Intercontinental Bank Insider whistle blower Dayo Coker – part2

I guess perhaps Mr. Dayo Coker found his way to this weblog and read his story which I featured in the post titled: Intercontinental Bank Insider whistle blower Dayo Coker.

He had since March31st sent a mail to my mailbox, which unfortunately (I haven’t checked my box for awhile), I’m just checking / seeing now. The email is pasted below. Scroll down to the end of the post and read upwards to get the whole gist.

from    Dayo Coker <dayo.coker@gmail.com>
date    Tue, Mar 31, 2009 at 7:29 PM
subject    Investigation: The Lies of Intercontinental Bank
mailed-by    gmail.com

Reply
Thanks for putting the story on your site. We are happy that you are listening. Here is the result of my initial investigation. There will be more.

Regards,

Dayo Coker
dayo.coker@gmail.com
dayocoker.wordpress.com

 

In February, after repaying a multi-million dollar Merrill Lynch facility, Intercontinental Bank Nigeria Plc announced that it had secured a 50 million Euro loan from the European Investment Bank, an AAA-rated financial institution. According to the bank’s CEO, Mr Erastus Akingbola, the facility was to be used to finance projects in the health and education sectors. As the global financial crisis began to savage African financial markets, Akingbola would later say that this loan was a strong endorsement of the bank from a top-rated international financial institution.

However, an investigation by Dayo Coker, a Lagos-based blogger and financial analyst has revealed how Intercontinental Bank brazenly misled its clients, investors and the general public by claiming that it obtained the EIB facility in 2009 after the onset of the financial crisis. In an email to Dayo Coker, Clifford Una, the Press Officer of the European Investment Bank, EIB, confirmed that the EIB and Intercontinental Bank had signed the loan agreement in 2007, well before the near collapse of global financial markets. Mr Una also added that “to date, no allocations have been made under this loan and therefore, none of the agreed loan amount has been disbursed to date.”

It is now obvious that Intercontinental Bank, in a bid to shore up consumer confidence after several bad loans had become public, decided to misrepresent the timing of a facility it received two years ago. A more damning revelation is the bank’s decision to ignore a facility that was meant to strengthen Nigeria’s SME sector by leaving it untapped till date. For two years, Intercontinental bank did not access this loan and its managers only remembered to use it as a public relations stunt when rumours of instability began swirling around their institution.

This shows beyond doubt that Intercontinental Bank’s leadership is ethically challenged and guilty of misinforming the Nigerian public. Its handling of the facility also illustrates a high degree of incompetence and ineptitude. Any bank that lies to its own customers is not worthy of their patronage. It is time for the regulatory authorities to shake off their lethargy,perform their stipulated oversight functions and expose the Madoffs operating in the Nigerian financial system. The local press hasn’t been very helpful either. Rather, than launch independent investigations to ascertain the bank’s true position, they have been content to sit back and pad their publications with lucrative advertisements in exchange for dubious editorials and hagiographic columns.

Here’s a link showing the date of the transaction:
http://www.eib.org/projects/loans/2007/20070318.htm?lang=-en

Here’s an excerpt of my email correspondences with Mr Clifford Una, Press Officer of the European Investment Bank:

Dear Mr Coker
Many thanks for your emails below.
As with all EIB loans, the loan in question will be used to support financially sustainable investment projects in Nigerian education and health sectors.The final decision on the loans to SMEs will be made by the financial intermediary – Intercontinental Bank Plc – which is the only entity with which the EIB has an agreement in relation to this loan.
As explained in my previous email, the Bank’s decision to grant this loan was based on a thorough project appraisal covering financial, economic, environmental and technical details. Within this scope, corporate governance issues are are also considered.
To answer your final question, the EIB signed a loan agreement with Intercontinental Bank Plc on 28/12/2007. We should like to inform you that, to date, no allocations have been made under this loan and therefore, none of the agreed loan amount has been disbursed to date.
Regards
Una
Una CLIFFORD (Ms)
Press Officer
Communication Department
European Investment Bank
T: +352 4379 83326

GSM: + 352 621 555 758
u.clifford@eib.org

P. Consider the environment before you print this message.

 

From: Dayo Coker [mailto:dayo.coker@gmail.com]
Sent: Saturday 28 March 2009 15:09
To: CLIFFORD Úna
Subject: Re: INTERCONTINENTAL BANK NIGERIA PLC

Dear Mr Una,
I forgot to include a very important question. According to your website, the loan’s signature date is 28/12/07. Does this confirm that the loan was disbursed on this date? Thank you.
Regards,
Dayo Coker

 

From: Dayo Coker [mailto:dayo.coker@gmail.com]
Sent: Saturday 28 March 2009 15:05
To: CLIFFORD Úna
Subject: Re: INTERCONTINENTAL BANK NIGERIA PLC

Dear Mr Una,
Thanks for your email. I would like to get more information on the nature of the project. Is this loan intended to support profit-making small and medium-scale firms operating in Nigeria’s educational and health sectors or to be disbursed to NGOs and non-profits working in these sectors? Does the agreement mention any entity known as the Intercontinental Bank Foundation?
Does the EIB consider corporate governance issues such as transparency and efficient management when choosing its partners or is creditworthiness the sole deciding factor? I would be grateful if you could provide answers to these questions. Thank you.
Regards,
Dayo Coker,

 

On 3/27/09, CLIFFORD Úna <CLIFFOR@eib.org> wrote:
Dear Mr Coker

With reference to your question below, we would like to inform you that, on 28/12/2007and following the approval of its Board of Directors, the European Investment Bank (EIB) signed a EUR 50 million (US$66 million) credit line to Intercontinental Bank Plc to support the financing of small and medium-scale health and education projects in Nigeria. The project is published in the “projects financed” section of the Bank’s website:

http://www.eib.org/projects/loans/2007/20070318.htm?lang=-en
The project is in line with the objectives and conditions set out in the Cotonou Agreement – the mandate under which the EIB operates in Africa, Caribbean and Pacific (ACP) countries – as it will deepen the outreach of the financial sector in the country and support the development of its private sector. This project is line with the Bank’s financial sector strategy in ACP countries. It aims to develop the financial markets in Nigeria by financially supporting a creditworthy local institution and enabling it to grow sustainably while developing new financial resources suitable for the local markets. In addition, this project will specifically support two sectors – health and education – that are key to the social and economic development of the country.

As is the case for all projects which the EIB finances, the Bank’s decision to grant this loan was based on a thorough project appraisal covering financial, economic, environmental and technical details. In line with its normal procedures, the Bank will closely monitor the project’s implementation and compliance with the eligibility, viability and developmental impact of the underlying projects, confirming that allocation requests meet the criteria on which EIB took its decision to finance the project. In addition to the intensive monitoring and evaluation during project implementation, technical assistance will be also provided by the Bank’s services where necessary, as part of an on- going capacity-building exercise.
Kind regards
Una Clifford
Una Clifford
Press Officer
Communication Department
European Investment Bank
T: +352 4379 83326
GSM: + 352 621 555 758
u.clifford@eib.org

P Consider the environment before you print this message.

 

From: Dayo Coker [mailto:dayo.coker@gmail.com]
    Sent: Monday 23 March 2009 21:49
    To: InfoDesk@eib.org
    Subject: RE: INTERCONTINENTAL BANK NIGERIA PLC

Hello,

My name is Dayo Coker and I am a financial journalist and anti-corruption consultant. I would like to confirm the nature of your partnership with Intercontinental Bank Nigeria Plc. According to a news release circulated in the African media, the EIB has given Intercontinental Bank Nigeria Plc 50m Euros to invest in educational and developmental projects.

I would like to verify the authenticity of the information. If it is true, I would also like to know how the EIB plans to ensure that the money is not diverted to other purposes. Thank you for your anticipated cooperation.

Regards,
Dayo Coker,

I have emailed Mr. Coker to come take a read.

Thanks Mr. Coker for the update.

 

 

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24 responses

  1. I am wondering why you keep publishing negative things about Intercontinental Bank. I would have expected you to conduct your own research before publishing a write up from Dayo Coker. If Dayo Coker is fighter a personal battle with the bank simply because he fell out of favour, you should not be seen as a tool for him to be using. Like I always tell people, good story will sell itself, Dayo Coker is trying to hard to make us believe him. For you naijatechtalk, I will advise to stop publishing anything from Dayo Coker in order not to bring your blog into disrepute and also being punished by the Law.

    If you follow his blog carefully you could see that he has not been able to see a particular argument to a logical conclusion by bringing another topic. That shows someone you is not serious.

  2. Dayo Coker should always try to conclude a particular story before coming up with another.This does not show that he is a serious minded person.

  3. dear sir,

    Please note, FYI, ‘I read the news about Dayo Coker online’ from the website of several newspapers etc. Other websites featuring various news-types about Nigeria also carried it.

    Would you blame all the above for publishing ‘negative things’ about Intercontinental Bank (IB)? Are all the newspapers staff of IB? are they stakeholders? what do they have to gain or loose? and as many websites(local and international) that carried the unfortunate news, are they all tools of negative story publishing?

    and if I were to publish a positive news/story about someone, somewhere, a development, whatever; example: Intercontinental Bank, would you also advise me to stop publishing such positive stories and news items? have I also become another tool then?

    Sir, if you know ‘the truth’ about the IB issue, why not add your own opinion / s and tell us(Nigerians and the rest of the world) that: ‘this is the truth about the IB matter’. Your truthful comments would at least confound Mr. Dayo Coker’s lies(since you say he’s lying), rather than attacking him and I as well.

    At least, we would know you are trying to contribute some information.

    warm regards
    NTTAdmin

    p.s: thanks for dropping by.

  4. Altine Hassan

    Intercontinental Bank is full of criminals. The bank will just be using the name of God to deceive customers. I know personally that it was Soludo that got UBA and First Bank to bail them out of the mess that they were in. Let them continue deceiving people.We know better

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