Over Speculation of Collapse: CENTRAL BANK OKAYS ACCESS

Customers were jittery prior to last Saturday when news hit their doorsteps on Friday Morning about an imminent collapse of the operation of one of the foreign Banks in the country, notably the Access Bank, located on Siaka Stevens Street in the Capital city of Freetown.

Depositors adrenaline flowed in their body system increased when last Friday morning news about the collapse occupied the front pages of some tabloids including the Standard Times Newspaper, thus giving credence to what many financial experts have described   “digestion of  mere speculation” that threw depositors in to helter-skelter

What has been described as a mere speculation stemmed from the behavior of the Access Bank, Managing Director Mr. Tunde Balogun who always snubbed at journalists and members of the public wanting to cross check information relating to issues of operation and rumour that bother on the decision of a Member of the Board of Directors, which the public has a right to know about.


Many journalists in the country and even some depositors are heaping blame on the Managing Director of not seeking the interest of the Bank and depositors. Information that could lead customers to make informed decisions is concealed and journalists are rebuffed by Mr. Tunde Balogun anytime efforts are made by them to cross check with officials of the institution. His interpersonal and professional relationship with the media and customers has left most of the parties in a state of disillusionment and fear for their deposits. If Mr. Tunde Balogun had spared his time to explain to media practitioners, confirming or dismissing the speculation that a major share holder of the Bank has called it quit and withdrawn the sum of Le16Billion as his share from the Bank that has the potential of putting the financial institution on the brink of collapse.

Mr. Vincent Kanu, according to further investigations conducted and confirmed by official sources at the Central Bank; Regulator of Commercial Banks in the country, he is not a Shareholder, but a Director of the Board like his Colleague Directors of the same or other financial institutions and the alleged withdrawal of Le16Billion from his account is subject to several questions and scrutiny.

“The Access Bank is not only solid, but maintains a strong and compromising financial base” One of the Directors remarked.

The Bank is 98% Plc owned and 2% Shares bagged by reputable institutions in Nigeria. Apart from the Access Bank, which is a foreign entity, all other Foreign Banks operating in Sierra Leone are constantly, steadily and jointly monitored by two groups of Financial Experts from the Central Bank in Nigeria and Sierra Leone. This has been made possible through an agreement established between the two financial institutions for the smooth, effective and proper management of monetary policies of the financial systems. It is not only for the purpose of mere establishment, but to create an atmosphere of competition in the financial and monetary markets. No wonder, foreign Banks are taking the business of banking to the door steps of the depositors and customers. It is not easy for one individual to cause the collapse of a financial institution as there are measures put in place by the Central Bank to regulate every process and see that Commercial Banks fully comply with them.

According to family sources of Mr. Vincent Kanu, the publication and rumours are a security threat to him. Mr. Kanu’s decision to quit the Board as a Director is common to many institutions, including Banks, which should not be giving very big media coverage. The fault has been squarely shifted on the Managing Director of the Bank, who should have endeavored to speak to the media and put the record straight rather than leave the media to speculate and awaken depositors from their peaceful morning sleep. Talking to the media by most business executives have perceived it as a taboo, without the least knowledge that talking to the media is talking to the wider public.

The Central Bank has Okayed the Access Bank, and allayed fears entertained by depositors of a pending collapse of the financial institution. “Why did the Managing Director, Mr. Tunde Balogun refuse to speak to the media, causing a whole lot of heart breaks and disillusionment among them” A customer of the Bank asked?

Posted by on 9:39 pm. Filed under Breaking News, NEWS, OTHER NEWS. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

You must be logged in to post a comment Login