When you calculate the total amount owed...choiiiiiiii
God punish devil
The money is enough to alleviate some or if not all of the major problems we are facing...

the cbn and pdp led govt are all jokes and jokers. if anyone fails, why can't one rich man in nigeria be in jail? the founder of Enron, one of the biggest companies in the world died in american jail. why can't this country be truthful for once? who is even deceiving who? when the masses stood up against subsidy removal, we were shown list of the oil cabals but till date, non of these cabals is facing any serious questioning talk - less of jail terms.
today, they wanted notes that they can use to carry billions in their pockets while we use our buckets and basins to carry our coins and now that we have refused, they have come out with a list of ppl banks will not give loans again. who is fooling who. make God punish all of them.

A-ZeD:
This is a bad move cos more people will lose their jobs while the owners of the companies involved will not be affected.

What are you saying? When Madoff was caught for fraud, didn't people lose their job? Are you saying that frauds like Madoff should continue to exist so people don't lose their jobs? Pls use your brain before posting.

Frauds, debtors, and ponzi schemers need to be wiped out so real and viable businesses can enter the space. How many jobs are these hoodlums creating anyway? How much do they pay the average Nigerians - 10,000 per month? Abeg carry go joor.

I only pity the workers in those banks, those banks deserve the problems they get into.
Instead of them to lend money to credible small businesses and target large turnover from the interests accrued from them, they will be looking for easy and fast profits from big men.

Even the big names get broke,
The only thing that differentiates them from the common man is that they have business ideas.
I wish the common nigerians can understand this concept, and have a few bank bottons to pull in order to access these loans.

obowunmi:

What are you saying? When Madoff was caught for fraud, didn't people lose their job? Are you saying that frauds like Madoff should continue to exist so people don't lose their jobs? Pls use your brain before posting.

Frauds, debtors, and ponzi schemers need to be wiped out so real and viable businesses can enter the space. How many jobs are these hoodlums creating anyway? How much do they pay the average Nigeria - 10,000 per month? Abeg carry go joor.

Dude you should actually use your brain. Madoff is in jail how many of this guys are going to jail? Can you tell me how this move affects the people involved?

These guys have crippled the economy. Youths cant even get 100k loan to start little business and men dey take loan in excess of bank's Capital Base. Until wetin happen for Egypt happen for Naija our country no go change. We dey shout God punish them, really Go no go Punish anybody. Their own punishment na Stupendous wealth.

This country never fails to amuse me. d banks hardly engage in actual banking. They engage in forex,round tripping,government bonds & loans to common thieves masquerading as big men & women in our society.

Danka7777:

Because Yoruba people don't have common sense. The least tribal group in Nigeria with common sense. Ask Hausa man why he hates yoruba. Dirty sticking people and cowards.

You are doomed

A-ZeD:

Dude you should actually use your brain. Madoff is in jail how many of this guys are going to jail? Can you tell me how this move affects the people involved?

Not sure how long the bank restriction is - but this move is effective because for a business owner, cash is king. Unless they start selling assets, I don't know where they will find this amount of unaccountable FREE cash.

Danka7777:

Because Yoruba people don't have common sense. The least tribal group in Nigeria with common sense. Ask Hausa man why he hates yoruba. Dirty sticking people and cowards.

Too much goro na problem

acidtalk:

You are an illiterate so I don't expect youto understand.

money are borrowed from banks for business, every business man/woman is a debtor to a bank.most billionaire in the world owes banks even till their death, that is why these companies have assets which the banks fall back on, if their debt are not been serviced. why stopping these people that have created employment one way or the other, if they are not servicing their debts and can not pay, then you then confiscate their asset. why i said this was a another scam from CBN is because of their failed 5000naira note. looking for people to blame for the currency instability. if i can remember when SLS came in with his hurricane exposing all dicrectors of banks. most of these names mentioned were part of the reason of his hurricane, so why did they not stop them. i ask GOD to forgive you for your word.

This's a case of big man big trouble.........I'm not suprise...

santa62:

money are borrowed from banks for business, every business man/woman is a debtor to a bank.most billionaire in the world owes banks even till their death, that is why these companies have assets which the banks fall back on, if their debt are not been serviced. why stopping these people that have created employment one way or the other, if they are not servicing their debts and can not pay, then you then confiscate their asset. why i said this was a another scam from CBN is because of their failed 5000naira note. looking for people to blame for the currency instability. if i can remember when SLS came in with his hurricane exposing all dicrectors of banks. most of these names mentioned were part of the reason of his hurricane, so why did they not stop them. i ask GOD to forgive you for your word.

Do these people have viable assets? I think you are spewing rubbish - no disrespect.

gidiMonsta:

We have credit bureaus in Nigeria. Stop publicizing your ignorance

The guy most likely meant credit rating agencies with details of the credit history and profile of everyone above 18years of age on a central database. That cannot be applied to Business lending though.

Cultured: If Zenon oil ,which Otedola directly own , owes N192.423 billion debts to the banks , it automatically means that he does not has up to N100,000 as a personal money .

The dude could have diverted part of the business loan to his personal account.

lozanni:

This is why the country needs a credit bureau through which you can ascertain a company or individual debt profile before you decide whether to advance such entity more loan or not.

I thought there was a credit bureau in place.

We need more of Sanusi in Nigeria. Just imagine Sanusi as EFFCC chairman!!!!

obowunmi:

Not sure how long the bank restriction is - but this move is effective because for a business owner, cash is king. Unless they start selling assets, I don't know where they will find this amount of unaccountable FREE cash.

Dude you surprise me...Just watch how they will get a government contract with 50% mobilization fee paid up front.

A-town:


All/Most business owe money. The only reason banks even exist is because these businesses/businessmen are there to borrow money so that they can pay interest. The only time this arrangement becomes a problem is if the business/company is unable to or stops servicing the loan. Even the biggest companies in the world owe billions. That's why these companies have assets that can be liquidated in case of a deliquiency.
A bank would rather borrow a company that is worth 10 billion, say 1 billion than to give an average guy that is worth 1million, 100,000 naira because they expect to earn more from the business. The only issue i have is when these companies default, and the banks collect bribe rather than liquidating assets.

"Gbese" is not a new phenomenom. If you ever dream of becoming "wealthy", you must borrow at some point, whether you like it or not.

gbadexy: I only pity the workers in those banks, those banks deserve the problems they get into.
Instead of them to lend money to credible small businesses and target large turnover from the interests accrued from them, they will be looking for easy and fast profits from big men.

Loan in Naija cannot be given to common entrepreneurs but big men that sign loan facility at night clubs

JIMOH IBRAHIM NO DEY THIS LIST, I BEG MAKE UNA CHECK AGAIN,THIS MAN NO FIT OWN ANY BUSINESS IN NIGERIA AGAIN,EXCEEPT WE WANT IT GRANDED

'm standing on the existing comments[shocked]. billions going down to this people, God help us

very soon they will say that the list is incomplete or that the money said to be owed is in dispute.

They can easily access their loan with the bank through 'blind Trust'. No be 9ja we dey?!
Save for that, this will be the first wholly-reasonable policy from our MallamM

At least these companies and individuals borrowed d money and can be held accountable because the record is there. In d defunct Societe General bank Bukola Saraki and other members of thievish Saraki family simply diverted billions upon billions of depositors money without leaving any trace! And they hav got away with it!!! D Saraki family is today sitting on top of billions of stolen money while d owners can only gnash there teeth. God dey.

Is it Constitutionally Admissible for the CBN to stop the banks from extending credits to their personal and business customers ? In my opinion, this regulatory move should be advisory and not mandatory except in odd cases where the bank directors actually participate in sharing quota of the credit lines and thwarting any debt collection attempts from credit recovery task forces of affected banks.

CBN should take it easy. These guys employ and pay millions of Nigerians. If anything happens to them, Millions will go without food on their table.

Please take note.

ProGSM: CBN should take it easy. These guys employ and pay millions of Nigerians. If anything happens to them, Millions will go without food on their table.

Please take note.

You are one of those that do not want change in Nigeria. What kind of rubbish mentality is this? Are you mad? Abacha employed many people too.

Choi, see money'oo. Graduate don suffer for dis con3

A-town:


All/Most business owe money. The only reason banks even exist is because these businesses/businessmen are there to borrow money so that they can pay interest. The only time this arrangement becomes a problem is if the business/company is unable to or stops servicing the loan. Even the biggest companies in the world owe billions. That's why these companies have assets that can be liquidated in case of a deliquiency.
A bank would rather borrow a company that is worth 10 billion, say 1 billion than to give an average guy that is worth 1million, 100,000 naira because they expect to earn more from the business. The only issue i have is when these companies default, and the banks collect bribe rather than liquidating assets.

"Gbese" is not a new phenomenom. If you ever dream of becoming "wealthy", you must borrow at some point, whether you like it or not.

God Bless you.How can you be a successful business man and not owe at one point.I used think Nairaland was a gathering of intelligent and enlightened people.smh