By InvestAdvocate

Lagos (INVESTADVOCATE)-The Attorney General of the Federation, has endorsed the actions of Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC) and Asset Management Corporation of Nigeria (AMCON) over the Nationalisation of three Banks.

This was contained in Statement Tuesday from the office of the AGF and signed by Ambrose Momoh, Chief Press Secretary (CPS) to the AGF and obtained by InvestAdvocate in Lagos Nigeria.

The Statement in its third paragraph affirmed that the AGF is aware that NDIC, had composite consultation with the CBN, the Ministry of Finance and Ministry of Justice on this actions.

According to the Statement, the AGF notes that the CBN, NDIC and AMCON acted in full appreciation of their functions and powers under their respective statutory mandates and in particular the protection of depositors and the system.

The Statement reads thus: “The attention of the Honourable Attorney General of the Federation and Minister of Justice has been drawn to the decision of the NDIC on Friday 5, August, 2011, to incorporate the following banks; Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited, initially as Bridge Banks to resolve the issues of the failing Afribank Plc, Bank PHB Plc and Spring Bank Plc.

The Central Bank of Nigeria, NDIC and the Asset Management Corporation of Nigeria (AMCON) have informed the AGF that the actions taken on these Banks are to the ultimate interest of Depositors and the safety as well as soundness of the Nigerian Financial System.

The AGF is aware that the NDIC had composite consultation with the CBN, the Ministry of Finance and Ministry of Justice on this actions.

The AGF notes that the CBN, NDIC and AMCON acted in full appreciation of their functions and powers under their respective statutory mandates and in particular the protection of depositors and the system.

He will continue to monitor these actions in order to ensure that the appropriate laws are complied with and due process is followed”

This is coming on the heels of various Stakeholders; especially investors of these Banks in the Nigerian Capital Market (NCM) that the action taken by the CBN and NDIC are illegal.

According to them, this is a way the CBN under Sanusi Lamido Sanusi had deviced to rip them off their investments in these Banks.