FCMB’s BID FOR FINBANK HITS BRICKWALL
-Top executives fingered in the manipulations
That First City Monument Bank (FCMB) bided for the acquisition of First Inland Bank (Finbank) is no news, but what is really new is the fact that the bid has hit a brick wall with the intervention of the apex bank in the deal.
The Central Bank of Nigeria (CBN), according to an insider, allegedly cancelled the bid due to the deluge of allegations of manipulations and insider dealings leveled against the management of Finbank.
The source, who claimed anonymity, revealed that the CBN Governor, Mallam Sanusi Lamido Sanusi was not happy with alleged complicity of the bank’s management in the recapitalization process of Finbank Plc.
Those who should know revealed that some aggrieved shareholders of Finbnk Plc alleged that the management, led by the Group Managing Director, Mrs. Susan Iroche and two other Executives Directors, Alhaji Abdulrahman Yinusa and Adamu Nuru has been manipulating the process of acquisition to favour FCMB because of their relationship with Ladi Balogun, FCMB Group Managing Director.
An impeccable source claimed that Alhaji Yinusa, a director of Finbank happens to be a member of the company that is being used as the independent financial adviser on the bidding and the company’s name that was used is originally owned by one of Otunba Subomi Balogun’s wives. Chapel Hill, another company involved in the bidding, was said to be owned by Bolaji Balogun, the elder brother to Ladi Balogun, GMD of FCMB.
Insiders alleged that despite the fact that FCMB submitted the worst bid in the acquisition process; Finbank’s management approved it as the highest bidder. FCMB bid for the rescued bank is for 82 percent ownership at N18billion.