By MOSES EBOSELE AND HELEN OJI

Shareholders of the six rescued banks, yesterday, appealed to the Central Bank of Nigeria (CBN), to carry Nigerians along in its alleged bid to sell the financial institutions.

Numerous shareholders are also appealing to the Director-General of the Securities and Exchange Commission (SEC), Arunma Oteh, to protect the interest of investors by intervening directly.

Under the aegis of the Proactive Shareholders Association of Nigeria, (PROSAN), the group explained that the culture of transparency promised last by the CBN Governor, Sanusi Lamido Sanusi, at an interactive session with stakeholders is allegedly not being adhered to.

National Coordinator of PROSAN, My Tiawo Oderinde, explained that the group wants the National Deposit Insurance Corporation (NDIC) and CBN findings on the Banks to be followed to the letters, adding that,  “We want all the Independent Directors, especially minority shareholders’ representative reports to be followed before the sale”.

Some shareholders of the Banks recently, dragged the CBN to court over alleged plans to sale the Banks.

From all indications, according to the National Coordinator Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, the same CBN that appointed managements of the rescued banks have been declaring the banks as inadequately capitalized, “without independent verifications by shareholders, where then is the transparency in the whole process”?

Nwosu said that the recently established Assets Management Company of Nigeria (AMCON), has been engaged to discount the assets of some of these banks, “preparatory to selling their respective shares for peanuts”.

Besides, he stressed that the Securities and Exchange Commission (SEC), has been shying away from making positive intervention, which would ensure adherence to laid-down procedures in shares’ acquisition, under the present bids for the banks.

“Under the prevailing regulations, the shareholders should be allowed to source for suitable and compatible investors, where the need arises and we are not sure there is need for current shopping for investors by CBN, for the banks.

“Indeed, if there is any capital shortfall that requires the banks to recapitalise, both the Companies and Allied Matters Act (CAMA) and Banks and other Financial Institutions Act (BOFIA), require all shareholders to have the first right to recapitalise the banks.

“In doing this, the shareholders, at the emergency general meeting, would mandate the board and management of the concerned banks to script the necessary moves and not the other way round, where investors are being imposed on them by CBN.”

He added: “We find the role being played by AMCON as anomalous and could threaten the legal firmament of the entire financial system”, explaining that beside unsavory discounting of banks’ shares, “AMCON is not supposed to be a voting partner in the system, as this is a direct and illegal move to reduce the powers of shareholders”.

Source: Guardian