I heard people say the Saraki Family ran Societe Generale Bank aground, Yet no facts to back this wild gossip. Before people run their mouth wildly, the acquisition of Société General bank was supposed to be my career-defining transaction tombstone.
It was supposed to be my first major deal – as a new Investment Banking shop. It came to me as a sort of compensation from my last employers. I had just left paid employment to start my own boutique Investment (Merchant) Banking /Project Finance operations.
My last employers called me up to specifically give me the brief after they had some series of setbacks raising International capital to acquire this Bank.
I am very familiar with the state of Société General’s finances, there is no way any party acquiring a bank would not do a thorough financial and technical assessment – That is what the Price Water House and Ernst & Young are there for.
When I got the brief I tapped my extensive network and It yielded fruits. The London office of Duestchebank accepted to bankroll the acquisition of Société General Bank, Several things happened -which i am not permitted to talk about in the public domain as a Professional.
Bottom line, Société General was eventually acquired by my ex-employers all the same
One thing I can tell any body about Société General Bank is that, It had one of the best banking automation system and software, they were the first to have ATMs and Debit cards and their operations was about the industry best as at then.
I knew how much it was acquired —
– It was not acquired as a distressed bank – It might have been prevented from – participating in the Banking Capitalization move of 2004 – which required banks to move from ₦2Billion to ₦25Billion
Société General Bank had a lot more value than most of the banks that had to merge into one entity and still had to raise additional Capital to eventually hit the ₦25Billion mark.
So the story about Soc Gen being – ran aground is another lie I can’t fathom the origin but then, who knows – Any one
Who knows how Société General Bank was ruined by the Saraki
Family is free to enlighten me
I am all ears — this is a challenge I am throwing out.
ASONUMAKA GEORGE is an economist and a public commentator.
Midascnn 