aquita:

In as much as I don`t like joining issues with people. I think the likes of hollandis should shut up if they don`t have any positive thing to say.

I reiterate,arguing over the internet is as useful as talking to a fenced post.GEDDIT?  

hollandis:

Are you sure your sanity is intact?what has GO or COME got to do with this?Has she committed any crime?.Nigeria is a failing state,no thanks to the FG,INEC,ASUU,LEGISLATORS,JUDICIARY and your likes.

You should be more concerned with your own sanity instead of questioning mine.

I was only guessing why brien would trust such a person if not for the fact that most nigerians tend to worship whoever says he/she is a born again or has a good relationship with pastors (not that its a bad idea to have such relationship). But all of a sudden, you jumped in to question my sanity.

She hasn't committed any crime after lending out people's money to their friends and associate?

nigeria with their series .

hollandis:

Are you sure your sanity is intact?what has GO or COME got to do with this?Has she committed any crime?.Nigeria is a failing state,no thanks to the FG,INEC,ASUU,LEGISLATORS,JUDICIARY and your likes.

The funny thing I see is when people with little idea of how institutions work make loud comments. If she has not committed a crime why the sudden move to travel.? The normal response will be to wait a while and try to clear your name before jetting out. Truely this may not have much to do with her relationship with Daddy GO but she has a certain standing as one of the most religious bank MDs which places more trust in her than maybe a dazzler or around the town man like Tony Elumelu of UBA.

The crime the MDs committed is mismanagement of resources while painting a rosy picture of good health. Visit the link http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf . which has a summary of the highest debtors to the five banks and you will see a list of who's who in Naija, including our "richest man in Naija". You forget that the MDs are fiddling with shareholders funds and public trust in the financial climate. Would you like us to return to the days of keeping cash underneath our beds or using GMG to move cash from Aba to Lagos when it can be done electronically?

If those guys did not or could not repay their loans, there are documented legal ways to retrieve your funds, did they practise them? Did Access bank not sue AP to cut and did they not get their funds back? If these bigz boys/girlz refuse to pay how would the banks be able to lend funds to others? Yet we complain of the inability of the common man to get loans but how would they when they richest man's company owes over NGN 8 billion to a single bank? the collective debts listed on that paper sums up to over NGN605 billion. If they are shamed into paying up they the economy will start to move in the right direction once, likely to do so I think though in Naija nothing seems to follow normal theory

why this efcc no fit leave us, i swear i no like the idea of efcc, na dem dey do and dem dey kill, Bleep efccc jare abi na lie

davidif:

  “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” - Warren Buffet

Finally. These guys were cooking the books like Ken Lay, Jeff Skilling, Bernie Ebbers and Bernard Madoff. They should be given life sentences to set an example and to deter this kind of future behavior. If the ministry of justice or the attorney general let this guys walk away, then this would confirm there incompetence.

Madoff was charged for the following crimes -
different categories of  fraud(like 4 of them)
money laundering,
false statements,
perjury,
false filings,
theft
He faces 150 years in prison and restitution

Please can you mention any crime Cecilia committed ?

this is no news in nigeria, we all get hyped up in any scandal like this and before you say jack the case is lying peacefully in the bin, have u all forgotten HALLIBURTON case,talk of any scandal in nigeria, fani kayodes daylight robbery in that moribund ministry, bode george in NPA,

u guyz dont get it, laws are made for the common ones in nigeria not those people up there,

ma heart weeps for nigeria, but i believe that a day is coming when equality, justice will be the order of the day, when GOD will help change our mindset in nigeria



a piece of me

teeewai:

this is no news in nigeria, we all get hyped up in any scandal like this and before you say jack the case is lying peacefully in the bin, have u all forgotten HALLIBURTON case,talk of any scandal in nigeria, fani kayodes daylight robbery in that moribund ministry, bode george in NPA,

u guyz dont get it, laws are made for the common ones in nigeria not those people up there,

ma heart weeps for nigeria, but i believe that a day is coming when equality, justice will be the order of the day, when GOD will help change our mindset in nigeria



a piece of me

true talk,

but i pray God would just intervene just lyk the days of Abacha, hope they all rot in jail

They have started another comedy show. For where? First class citizen? Do not forget, all animals are not equal in our own dear country. It has always been like this, the result is no result.

@hollandis, please read this, again,

yes, hollandis, betrayal of trust is crime against humanity innocent people who have kept their hard earn money with them or bought shares in these companies based on figures they display and promises given now are let down. Last year alone, most pension funds lost about 30 - 40 % in value which means people might retire to nothing after contributing some percentages of their salaries into those funds for so many years. The realities of present situation is scary.

If you kept your money with someone under agreement and he misused the money. If he is unable to pay you back would you just walk away or you would call the police, has he committed any crime?

Movies like this never end. We see the begining and we might never know how it ended. The president might grant them amnesty, I'm sure Nollywood is shooting another drama now, NIGERIA, what a 1daful nation

PAPAMODE:

The funny thing I see is when people with little idea of how institutions work make loud comments. If she has not committed a crime why the sudden move to travel.? The normal response will be to wait a while and try to clear your name before jetting out. Truely this may not have much to do with her relationship with Daddy GO but she has a certain standing as one of the most religious bank MDs which places more trust in her than maybe a dazzler or around the town man like Tony Elumelu of UBA.

The crime the MDs committed is mismanagement of resources while painting a rosy picture of good health. Visit the link http://cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf. which has a summary of the highest debtors to the five banks and you will see a list of who's who in Naija, including our "richest man in Naija". You forget that the MDs are fiddling with shareholders funds and public trust in the financial climate. Would you like us to return to the days of keeping cash underneath our beds or using GMG to move cash from Aba to Lagos when it can be done electronically?

If those guys did not or could not repay their loans, there are documented legal ways to retrieve your funds, did they practise them? Did Access bank not sue AP to cut and did they not get their funds back? If these bigz boys/girlz refuse to pay how would the banks be able to lend funds to others? Yet we complain of the inability of the common man to get loans but how would they when they richest man's company owes over NGN 8 billion to a single bank? the collective debts listed on that paper sums up to over NGN605 billion. If they are shamed into paying up they the economy will start to move in the right direction once, likely to do so I think though in Naija nothing seems to follow normal theory

So how does your purported repatoire of banking norms explain your grouse with Ibru?I went through your boring write up,I still can't find one single crime .Go siddon for one place

Lets be objective in our comments pls, these pple are innocent until proven guilty, God helps Nigeria,

Oceanic bank was the Ibru family personal piggy bank - the kids and their spouses, their friends all took huge loans out of this bank, and launder through the same. I have a personal knowledge of this - unfortunately she'll never see the inside of a court room, let alone a cell.

Remii:

@hollandis, please read this, again,

yes, hollandis, betrayal of trust is crime against humanity innocent people who have kept their hard earn money with them or bought shares in these companies based on figures they display and promises given now are let down. Last year alone, most pension funds lost about 30 - 40 % in value which means people might retire to nothing after contributing some percentages of their salaries into those funds for so many years. The realities of present situation is scary.

If you kept your money with someone under agreement and he misused the money. If he is unable to pay you back would you just walk away or you would call the police, has he committed any crime?

In as much as I like you write up.I am standing from an objective point of view.If I may ask ,whose hope has she betrayed?Please what evidence can you give that she toyed with your(depositors) money?Apart from the Tier 2 capital deficiency that forms the fulcrum of "stupid sanusi" axe(which all banks are guilty of),what crime has this woman committed?Please I want clear evidences

nuzo:

You should be more concerned with your own sanity instead of questioning mine.

I was only guessing why brien would trust such a person if not for the fact that most nigerians tend to worship whoever says he/she is a born again or has a good relationship with pastors (not that its a bad idea to have such relationship). But all of a sudden, you jumped in to question my sanity.

She hasn't committed any crime after lending out people's money to their friends and associate?

I apologize for insulting you,but I didn't mean it that way.I am just wondering what is wrong with borrowing from a bank?Please you cannot afford to destroy her by stigmatizing her with guilty offences unless proven otherwise in a court.

call4shola:

Lets be objective in our comments pls, these pple are innocent until proven guilty, God helps Nigeria,

Thanks for the summary
This woman is entitled to a fair hearing for crying out loud.

Early this year former CBN Governor Soludo gave Nigerians the assurance, that all is well with the banks. He said that, Nigerian banks are in a position to bail out the country from any financial stress. Soludo should also be called for questioning by the EFCC.

In my own arrogant opinion, i think Efcc should go after those people who collected and are living large on the loan. i know one or two of some of the compannies listed in the cbn publicatn where junior level staff drive official camry 08 cars, i did not even know their company was operating on loan, i wonder why they cant buy kias, no wonder they are having non performing loans, lol
and i think the crimes of the boss of the banks may be book falsifying i.e. declaring fake profit , jus like the case of pamalat SpA in Italy,

None of the sacked bank M.Ds has been convicted of any crime; they were only invited for questioning. If any of them is tried and proven guilty, he or she should be jailed. we need to avoid a situation whereby banks will collpase and workers will lose their jobs, depositors will lose their money and shareholders will lose their investments.

@ hollandis, are you related to Cecilia Ibru in any way?

dis drama don  take over from amnesty and MEND wahala, after sometime dem go use boko aram wahala in lagos or other cities in the south to cover it. The way government being dey do gra gra about halliburton people  suppose don dey serve for prison  now. But all na lie. The more you look the less you see.

All of dem go settle themselves jare.

@papamode

It will take a monumental cleansing (older corrupt generation extinction) before naij can move forward. The names on the list explains why naij keeps moving backward. These are the same people celebrated left and right in naij.
Take Arisekola Alao as example. A man not servicing a loan in the tune of 5bn is still worshiped like a king in IB.
And not to forget Dr or Prof Nduruike or whatever her name is owing in excess of 35BN and she is meant to be director of Stock Exchange or something like that. What strikes ma chord is all the money she borrowed was used in procuring failed transcorp's shares but then again she could be just a scape goat used as front for Mr Big (OBJ).

CBN needs to confiscate all 'em thief's properties if they are to be taking serious.

they should be held for questioning & thorough investigation. i hope the powers that be don't introduce this 'RULE OF LAW' slogan otherwise the whole episode will turn out to be one of those 'as usual' brow-raising events that soon dies off a natural death.
the debtors should hurriedly pay off in the shortest possible time otherwise their assets are confiscated & tehy are thrown to jail

i hope this reform chain reacts & ricochets into the political & moral conscience of the nation so that the much desired change we seek comes home to roost!

well, in Nigeria, debtors go free, after so many series of court cases and ajjournement , that may last several years, a chinese company was even given loan the guy must be somewhere in faraway china enjoying his money

Lets assume they are innocent until proven guilty.

i love what d lamido guy is doing,just hope he isnt doing the initial gra gra,read in guardian newspaper today that Intercontinental bank former CEO is taking CBN for court for sacking him.waiting to c how this whole drama wil end

Arresting the bank chiefs is one thing, the seriousness of the offence and the weight of evidence is another. Which is why these agencies (CBN,EFCC) have to be on the offensive and let the people know otherwise it will further fuel speculation of a hidden agenda which will harm the affected banks even more.

I have seen people question the logic of the CBN taking these steps (sacking CEOs) even though a complete audit of the banks have not been done yet. This is actually quite strategic.

I think the whole Idea is to make example that will sink using the more visible personalities. Other CEOs will be working day and night now to retrieve such funds. This will reduce the amount required by the govt to intervene while achieving the same objective in the long run.

Memunah:

i love what d lamido guy is doing,just hope he isnt doing the initial gra gra,read in guardian newspaper today that Intercontinental bank former CEO is taking CBN for court for sacking him.waiting to c how this whole drama wil end

Gra gra is all it is. If he dares go to court all the stinking details will come out in the open. Intercontinental shares wont be worth the paper it is written on. He knows he stands to lose more than any one else.

The CBN failed in it's supervisory and regulatory responsibilitie. These banks did what they did because the regulatory frameworks were non-existent. The CBN should shoulder much, if not all, of the blame.

I don't support these individuals being harrassed, unless malpractice or fraud can be proven. CBN should take it's regulatory and supervisory responsibilities more seriously.


Weak institutions is the bane of our society. Police, Legislature,  Law etc etc. Financial services is no exception.

Well , i taught that the Re capitalization that Soludo did was to make our Banks strong but after few months he  left the office . What are we experiencing today , in a nut shell our economy is not safe and our banks on the verge of collapse,who will help us ? God abi.

I have a few questions for Nairalanders, the FG of Nigeria and the CBN gov

1. In the list of debtors, the GO of RCCG was not mentioned neither was RCCG itself mentioned. How come some nairalanders still deem it right to flaunt the name of the GO?

2. The CBN gov himself announced that he is yet to finish the audit. He says there are still 11 banks yet to be audited. Why the rush to prosecute these 5 banks and hence, cause panic among investors and depositors in these banks if you've only completed audit on 14 of the 25 banks we have in Nigeria?

3. Its ironical that while the bank CEOs are being 'dealt' with, the debtors who have put them into trouble are gallivanting around. Even though I have no knowledge of how these things work, I expect that by now, the properties of Dangote, etc would have been seized until the debt or a substantial part of it is repaid. It is also Ironical that another debtor like Ibori is the presiden't right hand man.

My Conclusion:

This is just another soap opera. Unless Lamido has a personal axe to grind, I do believe he is only wasting his time. It will end up like others and swept under the carpet. Quote me: In a few weeks time, the courts will restore these CEOs back to their posts and it will be business as usual.
No be Naija?