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Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn - Business - Nairaland

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Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Nobody: 1:59am On Aug 04, 2015
Nigerian Deposit Money Banks on Monday continued with the policy of naming and shaming their delinquent debtors with further publication of the names of firms and their directors whose loans have become non-performing for more than one year.

While nine banks published the names of the loans defaulters on Monday, four banks released the lists of their chronic debtors, owing a total of N143.81bn, on Tuesday.

The four banks are First Bank of Nigeria Limited, Access Bank Plc, Diamond Bank Plc and Unity Bank Plc.

The banks, which had published the list of their delinquent debtors on Monday were Zenith Bank Plc, Guaranty Trust Bank Plc, Union Bank Plc, Sterling Bank Plc, Skye Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, Heritage Bank Limited and Enterprise Bank Limited.

First Bank, which has its total amount of non-performing loans as N43.72bn, published 92 names of delinquent debtors.

The first five companies on the lender’s list owe a combined sum of N23bn. These are Ajaokuta Steel Company Limited, Starcomm Plc; BGL Securities Limited, where a former Minister of Finance and National Planning, Kalu Idika Kalu, is a director; Shield Petroleum Limited and Fargo Petroleum and Gas Limited.

Shield Petroleum, the number one on the list, owes N6.883bn; while Zurich International Service, the last on the list, owes N26.69m.

Unity Bank also released 260 names of delinquent debtors with a combined NPL figure of N45.52bn.

The list has the companies of some prominent Nigerians. These include Umar Mutallab’s DeanShanger Project Limited, N3.6bn; Senator Ayodele Arise and a former Minister of State for Works, Mr. Dayo Adeyeye’s International Payment Devices Limited, N81.9m; and Prince Adeyanju Olateru-Olagbegi’s Cupid Investment BDC, N90.1m.

Other prominent companies on the list are Ekiti Kete Mass Transit, which owes N991m; Fargo Petroleum and Gas Limited, N2.5bn; Ava Cement Limited, N.8bn; and Plywood Chemical and Accessories, N1.1bn.

Ava Cement topped Unity Bank’s debtors’ list with N9.8bn, while Malcolm Akpokodje owes the least with N20m.

Access Bank Plc published a list of 11 delinquent debtors, with a combined NPL figure of approximately N3.4bn.

Top on the list are Bioka Ventures Limited, which owes N1.15bn, while Derukas International Limited was last on the list with a debt of N56.3m.

Diamond Bank Plc has N47.17bn as its total NPLs, with companies belonging to prominent Nigerians owing sizeable amounts.

These include Sir Emeka Offor’s Global ScanSystem Limited, which the bank says owes N181m; a former Chairman, House of Representatives Committee on the Diaspora, Mrs. Abike Dabiri-Erewa’s Thriller Eneavours, which owes N122m; and a former Delta State Commissioner for Sports Solomon Ogba’s Delta Mega Trend Limited, which owes N89m.

Aside the 13 banks which have published their debtor lists, other banks which will publish theirs this week are Ecobank Nigeria, First City Monument Bank Limited, Standard Chartered Bank, Keystone Bank Limited, United Bank for Africa Plc and Wema Bank Plc.

Investigations by our correspondents on Monday revealed that most of the banks had cut their list of delinquent debtors due to litigation with their customers over disputes arising from loan terms and last-minute renegotiations by some clients.

A top bank executive, who spoke to one of our correspondents under the condition of anonymity, said, “Some of the banks have to remove the list of some clients due to issues that border on litigation.

“Some names were removed at the last minute after the affected customers came to renegotiate with us. Some banks have had to cut the names on their debtors’ list by at least 50 per cent.”

Officials of banks, who spoke to our correspondents, linked the relatively high figure of the NPLs in some banks to inside connivance with customers, lingering margin loans and huge oil and gas-related loans.

According to them, customer relationship managers in some of the banks connived with the customers to obtain huge loans that eventually became bad.

They also said that long-standing margin loans in some banks were responsible for the high figure.

“A huge chunk of the loans are oil and gas related. The drop in oil prices has also worsened the situation for some oil and gas companies. They borrowed relatively large amounts of money, which later became bad loans,” an official of a tier-1 bank told our correspondent.

Meanwhile, the Asset Management Corporation of Nigeria will publish the list of its debtors early next week if they fail to regularise the terms of their loans with the agency.

The spokesperson for AMCON, Mr. Kayode Lambo, who confirmed this on Monday, said companies which failed to regularise the terms of their loans with the agency would have their names published.

“As many companies who have not been servicing their loans will have their names published,” he added.

The names of firms belonging to prominent Nigerians who have not been servicing their loans may appear on the list.

In 2009, the Federal Government spent about N5tn to buy the NPLs from banks to save them from imminent collapse.

AMCON, the government agency created after the 2009 banking crisis, was the special purpose vehicle used to acquire the NPLs from the banking sector.

The Central Bank of Nigeria had on April 22, 2015 directed the banks, discount houses and AMCON to publish the list of delinquent debtors from August 1.

They are to publish the names in at least three national newspapers on a quarterly basis.

In line with the directive, the banks gave the chronic debtors a three-month grace period, which expired on July 31.

The Director, Banking Supervision, CBN, Mrs. ‘Tokunbo Martins, had in a circular dated April 22, 2015, said, “In order to ensure that the industry NPL ratio does not exceed the prudential limit of five per cent and to improve the credit culture in the banking industry, banks and discount houses are directed to observe prudent credit underwriting and monitoring standards.”

The debtors are those whose accounts have been classified as lost and include persons, entities, directors, subsidiaries and other related parties, according to the central bank.

The central bank had stated that delinquent debtors in the category described above would be blacklisted and “banned from participating in the Nigerian foreign exchange market and in the Nigerian government securities market.”

The PUNCH had on March 15, 2015 reported that the volume of the NPLs in the Nigerian banking industry was set to rise further on the back of the devaluation of the naira amid weak global crude oil prices.

Global rating agency, Fitch Ratings, had in February, after the second round of devaluation of the naira, predicted that the banks’ non-performing loans would rise above the CBN’s five per cent limit by the end of this year, but below 10 per cent.

http://www.punchng.com/news/emeka-offor-abike-dabiris-firms-others-owe-banks-n143-81bn/

3 Likes 3 Shares

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by HungerBAD: 2:05am On Aug 04, 2015
At the end of the day, we ordinary Nigerians are better off than these big men.

We don't owe debts, our property's are not held as collateral for loans, we make and use our money wisely.

No wonder they will kill to hold political positions, it is the only way they can pay their debts and maintain their lifestyle, which would be to loot Nigeria.

Thank God for Buhari, let us see how these thieves will pay their debts. An attempt to Okonjo Iweala's Nigeria's purse again, is a one way ticket to Kakuri prison.

Our banks are working.

Buhari is working.

All these BIG men debtors should pay up.

166 Likes 10 Shares

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by joystickextendr: 2:10am On Aug 04, 2015
okay







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1 Like 1 Share

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by ekkywolex(m): 2:26am On Aug 04, 2015
Just passing
Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Nobody: 3:07am On Aug 04, 2015
Ok
Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by bewla(m): 3:09am On Aug 04, 2015
book
Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Esperooke(m): 3:16am On Aug 04, 2015
This impunity has thrived for too long. Let them face the heat without further ado. This is how most of the dead banks were actually killed.

22 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by egift(m): 3:21am On Aug 04, 2015
Maka why? Didn't they provide collateral? If I need money to execute a very profitable project, the banks will be asking for Hands and Feet as collateral. SHM.

46 Likes 1 Share

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by wachakuta(m): 3:29am On Aug 04, 2015
That's why we need Death sentence for corruption in dis con3... all d company's belongs to former law makers.
This people r only good for milking dis con3 dry... Baba pls start ur war on Corruption

29 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Willswise(m): 3:35am On Aug 04, 2015
Living on the #100 deposited by the poor all in the name of loan

6 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Gr8men: 3:57am On Aug 04, 2015
Esperooke:
This impunity has thrived for too long. Let them face the heat without further ado. This is how most of the dead banks were actually killed.
True talk.

6 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by sanandreas(m): 4:08am On Aug 04, 2015
Sorry case. Debtors.

1 Like

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Nobody: 4:19am On Aug 04, 2015
#DeathSentence

1 Like

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by kennyman2000(m): 5:14am On Aug 04, 2015
Hmmmmm... And ignorance people will wish to be like them..


Now that PMB is the president and EFCC is working like panadol.. Still wish to be like them oooo...

7 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Nobody: 5:24am On Aug 04, 2015
Now that Abike is obviously owing an amount that far outweighs a minister's annual salaries for 4 years, which woman will now make Buhari's ministerial list?

26 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by ORACLE1975(m): 5:36am On Aug 04, 2015
Hope day them no mention my name?

2 Likes 1 Share

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Nobody: 6:15am On Aug 04, 2015
Serves the banks right!

If a common man needs loan,they will ask for the death certificate of his living mother.

Once again,serves them right.

72 Likes 3 Shares

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Menace2Society(m): 6:41am On Aug 04, 2015
janus05:
Now that Abike is obviously owing an amount that far outweighs a minister's annual salaries for 4 years, which woman will now make Buhari's ministerial list?
Abike don enter am be that chai!

9 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by omowolewa: 6:46am On Aug 04, 2015
Very crude method of debt recovery. Just a cheap blackmail which may not recover the debt.
Why would a debt go bad when the collateral is still good. If the collaterals are bad, that faults the banks debt credit worthiness and debt monitor standards.
Blacklisting this debtors would make them go worse as other debtors would choose not to lend to them. This would make debt swap difficult and then we get back to square one; legal proceedings.

9 Likes 1 Share

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Tallesty1(m): 6:48am On Aug 04, 2015
HungerBAD:
At the end of the day, we ordinary Nigerians are better off than this big men.

We don't owe debts, our property's are not held as collateral for loans, we make and use our money wisely.

No wonder they will kill to hold political positions, it is the only way they can pay their debts and maintain their lifestyle, which would be to loot Nigeria.

Thank God for Buhari, let us see how these thieves will pay their debts. An attempt to Okonjo Iweala's Nigeria's purse again, is a one way ticket to Kakuri prison.

Our banks are working.

Buhari is working.

All these BIG men debtors should pay up.

3 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Ghandi12: 6:56am On Aug 04, 2015
Yomieluv:
Serves the banks right!
If a common man needs loan,they will ask for the death certificate of his living mother.
Once again,serves them right.

5 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Afrocatalyst: 7:24am On Aug 04, 2015
OPM is what made most people rich.

1 Like 1 Share

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by princemillla(m): 7:24am On Aug 04, 2015
Not surprised......when the going was smooth, we no hear anything. See the huge amount loaned to a single customer, meanwhile this amount can turn many Nigerians business around big time. Ptcheeeew

9 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Goldenheart(m): 7:24am On Aug 04, 2015
Eze Ndigbese Of Gbese Kingdom.....

23 Likes 1 Share

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by greatestluv4all: 7:24am On Aug 04, 2015
Gengen

2 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by omenka(m): 7:25am On Aug 04, 2015
This would be interesting.

I hope they learn from this. When a genuine and hardworking businessman approach these banks, they give them such conditions equivalent to selling their mom just to secure some soft loans. But when politicians do, the fall over themselves to grant such requests- in fact, they approach these politicians themselves! Now they have a huge mess in their hands.

I believe the trend would change in this era since the politicians would no longer have such unfettered access to funds as they used to.

13 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by Djboosting: 7:25am On Aug 04, 2015
Oh lawd... Forgive those 'almost drowning' Oil and gas business enterprises.... shocked

Only God knows how those businesses are going to survive these debts, when Oil and gas 'department' is getting evidently busier day by day...
Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by phayvoursky(m): 7:26am On Aug 04, 2015
NO OSUN STATE, LAGOS STATE, EDO STATE, IMO STATE? THIS LIST NO COMPLETE.

4 Likes

Re: Emeka Offor, Abike Dabiri’s Firms, Others Owe Banks N143.81bn by madridguy(m): 7:27am On Aug 04, 2015
GOOD

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