SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React - Politics - Nairaland
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| SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by babyrl: 10:50pm On Aug 19, 2009 |
LAGOS—Securities and Exchange Commission, SEC, has given the Director General of the Nigerian Stock Exchange, Mrs Ndi Okereke-Onyiuke a seven-day ultimatum to explain her involvement in the accumulated non-performing loans in the five banks, whose managing directors were sacked last Friday by the Central Bank of Nigeria, CBN. Vanguard gathered that the query might not be unconnected with the N30.9bn non-performing loan of Transcorp of which she is the Chairman. The commission has also directed that all the affected bank managing Directors be suspended from the council of the Exchange. As a result, Dr. Erastus Akingbola who is the 2nd Vice President of the Exchange will have to step down. [b]In a release from the commission signed by Lanre Oloyi, Head, Media Securities & Exchange Commission, SEC said: “ In furtherance of its mandate of ensuring the integrity of the market, the Commission has requested the DG of the NSE to explain within seven days the circumstances under which the name of the company of which she is the Chairman appeared on the list of non-performing debtors to the five banks given the sensitivity of her position as the Chief Executive Officer of the NSE where the five banks are also listed. “The Commission has also directed that henceforth no securities of a public quoted company should be placed on technical or any other form of suspension without the prior approval of the Commission.” Apart from the five banks whose suspension was recently approved by the Commission, the NSE has been directed to forward to the Commission, the list of all quoted companies currently on technical suspension, for its review. According to the statement, “the Board of the Commission at its 43rd meeting held on the 19th August, 2009 noted the recent developments in the financial market and affirmed its full support of the action so far taken by the Central Bank of Nigeria (CBN) in sanitising the banking system and has mandated its management to intensify surveillance of the Capital Market and its Operators. “In order to give the new Management of the five affected banks time to settle down and appropriately brief the market, the Commission confirms that it had directed the NSE to place the securities of the said banks on full suspension for a period of two weeks. “Furthermore, in order to protect the integrity of the Capital Market, the Commission has also directed the immediate suspension of any of the affected Executives of the five banks who are members of the Council of the NSE pending the conclusion of investigation of allegations against them by the CBN. “The Board of the commission is very concerned about the allegations of alteration in the documentation relating to the underwriting commitment in the AP Plc public offer and has mandated Management to expedite action on its investigations.” [/b] http://www.vanguardngr.com/2009/08/19/sec-queries-okereke-onyiuke-over-n30-9bn-bank-loan/comment-page-1/#comment-35940 Aliko Dangote’s reacts “We refer to the CBN advertorial in various print publications dated 19th August 2009, listing Alhaji Aliko Dangote as a Director and Shareholder of Dansa Oil and Gas Limited, a defaulting customer to Intercontinental Bank Plc. We wish to state for the records that Alhaji Aliko Dangote is neither a Director nor a Shareholder of Dansa Oil and Gas Limited as averred. This is verifiable through the Company Registration documents held by the Corporate Affairs Commission (CAC) wherein directors of the said company are listed as: Alhaji Sani Dangote, Alhaji Mohammed Dangote, Ali Dangote “It is important to note that Alhaji Aliko Dangote is not the same as Ali Dangote as erroneously published in the CBN advertorial. Ali Dangote is the son of Alhaji Sani Dangote. “Form CAC7 of the Corporate Affairs Commission shows Ali Dangote’s signature which is very different from Alhaji Aliko Dangote’s signature. Furthermore Alhaji Aliko Dangote has no part in the management and running of Dansa Oil and Gas Limited. “A letter has been written to the Central Bank of Nigeria to correct this misrepresentation and to request the removal of the name of Alhaji Aliko Dangote from the list of non-performing debtors of Intercontinental Bank Plc. “With reference to Dangote Industries Limited’s indebtedness to Oceanic Bank Plc to the value of N2,526,460,000.00, we are in dispute over the charges and are very close to resolution. “A company of our size will take on facilities from bankers and financiers in the course of our business. As a responsible organization we deliver to our obligations in servicing these loans. “It is on record that our credit rating remains admirable and our bankers have confidence in our ability to meet our obligations.” I will sue CBN if… Jimoh Ibrahim Reacting yesterday to the banks debtors’ list published by the apex bank, the Group Managing Director (GMD) of the NICON Group of Companies, Mr. Jimoh Ibrahim, has threatened to sue CBN if it failed to immediately retract yesterday’s publication in which he was said to have owed Oceanic Bank International Plc N14.782 billion. He told newsmen in Abuja that the apex bank’s publication misrepresented him, claiming that he owed only N8 billion and that the loan was performing. “I expect the CBN to do a retraction if not I will go to court. We have been paying our debt and our accounting is performing. It is wrong for the CBN to go to the press to say that we owe N14 billion when in actual fact we owe N 8 billion,” he said. Mr. Jimoh distributed copies of a letter dated 18 May, 2009 which he said was written to him by the bank to prove that the outstanding debt was N 8 billion and the loan was performing. The letter titled: RE: OUTSTANDING INDEBTEDNESS reads in full, “We write to acknowledge receipt of value of N 3 billion to date on the outstanding on your facilities with the bank. “Subject to getting value for the N 1 billion cheque payment today, May 18 2009, the total outstanding on your facilities will now be N 8 billion. “We thank you and look forward to a most mutually beneficial relationship even as it is our hope that other payments necessary to fully extinguish these facilities will follow soon.” The letter which was signed by the Assistant General Manager, Corporate banking Group, Mr. Robinson Ofomata and Executive Director, Corporate Banking Group, Mr. Oti Ikomi also quoted the five accounts in the group which included Global Fleet Oil and Gas, Global Fleet Industries, Fleet Hotels, NICON GROUP and Bar. Jimoh Ibrahim. According to the GMD, he runs a big group of companies with business interests in many countries of the world and that there have been several phone calls to him by stakeholders who were concerned about the publication. Mr. Ibrahim said the action of the governor of the CBN, Mr. Sabusi Lamido Sanusi, would have been commended if the figures were correct but that “if the figures are wrong, then there is no credibility.” He queried what he termed, “the hurry” of the CBN to make the list public without cross checking with the debtors what exactly they owed the banks. According to him, given latest developments, it was possible that some of the banks intentionally inflated the figures with ulterior motive and that the CBN governor should have asked the new MDs he appointed last week to furnish him with the true positions of the affected accounts. On the MDs of the banks who were sacked, the GMD wondered why any of them would want to run away if he or she had nothing to hide. http://www.vanguardngr.com/2009/08/19/efcc-gives-dangote-otedola-others-7-days-to-pay/comment-page-1/#comment-35919 |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by SapeleGuy: 11:28pm On Aug 19, 2009 |
“if the figures are wrong, then there is no credibility.” This quote say it all. If you are going to accuse people you have to make sure your case is 100% rock solid. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by babyrl: 11:35pm On Aug 19, 2009 |
SapeleGuy: True that. It might even lead to them losing institution customers. But at the same time we do not know who is right and who is wrong. Nigeria's Oando denies having non-performing loan LAGOS, Aug 19 (Reuters) - Nigerian energy firm Oando (UNIP.LG) (OAOJ.J) on Wednesday denied a central bank statement which said it had a 7.1 billion naira ($47 million) non-performing loan with Oceanic Bank (OCBK.LG). The central bank earlier published a list of the largest defaulting customers of five banks rescued in a $2.6 billion bailout and warned the debtors to pay up or face legal action. Oando was among more than 200 companies, individuals and state bodies identified as debtors on the list. "In no way can our relationship with Oceanic Bank be deemed non-performing," Oando said in a statement. "As part of our ongoing commercial relationship with Oceanic Bank Plc, we had different credit balances on our deposit account and other debit balances on our advised loans as at May 31, 2009," the statement said. "For the avoidance of doubt, none of these debit balances represented a past due obligation," said the statement, which included a table detailing balances at the end of May and by Aug 14. The company demanded that the central bank and Oceanic Bank correct the "erroneous impression" created. The central bank last Friday injected 400 billion naira ($2.6 billion) into Afribank (AFRB.LG), Finbank (FIBP.LG), Intercontinental Bank (INBK.LG), Oceanic Bank (OCBK.LG) and Union Bank (UBNP.LG) and sacked their chief executives. The banks had notched up bad loans totalling 1.14 trillion naira ($7.6 billion) and the regulator said lax governance had left them so weakly capitalised that they posed a threat to the banking system in sub-Saharan Africa's second biggest economy. Nigeria's anti-graft police said they were giving defaulting debtors of the five rescued banks, who include some of the nation's most powerful tycoons, a week to organise repayment or face arrest and asset seizures. http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLJ2311420090819 |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by FACE(m): 12:57am On Aug 20, 2009 |
This fight is gradually looking like motor park breaking of bottle fight. Sanusi probably intends to fight the good fight but is going about it in a way that will back fire. First of all, it was Yaradua asking the police to help retrieve the money from defaulters and then Sanusi decided to go to town with names. As an educated banker, Sanusi should realise that there is an established process in debt collection. 1. Remind the defaulting party to catch up with payments and apply any penalty for default. 2. Further reminder/demand 3. Advise that legal process will begin if payment is not made 4. Go to court 5. Obtain judgement 6. Obtain an execution warrant if there is no appeal 7. Get bailiffs or agboro and start seizing stuff. 8. Start auctioning stuff Now the above is for good ole simple civil case, but there is certainly going to be a criminal aspect to a case of this scale and that is where he should start going for individual jugular. This also must be done through the right channel (EFCC or Police) and he/CBN can only be a prosecution witness. There is no gain in fighting on newspaper pages as it amounts to grandstanding as far as I am concerned and all you gain for your effort is a counter attack for slander. Be wise as the serpent ! There is no point in "talking" a good fight. Good fights must be fought not "talked" I may have missed one or two steps but you just cant start throwing punches for your money. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by otokx(m): 4:46am On Aug 20, 2009 |
SANUSI is doing ok, all the organized way have not yielded any positive result. The fear of going public made some companies like oando to advance within 3 weeks a heavy sum of money. That Okereke - Onyiuke should resign while she can before she gets disgraced out. Her partner at SEC, Al faki took the bold step out. The international passports of all the implicated directors should be seized immediately and their private jets grounded before they run to Ghana. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by ikeyman00(m): 4:56am On Aug 20, 2009 |
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ [size=23pt] nonesense forget big grammar no amount of equivocation will fool the nigerians those bastards should pay back the nigerian ha money walahiiiiiiiiiiiiiiiiiiiiii!![/size] |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by Nobody: 4:59am On Aug 20, 2009 |
otokx:     |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by hollandis(f): 5:10am On Aug 20, 2009 |
Onyiuke hands no dey clean o |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by Nobody: 6:50am On Aug 20, 2009 |
hollandis: But you've been defending Ibru and co for the same crime. Hypocrites! |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by Remii(m): 7:04am On Aug 20, 2009 |
FACE: Government still have power to do things right and expedite it, if they want, there are "urgent matter of public interest" and "any other means" clauses in the law to protect their (govt) actions. Obasanjo got some illegally acquired properties back from some high ranking military and government officials siting public interest and nothing happened. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by hollandis(f): 8:03am On Aug 20, 2009 |
nuzo:I will not be a party to exchange of ignorance with you NONENTITY! ! ! |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by nethacker(m): 9:22am On Aug 20, 2009 |
y nuzo n hollandis dey fyt on top of pple wey chop money  |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by otukpo(f): 9:23am On Aug 20, 2009 |
hollandis: Ur hypocrisy is too glaring. just few hrs ago, u were defending ibru in evry way u can, now u are very quick to condemn Onyuike. Is ibru ur mama? even if she is, u don't have to show it this way. That is the problem with Nigerians, double standard. Evry human is entitled to a fair judgement irrespective of anything. Peace. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by puskin: 9:48am On Aug 20, 2009 |
If U most CHOP money, make sure itz BIG. . . .Im off 2d bank 2collect my own loan. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by hollandis(f): 9:50am On Aug 20, 2009 |
otukpo:You are operating with a lamentable sense of ignorance.Defending who?  I was emphasizing the fact that everyone is innocent until proven otherwise.My money is with transcorps 200,000 plus,my oceanic shares is shaky under Onyuike,should I give her(Onyuike) a face serving passage?NOOO I have not had problems withdrawing from my oceanic account.So shut the Hell up !!!! |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by puskin: 9:55am On Aug 20, 2009 |
Ppl are making òwò faster nd U peeps r busy running ur mouths. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by PAPAMODE(m): 9:59am On Aug 20, 2009 |
FACE: Funny ain't it but nothing works in naija anymore like loss of face/name. If Access bank had not publicised the debt AP Plc was owing it in the papers or going to the extreme of asking that AP Plc be wound down do you think they would have recovered the money? This was money running into billions ($35 million = NGN2.945 billion)http://www.vanguardngr.com/2009/08/05/ap-settles-35m-access-bank-debt/. This was settled just two weeks ago for a loan that was due in December 2008  If the senate committe had not listed the names of debtors to some failed banks http://www.ngex.com/news/public/newsinfo.php?nid=8314,then the committment of some of them to repay the loans with one of them promissing to pay NGN10 (or is it 100?) million monthly until the debt was liquidated would probably not have been achieved. SapeleGuy:Sometimes you might not need to have a foolproof case, in law there is something I think that relates to presence/likelihood of crime. Jimoh Ibrahim said he was owing NGN8 billion not NGN11 billion but he was quoting a date of May 18th or thereabouts while CBN said the report was as at May 31st. Anyway anyhow he was owing, QED. AP said they had a credit balance with Oceanic Bank but given their antecedent of not paying on time with Access Bank until they were sued to court and publicly embarrassed I am in doubt of their claims .Besides these were figures sent to CBN by the respective banks, it is not as if CBN hacked into each bank's server and got the report . So who dey fool who now? I am wondering oh, na wonder oh make nobody crucify me oh! How come Aliko Dangote and Femi Otedola suddenly got reconciled on Sunday (three days after the banks MDs were sacked and Sanusi vowed to go after the debtors)? |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by hollandis(f): 10:05am On Aug 20, 2009 |
nethacker:Imagine o.Infact i dey log out now now |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by izeek(m): 10:11am On Aug 20, 2009 |
its funny that jimoh ibrahim wud sue for misquoting the figure. when he has not been sued for non perfomance of the loan. all this big men, they will be living on huge debts, and yet we will be envying them. not knowing the issues they have under-ground. and to all this banks, when we owe them 3million they will hire mobile police to pursue you, yet people are owing billions and nothing has been heard. ibru and co, wats is ur stake in this all. onyuike, i have always knwn her hands can never be clean. u cant be sitting on nigeria's money bag and not dip yyour hands in it once in a while. heard jimoh was going to fly ibru out with his private jet when she was caught. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by oshkosh(m): 10:42am On Aug 20, 2009 |
By publishing the names, Sanusi has shown that he is bold. I applaud his actions, particulary in our society where only desperate actions like these gets result. However, I doubt this process adheres to the Rule of Law of mr president. I doubt many of those loans are non-performing, or the figures accurate as is now coming to light. Publishing what should in essense be a private arangement between a bank and it's customers is also a violation, particularly if the loans are indeed performing. This shouldn't have been done without proper checks and verification. This is not the rule of law. Yaradua, this is no different from what Ribadu did and you, Ibori and your AG hounded him into exile. You're complicit in this and I sense double standards in your actions. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by olasboy: 10:54am On Aug 20, 2009 |
Am disappointed that some people are talking about business debt like it was HIV or leprosy. It is normal for a business to take loans. Some of you critics dont even have an idea of what companies are going through in the hand of the irresponsible government and business environment in the waste bin called Nigeria. Those people that owned the debt feed a large population of Nigeria workforce. You Yar'Dull President knows nothing about business and how tough it is. Sanusi is just looking for cheap popularity, and this way he's going to cause more problems that they already have. We need to think deeper than what we read on the tabloids. The nation needs more of confidence building that "destroying" the little we have. Other countries will reshape business environment, reduce cost of funds, reduce tax, etc to help the companies/banks to come out of the problem. Dont follow Sanusi to the grave yard to bury Nigeria. I understand my opinion does not belong to the majority! I have spoken! |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by Nobody: 11:05am On Aug 20, 2009 |
izeek: May God bless you sir They think we are fools!! |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by AquilaJoy(f): 11:05am On Aug 20, 2009 |
We tend to forget too quickly that we have a "denial syndrome" in the Nigeria polity. Alams was caught by the british police for money laundering, he denied it. Obj also denied he ever said that the 2007 election would be a"do or die" election. When it was being rumoured that intercontinental bank had problems, Akingbola denied it. Denial is usually the first step any of these criminals will take. But whether the figures were cooked up or not, we shall soon know the truth. Just recntly the for IGP denied the 166m naira non performing loan with one of the banks. He denied even when it was obvious he signed the papaers preceding the loan. Thats Nigeria for you. Sanusi is the cbn gov, he needed to take a decision very quicky and that he did. Its causing so mus furore because it is swallowing the high n the mighty of our poilitical and biz world. I feel Sanusi has done the right thing to publish the names of the defaulters. We need just one man that will one voice that is the right voice. We have all been clamouring for a change in theis nation. We can only achieve that by having the right people take over the those areas like PHCN, NSE and having the right pple in the Gov ministires that will bring about the right chanes we deserve and desire. Nigeria is being governed by the cronies of these cabals, Like the cbn gov said, he expects a fight, but they should garner all the armouries becos they need to fight not to be jailed. Let there be sanity for once. Nigeria by this singular step is starting the process of economic emancipation. This i think is a fundamental achievement for yaradua. He has just won a plus for me. |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by kokoA(m): 11:15am On Aug 20, 2009 |
Aquila Joy: Worth a brilliant lady!  |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by Nezan(m): 11:32am On Aug 20, 2009 |
Those thieves |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by rareman(m): 11:44am On Aug 20, 2009 |
why people waste their precioce time on tthe this thread, for all i care you are giving these debtors free publicity |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by citizenY(m): 12:01pm On Aug 20, 2009 |
It is only in our country that a sitting president of the stock exchange becomes chairperson of a quoted company. Our fatcats in the establishment have always inconsistencies of this nature to our detriment.It is now left to our stakeholders/shareholders to redeem their rights and ensure that she is kicked out, once and for all. THIS MADAM OBAMA SEF, HER CUP DON FULL |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by citizenY(m): 12:11pm On Aug 20, 2009 |
[size=8pt][size=8pt][size=8pt][size=8pt][size=8pt][size=8pt]IT IS ONLY IN THIS COUNTRY THAT ASITTING PRESIDENT OF THE STOCK EXCHANGE CHAIRS THE BOARD OF A QUOTED COMPANY. I BLAME THE SHAREHOLDERS FOR KEEPING QUIET. IF THEY HAVE THE BALLS THEY SHOULD KICK MADAM OBAMA OUT[/size][/size][/size][/size][/size][/size] |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by jungle700: 12:29pm On Aug 20, 2009 |
FACE: This is what should have happened in a civilised country but my friend this is Nigeria. Anything goes in this country, Need I say more. To get things done, you need jungle justice. Aquila Joy has said it all, |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by gReenmAn(m): 12:32pm On Aug 20, 2009 |
It is only in our country that a sitting president of the stock exchange becomes chairperson of a quoted company. Our fatcats in the establishment have always inconsistencies of this nature to our detriment.It is now left to our stakeholders/shareholders to redeem their rights and ensure that she is kicked out, once and for all. THIS MADAM OBAMA SEF, HER CUP DON FULL I am with you on this one. That woman should have been relieved of her sit since the Obama campaign fiasco  |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by salinco(m): 12:36pm On Aug 20, 2009 |
they will continue to deny even if they catch them taking the money. Oju ole da Ole  |
| Re: SEC Queries Okereke-Onyiuke Over N30.9bn Bank Loan; Dangote, Ibrahim React by koolchicco: 1:43pm On Aug 20, 2009 |
gReenmAn: Obama Campaign fiasco?, Tell me about it pls! |
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