Senate Names Adedoyin, Offor, Bayero, Others in N53.3bn Insider Credit Abuse[/color]


[color=#550000]At last, the Senate Committee on Banking, Insurance and Other Financial Institutions yesterday made good its threat to name former directors of 13 failed banks who were involved in insider credit abuse that led to the banks’ failure.
The former directors of the failed banks collectively owed the failed banks N53.3 billion out of which the Nigeria Deposit Insurance Corporation (NDIC) has so far recovered a paltry N4.722 billion.
Former Minister of Science and Technology, Chief Ebitimi Banigo; former Minister of Information, Chief Dapo Sarumi; former Governor of old Kwara State, Alhaji Shaaba Lafiagi; an industrialist, Prince Samuel Adedoyin; a businessman, Sir Emeka Offor; and former Minister of State for Foreign Affairs, Chief Dubem Onyia, featured in the list.
Former presidential aspirant, Mallam Saleh Jambo; ex-Lagos State commissioner, Chief Remi Adiukwu-Bakare; her husband, Chief Stephen Bakare; Senator Chris Adighije; Senator Mike Ajaegbo; Chief S.O. Bakare; Chief Great Ogboru; Sir Victor Odili; Mr. Paul Achimugu; Mr. Adeyeba Adekunle Johns; Chief C.M. Ibeto; Alhaji Abbati Aminu Saleh; and Ibrahim Aminu Saleh among many others, also featured in the list.
Although, the name of foremost industrialist and richest man in the country, Alhaji Aliko Dangote, featured in the list as having received a credit of N650 million from the failed Liberty Bank in the name of Bullion International and Dangote Group of Companies, the NDIC indicated under recoveries made that he had liquidated the entire loan.
Chairman of the Committee, Senator Nkechi Nwaogu, named the affected former directors on the floor of the Senate shortly after the consideration of the Committee’s report of the public/investigative hearing on the agonies of the depositors of the failed banks and financial institutions.
This was consequent upon the approval by the Senate of the fifth recommendation contained in the 12-page report in which the committee was asking for its (Senate) mandate to publish the names of those involved in the insider credit abuse.
The Upper House, in approving the recommendation, directed that Nwaogu should proceed immediately to reel out the names contained in a tentative report presented to the committee by the NDIC.
The report, signed by NDIC Board Director/Director, Legal Department, A.B. Nyako, entiled: “Re: Schedule of Insider Credit of Banks Closed on 16th January, 2006,” said: “We refer to your letter dated 25th June, 2008 in respect of the above subject and forward herewith, the attached updated schedule of insider credits of 13 closed banks as at June 2008.
“Please note that in view of the fact that the accounts are insider related, the records are constantly being reviewed and reconciled. Accordingly, some of the figures reported are tentative.”
By reading the names on the floor, Nwaogu and members of her committee enjoyed parliamentary immunity. No legal action can be instituted against them.
Nwaogu was, however, hesitant despite enjoying legislative immunity, to release the names. There was mild drama before she declassified the list.
Many senators, including Olorunnimbe Mamora, Bassey Ewa-Henshaw, Ahmad Lawan and Ayogu Eze, supported the disclosure of the insider credit abusers, while a few including Senator Joseph Akaagerger initially opposed on the ground that some of the former directors are now chairmen of boards of some Federal Government agencies.
Mamora said: “A lot of violation and disregard for rules was carried out by the banks executives. There must be mechanism for enforcement of rules to bring this people to book.”
Lawan stated: “What happened in the bank was a betrayal of public trust. It was abuse of trust that people would put their money and because some people were privileged to know some directors, they would take money without due process, without even paying back.”
Senate President David Mark ruled that Nwaogu should read out the names, declaring that the Senate as an institution must be upright in the fight against corruption.
He said failure to announce the names of the creditors would amount to shielding corrupt people in the society. Nwaogu spent about 30 minutes reeling out the names and the details of the credit and recoveries made by the NDIC.
Some of the details reeled out by Nwaogu indicated that the highest insider credit abuser was a former director of failed Gulf Bank, Adeyeba Adekunle Johns, who got about N7 billion.
Banigo, former Chairman of failed All States Trust Bank, got about N3.2 billion with only N10 million recovered from him so far.
The remaining outstanding of about N11.8 billion was got by companies against whom no directors’ names were indicated. An individual (Prof. Nta Henshaw) got N17.9 million, bringing the outstanding balance to N15,170, 852,591.19.
Others are: Eagle Bank former directors - Alhaji Ibrahim Aminu Saleh and Abbati Aminu Saleh (N26.918 million) - who were personally guaranteed by their father and former Secretary to the Government of the Federation, Alhaji Aminu Saleh; and Paul Achimugu (N5.5 million), among others.
Trade Bank: Alhaji K.A. Olatunde (N13.3 million); Alhaji S.Y. Abdullahi (N1.25 billion); Lafiagi (N1.156 million) and David Chuka Nwosu (N3.4 million), among others.
Gulf Bank: Alhaji Sanusi Ado Bayero (N45.003 million); Babajide Rogers (N11.874 million); and Muyiwa Osho (N242.1 million).
City Express Bank: Prince Samuel Adedoyin and Mrs. Sola Adeoti (who both got N5.584 billion out which N453 million has been recovered so far).
Assurance Bank of Nigeria Plc: Angela Onyeador (N30.7 million); Chuka Nwokoko (N31.9 million); and Moore Onyekaba (N3.6 million), among others.
African Express Bank: Sir Emeka Offor through his Chrome Oil Services and other related companies got N15 billion and has repaid over half of the sum taken as loan.
Offor however, said he had defrayed his debt to less than N900 million and that he was at the verge of offsetting the balance when the report was made public by the Senate.
Liberty Bank: Chief Victor Odili (got N41.1 million; N10.6 million and another N2.6 million got in the name of Colodense Nigeria Limited) and Dr. T.C. Osanakpo (N43.6 million got in the name of Rison Palm Limited).
Hallmark Bank: Alhaji B.I. Bunu, Chief F.E.C. Adiele, Chief Jude Akpunku, Dr. Sam Eke, Nnamdi Anyaehie, Nze Maduako and others got a total of N9.3 billion.
Lead Bank: J.I. Abulime (N5.8 million); Mallam Saleh Jambo (N17.2 million); Captain Onu and Chief Dubem Onyia (both got N26.6 million in the name of Easy Link Aviation).
Metropolitan Bank: Senator Chris Adighije (N1.9 million); Senator Mike Ajaegbo (N210 million)’ Chief (Mrs) Remi Adiukwu-Bakare (over N1.093 billion); Great Ogboru (N799.7 million); Oladapo Sarumi (N3.8 million); and Chief S. O. Bakare (about N800 million).
After she rounded off and laid the report on the table of the Senate, Senator Enyinaya Abaribe (PDP, Abia South) raised the alarm that Nwaogu’s mobile phone was already being inundated with text messages threatening her life.
Mark, however, assured her that the Senate would request the Inspector General of Police (IGP) to provide her and members of the committee with adequate security to protect them.
He said the Senate was proud of them and that the Upper House would not abandon them after having done a great job in the interest of the nation.
According to him, “You have performed wonderfully. I commend you for the courage to bring this to limelight. You do not need to be afraid for what you have done for your country as those that have sent you the text messages should first think twice about their actions.
“We stand by you; we are together in this and we take full responsibilities for this report. It is a far-reaching report. We will do what we have to do. We must play by the rules. Those names here should be ashamed of themselves.”
Meanwhile, the Senate approved the other 14 recommendations by the Nwaogu-led Committee.
For instance, it recommended that the NDIC and all banks involved in the purchase and assumption (of failed banks) should embark on renewed public awareness and sensitisation campaign in the print and electronic media on the payment procedures to enable depositors in pre-and post consolidation failed banks, come forward for their deposits.
It also recommended that the Central Bank of Nigeria (CBN) should re-examine the practice under “Purchase and Assumption” whereby assuming banks are allowed to cherry pick the good assets of failed banks and leave only the government to take responsibility for the bad ones.
In addition, it recommended that the Senate should direct the NDIC to come up with a plan for immediate payment of all depositors irrespective of the pending court cases and to put a definite deadline for completion of the process.


Debtors to Failed Banks…

Adeyeba Adekunle Johns
N7b (Gulf Bank)
Alhaji Sanusi Ado Bayero
N45.003 million
Babajide Rogers
N11.874 million
Muyiwa Osho
N242.1 million
Ebitimi Banigo
N3.2b with N10 million recovered
(All States Trust Bank)
Professor Nta Henshaw
N17.9 million
Alh I.Aminu Saleh & A. Aminu Saleh - N26.918 million (Eagle Bank)
Paul Achimugu - N5.5 million
Alh K.A. Olatunde
N13.3 million (Trade Bank)
Alh S.Y.Abdullahi
N1.25bn
Alh Sha’aba Lafiagi
N1.156 million
David Chuka Nwosu
N3.4 million
Prince S. Adedoyin & Mrs. Sola Adeoti
N5.584b with N453 million recovered (City Express Bank)
Angela Onyeador
N30.7 million (Assurance Bank of Nigeria plc)
Chuka Nwokoko
N31.9 million
Moore Onyekaba
N3.6 million
Sir Emeka Ofor- N7.5bn with N3.8bn recovered (African Express Bank)
Chief Victor Odili
N54.3 million (Liberty Bank)
Dr. T.C. Osanakpo - N43.6 million
Alh B.I. Bunu, Chief F.EC. Adiele, Chief Jude Akpunku, Dr. Sam Eke, Nnamdi Anyaehie, Nze Maduako
N9.3bn (Hallmark Bank)
J.I. Abulime - N5.8 million (Lead Bank)
Mallam Saleh Jambo - N17.2 million
Captain Onu & Chief D. Onyia
N26.6 million
Sen Chris Adighije
N1.9 million (Metropolitan Bank)
Sen Mike Ajaegbo - N210 million
Chief (Mrs.) R. Adiukwu-Bakare
over N1.093 billion
Great Ogboru - N799.7 million
Oladapo Sarumi - N3.8 million
Chief S.O. Bakare - N800 million

http://www.thisdayonline.com/nview.php?id=148176

So are they going to chase the bastards above for the money or what?
I dont see why depositors should continue to suffer when virtually all the names on that list are lavishing!

hmm
see thieves

Sir emeka Offor
i no go talk ooo

Give 100K to some nigerians and many lifes will be changed.
give 1m to some people and they will employ some other people.
but since your name is not as heavy as the ones on the list, how can someone get it?
yeye people

God dey . . .Angela Onyeador is dead sha.young,bright and enterprising youths never see who give them loan of 5k b4 oooooo,God dey,God day 9ja !

Alive or dead, they are rogues, but them, should we blame these people or the banks?
They took a loan and never stole the money, the defaulted like any other person could have done, but living large at the expense of other people that put money in those banks, that is sad.
These people's propertties should be seized, except they have borrowed the money against a coy that has gone down too

And they say the youths should not indulge in corrupt practices . F * * k dem all & i hope they all die a slow and painful death and may they all rot in HELL!. Cos they will only be protected here in nigeria.

please o Angela Onyeador never owed anyone