Spring bank manager killed over N11m loan
EFCC busts $3.5b power project scam –Page 5
–Page 6
TRUTH IN DEFENCE OF FREEDOM
SUNDAY
Nigeria’s truly national newspaper
N200.00
August 7, 2011
VOL. 06, N0. 1844
N679bn new lifeline for Bank PHB, others
Abah Folawiyo @ 69 The amazing life of a society woman – Pages 29 & 32
‘I’m tired of the throne’ – Page 20
New management assures customers, workers
T
HE Asset Management Corporation of Nigeria (AMCON) will inject a combined N679 billion into the three nationalised bank. The beneficiary banks are MainStreet Bank Limitedformer Afribank Plc; Keystone Bank Limited- former Bank PHB and Enterprise Bank Limitedformer Spring Bank. The fresh funds, which translates to a total bailout package of N1.299trillion when the initial N620billion injected in 2009 is added, will bring the three banks' the required capital adequacy level for their operations. MainStreet Bank will receive N285 billion to bring it to over 15 per cent capital adequacy and a minimum of N25 billion capital base; Keystone Bank will secure N283 bil-
By Collins Nweze and Akinola Ajibade
lion while Enterprise Bank will be given N111 billion to bring them to same level of capital adequacy. The three banks, formerly referred to as Bridge Banks were acquired by AMCON from the Nigeria Deposit Insurance Corporation (NDIC) last Friday. The Managing Director/CEO, AMCON, Mustafa Chike-Obi, who disclosed this to the media yesterday, said these banks will be issued bonds-equivalent of the injected funds by tomorrow morning. He said the acquisition and transfer of ownership has been effected through a subscription agreement with each of the three banks. By the
– Continued on Page 5
al-Mustapha
I didn’t ask al-Mustapha to testify against Abiola, says ex-DPP – Page 4
How three-year-old boy survived arrow attack –Page 7