They say Bank PHB has the backing of Mr. President

The buccaneer style take over of Spring Bank by Bank PHB is still the subject of discourse in banking communities. Where two or more bankers are gathered, discussion invariably narrows down to the acquisition. Two groups have since emerge in any of such discourse, the leering triumphant group that put the joke on the opposite loser’s camp which protest a lack of fairness and equity in the acquisition of Spring Bank.

The Bank PHB group now takes the air out of the sail of the opposing camp with the boastfulness of the backing of the ultimate authority in the country.

Who else? The President, of course. This group regales the opposing camp of the acquisition being a done deal because it has the backing of the President Umar Yar’Adua.

The group that makes a case for Bank PHB may not be out of line, the President holds a 100,000 units of the shares of Bank PHB, that was after conversion of the shares Mr. President held in legacy bank Habib Bank, the bank that merged with Bank PHB.

The President used to sit on the board of Habib Bank as a non executive director, now would this mean that the President will close his eyes to the abuse of due processes because of his commercial interest in Bank PHB.

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