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Yinka Chukwuemeka Ogunnubi Profile picture
@yinkanubi
Aug 31, 2018 • 5 tweets • 2 min read • Read on X
Question: Why did the CBN feel the need to issue an approval in-principle? It was probably because the shares where to be converted to preference shares. Preference shares are shares that still feels like debt. When you think Preference shares, think “Hybrid”. 😀 #MTNRefund
Now, this kind of conversion is not unusual. But the CBN obviously saw enough in the MTN board resolution authorizing the conversion to make them want to wait for evidence of implementation of an item on that resolution before it gave its final approval. #MTNRefund
6. This is where it gets murky. The CBN claims that in spite of the non fulfillment of the conditions it gave, MTN went ahead to convert the loans to preference shares and SCB issued CCI’s in respect of the ‘illegal” conversion. Note the use of the word "illegal" #MTNRefund
7. Sometime in 2009, the CBN queried SCB on the CCI issued on this “illegal Conversion”. SCB in a reply dated Dec 10 2009, acknowledged to the CBN that it was an “unintended omission”. Nonetheless, on account of this CCI, MTN was able to remit $8Bn between 2007 - 2015. #MTNRefund
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More from @yinkanubi

Yinka Chukwuemeka Ogunnubi Profile picture
Sep 29, 2018
Thanks for having me. The Twitter Conference starts now.

We will be discussing the topic" FAMILY LIFE

#doitrightnigeria
It was late in the evening. March 24th 2007 I believe. I was admitted to the hospital on the diagnosis that I had acute malaria. I was already three days into the admission. But my health was not improving. It was getting worse. #doitrightnigeria
What I didn’t know was that by a drug the hospital was administering was the cause of my worsen situation. On this day, I gradually stated to slip away. There were people in the room frantically running around to get the attention of the nurses. #doitrightnigeria
Read 26 tweets
Yinka Chukwuemeka Ogunnubi Profile picture
Sep 24, 2018
This was caused mainly by impairment of loans to the tune of N529billion and transactions in suspense to the tune of N280 billion, (relating to BS and P/L manipulations from 2006 to 2016 and direct fraudulent cash withdrawals by known individuals). #Skyebank
- Evidence of inappropriate financial reporting. The Forensic Audit revealed that the Bank operated 2 sets of books and this was responsible for the regulators/auditors inability to detect d massive losses & infractions, particularly the balance of N280b in suspense a/c #Skyebank
- Unsustainable high cost to income ratio. #SkyeBank was significantly oversized in terms of branches and personnel compared to industry standards and was incurring huge expenditure in keeping its size. This compounded the bank's negative capital position.
Read 23 tweets
Yinka Chukwuemeka Ogunnubi Profile picture
Sep 24, 2018
Next, It obtained a bridge financing of N100 billion from 4 banks. The bridge financing was reportedly backed by MBL AMCON Bonds that were due for redemption shortly after the closing of the transaction. Stay with me because this is where it gets interesting. #Skyebank
According to Section 159 (1) & (2) of CAMA
(1) Financial assistance includes a gift, guarantee, security or indemnity, loan, any form of credit & financial assistance given by a coy, net assets of which are thereby reduced to a material extent or which has no net assets #Skyebank
(2a)where a person is acquiring or is proposing to acquire shares in a company, it shall not be lawful for d company or any of its subsidiaries to give financial assistance directly or indirectly for d purpose of that acquisition before or same time as the acquisition takes place
Read 25 tweets
Yinka Chukwuemeka Ogunnubi Profile picture
Sep 24, 2018
#SkyeBank - The Rise, The Fall, The Bridge

To understand what happened on the 21/09/18, you need to go back to the beginning. I'll like to categorize it under 3 headings.
1. Before The Acquisition of MBL
2. During the Acquisition of MBL
3. After the acquisition of MBL
A THREAD!
With the help of timelines and publicly available data, I'll try to answer these questions.
1. What led to the takeover?
2. What role did the CBN play leading up to the decision?
3. What role did insider related loans play to bring the bank down?
4. What's the end game?
#SkyeBank
Questions 1 & 2 will be answered implicitly within the thread. While questions 3 & 4 will be answered directly. The resource for this thread came from publicly available materials available online from the CBN, NSE & other resource centers like @proshare & @Nairametrics #SkyeBank
Read 25 tweets
Yinka Chukwuemeka Ogunnubi Profile picture
Sep 12, 2018
According to @jideojong, The notable omitted amendments from the Electoral Amendment Act (June Review) are:
1. Section 49 - Card Reader Provision
2. Section 8 - Section 8 Provision attempting to make INEC staff non-partisan;
3. Section 52 - Which lifts ban on electronic voting;
4. Section 65 (a) - Which paved the way for the creation of the National Electronic Register of Election Results;
5. Section 31(6) - Which criminalises presentation of false affidavit by a candidate or political party which is supposed to lead to disqualification by the court
6. Section 78 (4) - Which would have given INEC 60 days instead of 30 days to respond to applications of political associations seeking to register as political parties.
7 - Section 91 (9)- Which increased individual donations from N1m - N10m while pegging fine at 1% of ceiling
Read 6 tweets
Yinka Chukwuemeka Ogunnubi Profile picture
Sep 3, 2018
Thanks to all who read and shared this thread. Based on the feedbacks I got, I felt the need to answer some of the questions raised and to elaborate on some points. The Ultimate goal is to ensure that people are better informed about this topic #MTNRefund

1. What is CCI and why is it important?

CCI means – Certificate for Capital Importation. It is issued on evidence of importation of foreign exchange into Nigeria for the purpose of investment in a local company. This investment can be in form of cash or equipment. #MTNRefund
The rule is that once you import FX to invest in a company in Nigeria you must sell the FX to the bank within 24 hours of inflow and the bank will issue a certificate for capital importation (CCI) IFO the investor. The CCI must indicate whether it's for Equity or loan. #MTNRefund
Read 19 tweets

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