Shareholders of the rescued banks have expressed their willingness to approve the acquisition deals with other banks at the forthcoming Court-ordered general Meetings.

Five of the eight rescued banks-Intercontinental Bank Plc, Oceanic Bank International Plc, Union Bank of Nigeria Plc , FinBank Plc and Equatoral Trust Bank  have signed acquisition deals ahead of the September 30,  2011 deadline given by the Central Bank of Nigeria (CBN) to recapitalise.

While Intercontinental Bank Plc has an acquisition deal with Access Bank, Oceanic Bank is going along with Ecobank Transnational Incorporation, just as Union Bank, FinBank and Equatorial Trust Bank (ETB) signed deals with African Capital Alliance, First City Monument Bank Plc and Sterling Bank respectively.

Oceanic Bank International Plc, Finbank Plc, Union Bank of Nigeria Plc and Finbank Plc are to convene their court-ordered meetings in respect of their proposed recapitalisation transactions respectively on September 27, 2011; September 29, 2011, September 30, 2011 and September, 29 2011. ETB is also said to be finalizing the date for its EGM.

Speaking on this development, some of the shareholders of the banks said  that they are solidly behind the various schemes of arrangement and would give their overwhelming approval at the various meetings.

The Chairman of Ibadan Zone Shareholders Association, Chief Sola Abodunrin, said  it is a good development that these banks have been able to find partners  that would assist them in their recapitalisation.

“Shareholders should therefore, support the acquisition deals. All of us should go out and vote in support of the acquisition deals. Those shareholders, who have cases in court should withdraw their cases and allow the banks to move forward,” he said.

Speaking in the same vein, the President, Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said that shareholders have no alternative but to support the acquisition.

He said: “A popular Hausa proverb says that if the beard of your brother catches fire, you must look for water to put on your own beard. So what has happened to Afribank, Bank PHB and Spring Bank is clear indication that the CBN would most likely bridge the remaining banks if shareholders fail to approve the mergers/acquisitions.”

He said a word is enough for the wise, urging his fellow shareholders not allow this opportunity of saving the remaining five banks from being liquidated to slip away by approving the merger deals.

The President, Nigerian Constance Shareholders’ Association, Mr.Shehu Mikail, said the CBN should be commended for the efforts to stabilise the financial system, adding that shareholders should complement the efforts by approving   the rescued banks preparing to merge with other stronger ones.

“The reform by the CBN will lead to stronger financial system, which will be beneficial to all stakeholders. We should support the rescued banks by approving their merger deals. When we do that we will be saving our investments, saving jobs and saving the entire economy from another major dislocation,” he said.

Mikail assured that members of his association are strongly behind the various merger deals and would vote accordingly in their support.

Another shareholder activist and founding member of the Nigeria Shareholders Solidarity Association, Alhaji Gbadebo Olatokunbo, said shareholders should stop protecting selfish interest and  support the last phase of the banking reform.

“Enough is enough of greed and selfish leaders playing Gods on rescued banks. We say no to those opposing the recapitalisation of these banks and vote yes to the last phase of the reform,” Gbadebo said.

In her opinion, President, Pragmatic Shareholders Association of Nigeria, Mrs.  Bisi Bakare, said shareholders should embrace the EGM and support the affected banks.

“We   all witnessed how many banks went under during Soludo’s regime. Banks such as Hallmark, Eagle, Fortune Bank, Trade Bank among others all went under. On this note, we should support the efforts of Sanusi,” she said.