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Central Bank Releases Names Of Debtors To Stressed Banks - Politics (2) - Nairaland

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Re: Central Bank Releases Names Of Debtors To Stressed Banks by PurestBoy(m): 1:01pm On Aug 19, 2009
, and these banks and their yeye managers no fit borrow poor man 5,000 make e take chop. na wa o
Re: Central Bank Releases Names Of Debtors To Stressed Banks by GEW: 1:04pm On Aug 19, 2009
Epiphany:

Yes i understand that but at the same time, the 'business' does not mis-appropriate the funds. It is the 'people' or 'directors' that disburse these funds for use in one project or the other hence, if the assets of the business are confisticated and the banks are not able to get all their money back, the people/directors etc will have to be held responsible.
you are right.  being a limited liability coy is good but if it can be prove the diectors did something funny they stand going to jail and forfeiting their personal wealth too.  rightly so.

but did you hear one of the directors   onajite or something like that is a deptor too?  nigerians are mostly shameless and wicked people
dominic tj:

Its not a crime for the rich in the society to borrow money either from banks or from any other lending financial institutions as being argued on nairaland, but it becomes a crime when those incharge of the lending process try going into hiding as the case with the MD & CEO of oceanic bank, Cecilia Ibru, who was arrested at the airport after trying to get out of the country.
I think there's every need to sanitise our banks so as to encourage foreing investors into the country.
i am not one of those peopl saying no borrowing what is wrong in nigeria is borrowing with no intention of paying is very high.

you need to know the amount of B & DD in naija banks books and the few people that owe these vast sums.
olafusimic:

In a BBC interview on Friday last week, Sanusi Lamido was asked if he will like to see some of the CEOs go to jail, his reply was "Yes, I will like to see some of them go to jail."
BBC World business daily
olafusimic:

In a BBC interview on Friday last week, Sanusi Lamido was asked if he will like to see some of the CEOs go to jail, his reply was "Yes, I will like to see some of them go to jail."
BBC World business daily
olafusimic:

In a BBC interview on Friday last week, Sanusi Lamido was asked if he will like to see some of the CEOs go to jail, his reply was "Yes, I will like to see some of them go to jail."
BBC World business daily
 is the guy mad?  he cannot prejudice a case.  all these  PHD islamic studies people and their stupidity.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by kazey(m): 1:14pm On Aug 19, 2009
What pisses me off is the amount of micro startup loans they could fulfill with even just one of the loans.

Imagine just one of the lowest loan at 2billion divided into 20Million, How many startups in Nigeria would that help?

We wonder why the country is so screwed up, and even then we tend to blame the government, If only if 20% of this money was invested into the country, Nigeria would be a developed country.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by ajadudu: 1:57pm On Aug 19, 2009
guys, yes rich people borrow money everywhere. the problem here is not only are the loans shady in the way they were granted, these guys are NOT servicing the loans, they are all in non-performing status!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by ThinkRait: 2:23pm On Aug 19, 2009
My take on the matter.

Every entrepreneur borrows money to start or expand his/ her business.
Lending is one of the primary duties of a banking institution. Charles Soludo embarked on the recapitalisation programme some years bank so that Nigerian banks can engage in what he called 'Large-scale lending'. Therefore, lending tens of billions to a viable business entity is no big deal. Where a problem comes in is when the business entity defaults on the agreement.
Why would a good businessman default on loan payments. My answer is: many reasons.

1. Bad practices and lack of corporate governance.
2. Very high interest rates.
3. Default on the part of the entities' clients.
4. Bad economic policies on the part of the government.

Some of the companies in the list are definitely into bad practices but I wont subscribe to the opinion that everyone on the list is a criminal.

You can't borrow money from a bank at 25% interest rate and expect to pay back in 3 years. Remeber you have to provide your own electricity, you have to repair your operational vehicles (damaged due to the bad nature of our roads), you have to pay excessive telephone bills, you have to pay for security.

On my third point. You transact business with people who you can't predict. Imagine borrowing funds from a bank to execute a government contract. You will only get paid after the funds has generated a lot of interest. Worse still, the government cares less about how you got money to execute contracts.

Some people on the least are philanderers.
Some people on this same list are also the biggest employers of labour in Nigeria. If CBN forces them to liquidate their assets just to pay loans, the number of unemployed in our streets will definitely increase.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by koolchicco: 2:24pm On Aug 19, 2009
My people,,,Oh my people!My people have asked me to Quote NO on Tenure xtension,Bad Political leadership cum Public fund looting!!-No wonder the Good book says that it is harder for a Rich man to make heaven."I guess it was about 9ja rich men tho"!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by vigasimple(m): 2:28pm On Aug 19, 2009
within these 5 banks alone out of the 25. and not yet sure about the rest, the total non performing loans(not sure about the interest payments) totalling N775 BILLION.

Even if we multiply that by 4, it will be around N3 trillion naira likely money gone to the oceans( why no one think about it , when you call a bank oceanic- it means your money goes to the ocean grin grin grin)

Oceanic bank alone is about N278 billion major defaulters, what about minor defaulters, maybe another N50-100 Billion naira. what is the bank total capitalisation, is it up to N100Billion, if not, then the bank is an empty shell.

Nigeria problem is  essentially  LEADERSHIP, follow by CORRUPTION until we deal with those, we aren't see anything yet.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by rasputinn(m): 2:40pm On Aug 19, 2009
[size=16pt]Lost for words
My question is,after this good and embarrassing step of publishing their names,how does the CBN through the new managements of the banks intend to recover these monies knowing fullly well how corrupt Nigerian businessman have used and can use a littany of god fathers,lawyers and serving government officials etc to subvert justice[/size] undecided undecided
Re: Central Bank Releases Names Of Debtors To Stressed Banks by asha80(m): 2:50pm On Aug 19, 2009
Naija 4 life shocked angry grin embarassed undecided lipsrsealed cry wink
Re: Central Bank Releases Names Of Debtors To Stressed Banks by coolrhyme: 2:59pm On Aug 19, 2009
I have as a fact that United Alliance Company of Nigeria Ltd service its loan. The point is who want AIG out Why is Ibori name not among the list?? Who are does CBN is protecting? They are definitely leaving some names out. Baba Ota is a debtor, where is is name?? Sanusi should learn from Ribadu.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by MyPeace(f): 3:01pm On Aug 19, 2009
naija, the more u look, the less u see!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by koolchicco: 3:10pm On Aug 19, 2009
MyPeace:

naija, the more u look, the less u see!


In the abundance of water, the fool is thirsty.I tire for Naija!!!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by oshkosh(m): 3:12pm On Aug 19, 2009
Nothing will happen to the big boys in the list. Ribadu said it all that in nigeria when you fight curruption, curruption fights you back! And wins!

The names on the list are simply too powerfull and i doubt they have the money to "dash" anybody! grin

And to think that Oceanic and Intercontinental each dashed N1Billion to the Yar campaign effort. Oh how they'll
be regretting that move now,   grin
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Fhemmmy: 3:15pm On Aug 19, 2009
oshkosh:

Nothing will happen to the big boys in the list. Ribadu said it all that in nigeria when you fight curruption, curruption fights you back! And wins!

The names on the list are simply too powerfull and i doubt they have the money to "dash" anybody! grin

Most of the people and the coy on that list has enuf properties or interest in other areas worth that much, so in a normal society, they will seize whatever they have used as Collateral to take such loans.
Infact, i am amazed that the govt is giving these banks 4B$$ while they know the people that owe the banks so much money, they can go against their properties and seize them, and auction them off and get back the money.
However, like u mention, they are too powerful, they have funded the govt with some of the loans, and now no one can go near them.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by egin(m): 3:18pm On Aug 19, 2009
say-d-fact:

at least ADENUGA's name was not included, maybe he is,

lipsrsealed kiss lipsrsealed
Adenuga fronts for IBB.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Fhemmmy: 3:24pm On Aug 19, 2009
egin:

Adenuga fronts for IBB.

Dont forget that these are people that owe and dont wanna pay, not those that owes
Re: Central Bank Releases Names Of Debtors To Stressed Banks by oshkosh(m): 3:26pm On Aug 19, 2009
Na Ibori house for Oghara or the one for London you wan collect? Or is it Dangote's private gulfstream jet? All that na story.

But on the other hand, maybe the shame (doubt these dudes have any shame though cool) of appearing on the weekly publication of debtors might help concentrate their minds
Re: Central Bank Releases Names Of Debtors To Stressed Banks by DisGuy: 3:27pm On Aug 19, 2009
at least ADENUGA's name was not included, maybe he is,


perhaps he has a performing loan wink

Seeems these people just go to another bank after spoiling their name with one bank and the banks don't share information about habitual debtors!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Fhemmmy: 3:32pm On Aug 19, 2009
oshkosh:

Na Ibori house for Oghara or the one for London you wan collect? Or is it Dangote's private gulfstream jet? All that na story.

But on the other hand, maybe the shame (doubt these dudes have any shame though cool) of appearing on the weekly publication of debtors might help concentrate their minds

There is nothing wrong with collecting all their stuff, however, the govt is just lame and dumb and not willing to do anything, mind you the money being given to the banks now dont belong to them, so they can spend it anyhow.
Where there is law and order, they will seize all their properties and auction them off to realize the money back.
You think Nigeria big men has shame? not at all, in a society that someone that robs to make money can have music dedicated to him cos he has money? think again
Re: Central Bank Releases Names Of Debtors To Stressed Banks by DisGuy: 3:33pm On Aug 19, 2009
Hollandis

Why do you think he is witch hunting?
All this conspiracy about some northerners getting revenge is pure hallucinations!
there are no new money in the north certainly not enough to buy a bank!
all or most of  the rich men are also debtors or government workers!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Fhemmmy: 3:35pm On Aug 19, 2009
Dis Guy:

Hollandis

Why do you think he is witch hunting?
All this conspiracy about some northerners getting revenge is pure hallucinations!
there are no new money in the north certainly not enough to buy a bank!
all or most of  the rich men are also debtors or government workers!

govt workers has levels
Re: Central Bank Releases Names Of Debtors To Stressed Banks by DisGuy: 3:39pm On Aug 19, 2009
well not enough to own/run a bank
there's a new sheriff in town aint you heard
dont think he'll be doing anyone favours either
looks like a man that will resign if they are about to do a ribadu on him wink
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Fhemmmy: 3:40pm On Aug 19, 2009
Most nigerians will come to office and do gra gra, but they always have a price and when the price has been determined, be will be rebadu-ed easily.
So time will tell on the new chief in town
Re: Central Bank Releases Names Of Debtors To Stressed Banks by otukpo(f): 3:44pm On Aug 19, 2009
Dis Guy:



perhaps he has a performing loan wink

Seeems these people just go to another bank after spoiling their name with one bank and the banks don't share information about habitual debtors!

dont over rejoice yet. This list released by CBN is for those owing the 5 banks that their MDs were sacked last week. The list of the debtors of the other banks are not yet released. So anything can still happen.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by babyrl: 4:04pm On Aug 19, 2009
coolrhyme:

I have as a fact that United Alliance Company of Nigeria Ltd service its loan. The point is who want AIG out Why is Ibori name not among the list?? Who are does CBN is protecting? They are definitely leaving some names out. Baba Ota is a debtor, where is is name?? Sanusi should learn from Ribadu. 

All the CBN published is the name of the companies, and those that signed for the loan on behalf of the company or someone else. Ibori's related company could be on the list, but he might not be the one that signed for the loan.

@ThinkRait.

The bank does not have to liquidate the asset of the company to get their money. All they have to do is take ownership of the company or the shares of the person that borrowed the loan, till the shares handed over to the bank can pay back the loan. This is how it happens around the world, you do not have to liquidate the company. If the bank does not want to own the company, they can sell it to a third party who will pay the bank.
Re: Central Bank Releases Names Of Debtors To Stressed Banks by mechris: 4:17pm On Aug 19, 2009
Na wa oooo!! ,but i have reservations on the enforcement and CBN's ability to recorver these loans. Na Naija we dey ,nobi today!!
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Benjacky: 4:19pm On Aug 19, 2009
Ibori owns Notore (32.4B) Ascot(44.6B) by proxy
Re: Central Bank Releases Names Of Debtors To Stressed Banks by oshkosh(m): 4:23pm On Aug 19, 2009
I like this Sanusi's crusading zeal though. Reminds me of my old friend Ribadu.

But coming to think of it, I'm starting to fear for bank workers and their jobs. I see very serious "right sizing" in banking industry, with only the most competent, professional being retained!

May not be such a back thing as staff overhang contribution to operating cost for most Nigerian banks is too high and certainly unsustainable (especially oceanic and uba)
Re: Central Bank Releases Names Of Debtors To Stressed Banks by showbobo(m): 4:33pm On Aug 19, 2009
God please dont let SANUSI be RE-BADUED and manipulated by those Godfathers/Enemies-of-Progress. . . . . . I pray serious punishment are meted out to the defaulters accordingly. . . .
Re: Central Bank Releases Names Of Debtors To Stressed Banks by 9ja4eva: 4:34pm On Aug 19, 2009
Very Alarming, Very Alarming!!!They should all be sent to jail
Re: Central Bank Releases Names Of Debtors To Stressed Banks by Nobody: 4:45pm On Aug 19, 2009
What happened to the news about Peter Odili being the major debtor? Sahara reporters should try to get some dignity and three square meal. It will do them some good.

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