Savannah Bank to Commence Operation Next Year

Savannah Bank Plc has said that the bank will stage a comeback in the next one year and will pay all depositors, whose funds were trapped since 2002, adding that it will still retain its national structure rather than diminishing to a regional bank.
Currently, the promoters of the bank said they are mobilizing funds from foreign and local investors and would be subjected to verification by the Central Bank of Nigeria (CBN) to be sure that their funds were adequate for the bank’s commencement of operations.
The promoters who spoke to through the bank’s Media Management team led by Mr. Ernie Onwumere and Obi Adiele explained that the bank would be capable of paying hundred percent deposits trapped in the bank. They contended that preliminary investigations indicated that the bank was being owed more than what it needed to settle all its former depositors.
The bank plans to start operation from its regional offices such as Lagos, Port Harcourt, Enugu, Kano while the corporate head office will be located in Abuja.
It would be recalled that in June 10, 2009, the Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN) and the Nigeria Police which had laid siege at head and branch offices of Savannah Bank of Nigeria Plc since 2002, and was later restored its banking license, ending seven years of agony for directors, depositors and other stakeholders of the bank.
The handover ceremony which was performed by the former Managing Director/Chief executive of NDIC, Alhaji Ganiyu Ogunleye and a representative of the Director of Banking Supervision, Mr. Sola Awoyebi, also had in attendance directors of the Savannah Bank Plc, including Senator Jim Nwobodo, his wife Patricia, Professor Sam Aluko and interim board chairman, Mr. Richard Abrahams, among other personalities.
Mr. Onwumere noted that the management of the bank was currently concerned with the verification of the depositors’ accounts, the assets of the bank mobilizing funds for its take off rather than investigating those indebted to the bank.
According to him, “Central Bank has to verify the funds they (Foreign investors) are bringing in to confirm that the funds are available. That is why we are saying everybody  in this era of due process we have to follow the due process so that all the capital in procession they are verified they are confirmed that they are in the group and certify issue for the capital importation.
Mr. Onwumere confirmed the bank’s new foreign investor, Mr. Peter Abraham as its chairman, adding that Savannah bank will not change it brand because the new management believe in it even though there could be innovations.
He said: “We believe that working with our regulators, we will begin to count 18 months from February 2010. Right now we are doing verification. We are going to the branches to verify with the auditors, with NDIC. It is when we finish the verification we can now have a roll out plan.
“We are beginning gradually; we will verify our depositors so that we ascertain our level of indebtedness. So, the next stage we go is now to begin to regularize the accounts by opening the branches in Abuja, Lagos, Kano, Port-Harcourt, Enugu, from that regional role out we will now go over to the states.
 “We are sure that before the year ends we would have gone too far.  We also need to compete in the market. The market is getting more and more competitive. So, we do not need to waste time. We have a chairman, Richard Abraham of the board.  He was there at the official handover by NDIC, CBN. He is leading part of the team that is trying to source for investors”.