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Viewing cable 09LAGOS490, AMBASSADOR MEETS WITH FIRSTBANK IN LAGOS

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Reference ID Created Released Classification Origin
09LAGOS490 2009-12-30 06:45 2011-08-30 01:44 CONFIDENTIAL Consulate Lagos
VZCZCXRO7689
PP RUEHPA
DE RUEHOS #0490/01 3640645
ZNY CCCCC ZZH
P 300645Z DEC 09
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC PRIORITY 1141
INFO RUEHZK/ECOWAS COLLECTIVE
RUEHUJA/AMEMBASSY ABUJA 0690
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
C O N F I D E N T I A L SECTION 01 OF 02 LAGOS 000490 
 
SENSITIVE 
SIPDIS 
 
DEPT PASS TO USTDA-PAUL MARTIN, EXIM-JRICHTER AND KJACKSON 
DEPT PASS TO USTR-AGAMA 
DEPT PASS TO OGIC 
JOHANNESBURG FOR NAGY 
TREASURY FOR TONY IERONIMO AND ADAM BARCAN 
DOC FOR 3317/ITA/OA/BURRESS AND 3130/USFC/OIO/ANESA/REED 
 
E.O. 12958: DECL: 12/30/2019 
TAGS: EFIN ECON PGOV NI
SUBJECT: AMBASSADOR MEETS WITH FIRSTBANK IN LAGOS 
 
Classified By: CG Donna Blair for reasons 1.4 (b & d) 
 
 
------- 
SUMMARY 
------- 
 
1.  (C)  FirstBank new CEO Onasanya briefed U.S. Mission on 
December 21 on the outcomes of the recent Central Bank 
retreat on banking and economic growth issues.  With the 
audits completed, the banks are now focusing on 
consolidations and mergers with an emphasis on encouraging 
foreign banks to invest and freeing up credit for 
agriculture.   Onasanya was hopeful that the Asset Management 
Company Bill, to manage the toxic assets of the banks, will 
pass the National Assembly in early 2010.   Ambassador noted 
that President Yar A,dua,s illness brings with it the 
expectation for Nigeria to follow their constitutional 
responsibilities.   She also mentioned that American 
companies are interested in Nigeria but their fear of lack of 
sanctity of contract, and legislation such as local content 
and PIB hinders trade and investment.     END SUMMARY 
 
2.  (C)  Ambassador Sanders met with First Bank Managing 
Director Stephan Olabisi Onasanya on December 21 (Econoff was 
notetaker).  Onasanya briefed the Ambassador on the recent 
banking retreat in Enugu with the Central Bank of Nigeria 
(CBN) during the weekend of December 12-13.   The discussion 
in Enugu focused on what banking can do to help develop the 
Nigerian economy, specifically in Agriculture and 
Manufacturing.   There is talent in the Agriculture sector 
yet no collateral to leverage and therefore no credit is 
extended.   The Land Use Act must  be reformed along with 
other legal reforms to allow the private sector to grow and 
thrive.   Freeing up credit for manufacturers was discussed 
with Agriculture being the primary sector for  bankers to 
focus on. 
 
--------------------------------------------- ------ 
THE WORST IS OVER, MERGERS LIE AHEAD 
--------------------------------------------- ------ 
 
3.  (C)  The Ambassador asked Onasanya whether there were 
more reforms to come?   FirstBank Executive Director Aleck 
Otti stated that the worst was over.    The focus is now on 
consolidations, including mergers with foreign banks, with 
all audits having been completed.  The bigger the banks the 
better they can withstand shocks in the future according to 
Otti.  (NOTE: CBN Governor Sanusi has been wary of creating 
banks that are &too big to fail.8 END NOTE)   The eight 
banks that did not pass the audit (Afribank, BankPHB, 
Equatorial Trust, FinBank, Intercontinental, Oceanic, Union 
Bank, and Wema) will be the first banks on the table.   Otti 
continued by stating that Sanusi,s goal of 15 banks is more 
speculation than anything else.   The Ambassador went on to 
ask about reports of the new management at the eight banks 
not doing a good job and actually causing more trouble. 
Onasanya replied that you must keep things in perspective. 
&The owners that were kicked out of their banks are not 
going to go quietly.   They will fight to pull down the 
CBN.8    You must take such reports with &a grain of salt8 
Onasanya stated. 
 
4.  (C) Onasanya continued in saying that some banks must be 
absorbed in order to stand on their own.  Corporate 
governance must be strengthened for re-capitalization to 
work.  Otherwise the second tier capital that was put into 
the eight banks by the CBN will be for naught.   As for the 
banks that scaled the audit, Onasanya wondered whether they 
could stand alone?   He felt that even these banks would want 
to be absorbed into larger banks.  FIrstBank is currently 
looking for deals that will &add value8 according to 
Onasanya. 
 
--------------------------------------------- - 
ASSET MANAGEMENT COMPANY BILL 
--------------------------------------------- - 
 
5.   (C) The Ambassador asked Onasanya whether the Asset 
Management Bill (AMC) will pass this year.   Onasanya shared 
Sanusi,s comments from the Enugu retreat where Sanusi 
assured the bankers that the bill is not yet presented in the 
 
LAGOS 00000490  002 OF 002 
 
 
House nor the Senate and still needs to go through the 
Attorney General,s office.   Otti was hopeful that the bill 
will pass early 2010.  Onasanya added that it was imperative 
to pass the AMC in order for the banks to be merged or bought 
outright.  &The success of the AMC is critical8 according 
to Onasanya. 
 
6.  (C) The Ambassador followed up stating that there were 
more bills  pending and of interest to the United States, 
including the  Petroleum Industry Bill and the Local Content 
Bill, along with the AMC.   In needing executive leadership 
to pass these bills the Ambassador conveyed her best wishes 
for the quick recovery of President Yar A,dua and stated her 
concern for the Nigerian banks that have been at the 
forefront of the economy.   &Where does the sector go from 
here8 the Ambassador wondered?    &How will the banks come 
out of this going into 2010?8  The Ambassador stated that 
she has spoken with CBN Governor Sanusi and that agriculture 
and banking were the two biggest concerns of the Governor. 
 
--------------------------------------------- -- 
POLITICAL IMPACT OF THE PRESIDENT 
--------------------------------------------- -- 
 
7.   (C)  Onasanya took the initiative to ask the Ambassador 
about the political impact of the President being ill for 
the past 4 weeks.   The Ambassador answered that Mission 
Nigeria is getting mixed information, including that he is 
doing very badly or currently doing better.   The United 
States is concerned and is talking to all its interlocutors. 
  The speedy recovery of the President is the top priority 
for now along with allowing the Constitutional processes to 
be followed.   Onasanya joked if the Ambassador meant the 
People,s Democratic Party (PDP) Constitution.   (NOTE: The 
PDP is the current ruling party of Nigeria END NOTE)  The 
Ambassador assured Onasanya that she meant the Constitution 
of the Federal Government of Nigeria as that is the rule of 
law document of the land.    She followed up by stating that 
the United State,s policy position was that responsibility 
and authority follows the constitution.   The Ambassador 
noted that the USG is telling all interlocutors that they 
must follow the constitution and that the United States is 
counting on Nigeria to do the right thing. 
 
--------------------------------------------- 
WHERE ARE THE AMERICAN BANKS? 
--------------------------------------------- 
 
8.  (C)  Onasanya continued his questions by asking why 
American banks had disappeared from Nigeria?   Chase bank 
used to be in Nigeria but no more, why was this?    The 
Ambassador countered by explaining that the fears of the U.S. 
businesses were higher than their interests.   This was not 
to say that there is no interest in Nigeria.   There is ample 
interest.   To buttress her argument the Ambassador cited the 
lack of transparency and sanctity of contract.   Without 
giving their names, she  gave the example of two U.S. 
companies this year in Nigeria that have had major sanctity 
of contract issues and are not being treated in a transparent 
way.  This does not encourage more investment.   Couple this 
issue with the recent Petroleum Industry Bill (PIB) and Local 
Content Bill before the National Assembly makes the 
environment not inviting for U.S. businesses as &private 
industry talks to private industry8 at the end of the day, 
stated the Ambassador.  Since August the PIB has gotten 
better due to ongoing dialogue between the oil companies and 
the GON.  If the AMC is passed that will possibly attract the 
interests of some U.S. Banks to come to Nigeria. 
BLAIR