Shareholders, under the aegis of Independent Shareholders Association of Nigeria (ISAN) have accused the financial sector regulatory authorities of inconsistency in their operations.

ISAN specifically accused the CBN and the Securities and Exchange Commission (SEC) of operating “status and class regulation.”

The association, in a statement by its National Coordinator, Mr Sunny Nwosu, and General Secretary, Mr Adebayo Adeleke, faulted the regulators’ alleged misrepresentation of accounts of quoted companies.

The association said it was unhappy that the regulators had not sanctioned the audit firm that allegedly misrepresented the accounts of Cadbury, and Nampak Plc.

They argued that the auditing firm’s report and stamp lend credence to the companies’ management reports and decisions.
Meanwhile, ISAN has urged the Chairman of one of the affected bank   to resign by the end of February.

The shareholders pressure group said that their insistence stemmed from an earlier agreement between the board and the shareholders at the last annual general meeting held in Enugu early this year.

According to the association, Belgore, who became chairman eight years ago by the rule of law and due process, must vacate office by February 2008.

“This is because the tenure of board members, especially in banks and most concerns, commences on the day of appointment,” it said.

According to ISAN: “We as shareholders are prepared to resist any aberration capable of derailing the growth of consolidated Afribank.”

They also urged CBN and SEC to be diligent, transparent and in all cases, must be seen as the vanguard of a law driven economy. ISAN also said that they are watching with keen interest events as they unfold in Afribank and would not hesitate to take appropriate steps to redress any anomaly.