Keep Us Strong WikiLeaks logo

Currently released so far... 143912 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
AORC AS AF AM AJ ASEC AU AMGT APER ACOA ASEAN AG AFFAIRS AR AFIN ABUD AO AEMR ADANA AMED AADP AINF ARF ADB ACS AE AID AL AC AGR ABLD AMCHAMS AECL AINT AND ASIG AUC APECO AFGHANISTAN AY ARABL ACAO ANET AFSN AZ AFLU ALOW ASSK AFSI ACABQ AMB APEC AIDS AA ATRN AMTC AVIATION AESC ASSEMBLY ADPM ASECKFRDCVISKIRFPHUMSMIGEG AGOA ASUP AFPREL ARNOLD ADCO AN ACOTA AODE AROC AMCHAM AT ACKM ASCH AORCUNGA AVIANFLU AVIAN AIT ASECPHUM ATRA AGENDA AIN AFINM APCS AGENGA ABDALLAH ALOWAR AFL AMBASSADOR ARSO AGMT ASPA AOREC AGAO ARR AOMS ASC ALIREZA AORD AORG ASECVE ABER ARABBL ADM AMER ALVAREZ AORCO ARM APERTH AINR AGRI ALZUGUREN ANGEL ACDA AEMED ARC AMGMT AEMRASECCASCKFLOMARRPRELPINRAMGTJMXL ASECAFINGMGRIZOREPTU ABMC AIAG ALJAZEERA ASR ASECARP ALAMI APRM ASECM AMPR AEGR AUSTRALIAGROUP ASE AMGTHA ARNOLDFREDERICK AIDAC AOPC ANTITERRORISM ASEG AMIA ASEX AEMRBC AFOR ABT AMERICA AGENCIES AGS ADRC ASJA AEAID ANARCHISTS AME AEC ALNEA AMGE AMEDCASCKFLO AK ANTONIO ASO AFINIZ ASEDC AOWC ACCOUNT ACTION AMG AFPK AOCR AMEDI AGIT ASOC ACOAAMGT AMLB AZE AORCYM AORL AGRICULTURE ACEC AGUILAR ASCC AFSA ASES ADIP ASED ASCE ASFC ASECTH AFGHAN ANTXON APRC AFAF AFARI ASECEFINKCRMKPAOPTERKHLSAEMRNS AX ALAB ASECAF ASA ASECAFIN ASIC AFZAL AMGTATK ALBE AMT AORCEUNPREFPRELSMIGBN AGUIRRE AAA ABLG ARCH AGRIC AIHRC ADEL AMEX ALI AQ ATFN AORCD ARAS AINFCY AFDB ACBAQ AFDIN AOPR AREP ALEXANDER ALANAZI ABDULRAHMEN ABDULHADI ATRD AEIR AOIC ABLDG AFR ASEK AER ALOUNI AMCT AVERY ASECCASC ARG APR AMAT AEMRS AFU ATPDEA ALL ASECE ANDREW
EAIR ECON ETRD EAGR EAID EFIN ETTC ENRG EMIN ECPS EG EPET EINV ELAB EU ECONOMICS EC EZ EUN EN ECIN EWWT EXTERNAL ENIV ES ESA ELN EFIS EIND EPA ELTN EXIM ET EINT EI ER EAIDAF ETRO ETRDECONWTOCS ECTRD EUR ECOWAS ECUN EBRD ECONOMIC ENGR ECONOMY EFND ELECTIONS EPECO EUMEM ETMIN EXBS EAIRECONRP ERTD EAP ERGR EUREM EFI EIB ENGY ELNTECON EAIDXMXAXBXFFR ECOSOC EEB EINF ETRN ENGRD ESTH ENRC EXPORT EK ENRGMO ECO EGAD EXIMOPIC ETRDPGOV EURM ETRA ENERG ECLAC EINO ENVIRONMENT EFIC ECIP ETRDAORC ENRD EMED EIAR ECPN ELAP ETCC EAC ENEG ESCAP EWWC ELTD ELA EIVN ELF ETR EFTA EMAIL EL EMS EID ELNT ECPSN ERIN ETT EETC ELAN ECHEVARRIA EPWR EVIN ENVR ENRGJM ELBR EUC EARG EAPC EICN EEC EREL EAIS ELBA EPETUN EWWY ETRDGK EV EDU EFN EVN EAIDETRD ENRGTRGYETRDBEXPBTIOSZ ETEX ESCI EAIDHO EENV ETRC ESOC EINDQTRD EINVA EFLU EGEN ECE EAGRBN EON EFINECONCS EIAD ECPC ENV ETDR EAGER ETRDKIPR EWT EDEV ECCP ECCT EARI EINVECON ED ETRDEC EMINETRD EADM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID ETAD ECOM ECONETRDEAGRJA EMINECINECONSENVTBIONS ESSO ETRG ELAM ECA EENG EITC ENG ERA EPSC ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EIPR ELABPGOVBN EURFOR ETRAD EUE EISNLN ECONETRDBESPAR ELAINE EGOVSY EAUD EAGRECONEINVPGOVBN EINVETRD EPIN ECONENRG EDRC ESENV EB ENER ELTNSNAR EURN ECONPGOVBN ETTF ENVT EPIT ESOCI EFINOECD ERD EDUC EUM ETEL EUEAID ENRGY ETD EAGRE EAR EAIDMG EE EET ETER ERICKSON EIAID EX EAG EBEXP ESTN EAIDAORC EING EGOV EEOC EAGRRP EVENTS ENRGKNNPMNUCPARMPRELNPTIAEAJMXL ETRDEMIN EPETEIND EAIDRW ENVI ETRDEINVECINPGOVCS EPEC EDUARDO EGAR EPCS EPRT EAIDPHUMPRELUG EPTED ETRB EPETPGOV ECONQH EAIDS EFINECONEAIDUNGAGM EAIDAR EAGRBTIOBEXPETRDBN ESF EINR ELABPHUMSMIGKCRMBN EIDN ETRK ESTRADA EXEC EAIO EGHG ECN EDA ECOS EPREL EINVKSCA ENNP ELABV ETA EWWTPRELPGOVMASSMARRBN EUCOM EAIDASEC ENR END EP ERNG ESPS EITI EINTECPS EAVI ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID ELTRN EADI ELDIN ELND ECRM EINVEFIN EAOD EFINTS EINDIR ENRGKNNP ETRDEIQ ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD EAIT ECONEINVEFINPGOVIZ EWWI ENERGY ELB EINDETRD EMI ECONEAIR ECONEFIN EHUM EFNI EOXC EISNAR ETRDEINVTINTCS EIN EFIM EMW ETIO ETRDGR EMN EXO EATO EWTR ELIN EAGREAIDPGOVPRELBN EINVETC ETTD EIQ ECONCS EPPD ESS EUEAGR ENRGIZ EISL EUNJ EIDE ENRGSD ELAD ESPINOSA ELEC EAIG ESLCO ENTG ETRDECD EINVECONSENVCSJA EEPET EUNCH ECINECONCS
KPKO KIPR KWBG KPAL KDEM KTFN KNNP KGIC KTIA KCRM KDRG KWMN KJUS KIDE KSUM KTIP KFRD KMCA KMDR KCIP KTDB KPAO KPWR KOMC KU KIRF KCOR KHLS KISL KSCA KGHG KS KSTH KSEP KE KPAI KWAC KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KPRP KVPR KAWC KUNR KZ KPLS KN KSTC KMFO KID KNAR KCFE KRIM KFLO KCSA KG KFSC KSCI KFLU KMIG KRVC KV KVRP KMPI KNEI KAPO KOLY KGIT KSAF KIRC KNSD KBIO KHIV KHDP KBTR KHUM KSAC KACT KRAD KPRV KTEX KPIR KDMR KMPF KPFO KICA KWMM KICC KR KCOM KAID KINR KBCT KOCI KCRS KTER KSPR KDP KFIN KCMR KMOC KUWAIT KIPRZ KSEO KLIG KWIR KISM KLEG KTBD KCUM KMSG KMWN KREL KPREL KAWK KIMT KCSY KESS KWPA KNPT KTBT KCROM KPOW KFTN KPKP KICR KGHA KOMS KJUST KREC KOC KFPC KGLB KMRS KTFIN KCRCM KWNM KHGH KRFD KY KGCC KFEM KVIR KRCM KEMR KIIP KPOA KREF KJRE KRKO KOGL KSCS KGOV KCRIM KEM KCUL KRIF KCEM KITA KCRN KCIS KSEAO KWMEN KEANE KNNC KNAP KEDEM KNEP KHPD KPSC KIRP KUNC KALM KCCP KDEN KSEC KAYLA KIMMITT KO KNUC KSIA KLFU KLAB KTDD KIRCOEXC KECF KIPRETRDKCRM KNDP KIRCHOFF KJAN KFRDSOCIRO KWMNSMIG KEAI KKPO KPOL KRD KWMNPREL KATRINA KBWG KW KPPD KTIAEUN KDHS KRV KBTS KWCI KICT KPALAOIS KPMI KWN KTDM KWM KLHS KLBO KDEMK KT KIDS KWWW KLIP KPRM KSKN KTTB KTRD KNPP KOR KGKG KNN KTIAIC KSRE KDRL KVCORR KDEMGT KOMO KSTCC KMAC KSOC KMCC KCHG KSEPCVIS KGIV KPO KSEI KSTCPL KSI KRMS KFLOA KIND KPPAO KCM KRFR KICCPUR KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KFAM KWWMN KENV KGH KPOP KFCE KNAO KTIAPARM KWMNKDEM KDRM KNNNP KEVIN KEMPI KWIM KGCN KUM KMGT KKOR KSMT KISLSCUL KNRV KPRO KOMCSG KLPM KDTB KFGM KCRP KAUST KNNPPARM KUNH KWAWC KSPA KTSC KUS KSOCI KCMA KTFR KPAOPREL KNNPCH KWGB KSTT KNUP KPGOV KUK KMNP KPAS KHMN KPAD KSTS KCORR KI KLSO KWNN KNP KPTD KESO KMPP KEMS KPAONZ KPOV KTLA KPAOKMDRKE KNMP KWMNCI KWUN KRDP KWKN KPAOY KEIM KGICKS KIPT KREISLER KTAO KJU KLTN KWMNPHUMPRELKPAOZW KEN KQ KWPR KSCT KGHGHIV KEDU KRCIM KFIU KWIC KNNO KILS KTIALG KNNA KMCAJO KINP KRM KLFLO KPA KOMCCO KKIV KHSA KDM KRCS KWBGSY KISLAO KNPPIS KNNPMNUC KCRI KX KWWT KPAM KVRC KERG KK KSUMPHUM KACP KSLG KIF KIVP KHOURY KNPR KUNRAORC KCOG KCFC KWMJN KFTFN KTFM KPDD KMPIO KCERS KDUM KDEMAF KMEPI KHSL KEPREL KAWX KIRL KNNR KOMH KMPT KISLPINR KADM KPER KTPN KSCAECON KA KJUSTH KPIN KDEV KCSI KNRG KAKA KFRP KTSD KINL KJUSKUNR KQM KQRDQ KWBC KMRD KVBL KOM KMPL KEDM KFLD KPRD KRGY KNNF KPROG KIFR KPOKO KM KWMNCS KAWS KLAP KPAK KHIB KOEM KDDG KCGC
PGOV PREL PK PTER PINR PO PHUM PARM PREF PINF PRL PM PINS PROP PALESTINIAN PE PBTS PNAT PHSA PL PA PSEPC POSTS POLITICS POLICY POL PU PAHO PHUMPGOV PGOG PARALYMPIC PGOC PNR PREFA PMIL POLITICAL PROV PRUM PBIO PAK POV POLG PAR POLM PHUMPREL PKO PUNE PROG PEL PROPERTY PKAO PRE PSOE PHAS PNUM PGOVE PY PIRF PRES POWELL PP PREM PCON PGOVPTER PGOVPREL PODC PTBS PTEL PGOVTI PHSAPREL PD PG PRC PVOV PLO PRELL PEPFAR PREK PEREZ PINT POLI PPOL PARTIES PT PRELUN PH PENA PIN PGPV PKST PROTESTS PHSAK PRM PROLIFERATION PGOVBL PAS PUM PMIG PGIC PTERPGOV PSHA PHM PHARM PRELHA PELOSI PGOVKCMABN PQM PETER PJUS PKK POUS PTE PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PERM PRELGOV PAO PNIR PARMP PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PHYTRP PHUML PFOV PDEM PUOS PN PRESIDENT PERURENA PRIVATIZATION PHUH PIF POG PERL PKPA PREI PTERKU PSEC PRELKSUMXABN PETROL PRIL POLUN PPD PRELUNSC PREZ PCUL PREO PGOVZI POLMIL PERSONS PREFL PASS PV PETERS PING PQL PETR PARMS PNUC PS PARLIAMENT PINSCE PROTECTION PLAB PGV PBS PGOVENRGCVISMASSEAIDOPRCEWWTBN PKNP PSOCI PSI PTERM PLUM PF PVIP PARP PHUMQHA PRELNP PHIM PRELBR PUBLIC PHUMKPAL PHAM PUAS PBOV PRELTBIOBA PGOVU PHUMPINS PICES PGOVENRG PRELKPKO PHU PHUMKCRS POGV PATTY PSOC PRELSP PREC PSO PAIGH PKPO PARK PRELPLS PRELPK PHUS PPREL PTERPREL PROL PDA PRELPGOV PRELAF PAGE PGOVGM PGOVECON PHUMIZNL PMAR PGOVAF PMDL PKBL PARN PARMIR PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PDD PRELKPAO PKMN PRELEZ PHUMPRELPGOV PARTM PGOVEAGRKMCAKNARBN PPEL PGOVPRELPINRBN PGOVSOCI PWBG PGOVEAID PGOVPM PBST PKEAID PRAM PRELEVU PHUMA PGOR PPA PINSO PROVE PRELKPAOIZ PPAO PHUMPRELBN PGVO PHUMPTER PAGR PMIN PBTSEWWT PHUMR PDOV PINO PARAGRAPH PACE PINL PKPAL PTERE PGOVAU PGOF PBTSRU PRGOV PRHUM PCI PGO PRELEUN PAC PRESL PORG PKFK PEPR PRELP PMR PRTER PNG PGOVPHUMKPAO PRELECON PRELNL PINOCHET PAARM PKPAO PFOR PGOVLO PHUMBA POPDC PRELC PHUME PER PHJM POLINT PGOVPZ PGOVKCRM PAUL PHALANAGE PARTY PPEF PECON PEACE PROCESS PPGOV PLN PRELSW PHUMS PRF PEDRO PHUMKDEM PUNR PVPR PATRICK PGOVKMCAPHUMBN PRELA PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PBT PAMQ

Browse by classification

Community resources

courage is contagious

Viewing cable 08LAGOS315, NIGERIA: REPORT CASTS DOUBTS ON VIABILITY OF AFRICA FINANCE

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08LAGOS315.
Reference ID Created Released Classification Origin
08LAGOS315 2008-08-07 07:31 2011-08-26 00:00 UNCLASSIFIED Consulate Lagos
VZCZCXRO5293
RR RUEHMA RUEHPA
DE RUEHOS #0315/01 2200731
ZNR UUUUU ZZH
R 070731Z AUG 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 0102
INFO RUEHUJA/AMEMBASSY ABUJA 9779
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEAWJA/DEPT OF JUSTICE WASHDC
UNCLAS SECTION 01 OF 03 LAGOS 000315 
 
SIPDIS 
 
STATE PASS USTR FOR AGAMA 
STATE PASS USAID FOR NFREEMAN, GBERTOLIN 
STATE PASS EXIM FOR JRICHTER 
STATE PASS OPIC FOR ZHAN, MSTUCKART, JEDWARDS 
STATE PASS TDA FOR LFITTS, PMARIN 
DOC FOR 3317/ITA/OA/KBURRESS 
DOC FOR 3310/USFC/OIO/ANESA/DHARRIS 
DOJ FOR MARIE-FLORE KOUAME 
TREASURY FOR RHALL, DPETERS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON PGOV NI
 
SUBJECT: NIGERIA: REPORT CASTS DOUBTS ON VIABILITY OF AFRICA FINANCE 
CORPORATION 
 
REF: A) Lagos 201 
B) Lagos 143 
C) 07 Lagos 549 
 
1. (SBU) Summary: On July 23, news media reported the submission of 
a report by the Presidential Committee set up by President Yar'Adua 
to investigate the Central Bank of Nigeria (CBN) Governor Chukwuma 
Soludo's role in setting up the Africa Finanace Corporation (AFC), a 
multilateral development corporation.  The report found the CBN 
lacking authority in making an investment in the AFC and Governor 
Soludo liable for gross negligence and abuse of office with his role 
in the corporation's set up.  Nigerian commercial banks with equity 
holdings in AFC are not concerned about their investment.  AFC, 
under new leadership, is moving faster than before. End Summary. 
 
Committee Divided on Soludo's Role 
---------------------------------- 
 
2. (U) On July 23, news media reported that the Presidential 
Committee, set up by President Yar'Adua on April 14 to determine 
whether the CBN acted within the law and regulations in setting up 
the Africa Finance Corporation (AFC), and to verify the CBN's 
authority to invest USD 462 million equity in the institution, 
submitted its report to the Federal Government Attorney General. 
Saharareporters published excerpts of the report on its website. 
(Comment: Saharareporters, reputedly an online news agency 
comprising of international reporters, is known for its sensational 
news reporting.  It is unclear how Saharareporters obtained a copy 
of the report. End Comment) 
 
3. (SBU) AFC contact told EconOff July 26 that the Presidential 
Committee actually submitted two reports because the committee 
members were divided in their assessment of the CBN and Governor 
Soludo's roles in setting up the corporation.  The AFC received the 
same report published by Saharareporters.  According to the contact, 
a second report is more sympathetic to Governor Soludo, although it 
is unknown to whom, if anyone, it has been submitted.  The 
Government of Nigeria (GON) has yet to make any public statement 
regarding the report. 
 
Report: CBN Lacked Authority to Invest 
--------------------------------------- 
 
4. (U) According to the report published by Saharareporters, the CBN 
invested roughly USD 463 million as a 42.5 percent equity stake in 
AFC, and the CBN Board approved the transaction on August 2, 2006. 
The AFC was launched in April 2007, and the CBN authorized the first 
fund transfer in November 2007. 
The Committee found that, although the governments of Guinea-Bissau 
and Sierra-Leone had transmitted "letters of acceptance" of the 
offer to join in early 2008, there had been no actual investment 
made. 
Conceptualized as a multilateral development institution with 
government-based membership, the report said the CBN investment 
needed "the express approval of the Federal Government of Nigeria", 
similar to the ratification of a treaty, before funds could be 
committed.  In the absence of such approval, the CBN "lacked the 
authority" to invest in the AFC, the report found. 
 
5. (U) On May 2, the Committee told the CBN to withdraw its 
investment in the AFC; the CBN effectuated this request on May 8. 
CBN funds are now in an account with JP Morgan Chase Bank, pending a 
final decision by the GON on the continuation of its investment in 
the AFC.  The Committee directed the CBN on June 27 to make no 
withdrawals or have any "adverse dealings" on the account pending 
the GON's final decision. 
 
Report: Soludo "Grossly 
Negligent", Abused Office 
------------------------- 
 
6. (U) The report found CBN Governor Soludo to be the "chief 
visioner" and "active directing mind" of the AFC initiative.  The 
CBN Board's decision to commit funds to the AFC in November 2007, 
before it became legally operational, was "hasty, procedurally wrong 
and legally flawed." Purportedly Soludo received approval for CBN's 
investment in AFC from former President Obasanjo before Obasanjo 
 
LAGOS 00000315  002 OF 003 
 
 
left office in May 2007; however, the CBN's payment was not made 
until five months later in November, under President Yar'Adua's 
administration.  According to the report, Governor Soludo failed to 
brief President Yar'Adua and the Federal Executive Council on the 
need for AFC's ratification from the time of the fund transfer to 
the start of the investigation.  The Committee found Soludo liable 
for "gross negligence, recklessness and gross abuse of office," and 
urged the GON to "take appropriate action" against the CBN Governor. 
 
 
AFC's CEO Sacked 
---------------- 
 
6. (SBU) EconOff's AFC contact said July 22 that Austine Ometoruwa, 
AFC's Chief Executive Officer, had been suspended in an emergency 
AFC Board meeting.  The suspension was ostensibly because of 
Ometoruwa's slow and ineffectual management style.  The contact said 
AFC Vice President Solomon Asamoah had taken over.  On July 23, 
local news media reported Ometoruwa's suspension coincided with the 
submission of the committee report. (Comment: Banking and financial 
interlocutors had speculated that Ometoruwa would be removed as a 
strategy to take the heat off Governor Soludo and to save the AFC. 
End Comment) 
 
Banks Not Worried About Investment in AFC 
----------------------------------------- 
 
7. (SBU) Nigerian commercial banks with substantial investments in 
AFC and memberships on its Board of Directors are not worried that 
recent developments threaten the funds committed.  China 
Onyemelukwe, Managing Director of Zenith Capital, told EconOff July 
3 that CBN Governor Soludo made personal phone calls to bank heads 
to cajole them into investing.  When Zenith Bank's Managing Director 
received a call from Soludo asking for investment, he consulted 
first with Onyemelukwe then with other banks.  The banks consulted 
among themselves about the amount of investment each would 
contribute, Onyemelukwe explained.  Zenith invested with the 
understanding that it would get its equity holdings back should 
anything happen to AFC, he said.  Oti Ikomi, Executive Director of 
Corporate Banking Group, Oceanic International Bank, told EconOff 
June 11 that it would be "easy" for Oceanic to withdraw its funds. 
(Note: Zenith and Oceanic Banks each has a 4.59 percent equity 
holding in AFC. End Note) 
 
AFC's Capital Base Small 
Compared to Nigeria Banks 
------------------------- 
 
8. (SBU) Zenith Capital's Onyemelukwe said the AFC, under former CEO 
Austine Ometoruwa, tried to position itself in direct competition 
with local commercial banks.  According to Onyemelukwe, AFC would 
arrive at meetings and insist on taking the lead over the commercial 
banks in negotiating project contracts and terms.  He said the banks 
did not understand the reasons behind AFC's jostling for power; the 
corporation's USD 1 billion capital base is considered "a drop in 
the bucket" when compared to the capital bases of the local 
commercial banks.  Onyemelukwe also noted that the former CEO 
Ometoruwa spent a lot of time in Europe and did not successfully 
enlist buy-in from stakeholders. 
 
AFC Pushing Ahead with Projects 
------------------------------- 
 
9. (SBU) Post's AFC contact said the corporation is moving ahead 
even faster than before under the leadership of Solomon Asamoah, the 
new AFC CEO.  During his first week in office, Asamoah had 
demonstrated a decisive and organized management style, the contact 
said.  AFC contact expressed confidence that the corporation would 
be successful.  She claimed that one large local commercial bank had 
tried to recruit AFC staff to manage development projects similar to 
those in AFC's portfolio, signifying AFC's early success in 
originating and structuring projects in Nigeria. 
 
10. (SBU) Comment: The rumored submission of two reports by the 
Presidential Committee reflects the division between AFC's 
enthusiasts and its critics.  It is unclear whether AFC will survive 
without the CBN equity investment and Soludo's support. End comment. 
 
LAGOS 00000315  003 OF 003 
 
 
 
 
11. (U) This cable was cleared with Embassy Abuja. 
 
Blair