Good for him. 

The funny thing is,
he'll be withdrawing all that money from other banks,
so I wonder how that will affect them.

Food for thought:
All that borrowed money from the 5 banks contributes
to the bottom line of other banks.

Cyclical Borrowers.

so if CBN no publish list they wont think of paying, i am sure he is going to borrow from another bank thts been cleared by CBN to re-pay his loan at oceanic. the cycle starts again.

jimoh abeag go pay,no story.e pain me say i no collect loan sha.

Borrowing money for business is not a crime cos the banks make income from these facilities. The crime is when the loan is not performing.
The problem in nigeria is that everyone claims to be right. CBN says jimoh is owing a non perfoming N14B but he says that his indebtedness is N8b and claims it is performing. The question is WHO IS LYING ? CBN OR JIMOH IBRAHIM?

Pay and take another loan from another bank.

i think the guy might be selling off assets to pay off this debt

chux007:

so if CBN no publish list they wont think of paying, i am sure he is going to borrow from another bank thts been cleared by CBN to re-pay his loan at oceanic. the cycle starts again.

I totally agree with you jare. Can you imagine? So he had the means all these while to pay N8bn in one single day and he refused.

dappssee:

I totally agree with you jare. Can you imagine? So he had the means all these while to pay N8bn in one single day and he refused.

You have the means to pay a loan in a day does not mean you should
pay it as long as he is servicing it and according to him, he was servicing
it.

Borrow from another bank and pay up your debts.

Can u see that now------bragging to pay up the debts today. What is he waiting for before the release of the list? Or has he forgotten he is indebtedness to Oceanic bank? Where will he get the money from? Definitely from another bank------vicious cycle indeed.

Why is he telling us? Who cares if he pays or not? After all, did he tell ask us before going to borrow? Him for no pay na, make EFCC catch am.

Good job by Sanusi!

Even debt recovery agencies could not work this fast!

The proof is in the pudding. All those who claim Sanusi is doing a hatchet job will still have the nerve to rejoice that banks are receiving their money back. You cannot eat your cake and have it.

sir t:

Can u see that now------bragging to pay up the debts today.  What is he waiting for before the release of the list? Or has he forgotten he is indebtedness to Oceanic bank? Where will he get the money from? Definitely from another bank------vicious cycle indeed.

There was no need to pay the debts if he was truly servicing it like
he claims. The list has put him under pressure to pay, something he
shouldnt have done under normal circumstances.

this is absolute rubbish this is 8billion we are talking about even international companies dont just pay that much in one day it takes time for such a money to be paid. according to this it was agreed over thee weekend to pif but its not even possible even international banks need advance notice to get the funds ready. either he is getting the money from another bank that has been cleared or its just all talks. because if he had the money why should they wait until cbn published the list ?

Seun:

Food for thought:
All that borrowed money from the 5 banks contributes
to the bottom line of other banks.

Indeed it's something to worry about.
if other debtors start this trend then am afraid some of the healthy will find themselves in the same shoes with the unhealthy ones.
To worsen it,i learnt some of the debtors are even approaching healthy banks for loans to offset the debts.

@ibime, whot told you debt recovery agencies dont work that fast as ur location says u reside un uk then you will know that there are laws which has to be abided by dras, and they can be fined if they break the law. thats is the reason why i am saying if this is true that he is paying that money in 1day then were is he getting the money from ? dra dont act that fast because they have to take lots of factors into consideration, eg, the amount, time length, duration and also they must have exhausted all negotiation on repayment before taking legal action.

@ifeleke, if they are going to other banks which are healty to get the loans paid off then they are just making it worse and this banks who will give them this loans are making exposing themselves to higher and serious risk, because lets all be realistic here theey cant just pay these monies all at once. its just not possible. for a company or organisation to pay be it 5billion or8billlion in one day or in one week.

Please, First Bank, UBA, I hope you're hearing. Don't give these bank collapsers our money.

axeman85:

@ifeleke, if they are going to other banks which are healty to get the loans paid off then they are just making it worse and this banks who will give them this loans are making exposing themselves to higher and serious risk, because lets all be realistic here theey cant just pay these monies all at once. its just not possible. for a company or organisation to pay be it 5billion or8billlion in one day or in one week.

That's why i worry.
In the true sense of it, there is no way this debt recovery drive of the cbn won't affect the economy. Personally, I believe this debtors will be forced to start selling/dumping off their other assets in mad frenzy in other to meet up and this will definately cause huge crashes in some markets like the real estate and money/capital markets.
I really root for this sanitation but I hope sanusi knows the full implication of what he and his cronies are doing.

I hate debtors.  I hate them more when they make noise about paying money(loans) they have used to make millions of profit.

       Its even worst when they had entered FORBES Magazines richest men in the world with borrowed money.

@ifeleke
thats true but if the cbn jas food motives for doing this then thats fine but what efcc should dont is to start giving them ultimatum to pay back in 1week, it leads to unnecesaary panic and will affect other things as weel. all they should do is give them ultimatum to come to a reasonable agreement with the debtors so that they can pay monthly installments to pay back.

At times i get annoyed at Nigerians, the way they defend the bankers and their debtors. They under play the importance of money or economics in our everyday existence. Modern nations go to war based purely for economic reasons, and some people are justifying the fact that a few individuals are own this Nation (our collective wealth), over 200 billion Naira with the connivance of some banks.

Even I, who is an economic illiterate, knows that you weight your risks before loaning our any money to individuals, and I cannot loan out money i cannot live with in case of default, no matter how sure the repayment loots. So how do you excuse professional bankers giving unsecured billions to persons without assessing the risk of default, only to beg the president to help you collect such loans, as if the president do not have enough problems.

If it is not that the banks were toying with the hard earned money of ordinary Nigerian, i would have asked that sanusi allow the Banks to die a natural death. Not that it would affect the CEO's though

I have always said that this whole thing is a movie though a boring one that has several boring parts.

Anyway, I salute all the actors and actresses. I'm not impressed at all.

For those who have ears let them hear and for those who have eyes let them see.We have to be careful this moment.The last option for this people is money ritual cos where on earth will some owe that kind of money and promise to pay back within a day,na only otokoto can do that.So for all the night crawlers beware of ritualist cos i know by now dem go don full town.

MrCrackles:

The same Jimoh Ibrahim who claimed he didnt owe a dime last week
Unbelievable. . . .

He was reported to have contested the N14B CBN stated he owed. He claimed his debt was N8B and I believe that is what he is paying up today as regards the report.

There have been so much hullabalo since the sacking of 'troubled' banks by the CBN. Much as i so much believe in the 'santitization' strategy, i would still not join the league of those who believe so much in the MILITANT approach by Sanusi Lamido on the following ground and i want all intellectuals to go along with me:

1. AUDITING OF TEN BANKS

  Why did the CBN have to be SELECTIVE in its ADHOC auditing exercise? Although we are being told that more (eleven) banks are still currently being audited. Why can't the CBN finished up the whole audit exercise before realeasing its report. Why the rush? I hope there is no political sentiment in this exercise? I hope this exercise has not been predetermined? I believe there is something that meet the eye here? So much question but only time will give the answer.

2. WHY PUBLIC ANNOUCEMENT OF 'AUDIT' FINDING WITHOUT THE AUDITEE BEING ALLOWED TO ANSWER QUESTIONS ARISING.

   The Banking and Other Financial Institution Act (BOFIA) stipulates that a bank (through its representatives) shall be given 30 DAYS to respond to any issue that may be arising from any special audit exercise carried out by the CBN on any (Nigeria) Banks. This in essence, is to support the TRUE and FAIR view of any audit report. This professionally procedure is also supported by the Standard Auditing Practice (SAP). Now the question is, why didn't the CBN allowed these 'troubled' banks to answer questions arising fro their 'auditing and investigation' exercise before concluding their report. Please lets be objective and professional here. I still believe there is something that meet the eye in CBN MILITAT approach. So much question but only time will give the answer.


[b]3. DISPUTED DEBTORS FIGURE[/b]

  The Standard Auditing Practice (SAP) spelt out the principle of THIRD PARTY CONFIRMATION in auditing amount owing an audited Company (and Banks). In a more clear term, an Auditor MUST CIRCULARIZE all debtors to CONFIRM TRULY the amoung standing in the book of an audited bank as being owing by them. The current dissagreement of figures amongst these bank Debtors shows that the CBN did not exercise DUE DELIGENCE in their auditing exercise and I ask why? Is this a professional genuine oversight or the CBN intentionally ignored professional ethic just to achieve their 'hidden' agenda for some group of individual just in the name of carrying out CBN legitimate function? So much question but only time will give the right answer.

4. WHY MILITANT APPROACH IN DEBT RECOVERY ON BANK DEBTORS?

   I STRONGLY believe that the CBN can go about its 'BANK SANITATION' exercise without making it this public BECAUSE of its negative effect on the economy. Now the ignorant ones are raining abuse, assault and vernon on the people like Otedola, Dangote, Jimoh Ibrahim just to mention a few. Please don't get me wrong, am not saying that they are right for not paying or servicing their debts (even those some have even proved to be servicing same) and neither am i saying we should pamper them. What i am advocating for is that, let us be fair to these business Moguls, industralists and enterpreneurs who have under harsh economic policy and conditions continued to take the risk of investing in Nigeria economy unlike those who steal our National cake and run abroad. The likes of Otedola, Jimoh Ibrahim and Dangote have contributed immensely the our GROSS DOMESTIC PRODUCT (GDP) . I need not talk of the employment opportunites (for the youths), raising the standard of living (through product and service offering), paying salaries and paying taxes to the goverment. Am sure anyone who might have benefitted in one way or the other from the BOLD INVESTMENT DRIVE of these enterprenuers  will care less if all these are being done on borrowed fund from banks. Just last friday, the Vice President of Nigeria (, Goodluck Jonnathan) was in Lagos to commission the new office complex of Zenox (belonging to Otedola).  In a more developed countries, Government or Venture Capitalist rally round industralist/enterpreneur/business mogul like Otedola, Dangote, Jimoh Ibrahim to bail them out of this ugly situation. But here in Nigeria, its pay your debt yourself or we CUT yourself. What a pity? There is structurally inbalance in our economy and we need to fix it up.

THE WAY FORWARD

No matter the amount of 'sanitation' exercise being done by the CBN, all will still come back to [b]NOTHING if something is not done to make our economy more stable than it is noe. I quite agree that sanitazing the banking sector is not a step too small BUT that too has to be done in a very TRUE AND FAIR manner so as not to be counter-productive. And unless there is proper electoral reform in Nigeria we shall continue to suffer ourselves of credible leaders in this our Country. Leaders that have vision. Leaders that will not sleep over Global Economic Meltdown. Leaders that will create an enabling environment for our industralists and enterprenuers to do business with ease. Leaders that will create job for the youths. Leaders that will make our parents enjoy their pension with no hazzle in retirement .What esle can i say?  Oh! Nigeria!!!

Conclusively,

1. Dangote, Otedola, Jimoh Ibrahim and co, Biko, be humble and pay una debts as soon as possible. Na to take hands rub each other dey make hands clean oo. Thank you Sirs for ya cooperation.

2. Sacked MDs, Where is ya professionally ethic? Like CBN governor talk say Its not a crime to make loss but failure to disclose the loss na im bad pass. I know by now you would have burnt ya fungers and learnt ya lessons. There should be no compromise in practicing corperate governance. However, i pray that the CBN should temper justice with mercy because na 3 YEARS JAIL TERM (according to BOFIA) dey ring to una hair so. GOD FORBID sha.

3. Our Able CBN (Sanusi Lamido) , Softly softly oo. Power dey kill o. I hope you will remember say Nigerians like pushing their industrious servicing public servant oo. If e happen finish now, nobody go praise you again o. I hope una still remember of Nuhu Ridadu sha. No be say Soludo no fit do wetin you sanusi dey do now o but he apply wisdom, diplomacy and wise politics into the 'game' . This is because he (soludo) knows who Nigerians are. A word they say its enough for the wise.

Please forgive me NAIRALANDERS if i have spoken STUPIDILY here o.

Thanks

i trust my man, he is going to pay every dam money he borrowed from the bank. he has paid major percentage of what he borrwed from the bank. he'll definately pay back the money.

Good for him!