Category: OBITUARY

Arthur Andersen: Fall From Grace-A Sad Tale of Greed!

At “Andersen U.,” the lush, 150-acre campus where Arthur Andersen LLP has trained tens of thousands of new recruits, there’s a shrinento ethical accounting.

A display in the Andersen Heritage Center is devoted to yellowing press clippings of a long-ago campaign to clean up the accounting industry by Leonard Spacek, who led the firm from 1947 to 1963. In one, he accused Bethlehem Steel of overstating its profits in 1964 by more than 60%.
In another, he bashed the Securities and Exchange Commission for failing to crack down on companies that cooked their books, saying that at best the regulatory agency has been “a brake on the rate of retrogression in the quality of accounting.”

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Enron: The Fall of A Wall Street Darling

Enron is a company that reached dramatic heights, only to face a dizzying collapse. The story ends with the bankruptcy of one of America’s largest corporations.

Enron’s collapse affected the lives of thousands of employees, many pension funds and shook Wall Street to its very core. To this day, many wonder how a company so big and so powerful disappeared almost overnight. How did it manage to fool the regulators and the Wall Street community for so long, with fake off-the-books corporations?

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Case Study: The Collapse of Lehman Brothers

Overview

On September 15, 2008, Lehman Brothers filed for bankruptcy. With $639 billion in assets and $619 billion in debt, Lehman’s bankruptcy filing was the largest in history, as its assets far surpassed those of previous bankrupt giants such as WorldCom and Enron.

Lehman was the fourth-largest U.S. investment bank at the time of its collapse, with 25,000 employees worldwide. Lehman’s demise also made it the largest victim, of the U.S. subprime mortgage-induced financial crisis that swept through global financial markets in 2008. Click here to make a lazy tweet

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Savannah Bank: Dead or Alive?

The decision of the Central Bank of Nigeria (CBN) not to appeal the judgment of Court of Appeal restoring the operating licence of Savannah Bank of Nigeria Plc opened the way for the return of the bank. It also signals the end of one of the controversial chapters in the history of banking in Nigeria.

However, the N25 billion capitalisation requirement for banks has become an albatross on the neck of the bank.

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Nigeria Airways: Murdered in Cold Blood 12 Years Ago by Government! Obasanjo Part 2

In Pages 109, 110 and 111, IFC further gave a deft analysis of the consequences of Liquidation, some of which include:

(i) Less likelihood of strong national carrier from “survival of the fittest local strategy;
(ii) Disorderly development of air transport market: increases of financial cost from collapse of several domestic carrier;
(iii) Great likelihood of worsening safety records in Nigeria;
(iv) Increased reliance on foreign carriers, among others.
(v) Nigeria would most unlikely not develop into a regional hub.

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Nigeria Airways: Murdered in Cold Blood 12 Years Ago by Government

This is the story of a national titan, who offered service to the nation for over 40 years. In these years, in keeping with the social responsibility philosophy of its establishment, “WT” (Whisky Tango), as it was fondly recognised in the global aviation circle, flew daily sorties in addition to scheduled operations to advance the aspirations of a new nation.

Between 1960 – 1975, Nigeria Airways announced, publicised and projected the image of a new independent black African nation. From Europe to America, from Africa to Middle/Near East, the Nigerian flag flew on WT. It not only brought pride to the nation and its people, but also raised their profile globally at a time when very few nations of the world were in the global air space.

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Intercontinental Bank Plc: Death so Painful

The banking entity was officially proclaimed DEAD by the Central Bank of Nigeria (CBN) in 2009. It was a mysterious and painful demise. But the soul of the bank has refused to Rest-in-Peace. Today, the living dead skeleton of the bank are rumbling in the belly of Access Bank Plc, fueling ghostly imaginations of resurrection or reincarnation.

The Early Years
Intercontinental Bank Plc was born in 1989 to the family of Dr. Erastus Akingbola.

Early in life, the young bank exhibited elements of excellence, profitability and leadership in the banking sector.
And when the whistle was blown on Banking Consolidation in 2005, the bank merged seamlessly with three other banking institutions: Equity Bank of Nigeria, Gateway Bank and Global Bank in October of that year. Naturally, the merging process made it bigger in terms of size, branch network, customer base and profitability.

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