Against the backdrop of widespread reports that the Central Bank of Nigeria (CBN) forced Cosmas Maduka, Managing Director of Coscharis group, out of his non-executive directorship position at Access Bank Plc., indicators presage that Maduka was not fired by the apex bank; rather he retired from the Access bank board and left on his own volition after serving the maximum 12-year statutory term limit.
A senior Access bank staff told Huhuonline.com on conditions of anonymity that Cosmas Maduka could not have been fired or forced out by the CBN from a position which he no longer occupied. “If you consider the timeline sequence, you will agree with me that the fact that the CNB letter announcing the N 3million fine came at the same time with the exit of Maduka is merely coincidental. To aver the contrary is not only ridiculous, it will be moronic” he explained.
The CBN read the riot act to Access bank over the weekend, whereas Access Bank had in a statement to the Nigerian Stock Exchange (NSE) earlier in the week, announced Cosmas Maduka’s retirement from the bank’s board, saying his retirement is sequel to his completion of the maximum 12 year term as provided by CBN’s Code of Corporate Governance for banks.”
The apex bank slammed a N 3 million fine on Access bank for what it said was the serial violation of statutory lending rules and banking regulations forbidding commercial banks and other financial institutions from lending more than 10% of its paid up capital to bank Board directors or their affiliate companies without its approval.
“Contrary to the CBN circular No BSD/9/2004 of 16th July, 2004 which stipulates that credits to directors and their related companies shall not exceed 10% of the paid-up capital without the CBN approval, the bank granted to its following directors; Mr. Gbenga Oyebode, Dr. Cosmos Maduka and Mr. Tunde Folawiyo, facilities in excess of ten percent of its paid-up capital without the necessary regulatory approval. Consequently, penalties totaling N3, 000, 000.00 is imposed on your bank for the above infractions,” the CBN said in a letter to Access bank.
According to the CBN, the trio – Gbenga, Maduka and Tunde contravened Section 20(1) of [PDF] Banks & Other Financial Institutions Act, BOFIA, 1991(as amended), by granting a N38.4 billion credit facilities to Westcom Group in excess of its single obligor’s limit of N36.4 billion.
Access Bank, whose Managing Director, Aig- Imoukhuede is the head of the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments, has been accused variously by some of the indicted petroleum products marketers in the controversial fuel subsidy probe of being responsible for financing over 40% of all the controversial imports.
Huhuonline.com understands that Ifeanyi Ubah, the chairman of Capital Oil, has been fighting a running battle with Cosmas Maduka in connection with the fuel subsidy scam, for which some oil marketers are currently standing trial. Ubah, it was alleged, had got the federal government to pay his company subsidy benefits for fuel it did not supply.
And while the battle between the two oligarchs who hail from the same State has been raging in the media, in comes Cosmos Maduka, president of the Coscharis Group, who raised the alarm to the effect that Ifeanyi Ubah; a brother, whom he bailed out during his greatest moment of need has now turned around to bite the finger that fed him and, is hatching a sinister plot to put him (Maduka), in trouble.
Ubah, who is not known to have any connection whatsoever in Access Bank, on the other hand, says he helped Maduka secure a facility in Access Bank. Not only that, Ubah allegedly pledged many of his company’s assets, including a choice property on Banana Island, as collateral for the loan. Ubah has, alleged a grand design involving Access Bank and Maduka, and the Minister of Finance and the Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, to destroy him and his business.
“Everyone knows that everything about oil and gas transactions are done in Access Bank. Access Bank controls 60 per cent of all importations in this country. It is either you obey their laws or you would be indicted,” Mr Ubah had said in a recent television interview.
