Many of Nigeria’s super-rich are also super debtors, revelations by Nigeria’s apex bank have shown. When the Forbes 2009 list of the world’s richest persons was released in March, two Nigerians, Alhaji Aliko Dangote, President/CEO Dangote Group, and his estranged friend, Femi Otedola, President/CEO of Zenon Petroleum and Gas, as well as Chairman/CEO of African Petroleum were conspicuous on the list.
While Dangote was ranked 261 in the world, Otedola was ranked 601. Dangote was estimated to be worth $2.5billion, while Otedola’s estimated worth stood at $1.2 billion. They emerged as two of only four black persons to make the list.
When, however, on 18 August, the Central Bank of Nigeria, CBN, released a list of big time debtors whose failure to service their debts put five Nigerian banks in trouble, Dangote and his friend featured prominently as other Nigerian billionaires like the self-styled whizzkid, Mr. Jimoh Ibrahim, Mr. Joseph Arumemi-Johnson, former Delta Governor, James Ibori, Azeez Arisekola Alao and Peter Ololo among others. Sixty of the debtors were arrested by the Economic and Financial Crimes Commission, EFCC, while some were ordered to report to the commission’s office to explain themselves. Jimoh Ibrahim, Chairman of Global Fleet, demanded an audit of his account with Oceanic International Bank. Ibrahim, who was accompanied to the EFCC office by his lawyer, Femi Falana, said: “I’m a clean businessman; I have nothing to fear.” He claimed that while the bank said he was owing N8 billion, the actual balance is N4.8b. The bank, he claimed, had agreed to reconcile his accounts, accusing it of making excess charges on his account. Arumemi-Johnson, Managing Director of Rockson Engineering, one of the companies listed to be owing Intercontinental Bank to the tune of N36.989billion, disclosed that power projects being handled by his company will be further delayed by the CBN’s “haste” in releasing the list without cross-checking with the debtors. He claimed that some of the banks inflated the figures with ulterior motives. Arumemi-Johnson said he was owing N14.4billion and not N36.9billion, as stated by CBN.
Dansa Oil and Gas Limited, with links to Dangote, was listed by the CBN as owing Intercontinental Bank N8.8 billion, while Dangote Industries owes Oceanic Bank N2.5 billion. Two companies owned by Otedola owe a total of N19.05 billion. While Zenon owes Union Bank N6.2 billion, AP owes Afribank N12.8 billion.
Nigerians were generally shocked that prominent billionaires were on the list. For example, Oba Otudeko, who stepped down as President of the Nigerian Stock Exchange, NSE, used his position to secure N1.6 billion from Oceanic Bank for his Honeywell Group.
Similarly, Ndi Okereke-Onyiuke, who is both the Chairman of Transnational Corporation of Nigeria and Director-General of NSE, caused the company to owe Union Bank N30.8 million, which was used in acquiring the troubled Nigerian Telecommunications Limited, NITEL. The company failed to service the loan. However, Okereke-Onyiuke argued that she did not take the loan in her personal capacity and that the company was in the process of divesting its 50 per cent stake in NITEL, with the desire to use part of the proceeds to clear the debt.
Other prominent names on the first list rolled out by the CBN were Mr. Lulu Briggs, Controller of MTS Wireless Communications, who is owing Union Bank N9.8 billion; Annie Okonkwo and Ifeanyi Araraume, both former senators. Okonkwo, through his Reliance Telecommunications, owes Oceanic Bank N801 million, while Araraume is owing FinBank N158 million. Abulazeez Arisekola Alao, the Ibadan-based businessman, owes Intercontinental Bank N4billion. Khalifa Isyaku Rabiu, who runs IRS Airlines, and Alhaji Ahmadu Chanchangi were also on the list, which also has Great Ogboru, who was accused of bankrolling the 1990 coup against the military regime of General Ibrahim Babangida.
A roll-call of some of the oil companies indebted to the banks include Ascot Offshore Nigeria Limited owned by Henry Imasekha. It owes Intercontinental Bank N44.87 billion. Mid-Western Oil and Gas Company promoted by Onnojite Okoloko and Adams Okonen, owe Oceanic Bank N23.86 billion. Fredrick Akinruntan’s Obat Oil and Petroleum Company also owes Oceanic Bank N4.47 billion. Other major debtors to the bank are Circular Global International, owned by Namashetu Abdullahi, N12.8 billion; Imad Oil and Gas by Bashir Adamu and Abba Dasuki, N10.10 billion; and Rahamahiya Oil and Gas controlled by Abdulrahman Bashir, which owes Intercontinental and Oceanic Bank N41.4 billion. Oando plc, headed by Mohammed Magoro, a retired Major-General, owes N7.1 billion.
With the EFCC threatening the affected debtors with prosecution, many of them have been rushing to pay their debts, so much so that the commission recovered N25.5 billion in less than a week. This is, however, a far cry from the N747 billion they jointly owe.
One of the most scandalous revelations that emerged was how former Delta State governor James Ibori used Delta State’s N820 million units of shares in Oceanic Bank to secure N44.6 billion loan for Ascot, a private enterprise, from Intercontinental Bank.
Also Ibori, and Mike Orugbo, his associate, borrowed about $200 million from Oceanic Bank to finance their take-over of the National Fertilizer Company of Nigeria. He borrowed another $200 million to finance the purchase of Wilbross Nigeria Limited, an oil servicing firm. He did it through Ascot Offshore.
Just last week the EFCC released a fresh list of debtors, which revealed that customers owe the latest five banks audited about N400 billion.
Bank PHB topped the list of the debt-ridden banks with N170 billion non-performing loans. Its subsidiary, Spring Bank, had N95.5 billion in non-performing loans. Equitorial Trust Bank, ETB, has a N46 billion bad loans portfolio, while Unity Bank and Wema Bank are owed N36.5 billion and N36 billion respectively.
Three of the five bank chief executive officers were sacked before the latest list was released. They are Ike Oraekwuotu of ETB, Francis Atuche of Bank PHB and Mr. Charles Ojo of Spring Bank. They were replaced by CBN-appointed management.
Other notable Nigerians whose names or companies were listed are Alhaji Muhammed Buba Marwa, Nigeria’s Ambassador to South Africa; Jimoh Ibrahim and Professor Pat Utomi. Marwa’s defunct Albarka Airlines owes over N1 billion; Jimoh Ibrahim, N3.3 billion; Transcorp, N16.6 billion; Conoil, N19.86 billion; Dangote Industries plc, N1.96 billion; Premium Seafoods Limited, N3.32 billon; Globe Motors, N3.03 billion; Baywood Limited, owned by Chief Chris Ibe and Professor Pat Utomi, N2.74 billion.
Among the dignitaries that owe Spring Bank substantial amounts are Otunba Oyewole Fasawe, a director of the bank who owes a total of N9, 284,331,037.52 in three accounts. Fasawe, through Netlink Digital Television with Account No 1601001010341 owes N4, 821,168,438.27; Mofas Shipping Nig-A/C2, 1601001010688 owes N3, 053,633,054.57 and through Transvari Services limited with A/C No 1601001010387, N1,409,529,544.68.
The Chairman of the bank, Chief Kola Daisi, also owes a total of N4,121,200,911.36 through two accounts. He owes the bank through National Sports Lottery with A/C Nos 0721001006025 and 1441801000046. Chief Tony Anenih and Osahon Asemota through Mettle Energy and Gas Limited, owe N2,065,661,421.09 with A/C No 0161601000897.
Chris Baywood Ibe and Prof Pat Utomi are owing N2,743,349,386.22 through Baywood Continental Limited with A/C No 0011001024030. Also Segun Osinuga, director of the bank owes N2, 556,930,297.06 through WATYEM-DKS Enterprises with A/C No 1511001000102.
In the case of ETB, the bad loans credited to 45 customers amounted to a whopping N46,154, 945,774.89 as at 30 June 2009. Majority of the customers, all corporate bodies, gave legal mortgage, stock hypothecation, and assets debenture as collateral. Conoil plc is the highest debtor to the bank with a total loan of N19.866 billion, which is not supported by any collateral. Next to Conoil is a certain BYSJ Project Account with a debt of N5.972 billion. Premium Sea Foods Limited and Globe Motors Limited are the third and fourth biggest debtors of the bank with N3.321 billion and N3.031 billion respectively. Dangote Industries Limited, Hotel Excel Limited, Formosa Bottling Company Limited, Michelle Nigeria Limited and Igbinedion University are also huge debtors to the bank.
Dangote Industries is indebted to the tune of N1.968 billion, Hotel Excel N1.244billion, Formosa Bottling Company N1.027 billion, Michelle Nigeria Limited N1.021 billion and Igbinedion University N841.987million. The total non-performing loan owed to Wema Bank amounted to a whopping N36.07 billion. TRANSCORP has the highest non-performing loan of N16,627,468,744.02, followed by Mrs. Josephine Oluwadamilola Kuteyi, with a non-performing loan amounting to N8,457,489,072.87. Others are Jimoh Ibrahim through his Global Fleet, which owes N3billion; Odua Investment Limited with a total non-performing loan of over N3.7 billion.
To some Nigerians, the fact that the second list of debtors released by the CBN also features some of those mentioned in the first list shows that beyond their denials they are indeed big time debtors responsible for the debt overhang that is pulling down Nigerian banks and impacting negatively on the economy. Yet, some of them are known for the lavish lifestyle they live and the penchant for squandering money, sometimes needlessly. For example, Femi Otedola donated N1 billion to the ruling Peoples Democratic Party for the building of its proposed national secretariat. He also had to be forced, through litigation and threat of a wind up of his company, to pay Access Bank billions of naira his company, African Petroleum owed it, just some months back.
Could it be that many of Nigerian billionaires are simply unwilling to pay their debts? This may be true to some extent, but the truth is many of them invested in stocks and such investments went bad suddenly. Some of them could have diverted the funds secured from banks into other uses, thereby finding it difficult to pay back.
They sometimes connived with bank staff, who took a sizeable percentage of such loans and hoped that the loans would be written off.
In a recent newspaper interview, Lagos lawyer, Bamidele Aturu expressed that some of the debtors could be just unwilling to service their debts. He recalled the case of a millionaire based in Akure, the Ondo state capital, who despite entreaties by a bank he was owing bluntly refused to pay, until the bank mobilised commercial motorcycle riders to picket his house.
His relations, apparently terrified came out pleading with the motorcyclists, also known as Okada to spare them, as they never knew their breadwinner was indebted to any bank. The man, according to Aturu, was eventually forced to part with over N100 million that day. It is thought that many of the debtors borrow money, set up companies with the goal of taking bank loans without a desire to pay back. Even the CBN governor corroborated this during a recent interview with TheNEWS, asking for an amendment to the relevant laws to make things difficult for such negatively inclined debtors.
Meanwhile, experts estimate that the toxic debt by Nigerian banks stands at $10 billion. Meanwhile, Globacom chairman, Mike Adenuga says he has injected N150b into his bank, taking it out of the well reported capital inadequacy.
But the Nigerian banks continue to limp as a result of bad debts. In its last quarter result, Zenith Bank, one of those cleared after the apex bank’s last round of audit, reported it had written off N26.1billion in bad debt, while UBA had similarly written off N41billion. TheNEWS learnt that other banks will be forced to write off huge debts in the coming days.
Speaking on the development to AFP last week, CBN Governor, Sanusi Lamido Sanusi, said he would not sit back and watch Nigerian banks fail. “We have reached a point where enough is enough,” Sanusi said, arguing that the whole crisis was caused by a combination of shareholders’ greed and reckless management.
“For a country like Nigeria, stability, including financial, is very important. If we maintain stability, we can attract foreign investments” said Sanusi.
On the famous special goal to take Nigeria into the ‘top 20” of world economies in 2020, Sanusi Lamido said: “In terms of ‘could it happen?’ the answer is yes. In terms of ‘Has the government so far shown the capacity to execute?’ the answer is no.”
“My personal view is that there is a need to recognise that government should outsource the implementation of this subjective and should insist more on PPP (public-private partnership),” he said.
“If you are credit worthy, you can owe. But if you don’t service your credit or you don’t pay your debts, it shows that you are not credit worthy,” said an analyst. How really credit worthy are Nigeria’s rich and powerful?
So many of them, as far as evidence can go, are merely overdraft billionaires highly dependent on government for patronage and banks for the money they spend.
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Ladi Tobais
said:
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... Nigeria as we know it is a failed state; the banks are just reflecting the true state of the economy. Until we embarks on structural reform and design an enduring developmental plan, the decay will continue. |
Ladi Tobais
said:
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... Nigeria as we know it is a failed state; the banks are just reflecting the true state of the economy. Until we embarks on structural reform and design an enduring developmental plan, the decay will continue. |
Adeniyi Fadahunsi
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... @EJIKEME At first I thought your dilemma was just about the writer of the article but i was wrong. It's far beyond that. You really need to read the article again and check your first comment to see if there is any chemistry between them. I guessed you only looked at the picture and started typing because all you have said lack substance. The so called billionaires are not been bullied for taking loans from bank for their business but for taking loans which they have not been servicing and have no plan to service according to the banking practice world over. You should know that the writer is not the origin of this list, the CBN is the main source of information which means the writer only posted an article which content is known already. SO, what's your stress EJIKEME? The Strength To Fight Injustices Lies In Justice. |
ade kayode
said:
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... i believe kola abiola will never wish to go the way of his late father therefore he will try to remain a low key person and good business man!!! |
Ejikeme
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... @ Adeniyi. You have a ling way to go buddy. If you allow a thief to reside in your house and subsequently caught, what are you? definitely aiding the thief. Whether SR harbors or allows unbiased articles or even operate a free forum makes no sense to me. The SR website is used to disseminate these information, so as a result they should know what passes through their website. Again, you think they will allow what they don't want on their site? Grow up man! |
Orye
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... But we must avoid the sensationalising press report and draw a distinction between these and proven billionaires. I am not quite sure if we are actually looking at where blame is due. In any civilised society (apart from Nigeria of course), if several parties are able to borrow billions without adequate security, then the fault would squarely lie with the BANKS that gave out the money in the first instance since in theory and practice, none of these business men put a gun to the Banks' CEO heads to obtain the non performing and unsecured loans! That is why I do not have any sympathy for the CEOs currently facing the wrath of Sanusi! |
Orye
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... @Vic, I take your point, Nevertheless, I was specific in mentioning only a couple of known billionaires - Dangote and Otedola. If someone is said to have a lot more billions than he actually owes, then it is not accurate to refer to them as "Overdraft Billionaires". Sure there are quite a lot of these names that are chronic debtors robbing peter to pay paul. |
suleman bello
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... @EJIKEM SR is not needed to paint the country black......it's been black for a long time already. |
Adeniyi Fadahunsi
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... @EJIKEM For your information, not all the articles posted on SR are written by SR. SR operates and open policy and gives freedom to all and sundary to make their contributions on burning national issues by posting their articles on SR's website. SR also makes it easy for everyone to know who the writer of any article is by displaying the name of the writer right above their article. Incase the writer does not include his/her name, SR replaces the name of such anonymous writer with a function called "ABAMI". Lastly, every article emanating from SR carries the tag "WRITTEN BY: SAHARA REPORTER, NEW YORK". To bail you out of your present predicament, this article is written and posted on SR website by BABAJIDE KOLADE-OTITOJU. SR crew members do not write CRAPS neither do they write FRICTIONS; They write FACTS BECAUSE FACST ARE SACRED. The Strength To Fight Injustices Lies In Justice. |
Adeniyi Fadahunsi
said:
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... @EJIKEM For your information, not all the articles posted on SR are written by SR. SR operates and open policy and gives freedom to all and sundary to make their contributions on burning national issues by posting their articles on SR's website. SR also makes it easy for everyone to know who the writer of any article is by displaying the name of the writer right above their article. Incase the writer does not include his/her name, SR replaces the name of such anonymous writer with a function called "ABAMI". Lastly, every article emanating from SR carries the tag "WRITTEN BY: SAHARA REPORTER, NEW YORK". To bail you out of your present predicament, this article is written and posted on SR website by BABAJIDE KOLADE-OTITOJU. SR crew members do not write CRAPS neither do they write FRICTIONS; They write FACTS BECAUSE FACST ARE SACRED. |
aokuyemi
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... Thanks very much EJIKEME......most pppl jus think everything SR writes is true only because it involves controversial ppl in the society...exucse me this people are business men nd would deifnatley borrow loans fromm the bankss in which there would have been an agreement btw dem nd the bank on how dey are goin to pay back the money so CBN coming out with a list of debtors is rubbish!!!! nd SR is jus one hell of a crap website.......we are looking for means to make this nation a better place.........rather media orgs like SR alwyas paint that nation blackk!!! |
noni
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... There is doubt that banking institution is the the nation's house of corruption. All the monies that are being stolen do not have legs or wings to move out Nigeria. Or can someone tell me that they are siphoned in GMG or briefcases? How much of it can be taken through this means? If banks are operating in line with standard banking ethics recognised worldwide corruption will be lessened. Direct the searchlight of corruption to the bank and the truth will lay bare for the world to see. Anyway what will correct the entire saga of corruption in all its ramification will dawn on the nation and its perpetrators like a bolt from the blues. Lets wait and see. |
Ejikeme
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... SR writes crap most times. Do you blame legit businessmen for the banks executives stupidity? This is pure unintellectual. If i am a business ( be it ibori or whoever) and i come for a loan, who is supposed to do the due deligence? me or the bank? Stop blaming the business guys.. It is pure legit transction. If the bank fails to do their jobs while blame it on these men. SR is just all out to paint the country and all it stands for Black. You people should help sanitize the country by writing unbiased articles. |
stanley Ogboru
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... Sometimes I wonder what kind of people read these articles and how they come out with opinions that makes me stutter. I just read one gentleman talking about how much they are worth...what has their plenty billions got to do with the little you and I have deposited? If they have that much why still go to the banks to borrow with an intention not to pay back? People like these contributors makes me sick! How they come up with what they say is what really frightens me! Please we cannot afford to allow this column reduce it's value into a child's play where people with funny minds attempt to kill the beauty of an article, such as this! |
Agbaoye
said:
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... Hellooooooooo somebody... did you mean to write about Kola Daisi or Kola Abiola? These are two different individuals. The last time i checked Kola Abiola has not changed his surname and he's not the head of national sports lottery. Kindly check your facts.... |
Vic
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... @Orye, the issue is not how rich these devils are but how they impoverish the nation and her poor masses. You must realise that the billions they borrow are the accumulated savings of the poor masses which the banks hold in trust. So when the banks collapse as a result of bad debts, the rich fraudsters continue their business and live in amazing splendour while the weak poor die in their numbers because all they ever worked for in their entire life is gone in the wind. If you're rich, why take from the poor to squander with impunity and then refuse to pay back? |
Vic
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... The global economic crisis cannot be blamed for all these irregularities. Let us recall Soludo to explain his abysmal performance as the regulator and determine his culpability in the collapse of corporate governance that obviously led to this ugly situation. Pity poor citizens whose hard earned resources are being squandered. |
Seye Ogunrotimi
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... To run a company in this economy powered by diesel is not a childs play ....Dangote,Jimoh and Otedola has got offices,factories and tank-farm that runs on diesel,LPFO and other running cost that can kill on a daily basis and all this loans we are all talking about are not long-term loan they are simply a 90 days overdraft.. And what can a serious minded Nigerian businessman do in 90days? tank-farm takes at least 2 years to get built,factory building approval in lagos(the fastest) could take 1month then building takes 1-2 years...even importing diesel takes average of 3-5weeks before getting to lagos and another 3 weeks to get to the storage with serious demurage.. These guys are not making serious profit to pay back this 90days overdraft now hence the need to borrow from peter to pay paul... |
Orye
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... The writer of this article might have been too naive to notice that most of the guys mentioned are still wealthy billionaires not withstanding the fact they owe banks billions! For instance a simple maths subtraction will let you know that if Dangote is worth close to 200 billion naira and he owes banks less than 30 billion, then he is still over 170 billion naira in credit! So Mr Writer do your research well next time!!! |
JUSTIN ABU
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... EFCC (MRS WAZIRI)where are you ?There should be no double standard,lets know and see how much they are all returning back to these failed banks.And what happens from here.Naija na waooooh. |
Saha
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... Nigerians are so ignorant. The biggest men in every society are the biggest debtors. Do people think these men have money in cash? Jesus! Even Donald Trump declared bankruptcy when he couldnt pay his loans. He is still one of the wealthiest men. Poverty is indeed in the mind. |
EMEKA ONWUOCHA
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... ITS VERY UNFAIR TO INCLUDE KOLA ABIOLA WITH THESE GUYS, KOLA HAS BEEN A RESERVED AND RESPECTABLE BUSINESSMAN IN SPITE OF HIS BACKGROUND, IF HE INDEED OWES THE BANK IT MUST BE AS A RESULT OF A GENUINE BUSINESS TRANSACTION AND NOT WITH INTENTION TO DEFRAUD OR ILLICITLY ENRICH HIMSELF, I CANT REMEMBER KOLA EVER PASSING HIMSELF OFF TO ANYONE AS A BILLIONAIRE. |
abbey niger
said:
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... Even if the economy managers were brought from heaven, our banks could never improve in terms of probity and accountability because the nation is sick structurally. And why should we single banking out? Tell me which aspect of the nation has not been corrupted? The religious institution is the worst. So, until we tackle our problem structurally, our national life would continue to ail. I get pissed off when people write off the modest job of EFCC at inception. The fact is that the journey of a thousand miles start with a footstep, not just sitting down and whingeing. If we had agreed that, we would have advanced beyond the present mediocre level. |
Sule
said:
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... Our anger should be directed at those who take loans for political and personal gains, not at those who use it to invest in the nation’s economy. People like Dangote and Mike Adenuga are credible business tycoons who give back to the country by way of laudable projects as well as creating jobs for thousands of unemployed. They are not running away or going anywhere; they have great stakes in the country they will definitely pay back even if it takes years. |
Diya
said:
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... I am campaigning for presidency in the year 2023 and will repossesed all these loans even if it has been inherited from a distance relative like Dangote's case.The people who will suffer these consequences are children of the so called overdraft billionaires. |
Adaka Boro
said:
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... I still do not understand why Ibori has not been arrested. Other Nigerians were arrested for debts owed by their companies but not Ibori. Also, Sanusi should tell us how many members of this government and National Assembly are indebted to the banks. We need to know that their support for the current clean-up is not predicated on their involvement being kept under wraps. |
stanley Ogboru
said:
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... Truth is, Nigerian businessmen are very good at setting up industries/businesses that they know will fail in a short time, then use them to collect loans worth more than their worth from banks and then declare bankruptcy...this is an old scheme, but my worries is that, these are the same people that own banks now. Let us fast and pray for our country...cos the way I see it, until there exist a kind of gorilla war-fare to target and eliminate these thieves and political leaders, we will not see the light at the end of the tunnel. God bless Nigeria. |
Pato
said:
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... Please can somebody tell me when did Kola Daisi becomes Kola Abiola? How much is Kola Abiola Owing? Always give us the fact and no miss-up. |
joe igbokwe
said:
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... There is nothing wrong in people taking loans or overdrafts from the Banks afterall that is why the Banks were established in the first place but when dubious people take advantage of our porous system of checks and balances to steal the ordinary peoples money then something is wrong somewhere.When huge loans and overdrafts are taken by these businessmen and the Banks CEOs help them to convert it to bad debts for a fee,it then becomes a monumental criminal act and huge economic sabotage.We must thorougly investigate these debtors and if found wanting they should be brought to book.Come to think of it, everything is lost if we lose confidence in our Banking Industry.We must restore the people,s confidence in the industry as a matter of urgency |
Arowolo Mohammed
said:
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... Dont blame the overdraft billioners, blame the system and the Bank officials thanks |
AdeO
said:
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... Igenidion is a pioneer of this scam form company the company forms a shell subsidiary then borrow money settle bank MD collapse bank who gets screwed the depositors. The investigation should go deeper and the individuals found guilt should be charged and see the inside of a jail cell. We have a long way to go the whole system is deficient for if the likes of ibb obj etc are still free we would go no where. The only way we can go forward is to get these crooks busted get our money of them for example ibb's gulf war loot is enough to make a good and honest start on solving out energy problems |
S DAURA
said:
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... I repeat the more the news the more agitation for revolution.Nigerians (the common man) should please drop all our personal differences and squarely face the problem confronting the common man in this country. It is high time to stop these criminals at all cost. |
isiome
said:
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... Most times i wonder what the EFCC has done to Dangotes and Otedolas, u see the EFCC is not touching the high and mighty, Otedola is owning our Banks and he donated 1 Billion Naira to PDP (POWER DRUNK PEOPLE)Madam EFCC wake up go after them if i must believe you. |
Musa Ibrahim
said:
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... Mr. Joseph Arumemi-Johnson started Rockson Engineering after OBJ and Odili asked him to front it for them. Power poject was concieved to cover the looting of River state, Akwa Ibom, Cross-River States and FGN. Therafter Nigeria Airways was then sold at a rock bottom price to start Arik Air. Now, Arik Air is owning "millions" in various countries to purchase "new planes" graurranted by Soludo's central bank. Hence Nigeria is owning these foreing banks indirectly. |
stine
said:
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... My heart weep for our dear richly blessed nation,Nigeia, were fool and thieves are riding on her back.Sorry mother, NIGERIA. |
stine
said:
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... My heart weep for our dear richly blessed nation,Nigeia, were fool and thieves are riding on her back.Sorry mother, NIGERIA. |
stine
said:
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... My heart weep for our dear richly blessed nation,Nigeia, were fool and thieves are riding on her back.Sorry mother, NIGERIA. |
stine
said:
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... My heart weep for our dear richly blessed nation,Nigeia, were fool and thieves are riding on her back.Sorry mother, NIGERIA. |
stine
said:
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... My heart weep for our dear richly blessed nation,Nigeia, were fool and thieves are riding on her back.Sorry mother, NIGERIA. |
stine
said:
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... My heart weep for our dear richly blessed nation,Nigeia, were fool and thieves are riding on her back.Sorry mother, NIGERIA. |
GODSOWN1
said:
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... The only person I can see can put these guys in prison has died... IDIAGBON, even Ribadu cannot put them in Nigeria prison. Just as Bola Ige's death, Dele Giwa's death etc linger on, so would these case untill there is geniune cleansing of the system. They will continue to be super rich, super debtors and king makers. |
TETLOW MANU
said:
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... The CBN should have provided also the amount state governments owe whether the loans are 'performing' or not so that people will know how bad the governors have sunk the various states in the country. This is important because some governors just went to the banks, obtained loans in the name of their states and pockected them (loans) with their accomplices. Please CBN publish also loans all the governors took both former and present governors. |
BABASOLA OGUNWA
said:
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... I remember when I applied for loan of thousands of naira some months ago from one of these banks to augment my expenses in that month, apart from the fact that it took the bank more than two months to process my application, a lot of questions were asked. This is a bank my company pays my salaries and been banking with for more than 3years. I am very sure it did not take these big debtors, called big men, 24 hours to get their requests granted. Just imagine, EFCC arrested some and invited some for the same offence. I'm very sure most of those arrested will be owing millions of naira and billions of naira. Which way Nigeria? We are watching. |
shaibu
said:
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... I am waiting to see who all are headed to prison for this grand fraud on the poor unsuspecting depositors and share-holders who at the end of the day will be left holding the bag. |
stanley Ogboru
said:
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... Some institutions were originally designed and created to fail or go bankrupt and I believe the banks knows all these...this is simply racketeering by both the bankers and owners of these phoney institutions to steal poor investors funds. Nigerians wake up and see what is going on! may God help us from our greed and wickedness! |
MG
said:
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... Now is the time to go after those politicians past and present who are equally suspected of stealing from Nigeria’s treasury. This cleanup must extend to the political landscape because there are lots of political roaches that need to be fumigated. |
