SAVANNAH BANK, LESSONS LEARNED?

It is with utmost gratitude that Icheoku welcomes the lifting of the siege of vindictiveness which the macabre Olusegun Obasanjo government had levied on an otherwise very solvent Savannah Bank. It is on record that Savannah Bank as it then was, had a liquidity in excess of that required for operation of any bank in Nigeria? In essence, it had a positive net worth of N1.8 billion Naira as well as substantial foreign currency reserve, when it was cramped down, notwithstanding, on the orders of the ape of Otta, Olusegun Obasanjo?

Even the then Minister of State for Finance, Senator Jubril Martins-Kuye, acknowledged that Savannah Bank was liquid when its license was revoked? While the then acting Managing Director of Savannah Bank, Mr. Thompson Onwubiko, saying that only “evil intention” of Olusegun Obasanjo caused the CBN and the NDIC to shut down the bank"? Nigeria we hail thee, where a lunatic-fringed individual like Olusegun Obasanjo was tolerated for eight agonizing long years in power? Icheoku says no one but the demon of Otta, Aremu Olusegun Obasanjo could explain why he shut down Savannah Bank; as the varied reasons bandied around did not cut it, ranging from the mundane to the absurd and the laughable? "It was under-capitalized? It was insolvent? It committed unethical conduct? It was regulatory misconduct"? Icheoku says, which one then was it? It was rather incredulous that a government which should have saddled itself with job creation was busy annihilating existing companies due to personal animosity, thereby forcing millions of her citizens into joblessness?

A known vindictive-person, Olusegun Obasanjo fell out with Chief Jim Nwobodo and get him, he must and he went for his jugular? But unbeknownst to this madman of Otta, it was not just only Jim Nwobodo that was invested in Savannah Bank; no, as they were several thousands of employees sourcing their living from the bank's 140 branches throughout Nigeria? That Savannah bank meant something to so many other share-holders, investors and directors was of no consideration to the masquerade of Otta? That so many business transactions were dependent on the bank for their day to day operations; as well as several other international financing transactions were irrelevant to the moose of Otta, Olusegun Obasanjo? But why should the monster care, after-all he was part of the Nigerian army that adopted 'starvation as the best instrument of warfare' against the Biafra nation, without regard to the numerous women and children that perished from malnutrition-induced Kwashiokor as a result? Icheoku says the re-birth of Savannah Bank Nigeria PLC is a thing of joy for all Nigerians except the Olusegun Obasanjos therein, those devil maycare Nigerians who has been rebuked with the re-opening! To Savannah Bank PLC, Icheoku says, welcome back!

At the re-opening ceremony, the bank’s promoter and former chairman, Jim Nwobodo, said the bank would rebound as a world class financial institution, notwithstanding past distractions? In retort, Icheoku says, eight long years is not a just 'distraction' but a concerted attempt by a maniacal pimp, Olusegun Obasanjo, to strangulate an Igbo-owned institution, in furtherance of his mental-continuing genocidal war against Biafra? Luckily though, light triumphed over darkness and Olusegun Obasanjo was humiliated and ashamed by the rise of the phoenix, Savannah Bank, from Obasanjo's ashes of oppression! Aremu Olusegun Obasanjo, Icheoku says, only the truth shall set you free; so please stop hating the Igbos that you may die a peaceful death? FYI: Savannah Bank has an Interim Chairman, Mr. Richard Abraham.

According to the story, the Central Bank of Nigeria revoked the licence of Savannah bank on February 12, 2002 on the ground of unethical practices, insolvency and inability to meet its financial obligations? Savannah Bank went to court, to contest the revocation of its operating licence based on such unfounded allegations because of its sound financial position. The court of first instance, Federal High Court Abuja, in a judgment delivered on October 20, 2006, upheld the action of Olusegun Obasanjo's tele-guided CBN; which decision, the bank appealed. The Appeal Court refused to be influenced by Olusegun Obasanjo, reviewed the evidence before it and found Savannah Bank was in good financial standing. The Appeal Court then rescinded the lower court's decision and ordered the bank's re-birth. Central Bank of Nigeria, now freed from the shackles of Olusegun Obasanjo, and fully aware of what conspiracies led to the bank's initial closure, decided not to appeal the judgment but to restore the operating licence of the bank. In an attempt to save face, CBN said it took the decision in the interest of the bank’s depositors in particular and the banking system in general? To this bare-faced lie, Icheoku asks, were depositors and the banking system not in existence at the time it shamelessly shut down an otherwise innocent viable bank? What a pathetic apologists, instrument of cohesion in the hands of Aremu Olusegun Obasanjo, the then Central Bank of Nigeria was? A bunch of pity-parties!

Now to the main grain of this commentary: - what lesson/s did this yo-yo game with Savannah Bank teach the Igbos of Nigeria? What is the moral lesson of this Olusegun Obasanjo's criminal closure and attempted strangulation of Savannah Bank? Icheoku says, the main lesson of the closure and now re-birth of Savannah Bank, after its fallowed 8 years of forced shut down, is to appreciate what really happened and how to avoid such a repeat occurrence in the future? Failure to understudy this sad event properly and guard against any future repeat occurrence would otherwise bring the pomp and pageantry of the re-opening to naught? What happens, should another despotic anti-Igbo element loony like Olusegun Obasanjo, weasel his way to power and decides to once again visit the Igbos with another round of vicious economic pogrom? Icheoku asks, how does the Igboman plan to insure his place and secure his business in Nigeria under the very harsh hellish condition of their existence in Nigeria? How can the Igbo-man guard against such a vindictive, forced closure of his business in Nigeria by such men as the Satan of Otta, Olusegun Obasanjo, in the future? These are the pertinent questions that need urgent answers, immediately and now! These are the questions thrown up by the travails of Savannah Bank, these past eight years; and the victimized Igbos of Nigeria should take the bull by the horn and fashion out some answers thereto. Is Oha-n-eze still relevant as the vanguard of the Igbos? This is the time to prove it. Is Oha-n-eze still the champion and defender of Igbo interest? The time to claim that honor and glory has come. What can they do? Icheoku says, Oha-n-eze should call an urgent meeting of other stake-holders of Nigeria and demand to know if the Biafra-Nigeria war is really over? Oha-n-eze should find out whether the Igbos are still an integral part of Nigeria or not? Oha-n-eze should find out whether the Igbos lost their status by defending their honor and right to peaceful existence, when they defended themselves from the genocidal onslaught by other Nigerians? Oha-n-eze should demand in the alternative to be allowed an honorable separation that they may go and pursue their destiny in an environment devoid of these acrimonious barrage of attacks in their supposed Nigeria? Oha-n-eze should, in the alternative, find out what security assurances are there for the Igbos, to make them feel like they really belong to Nigeria? Finally, if they want to accept the Igbos as Nigerians, then it must be unconditional, total and complete; with full rights and privileges like every other Nigerian, without these incessant heart-wrecking discriminatory practices being carried out against them.

Icheoku says, there must be a real push back by the Igbos of Nigeria to actually find their footing once again, and never to recoil each time and every time as if they are second class Nigerians? What Savannah Bank achieved is one such push back, admitted it took a whopping eight long years to get result? The Igbos must become more assertive in Nigeria to improve their lot and not allow the likes of melancholic Olusegun Obasanjo to tell them otherwise? Regrettably the timidity of the crop of Igbo men and women who pretend to be leading the Igbos now, leaves much to be desired; especially the "elected" national assembly members? All girlie-men and sissied-women who could not stand toe to toe, eye-ball to eye-ball to their fellow legislators from other parts of Nigeria to negotiate a fair term for the Igbo nation? Aremu Olusegun Obasanjo craftily castrated the Igbos, when he handpicked his errand boys and girls to represent the Igbos in both national houses; while weeding out the mavericks and patriots among them? What he thereafter foist on the Igbos are a bunch of cowardly people who cannot stand up and be counted, their balls having been since removed?

At least, if only these people would open their mouth and say something, that will suffice; but to keep silent in the face of such tyranny that is being visited on the Igbos is to have the men in these people die.What happened to the fighting spirit of the Igbos? The days of effective Igbo representation in the national political sphere seems a long forgotten blimp on the radar; as what the Igbos are now left with are Judas-tic men and women who look at their checking accounts to see the returns on their political sell-out of the Igbos? This, as a trade-off for their disgraceful silence while the overall Igbo interest is left to suffer untold humiliation in the hands of despicable people in leadership positions in Nigeria? But who shall mourn these so called Igbo leaders when their sun finally sets? Who shall remember these bunch of self-centered piece of Igbo humanity? What will their epitaph read? What impact would they have left behind to immortalize their memory or as signature of their passage through the Igbo landscape? Icheoku was even surprised to learn that deputy senate president is an Igboman and yet what has he done for the Igboman since? Ike Ekweremadu, Icheoku asks, any legacy yet? Also whether our beloved Uche Chukwumerije is still in Abuja or he too has been de-plumed, we do not know; but suffice it to say that his voice has also become silent. What we do however know, is that the breed of Igbo true blood like Nnamdi Azikwe, Dennis Osadebey, Mbazulike Amechi, K O Mbadiwe, Dr. Mike Opara, CC Onoh, Dee Mbakwe etc, are forever gone and in their place are people handpicked by non-Igbos from Igboland and for the Igbos; by non other than a desperate Otta gorilla, Olusegun Obasanjo? To these Igbo-Esaus at Abuja, who would sell their Igbo people for some oil wells allocation, Icheoku says, you will die alone and lonely; you shall not be missed and there will be no collective effort to mourn you. If brain does not work, why not resort to brawn or are you just cowards of the country? The Igbo nation, weepeth because of you!

It will be recalled that as at the time of its forced closure, Savannah Bank was one of the top 10 banks in Nigeria with 85,000 shareholders, 750,000 depositors and a work-force of 3,000 people? Therefore, in view of this enviable position then held, Icheoku says, how can Savannah Bank ever be compensated for the trauma of these past eight years of its forced closure? The profits it would have made; the growth it would have recorded, the innovations it would have achieved and the numerous down-turns goes on and on? As it battles with the new information technology, depositors’ confidence and harmonization, recruitment of new hands and composition of the management and board and more importantly getting the confidence of Nigerian banking audience back will prove one heck of a daunting task. Icheoku says, now that the atrocities committed by Aremu Olusegun Obasanjo have seen the light of day with such a rebuke of re-opening his closed Savannah Bank PLC; may he now hide his weird-looking face in a sack-cloth and with ashes thrown on his head, take a walk into the evil-forest and never look back! As Savannah Bank once again takes its baby-steps, Icheoku says, the endangered Igbo species in Nigeria should understand that it is not yet UHURU for them and their business and therefore should gird their loins for the challenges ahead as the Obasanjo anti-Igbo elements in Nigeria are probably at work, plotting again where and how to strike at the heart of Igbo business success! Once again, congratulation Savannah Bank, it is a new day!

FYI:- Former Governor of CBN, Professor Chukwuma Soludo once told the Senate Committee on Banking, Insurance and other Financial Institutions that “the bank’s licence was revoked on the 15th of February 2002 as at which time he had not come into office.