Savannah Bank

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Logo of Savannah Bank. Savannah Bank logo.jpg
Logo of Savannah Bank.

The Savannah Bank is a Nigerian bank whose license was withdrawn in February 2002 and restored in February 2009 after protracted legal battles.

Nigeria Federal republic in West Africa

The Federal Republic of Nigeria, commonly referred to as Nigeria, is a federal republic in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the southeast, and Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean. The federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja is located. Nigeria is officially a democratic secular country.

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An investor, International Resource Associates of London, bought 67.35% of the shares of Savannah Bank in 1999, and on 14 April 2000, the bank came under new management. [1] Some prominent people associated with the bank were Senator Jim Nwobodo, a shareholder and chairman, [2] Senator Felix Kolawole Bajomo, an executive director, [3] and Shettima Mustapha, a Federal Minister and board member, but not a shareholder. [1] The Savannah Bank was among Nigeria's top 10 financial institutions. [4]

James Ifeanyichukwu Nwobodo is a Nigerian businessman and politician who was governor of Anambra State (1979–1983) during the Nigerian Second Republic and was Senator for Enugu East in Enugu State (1999–2003). In 2003, he ran unsuccessfully in the Nigerian Presidential elections.

Felix Kolawole Bajomo is a Nigerian politician who was elected a member of the Senate for the Ogun West constituency of Ogun State in April 2007.

Shettima Mustafa OFR is a Nigerian academic and politician who served as Minister of Agriculture (1990–1992), and in 2007 was appointed Minister of Defense in the cabinet of President Umaru Yar'Adua. Later he became Minister of the Interior. He left office in March 2010 when Acting President Goodluck Jonathan dissolved his cabinet.

The bank's licence was withdrawn by the Central Bank of Nigeria (CBN) on 15 February 2002. The CBN Governor Joseph Oladele Sanusi said the bank did not have enough assets to meet liabilities, did not comply with CBN obligations, and that the regulators had been unable to prevent further deterioration. The Nigeria Deposit Insurance Corporation took over as liquidator, sealing the bank's offices. [5] At the time it was closed, the bank had 140 branches. [6] The bank's owners fought the closure in court. In a ruling on 20 October 2006, the Abuja High Court said the CBN had acted properly in revoking the bank's licence. Further appeals followed. [7]

Central Bank of Nigeria Nigerias central bank

The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959.

Chief (Dr.) Joseph Oladele Sanusi is a Nigerian chartered accountant who was Governor of the Central Bank of Nigeria from May 1999 to May 2004.

Nigeria Deposit Insurance Corporation

The Nigeria Deposit Insurance Corporation (NDIC) was established on 15 June 1988 to strengthen the safety net for the newly liberalized banking sector, following the recommendation of former Central Bank of Nigeria governor Ola Vincent. The NDIC provides a safety net for depositors in the newly liberalized banking sector.

On 6 February 2009 a Court of Appeal sitting in Abuja ordered the re-opening of Savannah Bank, and ordered the CBN and NDIC to pay N100 million to the bank as damages. [8] Richard Abrahams of the Bank of America was appointed chairman of the interim Board of Directors. [9] Jim Nwobodo said the new Savannah Bank would be launched carefully to ensure emergence of a world class and competitive institution. [2] It was reported in February 2010 that the bank's owners might be trying to raise over N100 billion via an international private placement, and the bank was ready to buy up non-performing branches of troubled banks across the country. [10]

Abuja Municipality in Federal Capital Territory, Nigeria

Abuja is the capital city of Nigeria located in the centre of the country within the Federal Capital Territory (FCT). It is a planned city and was built mainly in the 1980s, replacing the country's most populous city of Lagos as the capital on 12 December 1991. Abuja's geography is defined by Aso Rock, a 400-metre (1,300 ft) monolith left by water erosion. The Presidential Complex, National Assembly, Supreme Court and much of the city extend to the south of the rock. Zuma Rock, a 792-metre (2,598 ft) monolith, lies just north of the city on the expressway to Kaduna.

Bank of America American multinational banking and financial services corporation

The Bank of America Corporation is an American multinational investment bank and financial services company based in Charlotte, North Carolina with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998. It is the second largest banking institution in the United States, after JP Morgan Chase. As a part of the Big Four, it services approximately 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

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References

  1. 1 2 Ernest Sofoluwe (2002-05-06). "CBN Vs Savannah Bank: CUI Bono?". ThisDay. Retrieved 2009-12-16.
  2. 1 2 AMECHI OGBONNA (June 10, 2009). "NDIC, CBN reopen Savannah Bank". Daily Sun. Archived from the original on June 21, 2009. Retrieved 2009-12-14.
  3. ↑ "Sen. Felix Kolawole Bajomo". National Assembly of Nigeria. Archived from the original on 2016-03-03. Retrieved 2009-10-05.
  4. ↑ Camillus Eboh (Apr 22, 2009). "Nigeria's Savannah Bank could reopen after 7 years". Reuters. Retrieved 2010-03-04.
  5. ↑ "Case Review: Savannah Bank Plc c. Central Bank of Nigeria" (PDF). Perchstone & Graeys. Archived from the original (PDF) on 2011-07-15. Retrieved 2010-03-03.
  6. ↑ "Savannah Bank's Return". Vanguard. 14 June 2009. Retrieved 2010-03-04.
  7. ↑ Sebastine Obasi (29 December 2009). "Events of 2009: WIjnners and Losers". Newswatch. Retrieved 2010-03-04.
  8. ↑ Funso Muraina and Emele Onu (6 February 2009). "Court Restores Savannah Bank's Licence". ThisDay. Retrieved 2010-03-03.
  9. ↑ "Savannah bank to resume full operation". Daily Trust. 18 June 2009. Retrieved 2010-03-04.
  10. ↑ Stan Okenwa (1 February 2010). "Savannah Bank May Buy Up Closed Banks' Branches". Daily Champion. Retrieved 2010-03-03.


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