By Okechukwu Nnodim

Shareholders of the three nationalised Deposit Money Banks and the remaining four rescued banks have scheduled a meeting for early next month.

The meeting is coming ahead of the September 30 mandatory Extraordinary General Meetings to be held by shareholders of the four rescued banks.

The meeting will deliberate on issues affecting the sale of the DMBs as well as the signing of Transaction Implementation Agreements by the other four rescued banks.

The sale of the three DMBs to the Asset Management Corporation of Nigeria by the Nigeria Deposit Insurance Commission generated diverse reactions from investors of the banks. Some of them welcomed the development, while others described it as “obnoxious and illegal.”

The President, Renaissance Shareholders Association of Nigeria, Mr. Olufemi Timothy, told our correspondent last week that investors of the rescued banks decided to meet in September in order to strategise ways to forge ahead.

Timothy, whose association lauded the bank’s nationalisation, noted that it was important that shareholders met to forestall contingencies that might inhibit the successful implementation of the terms in the already signed TIAs of the other four rescued banks.

He said that among other deliberations, the shareholders would “give open support to TIAs of CBN rescued banks and prepare for the Emergency General Meetings,” of the DMBs.

“It will not be wise to lose what we have in the remaining banks, so all court cases should stop,” he added.

Admitting that the Independent Shareholders Association of Nigeria was aware of the proposed meeting, the General Secretary, ISAN, Mr. Adebayo Adeleke, said that his group would continue kicking against the nationalisation of the DMBs.

He said, “The interests of shareholders needed to be upheld, and there is no way you can protect our interest by nationalising our banks. We were never in support of it and we will continue kicking against it.”

Also the National President, Nigeria Constance Shareholders’ Association, Mr. Shehu Mikail, told our correspondent that his association would lend its name to the implementation of the terms of the TIAs signed by the rescued banks. The Central Bank of Nigeria had on August 5 revoked the licences of three banks, explaining that it took the step because the managements and shareholders of the banks did not show the necessary capacity and ability to recapitalise before September 30 deadline.

The DMBs sold to AMCON are Afribank, Bank PHB and Spring Bank. Their assets and liabilities were transferred to Mainstreet Bank, Keystone Bank, and Enterprise Bank.

Source: Punch