Access Bank Appoints ReceiveR-Manager for  Idahosa University

Baring any last minute rescue mission by the board of Benson Idahosa University, the management of Access Bank to which the institution is heavily indebted would take over the affairs of the university. As a drastic measure by the bank to recoup over N200 million unpaid loan facility accessed by the university and other organisations related to late Archbishop Benson Idahosa family, a lawyer has been appointed by Access Bank as the Receiver/Manager to take over the assets and affairs of the University. The take-over should have taken effect sometime last week but the bank is awaiting approval from a Federal High Court sitting in Lagos before the receiver/manager could swing into full action of taking over proceedings at the institution. The university, founded by the late Archbishop Benson Idahosa and the Word of Faith Group of Schools Limited, a privately owned concern founded by his wife, Rt Rev. Margaret Idahosa, had sought loans from Access Bank sometime in 2007 for effective management of the institutions. The management ran into hitches when they stopped servicing the loans after some time. Also named in the debt crisisi is  Ben A. Idahosa and Rev. F.F. Benson Idahosa, the son of the late archbishop, the founder of Church of God Mission International. With these unfortunate developments, the late archbishop, widely acclaimed as the father of modern day Pentecostal movement in Nigeria, must be turning in his grave and would wish he were here to clear this mess.

http://www.thisdayonline.com/nview.php?id=161217

If you are in this school, start praying oo. Na so im dey start. When banks start to take over the affairs of an organization, they are there for their money not your well being. Very soon we will here that the school is no more. This issue of loan is the same reason CETEP university in Lagos was sealed off sometime in 2006. I knew someone who was going to school there.

What happens if the bank recoups their money, do they return the uni to its owners?

The uni must have been used as collateral so that is def that once the bank takes over.

"touch not my annointed and do my prophets no harm"

good for them the university authority is too wicked, i also heard that the land which the university is situated is not for them,the original owners (the elema family)has won the case, u see , the scholll go soon pack come my father compound,

Pls,hw much is the general school fees in idahosa university cos i may go there if their school fees are not high

snowdrops:

"touch not my annointed and do my prophets no harm"

look at this joker here. . .the "anointed" went and borowed 200 milla, can't pay back and you're whingeing touch not?

Why didn't the anointed ask god for the money in the first place rather than bugging mere mortals at the bank for help. Sebi God get money printing machine for heaven, abi?

they should be able to pay a paltry N200 million from school fees alone, not to talk of the church. I don't think this is a big deal.

Tudór:

look at this joker here. . .the "anointed" went and borowed 200 milla, can't pay back and you're whingeing touch not?

Why didn't the anointed ask god for the money in the first place rather than bugging mere mortals at the bank for help. Sebi God get money printing machine for heaven, abi?

calm down mr sensitive. you failed to appreciate the irony in my statement.

Tudór:

look at this joker here. . .the "anointed" went and borowed 200 milla, can't pay back and you're whingeing touch not?

Why didn't the anointed ask god for the money in the first place rather than bugging mere mortals at the bank for help. Sebi God get money printing machine for heaven, abi?

ONE DAY WE WILL COMMAND HOLY GHOST FIRE IN HERE
FOR NON BELIEVERS LOL

snowdrops:

"touch not my annointed and do my prophets no harm"

@ bawomolo
Is that ya wife, babe or "dream" babe on ya profile
That is one cute homo sapien.

The skool should be able to pay.Upon the skool fees they collect.

Lets wait and see

perhaps them wan buy jet tooo

The school ain't doing so well to service its debts when compared to other private universities.
A way out will be found soon

snowdrops:

@ bawomolo
Is that ya wife, babe or "dream" babe on ya profile
That is one cute homo sapien.

na dream specimen

2tait:

they should be able to pay a paltry N200 million from school fees alone, not to talk of the church. I don't think this is a big deal.

they can even command holy ghost fire to produce the money chap chap, If its not a big deal, why would they even borrow in the first place?

snowdrops:

"touch not my annointed and do my prophets no harm"

LOL.Na there you go fear face.

N200M loan and no progress in dat school

FACILITIES ARE NOT AVAILABLE
BAD ACCESS ROAD
Low quality lecturers
and worst of all High School fee
as a fresher to any course in the Faculty basic and applied sciences u will pay nuthin Less than N550k(for the session)
200-400l( Roughly N400k)
Faculty of Social and Mgt. Sciences- freshers N550k
200-400l- N380k- 400k
FACULTY of LAW- fresher N600k
200l-500l - N450k

with a student strenght of 3500(excluding part time students)

really don't understand why the wuld collect a loan and can't service it.
No crime in aquiring a loan, but in not servicing it to the extent dat d bank wants to take over, Nope dats just not called for.

And so what! The School shall come of the wood soon

Sanusi goes after Banks , Banks go after debtors (school) , School increases school fees , many students drop out , crime rates increases , many drop out turn thugs , thugs go into politics and you say Nigerians have bad leaders?

Chei, wonders shall never end,

Geeze!!!

Hope dis is nt true
Feb Idahosa must be a complete mess for taking that action, what da heck does he do with the school fees paid by the students in BIU & WOFC

That is definitely not true, please find a response from the university which should put things in proper perspective

Benson Idahosa University Not Under Receivership

In response to the article in This Day newspaper on December 6th, 2009, the authorities of Benson Idahosa University, a highly ranked private university based in Benin City, Edo State, have said that the University is not under receivership of any bank.
According to the university’s Vice Chancellor, Professor Gideon Omuta, there was no time the University was indebted to Access Bank of Nigeria for N200 million, as was being speculated by This Day newspapers. He said that the university was aware of the publication, which unfortunately was not balanced, as his institution was at no time contacted for its side of the story. He stressed that it was the parent organization of the University (the ABAIF), that had had a long standing relationship with Access bank. Unfortunately, the relationship was strained earlier this year as a result of discrepancies in figures produced by the bank. Professor Omuta added that when the Foundation was taken to court, it was not present to defend itself before an initial court order was given for the taking over of another arm of the foundation which was a sister school and an affiliate of Benson Idahosa University. He said this must have been the source of the misinformation that was printed by the newspaper, and unfortunately, was not checked for correctness before it was printed. When the initial order was given on August 9th 2009, and the Foundation immediately returned to court seeking redress. On October 13th 2009, after the court was approached on the matter and provided with information, the court vacated its initial order given to the bank , with costs amounting to N50,000 to be paid to the Foundation by the bank for presenting wrong information and suppression of facts, on which the initial order was given. He said the Foundation was a socially responsible legal entity that would never renege in its obligations to the bank; however, discrepancies in figures presented by its banker led to its asking for the concerned account to be straightened by Access Bank in order to fulfill its financial obligations.

SnowDrops:

"touch not my annointed and do my prophets no harm"

Hahaha. . . .I laugh in a whirlwind

MrCrackles:

Hahaha. . . .I laugh in a whirlwind

No be for volcano

It seems that none of you on this forum has bothered to check the facts. Here is the reply from BIU, taken from their website:

Benson Idahosa University Not Under Receivership

In response to the article in This Day newspaper on December 6th, 2009, the authorities of Benson Idahosa University, a highly ranked private university based in Benin City, Edo State, have said that the University is not under receivership of any bank.

According to the university’s Vice Chancellor, Professor Gideon Omuta, there was no time the University was indebted to Access Bank of Nigeria for N200 million, as was being speculated by This Day newspapers.

He said that the university was aware of the publication, which unfortunately was not balanced, as his institution was at no time contacted for its side of the story. He stressed that it was the parent organization of the University (the ABAIF), that had had a long standing relationship with Access bank. Unfortunately, previously unblemished relationship was strained earlier this year as a result of discrepancies in figures produced by the bank.

Professor Omuta added that when the Foundation was taken to court, it was not present to defend itself before an initial court order was given for the taking over of another arm of the foundation which was a sister school and an affiliate of Benson Idahosa University. He said this must have been the source of the misinformation that was printed by the newspaper, and unfortunately, was not checked for correctness before it was printed. When the initial order was given on August 9th 2009, and the Foundation immediately returned to court seeking redress. On October 13th 2009, after the court was approached on the matter and provided with information, the court vacated its initial order given to the bank, with costs amounting to N50,000 to be paid to the Foundation by the bank for presenting wrong information and suppression of facts, on which the initial order was given.

He noted that since then, the strain in the relationship between the Foundation and the Bank had been straightened out and that the initial loan had long been repaid.

He said the Foundation was a socially responsible legal entity that would never renege in its obligations to the bank; however, discrepancies in figures presented by its banker led to its asking for the concerned account to be straightened by Access Bank in order to fulfill its financial obligations.