersk makes every month? A source at Citibank Nigeria Limited which handles the company’s accounts kindly provided me with some their statements and I nearly fainted. The capital flight is almost unbelievable. Something has to be done about these so-called concessionaires. Even the great American champions of laissez-faire economics have become fiercely protectionist. Maybe we should abandon our experiment with Friedmanism. By the way, who stalled the investigation into Nigerdock’s gun-running activites?

BACK TO INTERCONTINENTAL BANK

After publishing my article on Intercontinental Bank last week, I received lots of emails from the bank’s staffers. Most of them were expectedly laced with vitriol and insults but I couldn’t help noticing a disturbing trend. First, not one of the writers bothered to deal with the questions raised in the article.

Second, 90% of the people that replied me couldn’t write an error-free sentence. Their mangled English and intellectual dwarfism got me thinking about the bank’s criteria for hiring its staff.

Third, nearly 60% of Intercontinental Bank workers appear to be “born-again” Christians and they defend their bank with religious fanaticism. How do I know? Their emails were usually signed with stuff like; “We will succeed in Jesus name” and suchlike.

I don’t reveal my sources but I’ve decided to publish some of the emails since none of them asked me not to.

Victor Igbokwe <Igbokwe.Victor@intercontinentalbankplc.com>

This is cheap publicity for one of the top 500 banks in the world,

You can only make us more popular by this unwholesome act of yours

You cannot achieve anything through this,

You will only destroy yourself from trying to destroy what others labored for

Better repent or face your doom!

Thelma Onyewuchi <Onyewuchi.Thelma@intercontinentalbankplc.com>

Dear Ex-editor,

What’s worth doing is worth doing well. Next time you decide to de-market a bank, state facts and figures. You are a disgrace to the media. How much were you paid?

Adeola M. Oyewole <Oyewole.Adeola@intercontinentalbankplc.com>

Dayo,
you sound educated and learned but unfortuntely…i dont think you have sense.you mean you could waste precious time to do a write up like this.obviously time is not precious to me.cant exchange words with you though,but lets have your account number and real name if you are really sure of yourself.no pen name please.once you do that we can now verfy your claims.am very sure you are not a customer,you are paid to do this.

Adeola Oyewole
Relationship Officer
Retail&Personal Banking
A2,Ahmadu Bello Way
Kaduna
Tel:062 243323
Mobile:0802 310 4504

From: Olaitan Olowoleru

INTERCONTINENTAL BANK IS OUR JERUSALEM,…….LETS KEEP PRAYING

OLOWOLERU OLAITAN
RELATIONSHIP OFFICER
AHMADU BELLO WAY KD
08034517087
062-243325,243323

…….SERVICE WITH EMPATHY.

From: Titilayomi Ogunlaja

Na wa ooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

How can some one sit to write this and place it on the paper in the name of gaining fame.

Afterall,our bank is not the only one that may be exposed,

So why the beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeffffffffffffffffffffff!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Titilayomi Ogunlaja

Intercontinental bank Plc,

Matori branch

125,Ladipo street,Matori,Lagos.

08057310451;08022470954;01-2771288

We cannot afford to be emotional/sentimental about the issues of destiny.

From: Abosede Omokowajo

Have you guys seen this?

The Lord indeed is our defence!

?Regards

OMOKOWAJO BOSEDE

OPERATIONS – WILLOUGHBY

Be kinder than necessary becos everyone you meet is fighting some kind of battle.juggling

Oladesu Stephen <Oladesu.Stephen@intercontinentalbankplc.com>

stop this negative campaign against IBPLC.

This bank is built on the solid rock of God and as such cannot be shaken.

Not even you and your 1000 other detractors.

Oladesu Stephen

BOM

Bornoway Branch 152

08036744354, 018979798

james amingo <bdiddy77amingo@yahoo.com>

when did  the GCE told you that he wants to but anything.You just woke up and start thinking rubbish, you are a big fool.mind you i am a staff of intercontinental bank and i firmly assure you that all of us are going no where.i cant just imagine that people like you are still alive.you still have the guts to tell people to make comments.Let me tell you something, if you think you can destroy what the Lord has build you are just deceiving yourself.For your information intercontinental bank is build on a solid rock.Try to find another means cause we are still having more and more customers everyday.OH!sorry thanks for the advert,,i should call this advert….oh thanks a lot.IDIOT.

Esan.Abayomi@intercontinentalbankplc.com>,

cc    MAZAMAZA BRANCH -19 <MazamazaBranchIB@intercontinentalbankplc.com>,
Owerri- 21 Whetheral Road -33 <owerribranch@intercontinentalbankplc.com>,
Owerri- 117 Whetheral Road -199 <OwerriEQY@intercontinentalbankplc.com>,
Owerri- Bank Road- 340 <Owerri-BankRoad-340@intercontinentalbankplc.com>,
LOKOJA BRANCH -80 <LokojaBranchIB@intercontinentalbankplc.com>,
OKENE BRANCH -288 <Okenebranch@intercontinentalbankplc.com>,
OBAJANA BRANCH -231 <ObajanaBranch@intercontinentalbankplc.com>,
DAMATURU BRANCH -55 <DamaturuBranchIB@intercontinentalbankplc.com>

Hello Dayo,

I want to believe that it is sometimes good to make a proper research before a mail like this is released to the general public. As you know that this will have a far more damaging effect than expected. INTERCONTINENTAL BANK PLC is banks that is FAR from COLLAPSING, and if you think this is not true, then visit the fact behind the figures.

INTERCONTINENTAL BANK PLC recently has just been rated one of the TOP 500 banks in the world and 2nd in NIGERIA after First Bank Plc. This kind of rating don’t just come but with hard work and dedication to our numerous customers. I think it will be good to brush up your memory a little, INTERCONTINENTAL BANK PLC is one of the first bank to cross the $1B Deposit benchmark and only last year did the bank won the BEST BANK OF THE AWARD. (This was CONFERED on the bank outside the shores of this country).

From your name (DAYO), you must be from the west, so I should give you some adage. (ILE TI ABA FI ITO MO, IRI NIO WO) A HOUSE BUILDED WITH SPITTLE, WILL DEFINITELY CRUSH AT THE SIGHT OF THE MORNING DEW.INTERCONTINENTAL BANK PLC is not a house built with spittle and DEFINITELY WILL STAND FOR POSTERITY TO SEE. I think it is better for you to go back to the achieves and see the challenges faced by the founding fathers of the bank before the bank became what it is today. I don’t need to remind you of our services because our numerous customers are one of the most satisfied customers in the industry and likewise our staff are among the most dedicated staff in the industry. I can go on and on but I believe this piece will do.

I know that organization and people are been paid to blackmail one another but I don’t want to believe that anyone paid you to do this, please desist from this dangerous act.

Thank you.

Esan B. Abayomi,

Ahmadu Bello Way, Kaduna

08077710231

If you don’t stand for something, you will fall for anything ……So, STAND.

Paul Dada
to me, I-

show details Mar 20 (3 days ago)

Reply

Bros, pls stop impersonate our bank. What you don’t know is this, if at all you suicide in rain down the bank through your rumour mongering, you can not tarnished the image of Erestus Akingbola which as build right from the time but you can’t only increase rate of unemployment among the youth including me. Because my Baba (Erestus) has all ready worked to sustain his own life & also the life of his entire family. To your own part, prosperity will never forgiving you and your generation. I believe one or two of your families will definitely affected with unemployment. If you have grudge with Baba this is not the right way to tackle it come directly to him I know Him is a man of god, He will surely give you listen hear. Be guided Ex-Editor NIGERIAREPORTERS.COM.

DADA PAUL OLORUNLEKE (DPO)
Retail & Personal Banking
Intercontinental Bank PLC
Makurdi Branch
08062381509
dominion_dpo@yahoo.com

Heading image
…..joint spirit is the best key toward development……………

From: Paul Dada
Sent: Fri 3/20/2009 12:57 PM
To: MAKURDI BRANCH -53
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

My people, We need prayer & fasting this time………………………………

DADA PAUL OLORUNLEKE (DPO)
Retail & Personal Banking
Intercontinental Bank PLC
Makurdi Branch
08062381509
dominion_dpo@yahoo.com

Heading image
…..joint spirit is the best key toward development……………

From: Marita Odimgbe
Sent: Fri 3/20/2009 11:54 AM
To: I- GLOBAL -( Mar 11-May 17, 2008); Femi Enigbokan
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

Can you imagine this????

May God help us,save us and bless intercontinental in Jesus name….AMEN !!!

Odimgbe Marita
Relationship Officer,
Adeniran Ogunsanya,
Surulere;
Lagos.

Telephone; 08038183310
01-2771137
01-2770047

He lives in me……….!

From: Olayinka Esan
Sent: Fri 20/03/2009 11:42 AM
To: SURULERE -ADENIRAN OGUNSANYA BRANCH -18
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

HELLO MY PPLE,

KINDLY USE THIS WEEKEND TO PROMOTE THE BANK, REMEMBER THAT THIS IS OUR JERUSALEM.

GOD BLESS INTERCONTINENTAL BANK PLC, AMEN.

HAVE A NICE WEEKEND.

ESAN OLAYINKA
CASH OFFICER
71/74  ADENIRAN OGUNSANYA, SURULERE
TEL: 2770048,  2771137
MOBILE;08038063912, 01-8783970

From: ime UMOH
Sent: Fri 20/03/2009 11:17 AM
To: Olayinka Esan; Stephen agha
Cc: Jessica Unwana
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

can you imagine this?

?Regards,
ime UMOH I Intercontinental Bank Plc I CPU, BROAD STREET 2 BRANCH I Lagos
08023545370 I E-mail: UMOH.ime@intercontinentalbankplc.com

From: Adetutu Ladi-Osunkoya
Sent: Fri 20/03/2009 11:00 AM
To: ime UMOH
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

Ladi-osunkoya A Adetutu
CPU
Broad street
08023550888,07028521255

“I will do my PART to delight our customers,Have you done yours?
HAPPY CUSTOMER HAPPY BANK.

From: Oyebimpe Yusuf
Sent: Fri 20/03/2009 10:17
To: Ikeja-Toyin St Branch -12
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

Rumour mongers can go to any length like this one

From: Adefemi Onanuga
Sent: 19 March 2009 18:49
To: PHOENIX 113 (May12 -June 18, 2008); MAZAMAZA BRANCH -19
Subject: FW: INTERCONTINENTAL ON THE VERGE OF COLLAPSE

…this is what shoulda been the headlines in at least 6 major newspapers tomorrow!!!

I read This Day’s Sunday editorial and also noticed that Intercontinental Bank has started advertising in Sunday This Day. By the way, can the bank provide us with the addresses of their 70 new branches?

I received an email from one of Nigeria’s most respected financial analysts on Friday arguing that while Intercontinental Bank may have structural problems, the CBN would not allow such a big bank to fail. She also pointed out that the bank owns some highly profitable businesses such as Flexmore Technologies.

She added that bad loans such as the one to 18 billion Tanzila loan and the 200 million dollar loan advanced to Henry Imasekha to buy Wilbros would not cripple the bank.

She later sent me her assessment of Nigerian banks based on their stability.

Here’s the List:

Highly Stable Banks

Citibank Nigeria Limited
Standard Chartered Nigeria Limited
First Bank Plc
Union Bank Nigeria Plc
United Bank for Africa Plc
Equitorial Trust Bank Limited
Ecobank Nigeria Plc
Stanbic IBTC Bank Plc

Relatively Safe

GTBank Plc
FCMB
Diamond Bank Plc
Afribank Plc

Highly Dependent on Public Sector Deposits, Politics and/or tenure of current CBN Leadership.

Oceanic Bank Plc
Zenith Bank Plc
Bank PHB
Fidelity Bank Plc
Intercontinental Bank Plc
Skye Bank Plc
Unity Bank Plc
Access Bank Plc

Highly Unstable

Sterling Bank Plc
FinBank Plc
Wema Bank Plc
Spring Bank Plc

It seems that Standard Chartered is getting a lot of patronage these days. An underpaid staffer provided me with a list of their individual account holders and I saw a lot of famous names.

HAS CHIKA MORDI BEEN SACKED?

A GM at UBA sent me a confidential email two days ago claiming that Chika Mordi, Tony Elumelu’s sometimes sidekick has been given the axe. He said that Mordi’s name no longer appears in the bank’s list of Executive Directors. The official line is that Mordi is studying at Harvard but I wonder if there’s more to his absence.

WHERE IS YEMI OSINDERO?

By the way, what happens to Virgin Nigeria COO Dr Yemi Osindero now that Dapo Olumide has been appointed DMD of the troubled airline?

SOLUDO’S LAST BIG PAYDAY?

When Soludo introduced the new naira notes, I couldn’t understand why the five, ten and fifty-naira notes were not changed to polymer. Now the CBN Governor tells us that he’s going to change the highly-used notes to polymer. Why did he wait so long? Does it have anything to keeping inflated contracts below the radar?

SUZANNE IROCHE AND TONY ELUMELU BURY THE HACHET

Suzanne Iroche, the wife of Obamamaniac Sonny Iroche left UBA under a cloud last year after the bank’s new corporate structure elevated Faith Tuedor-Matthews and Phillips Oduoza to the posts of DMD North and DMD South respectively.

Suzanne was so enraged that Tuedor-Matthews had become her senior in the bank’s hierarchy that she reportedly interrupted a board meeting with a hysterical cry of “Tony, you can’t be serious” before resigning and walking out. The incident illustrated the cracks between staff of the old UBA and their STB counterparts. Old UBA staffers claim that they are being marginalized and passed over for promotions.

There was also a personal angle to their beef. Iroche has never hidden her disdain for Tuedor-Matthews whom she considers a courtesan banker in the mould of Zenith’s Adaora Umeoji and the beleaguered Mary Atunyota-Akpobome, recently of PHB.

However, it appears that Elumelu and Suzanne have brokered a peace agreement. I spotted her at the UBA’S CEO Awards grinning like a Cheshire cat.

~ by DayoCoker on March 23, 2009.

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