Fear heightens in banks over CBN fresh audit

CEOs lobby to save jobs.

CBN Governor Fear has gripped workers and Chief Executive Officers, (CEOs) of the remaining 14 banks who are currently awaiting the Central Bank of Nigeria (CBN) fresh audit report expected to be released soon.

Bank workers and top officials who spoke to our correspondent yesterday said they were uncertain about what fate awaits their banks amidst last week's seizure of the traveling documents of some of the banks' CEOs.

The source told The Nation that the “travel ban imposed on the bank Executives has heightened tension that the day of reckoning is near. But the thrust of the lobbying is the need for soft landing.

The Nation gathered that some of the CEOs of the 14 banks have consequently begun an intensive lobby to retain their plum jobs. Officials say the Governor of the Central Bank of Nigeria, Mr. Sanusi Lamido Sanusi will soon brief the nation on the health and liquidity of the 14 banks.

Unfortunately for the bank chiefs, a source stated that "apart from a few governors, Ministers, CBN officials, and influential politicians, it has been difficult for these bank Executives to reach out to the President. "Their problem is compounded by the fact that Sanusi is uncompromising on this cleansing of the bank sector."

The 14 banks awaiting CBN report are Zenith Bank, Bank PHB, First City Monument Bank, Standard Chartered Bank, Spring Bank, Access Bank, Wema Bank, Equatorial Trust Bank, Skye Bank, Ecobank, IBTC, Fidelity Bank and Citi Bank.

Another source in Abuja said: "While some of the banks’ CEOs are desperate to know the contents of the Audit Report, others with privileged information, based on enquiries raised by the CBN, are busy lobbying top government officials to save their career.

The first phase of the audit covered only 10 banks out of which five Chief Executive Officers were sacked over accumulated N747billion non-performing loans.

It was however learnt that Sanusi would "soon begin consultations with some stakeholders on the findings of the CBN in the books of the14 banks.

Another source added: "I think the strategy will change this time around to avoid any further shock in the economy. That is not to say there won’t be sanctions where necessary."

Meanwhile, fresh facts emerged yesterday that Sanusi has direct access to President Umaru Yar’Adua to avoid leakage of the rot in banks.

But sources say some influential members of the cabinet are unhappy with Sanusi for by-passing them.

Investigation by The Nation revealed that Sanusi has been able to affect the sack of five banks because of his direct access to the President.

It was learnt that were it not for the access, some of the bank Executives would have wielded political influence to avert their removal.

A source said: "Sanusi has succeeded so far because of the backing of the President and the direct access he has to Yar’Adua.

"With the access, he has been able to manage the findings of the Audit Report to a reasonable level that it could not be sabotaged.

"But some influential members of the cabinet are unhappy that Sanusi usually briefs them at the last minute.

"In fact, an influential aide wanted Sanusi to pay obeisance to him but the CBN Governor would rather stick to his access to the President.

"So, with the exception of the President, only a few are aware of the contents of the latest Audit Report on 14 banks."

As at press time, there was tension over the second phase of the Audit Report which might be released before the end of September.