The Central Bank of Nigeria(CBN) on Wednesday released a fresh debtors’ list, revealing that customers owe the latest five banks, whose audit reports were recently released, about N400 billion.

Bank PHB tops the list of the debt-ridden banks with N170 billion non-performing loans.Its subsidiary, Spring Bank,follows with N95.5 billion loan.Equitorial Trust Bank(ETB) has N46 billion loan in its portfolio, while Unity Bank and Wema Bank are owed N36.5 billion and N36 billion respectively.

It would be recalled that three of the five bank chief executive officers were recently sacked.They are Mr Ike Oraekwuotu of ETB; Mr Francis Atuche of Bank PHB Plc and Mr Charles Ojo of Spring Bank Plc. They were replaced by CBN-appointed management.Among notable Nigerians whose names or companies were listed are Alhaji Muhammed Buba Marwa, Nigeria’ s Ambassador to South Africa, whose defunct airline, Albarka Airline owes over N1 billion ; Mr Jimoh Ibrahim, N3.3 billion; Transcorp, N16.6 billion; Conoil,N19.86 billion; Dangote Industries Plc, N1.96 billion; Premium Seafoods Limited, N3.32 billon; Globe Motors, N3.03 billion; Baywood Limited owned by Chief Chris Ibe and Professor Pat Utomi, N2.74 billion among others.

A total of N95, 594,989,430.06 is the outstanding balance owed by 221 customers of Spring Bank as at September30, 2009.

Among the dignitaries that owe substantial amount include, Otunba Oyewole Fasawe, a director of the Bank who owes a total of N9, 284,331,037.52 in three accounts. Fasawe, through Netlink Digital Television with Account No 1601001010341 owe N4, 821,168,438.27; Mofas Shipping Nig-A/C2, 1601001010688 owe N3, 053,633,054.57 and through Transvari Services limited with A/C No 1601001010387, N1, 409,529,544.68.

The chairman of the Bank, Kola Daisi also owes a total of N4, 121,200,911.36 through two accounts. He owes the bank through National Sports Lottery with A/C Nos 0721001006025 and 1441801000046. Chief Tony Anenih and Osahon Asemota through Mettle Energy and Gas limited owe N2, 065,661,421.09 with A/C No 0161601000897.

Chris Baywood Ibe and Prof Pat Utomi are owing N2, 743,349,386.22 through Baywood Continental limited with A/C No 0011001024030. Also Segun Osinuga, director of the bank owes N2, 556,930,297.06 through WATYEM-DKS Enterprises with A/C No 1511001000102.

http://www.newsbreaksnow.com/index.php?option=com_content&view=article&id=93:cbn-releases-fresh-debtors-list-&catid=36:economy

Jimoh Ibrahim no dey tire to owe debt?

chosen04:

Jimoh Ibrahim no dey tire to owe debt?

na he hobby

chosen04:

Jimoh Ibrahim no dey tire to owe debt?

I tire ooooo.Profesor Pat Utomi and Dangote again!!!

Where is Chairman of debtors name in that list?----Prof. Peter Ololo

Has he finished paying the N88billion?

This list must be the part one of this 'home movie'

olafolarin:



I tire ooooo.Profesor Pat Utomi and Dangote again!!!

That Prof. Utomi dey fall my hand! Cant he sale his BANKPHB and pay up his debt?

Election don dey reach again. We must not allow debtors like him to contest.

I didn't see anything about these loans being bad or defaulted.
Why do we have to criminalize borrowing money? Did these banks submit the names to CBN as debts they can't collect? Why the big deal about owing banks for goodness-sake?
In the US for example, businesses buy these "bad debts" manage it and live off its interest for the rest of their life! Also lending money to business men is good, because it creats jobs in most part. Why does Dangote have to go borrow money from South Africa when that amount can be resourced here at home. The interest would probably creat jobs in SA and not in Nigeria. Borrowing money from banks should not be a crime, but business, and borrowers must be made to honor the terms of their contract.

Call me ignorant but is it alright to publish name of debtors to the public ? Isn't it supposed to be confidential or something ?

naijaking1:

I didn't see anything about these loans being bad or defaulted.
Why do we have to criminalize borrowing money? Did these banks submit the names to CBN as debts they can't collect? Why the big deal about owing banks for goodness-sake?
In the US for example, businesses buy these "bad debts" manage it and live off its interest for the rest of their life! Also lending money to business men is good, because it creats jobs in most part. Why does Dangote have to go borrow money from South Africa when that amount can be resourced here at home. The interest would probably creat jobs in SA and not in Nigeria. Borrowing money from banks should not be a crime, but business, and borrowers must be made to honor the terms of their contract.

well, in as much i agree with you, i will like to highlight a few pointers here.

First, Nigeria is not the only country experiencing credit freeze, during the crisis, many banks in the UK and the US refused to loan out money to many customers, even prominent clients and institutions.

Second, borrowing money sounds good to the lender when there is sufficient collateral to back it up, and in the US, the use of Credit default swaps, and other securitized products as well as Special Purpose Vehicles allow those credit risks to be adequately distributed.

However, such is not the case in Nigeria, credit default risk is totally left on the balance sheet of the loan originator, and besides, the loans are not well backed up with collaterals.

It is not a crime to borrow money from banks. It is not even a crime to default in payment so long as the loan is backed with a collateral. The economy grows when banks give loans to businesses. So why the shout that Jimoh and Dangote no dey tire! For you to grow, you have to take risk.

E nice:

It is not a crime to borrow money from banks. It is not even a crime to default in payment so long as the loan is backed with a collateral. The economy grows when banks give loans to businesses. So why the shout that Jimoh and Dangote no dey tire! For you to grow, you have to take risk.

I quite support your point but those two individuals seem to be on the debtor's list of most banks,
Considering their wealth,the amount they have as bad debt in those banks is meagre,

naijaking1:

I didn't see anything about these loans being bad or defaulted.
Why do we have to criminalize borrowing money? Did these banks submit the names to CBN as debts they can't collect? Why the big deal about owing banks for goodness-sake?
In the US for example, businesses buy these "bad debts" manage it and live off its interest for the rest of their life! Also lending money to business men is good, because it creats jobs in most part. Why does Dangote have to go borrow money from South Africa when that amount can be resourced here at home. The interest would probably creat jobs in SA and not in Nigeria. Borrowing money from banks should not be a crime, but business, and borrowers must be made to honor the terms of their contract.

Seems you like twisting the truth.
Its a list of defaulted/non-perfroming loans i.e. the banks have failed to collect on them as at when due, or should people not repay their loans anymore simply because they own a business?
It is misinformation to say they are criminalizing borrowing, when all they are try to do is hold people up to their obligations.
You might not like the approach (particularly if you are a 'wealthy' loan defaulter), but no one can deny its effectiveness.

edoyad:

Call me ignorant but is it alright to publish name of debtors to the public ? Isn't it supposed to be confidential or something ?

Nope. Particularly when you are in default.
Even in the US, collection agencies have been reported to call up peoples neighbors if you dont respond to their calls.

Sickening, the Sanusi-fraud-mania.

When will peeps realize that this Sanusi fellow is a danger to the Nigerian Economy?

Gray Beard:

Sickening, the Sanusi-fraud-mania.

When will peeps realize that this Sanusi fellow is a danger to the Nigerian Economy?

and how is he a danger to the economy?

Gray Beard:

Sickening, the Sanusi-fraud-mania.

When will peeps realize that this Sanusi fellow is a danger to the Nigerian Economy?

So you prefer the average bank worker losing his job because a defaulter living in opulence refuses to pay up on his debts

Ridiculous!!!!!!!!!!!!!!!!!!

CBN now a debt collection agency.

All in the name of risk management.

mikeansy:

Ridiculous!!!!!!!!!!!!!!!!!!

CBN now a debt collection agency.

All in the name of risk management.

The affected banks are under the interim control of the CBN, and while the CBN have made the publications, there is nothing to suggest that any CBN official is directly involved in the collection.
You are free to suggest an effective alternative.

mikeansy:

Ridiculous!!!!!!!!!!!!!!!!!!

CBN now a debt collection agency.

All in the name of risk management.

Apart from the taste of raw power, is there any other reason why the CBN could not have asked the banks to publish a verified and error-free list of people how are chronic defaulters themselves?
Note, every release of debtors list by this CBN is usually followed by corrections, amendments of the amounts owned, and the real people owing the money.

It just occurred to me that it makes no sense comparing Sanusis CBN to what happens in US or UK.

Sanusi is no Bernanke or King.
CBN is no Bank of England or FED reserve Bank.
Aso rock is no white house.
No one knows if our president is dead or alive.

Sanusi is not the first nor the last lunatic that will occupy positions of authority.
This is Nigeria anything can happen and still look normal.

biina:

The affected banks are under the interim control of the CBN, and while the CBN have made the publications, there is nothing to suggest that any CBN official is directly involved in the collection.
You are free to suggest an effective alternative.

Really !
I thought it was a bailout !
Have the bailout sum been converted to majority stakes ?
Are the appointed MDs working for the banks or for CBN ?

Can someone help me with answers pleeease !

RoadStar:

It just occurred to me that it makes no sense comparing Sanusis CBN to what happens in US or UK.

Sanusi is no Bernanke or King.
CBN is no Bank of England or FED reserve Bank.
Aso rock is no white house.
No one knows if our president is dead or alive.

Sanusi is not the first nor the last lunatic that will occupy positions of authority.
This is Nigeria anything can happen and still look normal.

Perhaps you are right!!!! the debate is simply not worth it. The only problem is that people are loosing jobs and the economy is hurting. After thousands of jobs were lost they said the people were hired falsely in the first place and that the Banks had no jobs for them so part of reform was to send employees home!!! Now tell me why any Banker will hire people just to pay their salaries with people's savings if the Banks had no jobs for them? and even though the mass sack included First Bank which he Sanusi presided over for some months. Honestly only God knows what goes on in Sanusi's head.

After all this deciet, I wonder when Nigeria will start taking stock of how Sanusi is destroying Jobs and the Economy as a whole

RoadStar:

Really !
I thought it was a bailout !
Have the bailout sum been converted to majority stakes ?
Are the appointed MDs working for the banks or for CBN ?

Can someone help me with answers pleeease !

They make it up as they go. Expect a totally different set of answers if you accuse them of taking over Banks without consulting Shareholders.

I really don't get this, how exactly do people think Sanusi is the dude responsible for the mass layoffs?

Last time i checked, the dude didn't enforce such orders on any bank, all he did was to sack some CEOs whose deals seem to be overtly shady!

The banks simply tried to cut their losses!

How the fck ws he directly responsible for the layoffs?

RoadStar:

Really !
I thought it was a bailout !
Have the bailout sum been converted to majority stakes ?
Are the appointed MDs working for the banks or for CBN ?

Can someone help me with answers pleeease !

I did not say they were owned by the CBN (which is what owning majority stakes imply). The current executives were appointed by the CBN which puts the bank under the control of the CBN otherwise who is in control of the banks? More evidence is that the CBN requested that the shareholders cooperate with the interim management i.e. the shareholders are not in charge.
The CBN has injected funds into the banks, and it is only reasonable they help the banks back to profitability.

I pity Sanusi, he is just a confused bush man floundering in a league way above his marabout talents (for which he obtained a degree in Khartoum, Sudan). Shame!
In Nigeria, it is a crime to owe money. What a pity!

Beaf:

I pity Sanusi, he is just a confused bush man floundering in a league way above his marabout talents (for which he obtained a degree in Khartoum, Sudan). Shame!
In Nigeria, it is a crime to owe money. What a pity!

Nope but its wrong to not service your debt.

biina:

Nope but its wrong to not service your debt.

Where in the whole World (including Sudan) have you seen bank clients names and account details published in the press by the Central Bank? Where?
Sanusi is just a bush man that can't tell left from right outside the sharia World.

Beaf:

Where in the whole World (including Sudan) have you seen bank clients names and account details published in the press by the Central Bank? Where?
Sanusi is just a bush man that can't tell left from right outside the sharia World.

Feel free to criticize the approach but you cant deny its effectiveness.
If you have a better approach that will also be effective in the recovery of the bad loans, please suggest it, but dont misrepresent the facts as if the people on the list are some loyal customers being victimized.

biina:

Feel free to criticize the approach but you cant deny its effectiveness.
If you have a better approach that will also be effective in the recovery of the bad loans, please suggest it, but dont misrepresent the facts as if the people on the list are some loyal customers being victimized.

It is surely as "effective" and moral as chopping off hands as punishment for petty theft. . . And since when did the CBN become a debt collection agency? (I am beginning to feel you are as useless as Sanusi as far as such matters are concerned).
I asked you a very simple question which you you obviously can't answer. Please answer this question or quit, I don't have the time for any brainless discussion;
[size=14pt]"Where in the whole World (including Sudan), have you seen bank clients names and account details published in the press by the Central Bank? Where?"
[/size]

you if cant borrow money, you cant do business. you have to borrow money to do business.

chosen04:

Jimoh Ibrahim no dey tire to owe debt?

Beaf:

It is surely as "effective" and moral as chopping off hands as punishment for petty theft. . . And since when did the CBN become a debt collection agency? (I am beginning to feel you are as useless as Sanusi as far as such matters are concerned).
I asked you a very simple question which you you obviously can't answer. Please answer this question or quit, I don't have the time for any brainless discussion;
"Where in the whole World (including Sudan), have you seen bank clients names and account details published in the press by the Central Bank? Where?"

Every country is free to solve their problems however they deem fit. If you dont like the solution, and cannot offer credible alternatives,then feel free to emigrate to a country where the debtors are given national medals
Thanks to publishing the lists, over N100 billion has been recovered. If its legal and effective, its of little relevance whether Nigeria is the first or last country to do so, or must we always copy someone else?

Nigerians and illegality. Person owe money, no wan pay, u come dey complain of newspaper advert. You are more concerned about the non-paying debtors than the bank staff that are losing their jobs because those debtor refuse to pay up.

Anybody wey no wan see im name for newspaper, make im go service im loan. shikena!

However, such is not the case in Nigeria, credit default risk is totally left on the balance sheet of the loan originator, and besides, the loans are not well backed up with collaterals.

@violent, you got it in one VIOLENT shot.gbam.