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"Things have been put in place to make it difficult for young Nigerians to succeed." -Atedo Peterside, a Nigerian businessman who actually built an international bank (Stanbic IBTC) at the age of 33. In this interview he granted in 2017, he is honest enough to acknowledge the truth about...

25,028 views • 1 month ago •via X (Twitter)

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Savannah Bank is trending because APC influencers are accusing Peter Obi of lying about ‘building’ banks 1984. According to them, he graduated in 1984 but claims to have built a bank that was established in 1989. These claims are extremely false. In the podcast on Monday, PO said he built two Savannah banks as an undergraduate during his UNN days. Contrary to what is trending. The Savannah bank wasn’t established in 1989. It had existed long since, 1960 but as Bank of America NT&SA. Following the indigenization decree of 1975, the Bank of America relinquished its majority holding, and the Nigerian government controlled 51.34% shareholding. Indigenization simply meant, putting the natives in charge of businesses. Or.. for long.. “The new legislation was planned to give Nigerians more access to surplus income of businesses, shift foreign investment to highly technical areas and promote indigenous businesses.” So.. The bank was then renamed ‘Savannah Bank of Nigeria Plc’ in 1979, Savannah International 1989, it was later privatized in 1992 through the Nigeria Stock Exchange. Now how Peter built it? Apparently, while he was in UNN pursing a degree in Philosophy and dealing his trade, he became acquainted with the Manager of the Bank, who was doing a part time program in the school. Who, told him they needed two properties to extend their branches in Ubolafo, Nsukka Anambra. So, he (PO) built the properties, leased it to the bank for five years. He built it with ₦18,000 and leased it at ₦7,000 per year. Made ₦ 35,000 from each building. And that’s how he got into real estate. Although, in the podcast he didn’t explain. He gave the impression that he built the bank from scratch. Hence, the misunderstanding. Savannah bank was shutdown on 15th February 2001. According to then CBN Governor, Joseph Oladele Sanusi, the bank did not have enough assets to meet liabilities and did not comply with CBN obligations. As at then they had 140 branches across the country. In 2009 6th of February a Court of Appeal sitting in Abuja ordered the re-opening of Savannah Bank, and ordered the CBN and NDIC to pay ₦100 million to the bank as damages. In 2010 it was reported that the bank is trying to raise ₦100bn for a restart. Follow Trending Explained for an improved twitter experience.

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46,715 views • 1 year ago