The Special Presidential Panel for the Recovery of Public Property is to recover the seven billion dollars bailout fund granted commercial banks between 2006 and 2008.

The panel Chairman, Mr Okoi Obono-Obla, said in Abuja on Friday that the banks had yet to refund the money over a decade after.

Obono-Obla said that the bailout fund was not a gift to the commercial banks and so must be recovered and returned to government’s coffers.

“We are currently doing a lot of investigations to recover monies that have been taken away from the people of Nigeria.
READ ALSO GTBank's MD arrested for allegedly assaulting employee

“One of them is the almost seven billion dollars bailout fund that the Central Bank of Nigeria granted commercial banks in 2006, 2007 and 2008.

“After 13 years or so, these commercial banks have not returned that money to the coffers of the Federal Government of Nigeria.

“When we enquired from the CBN the status of that money, the banks told us that the money was ‘dashed’ (given free) to the commercial banks,’’ he said.

The panel chairman said that the money belonged to the people of Nigeria and so could not be given away like that to commercial banks owned by private individuals.
READ ALSO Buhari Talks Tough; Slams Obasanjo, Yar’adua, Jonathan, National Assembly

He pledged the panel’s determination to recover the money and return it to the Federal Government.

Obono-Obla said the panel was also in the process of recovering a large piece of land belonging to a parastatal agency under the Federal Ministry of Agriculture and Rural Development.

“That land was encroached upon, parcelled out and sold by unpatriotic people.

`I can assure you that we are going to recover it and prosecute all those who are responsible.

“We are also investigating and in the process of recovering a lot of landed property belongìng to the Nigerian Ports Authority (NPA) in Calabar, Warri, Koko, Sapele and Lagos ports.
READ ALSO CCTV shows how a young Nigerian model was killed in UK over girlfriend - Nigeria News

“We are equally doing recoveries for the Federal Mortgage Bank of Nigeria, and other federal government agencies, across the country,’’ the panel chairman said.

He called on Nigerians to assist the panel with information that could lead to the recovery of stolen public property by unpatriotic individuals.

https://www.metronaija.ng/presidential-panel-to-recover-7bn-bailout-funds-from-banks/

Money dey this country sha o

I implore FG to trade with caution
Even through its the right thing to do however they should be given more time to avoid collapse

metronaija2:
The Special Presidential Panel for the Recovery of Public Property is to recover the seven billion dollars bailout fund granted commercial banks between 2006 and 2008.

The panel Chairman, Mr Okoi Obono-Obla, said in Abuja on Friday that the banks had yet to refund the money over a decade after.

Obono-Obla said that the bailout fund was not a gift to the commercial banks and so must be recovered and returned to government’s coffers.

“We are currently doing a lot of investigations to recover monies that have been taken away from the people of Nigeria.
READ ALSO GTBank's MD arrested for allegedly assaulting employee

“One of them is the almost seven billion dollars bailout fund that the Central Bank of Nigeria granted commercial banks in 2006, 2007 and 2008.

“After 13 years or so, these commercial banks have not returned that money to the coffers of the Federal Government of Nigeria.

“When we enquired from the CBN the status of that money, the banks told us that the money was ‘dashed’ (given free) to the commercial banks,’’ he said.

The panel chairman said that the money belonged to the people of Nigeria and so could not be given away like that to commercial banks owned by private individuals.
READ ALSO Buhari Talks Tough; Slams Obasanjo, Yar’adua, Jonathan, National Assembly

He pledged the panel’s determination to recover the money and return it to the Federal Government.

Obono-Obla said the panel was also in the process of recovering a large piece of land belonging to a parastatal agency under the Federal Ministry of Agriculture and Rural Development.

“That land was encroached upon, parcelled out and sold by unpatriotic people.

`I can assure you that we are going to recover it and prosecute all those who are responsible.

“We are also investigating and in the process of recovering a lot of landed property belongìng to the Nigerian Ports Authority (NPA) in Calabar, Warri, Koko, Sapele and Lagos ports.
READ ALSO CCTV shows how a young Nigerian model was killed in UK over girlfriend - Nigeria News

“We are equally doing recoveries for the Federal Mortgage Bank of Nigeria, and other federal government agencies, across the country,’’ the panel chairman said.

He called on Nigerians to assist the panel with information that could lead to the recovery of stolen public property by unpatriotic individuals.

https://www.metronaija.ng/presidential-panel-to-recover-7bn-bailout-funds-from-banks/

cc: lalasticlala mynd44

PDP is a curse!

2006-08


I fear Nigerian banks

Face real corruption cases. They are plenty around this government

Mosesm:


PDP is a curse!

Between allowing the banks to collapse and borrowing them to scale through tough times which one is better? Be objective

Makawhizzy:

Between allowing the banks to collapse and borrowing them to scale through tough times which one is better? Be objective

After borrowing then the money the objective thing to do was to recover the money. Even the US government collected back money lent to bank after bailouts. PDP was just being their normal criminal self by refusing to recover money lent to bank. Bailouts are not dash. We need to stop supporting criminality by Nigerian elites designed to perpetuate their wickedness.

“When we enquired from the CBN the status of that money, the banks told us that the money was ‘dashed’ (given free) to the commercial banks,’’ he said.

This is very shocking if it actually came from the CBN. It means the PDP government must have packaged the money in form of dashing the banks in order for them to corner the funds outside the government.

Where in the world is it done that the government dash banks money.

Imagine even CBN of all bodies giving such a reply. It means it must have been documented as a gift. $7billion about 4trillion Naira today’s money.

Thank God for giving us Buhari.

Ok

They have been deducting arbitrary charges all these years. Time for them to cough it out.

good.

I hope they recover it and put it to good use


visit www.donsimonii.com for stories and articles

Dash Banks 7 billion dollars fa

Nigeria, Nigeria, Nigeria my country. Which way na?

since they were dashed as they claimed, then they should call d CBN govnor and finance minister at d time they were dashed as witnesses. its as simple as that. Banks that try to eat their customers to d bone marrow , yet they are now claiming dash. do they have anything like dash in their banking nomenclature?

The government should recover the money but utmost caution must be applied. Most of these financial institutions are not as healthy as they appear.
Those funds were given to them to avoid their collapse then which will have dire consequences on the economy.
They should not in anyway see it as a freebie. I wonder how some of them have been posting profit for their shareholders when they are this heavily indebted.

Come to think of it, if it is the banks that gave the bailout funds to individuals, imagine the kind of intrest it would have acrrued and the kind of recovery measures they would have used both legally and illegaly.

Upon bailout dem go still rob my poor acct of charges wey no get head

Na wah for this we countiri.

vedaxcool:


After borrowing then the money the objective thing to do was to recover the money. Even the US government collected back money lent to bank after bailouts. PDP was just being their normal criminal self by refusing to recover money lent to bank. Bailouts are not dash. We need to stop supporting criminality by Nigerian elites designed to perpetuate their wickedness.

Daft statements like this get me mad. So PDP lent banks billion of dollars to avoid them collapsing after the global financial crisis and that's criminal?

You think you can just wake up and damand that banks pay back trillions of Naira?

Buhari is just daft. Most of our banks are struggling. Asking them to payback this trillions would just crash many of them and take us back to recession.

The way these Buharis dolts reason is just disgusting.

Still some Mofos will not be happy with this news! Smh

People go run go commot their money for banks now

Good

aolawale025:
Face real corruption cases. They are plenty around this government

So CBN under Soludo gifting $7billion of public funds to private banks is not corruption?

Do you know what you are saying at all?

naijapips04:


Daft statements like this get me mad. So PDP lent banks billion of dollars to avoid them collapsing after the global financial crisis and that's criminal?

You think you can just wake up and damand that banks pay back trillions of Naira?

Buhari is just daft. Most of our banks are struggling. Asking them to payback this trillions would just crash many of them and take us back to recession.

The way these Buharis dolts reason is just disgusting.

everything not buhari and those banks too suppose to have been paying back small small since not gift.

Mosesm:


PDP is a curse!

How ?

No more free lunch.
Time for accountability because a new sheriff is in town.

naijapips04:


Daft statements like this get me mad. So PDP lent banks billion of dollars to avoid them collapsing after the global financial crisis and that's criminal?

You think you can just wake up and damand that banks pay back trillions of Naira?

Buhari is just daft. Most of our banks are struggling. Asking them to payback this trillions would just crash many of them and take us back to recession.

The way these Buharis dolts reason is just disgusting.

Now politics aside. Bailout must be returned not at once but a plan should be designed to make it flexible. Forget ur claim that banks are struggling. Only if u see how the so called Bosses of these banks live, u will see the real pics. Every COY source for loan during hard times, but expecting the Govt to dash them is SO DISGUSTING

Beedude:

Now politics aside. Bailout must be returned not at once but a plan should be designed to make it flexible. Forget ur claim that banks are struggling. Only if u see how the so called Bosses of these banks live, u will see the real pics. Every COY source for loan during hard times, but expecting the Govt to dash them is SO DISGUSTING

Nobody was going to dash anybody money. Its a loan dammit!

Im sure there were repayment plan agreed with the banks. What Buhari is trying to do now is swoop on them and demand they pay everything in the name of fighting corruption. Same thing he did with TSA that took us into recession. We are about to repeat that circle again.

vedaxcool:


After borrowing then the money the objective thing to do was to recover the money. Even the US government collected back money lent to bank after bailouts. PDP was just being their normal criminal self by refusing to recover money lent to bank. Bailouts are not dash. We need to stop supporting criminality by Nigerian elites designed to perpetuate their wickedness.

It's a CBN job to do and last time I checked they are independent and not party agencies. Government is about continuity. The time we majority class stop shouting party division the way the elites who are changing political party based on selfish already programmed us the better it is for us. Majority of those PDP are now APC stalwarts while we the affected masses are shouting it's PDP, APC, ANPP

never again will PDP rule this country again.

Good move

Check my signature for 2018/2019 club and country jerseys