Nationalised Banks’ MDs Yet To Assume Duties

The managing directors of the nationalised banks; Mainstreet Bank, Keystone Bank and Enterprise Bank, acquired by the Asset Management Corporation of Nigeria (AMCON) were yet to assume duties yesterday though the banks were seen wearing new looks.

A visit to the corporate headquarters and some branches of the three banks by LEADERSHIP in Lagos showed that the logo of the former BankPHB, Springbank and Afribank have been replaced with new ones.

Investigation further showed that the three banks witnessed unusual crowd in the morning hours of yesterday as customers besieged the banks to withdraw their money from their various accounts, but senior officers of the banks who were at hand assured them of the safety of their deposits and preparedness of the government to protect their interest.

An insider in the banks who pleaded anonymity told our correspondent that though the logo had changed, the new board appointed by the AMCON has not assumed duties, adding that the old management would soon step aside for the new management to takeover.

It was also gathered that the shareholders were still strategising on how to confront the nationalisation of the banks. It was not clear yesterday if court action would be instituted against the CBN for nationalising the banks.

However, our correspondents who visited some branches of the nationalised banks in Abuja, said normal businesses were seen taking place.

A source at the independent Shareholders Association of Nigeria (ISAN) said they were keeping their strategy close to their chest for now.

The Central Bank of Nigeria (CBN) last week revoked the operating licences of Afribank Nigeria Plc, Spring Bank Plc and BankPHB through bridge bank mechanism and handed them over to Nigeria Deposit Insurance Corporation (NDIC) who latter sold the banks to AMCON.

The apex bank said that the licences of the three banks were revoked because of their inability to show capacity and ability to recapitalise before the September 30 deadlines.

Under the new arrangement, MainStreet Bank Limited takes over the assets and liabilities of Afribank; Keystone Bank Limited assumes the assets and liabilities of Bank PHB while Enterprise Bank Limited takes over that of Spring Bank.
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