Spring Bank

[Avocado]

As ukato noted, there's no buying and/or sellin on at the floor; of course, this does not necessarily mean that there's no buying and selling at all. It's a blessing for Spring Bank stock owners that the share price has been freezed, else, this sort of news should send the share price to the deepest part south. The cautious language in the excuse that the bank was hurriedly got together close to the end of the consolidation excercise, plus the statements made by Soludo, and the sacking of the mgt are sure very bad signs. This is such a shame.

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[olusolakemmy]

despite the feezing of the shares of spring bank by the authorities of NSE, i am sure moment after releasing it investos will still rush to dump their share, hence we will still see price crash in spring bank shares price.

when the price is making downward movement will be a good time to buy, i believe, dont forget that they just finish share reconstruction, making their shares stronger than before, and this is post consolidation era, so many regulating bodies are involve, that means it will be a severely acute condition that will totaly scrap spring bank from existing, the worse is they will be absorb by another bank.

My point is that when the bank is making downward movement, it will be a good buy, the way things are, the bank can be as low as N3 after trading resume.

what do u allthink?

[c kenneths]

The free for all fight on the board of this company has defied initial efforts to talk some sence into the directors head, hence the sanctions by NSE.

For now everything is hazy here, we need the fog to clear a bit for us to know the direction of this company, it may even crash lower that the 3 naira predicted by Oluwasolakemmy. But i agree its another opportunity to profit from a board dispute. Remember Wema bank/ Wemasec.

[c kenneths]

Operatives of the Economic and Financial Crimes Commission (EFCC) are on the trail of the Rev. Canon Agbetuyi, Chairman of the dissolved board of Spring Bank. Family sources said yesterday that soon after his letter to the Governor of Central Bank (CBN) was made public through advertorial in the newspapers, five EFCC operatives stormed his residence and attempted to force their way in. Agbetuyi was said to be away at the time.



The operatives on discovering that they could not gain entry to the house and on learning that he might have travelled, then dropped a letter signed by one Wakili that he should report to their Awolowo Road office today. Family sources said they suspected that the EFCC might be on his trail in search of official documents in his possession based on the issues raised in his letter to the CBN Governor.



The family members are, however, worried that a weekend invitation by the EFCC was a ploy to detain and stop him for revealing the truth.

Associates of Agbetuyi yesterday said the letter for which he is being hunted had been with the EFCC for at least one month and that Federal Government’s handling of the recent revelations of the rot in the country’s consolidation exercise would be a true test of the present administration’s avowed position on law and order and the war on corruption in its entirety.



Agbetuyi, the immediate past Chairman of Spring Bank, in his open letter to Soludo expressed fear that his letter might invoke the wrath of the authorities and those who would not take kindly to the letter and would find excuses to hang him.



Agbetuyi wrote: “Revd. Canon Segun Agbetuyi was being blackmailed for a loan to OmegaSavings & Loans, a subsidiary of Legacy Omegabank where he had been Chairman in fulfillment of his statutory duties as CEO of Omegabank. In order to hold up this loan as blackmail, the management of Spring Bank with the support of CBN refused to cooperate with the management of OmegaSavings & Loans to achieve orderly repayment on the loan. As of the time of classifying the loan, it was running perfectly within its terms of approval.



“Capt. Haastrup’s airline, Space World, has also not succeeded in getting the bank to reconcile its outstanding principally because Spring Bank is interested in embarrassing this major investor in Legacy Omegabank and seeking to illegally set off shares held in a different right or legal entity.



“Chief Anthony Adeniyi’s loan of N6 million was performing within approved conditions. The aim was to exterminate a vocal and unwavering member of the Board in clearing the way for the fraudulent change in ownership of the bank.



“Well, over the last few months, specifically since March 1, 2007, I, as Chairman of Spring Bank Plc, wrote five letters to alert you of various large scale frauds, financial malpractices, and corporate governance infractions being perpetrated by the management of the bank. In my letter of March 1, 2007, I forwarded to you a long list of what a cross section of our staff had submitted to me entitled: ‘Disturbing Leadership Practices in Spring Bank’.



“These ranged from unauthorised Director related Insider Loans amounting to billions of naira to single individuals; to irregular supplies of inflated contracts running to hundreds of millions of naira by same Directors against all corporate governance norms. In a reminder letter to you dated March 9, 2007, I strengthened my call for an urgent regulatory investigation into large scale frauds and irregularities being perpetuated by the management team. I wrote again on March 12, 2007 urging your office to take urgent regulatory intervention to save the bank from further hemorrhage. In that letter, I provided several written evidences of cash being siphoned out of the bank to the tune of over N3 billion in the guise of brokerage commissions. I chronicled with supporting evidence, unethical foreign exchange transactions, illegal emoluments to a section of staff, and large scale unauthorised credit exposure to some Directors. Even when I alerted that a Branch Resident Inspector was physically attacked and received death threats for resisting agents of management who came to his branch to confiscate original vouchers underlying fraudulent activities, still no response came from your office.



“In all of my letters to you and in a few meetings with you, I stated loudly and clearly that the leadership of the Banking Supervision Dept in CBN had deteriorated and become so compromised and as such has no moral courage or professional rectitude to conduct an objective investigation. In my letter of March 1, 2007, I stated that there were speculations among Spring Bank staff that their management had special ‘agents and consultants’ in the Banking Supervision Dept of the CBN who suppress, aid and abet their irregularities and frauds; and concluded that in the interest of good order and to restore sanctity and respect, the scale and consistency of fraudulent activity in Spring Bank called for a broad based investigation by professionals outside of the Banking Supervision.



“In one of our meetings, you acknowledged to me that you have on occasions received rumours of bribery and irregularities against your Banking Supervision Dept, but that no evidence had been adduced and that I was the first to express these concerns in such loud and unambiguous tone. I retorted jokingly that it was up to the Governor to devise his own controls to catch and check aberrant and fraudulent behaviour and that nobody taking or giving a bribe was likely to invite an official photographer to the event.



“I have no idea how far up the ladder the rot goes, but it is fairly common knowledge that these days, several CBN officials are in the regular pay of some banks as their Insiders and Consultants in CBN. Interestingly, we hear of no such things about NDIC, SEC or other regulators. It is also fairly publicly known that most things can be bought or negotiated at the CBN, and that like the Police Officer who is favoured with a road block posting, an Examiner going out to a bank is in good fortune. Fortunately, you yourself un-obtrusively received a taste of some of these unethical activities through the infamous CBN Banking Supervision letter of 26 February 2007, accusing a section of the Directors of Spring Bank of non-performing credits.



“This letter, a copy of which I herewith attach for your easy recall, was procured by the Managing Director of Spring Bank with the aim of disrupting a Board Meeting and removing the Chairman and some targeted Directors who were bent on exposing his frauds and suspending him indefinitely so as to commence detailed investigations into top level frauds in the bank. At our meeting with you of the 9 March 2007, the Governor directed that this letter should be investigated and a full report submitted to your office latest Monday, 12 March 2007.” - vanguard

[Natty]

Sentiment apart wo!!
What is really happening to the Spring Bank board issue? What do you think will be the outcome of this their ‘thicks’. It rather appears nobody is talking about this bank any longer – Nonetheless I heard that so many people are now off-loading this share through the backdoor or better still 'crossing' as the case may be. Could this be an opportunity for those of us who like taking risk to upload? I have a colleague who has been disturbing me to cross-over quite a handful of his spring bank shares but the main issue has been the pricing.
Spring bank was last seen somewhere in Ajegunle @N5.71. Do you think it is now a wise decision to ‘cross’ in @ +/- 0.71k of the last Ajegunle price?
I am really tempted but the devil is always a lair. Please say something on this to enable me shame the devil well!! well!!!

[edwardaigbokhan]

I think going into spring bank at it's current price is not a bad ideal for the long timer. just watch and pray

[Natty]

Thanks, but do you have any latest information about the board issue?

[c kenneths]

The issue is 'frozen' and the board members are taking a long nap

[looweeza]

only God knows what happened to spring bank.Even if my share certificate was crawling @ least it shld have reached me by now cos all others have.

[crtide]

Have you tried contacting them or their registrar? If not do and confirm what has happened, you may want to confirm that you are on the register first

[sleekender]

Could someone fill me with details of what's going on with the long inactivity of spring bank on the NSE?

[OSIMITE]

Hello guys,

I am just write for the first time in this forum. Could any one tell us whats the plan for active trading of Spring Bank share on NSE. Notice it has been dormant. My broker said one can't buy into it now.

Please can anyone help me..I wish to come in Spring bank....

[tucia25]

Good morning gentlemen & ladies, Does anyone know when spring bank will be listed back at the stock exchange. knidly reach me on tucia25@yahoo.com.
best regards, tenson.

[chrisekpo]

Hello,
Yesterday Waz Spring Banks End Of The Year (financial Year) Wat Do You Think About. Any Info Concerning Their Results?.
They Are Currently In A Tribunal Set In To Look Into Stock Exchange Irregularities. Wat Do The Gurus Have To Say?. Are Looking At The Opportunity To Trade Before The End Of The 1st Quarter Or Any Indication Of A Public Issue?.

[riskreturn]

Below is some updating on the Spring Bank improglio, percusor of Wema Bank one.
THISDAY ONLINE

[riskreturn]

Originally Posted by riskreturn

Below is some updating on the Spring Bank improglio, percusor of Wema Bank one.
THISDAY ONLINE

Further newspaper coverage of the same issue are posted below:

THISDAY ONLINE

BusinessDay... the voice of business - Spring bank to make n4bn from sale of property ... Strenghtens investors confidence

[hispy99]

Spring Bank: New Core Investor Emerges Next Month

THISDAY ONLINE