PREMIER TIMES
A House of Representatives report on the near collapse of the capital market says it has found evidence of forgery and fraudulent misrepresentation involving the Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, and other top industry officials in the controversial nationaliz
ation of three commercial banks.The report submitted to the House on Tuesday, says the nationalization of Afribank Plc, Spring Bank and Bank PHB, violated statutory provisions and remained a “major source” of investors’ loss of confidence in the troubled Nigerian capital market.
The document 81-page document provides, perhaps, the most indicting position on the sale of the three banks by the CBN last year, a move that has fetched the regulatory bank under Mr. Sanusi, intense criticisms and accusation of bias.
“This committee is of the view that due process was not followed, and that investors interests were not considered in nationalizing the banks,” the House capital market committee, headed by Ibrahim El-Sudi, stated. Source Premier Times 18.07.2012
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