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Investors of the three banks recently nationalized have continued to count their loses since the Federal Government took over the distressed banks.
The Federal Government who on 7th August named a seven-man board for each board for each of the banks is bent on reviving the banks. However, the Asset Management Corporation of Nigeria (AMCON) has appointed Former Managing Director and Chief Executive Officer of First Bank Plc., Mr. Jacob Ajekigbe as the Chairman of Keystone Bank Limited (former Bank PHB).
Mr. Falalu Bello, former MD/CEO of Unity Bank Plc. is now to chair Mainstream Bank Limited which was formerly known as Afribank. For Spring Bank, now to be known as Enterprise Bank, former MD/CEO of Diamond Bank Plc., Mr. Emeka Onwuka is the new Chairman.
While depositors of the three banks may have nothing really to worry about, shareholders of such banks may as well forget about ever investing in the affected banks.
Meanwhile, for the Nigerian Football Federation (NFF), the recent liquidation of Afribank plc. is something to worry about. This is because the bank is said to be a top sponsor of the football body where the federation has nothing less than N500 million.
Afribank, now distressed is yet to pay up the sponsorship rights fee for two years. The federation is also said to have a substantial amount of US Dollars from the Federation of International Football Association (FIFA) as participation grant paid NFF after the national football team, the Super Eagles booked their flight to feature at the 2010 World Cup in South Africa.
According to an official of the NFF who disclosed to MTNFootball.com “We have a contract with Afribank as our official bankers. They still owe us N500 million being sponsorship fees for two years.”
He concluded that “FIFA also paid into the coffers the $1 million grant given to each of the 32 countries that qualified for last year’s World Cup in South Africa. We have been drawing from that account, but we still have some money left there. The exact the exact amount I may not know tough”.