TINTINABULATION:
There is nothing so special here until we are privy to the Memorandum of Understanding between Abia State Government & Cranburg Construction. That is the document that will list all the roads to be constructed with the money. There is no law forbidding a private organization, such as Cranburg to approach its bankers for facility to execute a contract. If Access Bank finds her customer, Cranburg Construction credit worthy, then public opinion holds no sway

Goodvibes007:
Aside the conflict of interests ,ethics violation, and not following the proper bidding process/award of contracts, under Alex Otti's leadership, a tiny economy state like Abia would accumulate an astounding debt of half a trillion naira or more (we don't know others as yet probably) within only one year.

Summary of the post for those too lazy to read 👇

A document reveals that Craneburg Construction, owned by Mrs. Chizoba Doreen Wigwe, received a N50 billion loan from Access Bank to finance contracts awarded by Abia State government, raising concerns about lack of official bidding and approval process. State officials declined to comment.

Bugatie:
I see no case here,

viqSmallz:
I am trying to wrap my head round this. A business took a loan from a bank to facilitate a contract it has been awarded.
Is this not a credit facility? This doesn't seem like news, is it because the CEOs of both organizations are related?

A business is an entity, seperate from the owners. News reporting is cut and join over here, just creating sensationalism.

Jogs1900:
I hope they are yet to disburse the loan..
Heard that Tony Elumelu got forty billion naira from UBA and it has turned to bad debt..Very soon, the bank will write it off while Tony is balling.
Fraud in the banking industry is just too much.

lexy2014:


oga, simple conflict of interest. its not everything you can defend

ppogba:
Those that will castigate Sahara Reporters are still on the way.

MyVILLAGEpeople:


Tony owns UBA right ?

Jogs1900:

Should I say he owns it because he has the majority shares there.He can veto any decision the board takes.

adioolayi:
So, what's the news here

The wife has a reputable company, won contract and was financed by Access Bank..

I can't see where this news is saying the company is not solid enough to pay back the loans or the loans were given without due diligence.

So, because her husband is Access Bank whatever...she can't look for loans from them or what exactly

MyVILLAGEpeople:


Exactly. We both saying same thing

TINTINABULATION:
There is nothing so special here until we are privy to the Memorandum of Understanding between Abia State Government & Cranburg Construction. That is the document that will list all the roads to be constructed with the money. There is no law forbidding a private organization, such as Cranburg to approach its bankers for facility to execute a contract. If Access Bank finds her customer, Cranburg Construction credit worthy, then public opinion holds no sway

Tjra:
There is no issue here.

If Craneburg has delivered the project, then Abia state government should pay up. And Craneburg will fulfil their obligations to a Access Bank in turn.

The facility was given to the corporate entity- Craneburg and not Chizoba Wigwe.

Tjra:
There is no issue here.

If Craneburg has delivered the project, then Abia state government should pay up. And Craneburg will fulfil their obligations to a Access Bank in turn.

The facility was given to the corporate entity- Craneburg and not Chizoba Wigwe.

TINTINABULATION:
There is nothing so special here until we are privy to the Memorandum of Understanding between Abia State Government & Cranburg Construction. That is the document that will list all the roads to be constructed with the money. There is no law forbidding a private organization, such as Cranburg to approach its bankers for facility to execute a contract. If Access Bank finds her customer, Cranburg Construction credit worthy, then public opinion holds no sway

Benwallt:


If it's Lagos or Kano, your thrashy contribution would be scathing opprobrium. Obidients are walking lunatics