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
Sep 24, 2018 • 23 tweets • 11 min read
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
Sep 24, 2018 • 25 tweets • 10 min read
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
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
Sep 12, 2018 • 6 tweets • 2 min read
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
Sep 3, 2018 • 19 tweets • 8 min read
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
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
Aug 31, 2018 • 5 tweets • 2 min read
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
Aug 31, 2018 • 8 tweets • 3 min read
9. Having concluded its investigation, the CBN ordered the banks to refund to it the $8.1Bn that was “illegally Repatriated”. Does this mean that the money belongs to the CBN? No. The CBN is asking for return of its USD in exchange for the Naira MTN gave in return. #MTNRefund
Now this is where it gets interesting. Should the MTN return the $8.1 billion its shareholders collected and the CBN return back to them the Naira it got in exchange, it cld lose upto N2Trillon in the process. Do the Math Compare the $/N rate in 2007–2015 to rate today #MTNRefund
Aug 31, 2018 • 18 tweets • 8 min read
This is a thread to help people understand the issues surrounding the recent fine imposed by the CBN on 4 banks and the request that they should refund $8.1 Billion in "illegally repatriated" dividends. This will be long, but let’s start from the beginning. #MTNRefund
A THREAD!
This issue first come into the open in Sept 2016 when Senator Dino raised a motion accusing MTN of illegal repatriation of $13.92 billion to its parent company through 4 banks between 2006 - 2016 with the help of the Minister of Industry, Trade and Inv, Oke Enelamah. #MTNRefund
Aug 29, 2018 • 9 tweets • 2 min read
I think it is important to note that on the eve of Theresa May's visit to Nigeria, the UK government returned £70m stolen loot to Nigeria. This is probably in anticipation of the fact that the issue of Return Of stolen assets will feature in the conversation with the President.
You will recall that exactly two years ago (Aug 2016), the UK and Nigeria signed an MOU on the modalities for the return of stolen assets confiscated by the UK. The MOU spelt out the general principles in which the agreement is based and the application of the funds.
Jul 27, 2018 • 25 tweets • 10 min read
A few weeks ago, I was invited to a media event organized by the Financial Reporting Council to present the exposure draft of the Nigeria Code of Corporate Governance. If you missed the thread I did on that event, you can check it here. #FRCGovernanceCode
As a follow up to that engagement and subsequent thread, I thought I should expand on why I think this code is very relevant to a critical sector of the Nigerian economy, the SME’s or MSME’s as some may like to call them. Two premise comes to mind. #FRCGovernanceCode
Jun 30, 2018 • 19 tweets • 4 min read
Dec 30, 2007 - The Kenyan Electoral Commission declared Kibaki winner of the presidential election. He is hurriedly sworn in. Riots and looting break out. What followed after was an orgy of violence that claimed the lives of over 1000 people & displaced 500,000 people.
A THREAD
1. The violence started with the murder of over 50 unarmed Kikuyu women and children, some as young as a month old, who were burnt alive in a church on New Year’s day. They had barricaded themselves in a church because they felt they'll be safe. But a mob set the church ablaze.
Jun 27, 2018 • 4 tweets • 1 min read
Two years ago, I decided to remove my work email from my phone. It was hard because I was known for my efficiency in responding to emails AT ANY TIME. However, two years after, the world has not ended, the company has not collapsed and my stress levels are in manageable territory
You just have to learn to SWITCH OFF. You have to learn to sometimes CLOSE YOUR EYES. And far more important, you must learn to TAKE A BREAK AND RELAX. The stress level of an average worker is off the chart and one major reason is because we never switch off even after closing.
Jun 14, 2018 • 22 tweets • 4 min read
"If posthumous awards for M.K.O Abiola & Gani Fawehinmi were truly intended to re-connect the president to the progressive community in an election year, it has turned out a master-stroke indeed, going by the outpouring of goodwill for the general in the past week" - Louis Odion
"The man likely to be biting his finger discreetly this hour must be Goodluck Janathan. Like many things he attempted in five years, the immediate past president bungled the bid to appropriate some mileage from June 12." - Louis Odion
Jun 13, 2018 • 13 tweets • 5 min read
On 17/10/16, the National Code of Corporate Governance Codes for Private and Not-for-Profit Orgs was issued by the FRC. 11 days later, it was suspended. In Jan 2018, a 15 man technical committee was inaugurated with a mandate to review and re-issue the code. #FRCGovernanceCode
The committee headed by the former DG of PenCom Muhammad Ahmad and comprising of many sectoral regulators (like CBN, NIS, SEC, PENCOM, CAC etc) conducted extensive reviews and consultations with a wide group of stakeholders in line with its mandate. #FRCGovernanceCode
Jun 10, 2018 • 5 tweets • 1 min read
What Ochereome Nnanna said about an ethnic group is reprehensible, disgraceful and inexcusable. It should be condemned. However, if in your response, you speak in kind to defame or disparage his ethnic group, you're not different from him. Condemn the man and not the ethnicity.
So he said something hateful about the Yoruba's and because you are angry, you are saying something hateful about the Igbos. What makes you different from him?
We must learn to elevate the conversation beyond ethnicity, to things that will unite us rather than what divides us.
May 23, 2018 • 14 tweets • 3 min read
PMB yesterday re-ignited a controversy that has been on for at least 10 years. i.e. Did previous administrations spend or did not spend $16 billion on power between 1999 and 2007. Now if you have been reading the news, you might be confused as to who to believe. #$16Billion
President Buhari said $15 Billion was spent, Ex President Obasanjo said it was only $3.7 Billion spent out of $10 Billion, and one other ex law maker said no it was $13.2 Billion. So who do we believe and more importantly, how much was spent? #$16Billion
May 9, 2018 • 6 tweets • 1 min read
Banks in Nigeria never close bank accounts especially if it is a corporate account. They might tell you that they have, but they really don't. To be sure, insist on getting a letter of closure and a statement showing that the balance is zero and the last movement is a closure ref
The reason why this is important is that while u think ur account is closed, it's rather accumulating charges. A debit bal will then attract default interest of upto 45%. In a few years, it can be millions in debit. Shd you need a bank line, you'll need to clear that debit first.
May 6, 2018 • 5 tweets • 1 min read
I was once a press liaison officer for an organisation I worked for. I organised the press conferences, liaised with reporters, photo journalists and editors to push for the publication of our news stories. Let's just say, the thicker the "tee fare" the better the publication.
This was over 18 years ago and some of those "reporters" that I used to know are now big shot media guys running media orgs. I laugh sometimes when I see their names on an article or on the editorial boards of newspapers. They're now considered media professionals & experts.
Dec 20, 2017 • 51 tweets • 19 min read
The issue of the case between @innosonmotors and GTBank with other parties like the IGP, AGF and EFCC is interestingly complicated. Reason why it might be confusing to many. My aim therefore today is to state the facts according to publicly available time-lines. #InnosonVsGTB
In summary, there are 5 different cases and I will divide the thread into 3 segments each with its own unique time-line.
