Access Bank

[eniyanman]

Originally Posted by migiets

I read sowewhere that he will likely stay beyond this year because when he was appointed as an Acting MD because CBN confirmation was being awaited and the CBN confirmation came two (2) years later and that the 10 years starts counting from when he was confirmed and approved by CBN.

This will make a complete mockery of the rules. Access Bank Plc says "..in 2001 to lead a dynamic team of accomplished bankers as the Managing Director/Chief Executive Officer of Access Bank Plc".

If CBN did not prevent him from parading himself as CEO in the intervening 2 years, then the approval would be deemed to have been backdated. One begins to get worried when reform programmes/policies begin to get new interpretations. It adapts to get rid of some and is re-interpreted for those you like to keep.

I guess all monies spent by various ministries, departments etc before the budget was approved now have to be refunded.

#SelectiveEvolution

[migiets]

Originally Posted by eniyanman

This will make a complete mockery of the rules. Access Bank Plc says "..in 2001 to lead a dynamic team of accomplished bankers as the Managing Director/Chief Executive Officer of Access Bank Plc".

If CBN did not prevent him from parading himself as CEO in the intervening 2 years, then the approval would be deemed to have been backdated. One begins to get worried when reform programmes/policies begin to get new interpretations. It adapts to get rid of some and is re-interpreted for those you like to keep.

I guess all monies spent by various ministries, departments etc before the budget was approved now have to be refunded.

#SelectiveEvolution

There had been many stories on this issue that i do not know what to believe again. There was an annoucement that he was stepping down in July. The next thing, i read end of the year and yet i now saw the CBN confirmation angle.

http://www.thisdaylive.com/articles/...asites/115214/

This is an extract from the story:

"One of the biggest winners is clearly the CEO/GMD of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede (one of the most misspelt names ever). You have to envy him. One, his bank waded through the turbulence successfully. Although Access shares also took a hit like every other stock, the bank was never in trouble of not meeting its obligations to its customers. Two, the bank has successfully acquired Intercontinental Bank, although it must be quickly added that it was not as easy as I have put it here. But the end result is that Access Bank is now in the top five most capitalised banks on the Nigerian Stock Exchange. Its asset base has grown to N2.018 trillion and customer base to 5.7 million.

Three, as if these are not enough, Aig (as we call him) is going to be at the helm till 2015, contrary to initial calculations that his tenure would be over this year. The CBN had set a new rule two years ago forcing bank CEOs to leave after 10 years. Aig and his deputy, Herbert Wigwe, were appointed in 2002, so we thought. As it has turned out, they were only appointed in acting capacities by Access Bank. Their appointments were confirmed in June 2005 by the CBN and that is when the effective dates are counted, according to Section 48 (1) of the BOFIA 1991, which requires CBN approvals for the appointments of directors and CEOs to be substantive. No wonder, Aig is called the “God Banker”. He has been having a wonderful share of fortune."

[eniyanman]

Originally Posted by migiets

There had been many stories on this issue that i do not know what to believe again. There was an annoucement that he was stepping down in July. The next thing, i read end of the year and yet i now saw the CBN confirmation angle.

Petrodollars, Politics and Parasites, Articles | THISDAY LIVE

This is an extract from the story:

"One of the biggest winners is clearly the CEO/GMD of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede (one of the most misspelt names ever). You have to envy him. One, his bank waded through the turbulence successfully. Although Access shares also took a hit like every other stock, the bank was never in trouble of not meeting its obligations to its customers. Two, the bank has successfully acquired Intercontinental Bank, although it must be quickly added that it was not as easy as I have put it here. But the end result is that Access Bank is now in the top five most capitalised banks on the Nigerian Stock Exchange. Its asset base has grown to N2.018 trillion and customer base to 5.7 million.

Three, as if these are not enough, Aig (as we call him) is going to be at the helm till 2015, contrary to initial calculations that his tenure would be over this year. The CBN had set a new rule two years ago forcing bank CEOs to leave after 10 years. Aig and his deputy, Herbert Wigwe, were appointed in 2002, so we thought. As it has turned out, they were only appointed in acting capacities by Access Bank. Their appointments were confirmed in June 2005 by the CBN and that is when the effective dates are counted, according to Section 48 (1) of the BOFIA 1991, which requires CBN approvals for the appointments of directors and CEOs to be substantive. No wonder, Aig is called the “God Banker”. He has been having a wonderful share of fortune."

Interesting. So which appointment did CBN confirm? The 2002 one or another? If another, when was CBN contacted to confirm the appointment. What date was he appointed substantive CEO? When was this communicated to CBN? At the very least, CBN needs to re-examine any waiver it might have granted regarding this issue.

To suggest he was appointed in acting capacity while Elumelu's stint at STB was counted against him smacks of hypocrisy. Anyway, let's hope it's just a rumour