{"id":463543,"date":"2011-07-18T21:07:04","date_gmt":"2011-07-18T21:07:04","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/18\/2-afribank-directors-resign\/"},"modified":"2011-07-18T21:07:04","modified_gmt":"2011-07-18T21:07:04","slug":"2-afribank-directors-resign","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/18\/2-afribank-directors-resign\/","title":{"rendered":"2 Afribank directors resign"},"content":{"rendered":"
\n

By Babajide Komoslafe
LAGOS \u2014 Two directors of Afribank have resigned following disagreement between the board of the bank and the Central Bank of Nigeria (CBN) over choice of core investor.<\/p>\n

Though the two directors namely, Alhaji Bala Zakariya\u2019u and Emeka Okwuosa,\u00a0said they were resigning on \u201cpersonal grounds,\u201d investigations revealed that they probably left as a result of some development in the bank they found uncomfortable. These include the poor financial performance of the bank and the disagreement between the board and the CBN over the choice of core investor to acquire the bank as part of its recapitalisation efforts.<\/p>\n

The first quarter financial results of the bank for this year is said to have been worse than the result posted before the intervention of the Central Bank of Nigeria (CBN) in 2009. Many members of the board\u00a0were also\u00a0said to have been uncomfortable with this development.<\/p>\n

Afribank is one of the nine banks the Central Bank of Nigeria (CBN) assumed control after sacking its management in 2009. The CBN\u2019s reason for the takeover was under capitalisation and mismanagement and needed to be \u2018rescued\u2019.<\/p>\n

The bank was therefore directed by the CBN to\u00a0inject fresh funds to shore up its capital base. However two attempts by the board to recapitalize the bank was\u00a0rejected by the CBN because the Governor was not \u2018comfortable\u2019 with the proposals.<\/p>\n

A foreign investor that was to bring in funds was rejected by the CBN on the grounds that they once served as consultants to the bank and were therefore ruled out on \u2018conflict of interest\u2019. But just before negotiations could\u00a0be concluded\u00a0with the investor, the CBN objected with a directive\u00a0to go to\u00a0Fidelity Bank.<\/p>\n

The board of directors at this point was said to have written the CBN saying that if it would not accept the\u00a0preferred investor they too would have nothing to do with Fidelity Bank.<\/p>\n

Zakariya\u2019u and Okwuosa, it was gathered did not want to be part of this development and hence decided to resign from the board.<\/p>\n

It would be recalled that the CBN appointed managing director of Afribank, Mr. Nebolisa Arah was for many years the managing director and chief executive of Fidelity Bank.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

See the original post here:
\n2 Afribank directors resign<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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