Central Bank Releases Names Of Debtors To Stressed Banks

Nigeria's richest man owes a bank N8 billion.Was that Forbes list doctored or what?

@Sagamite
It was UAC Nigeria that borrowed the money.Maybe AIG and Wigwe stood as sureties or have a hand in the affairs of UACN

rich people borrow money too you know.

donald trump borrows money to finance his real estate deals.

lol@the delta state government having a non performing loan of 6 billion. where did our oil revenue go?

even ebonyi state owes .5 billion and isn't servicing it.   

maybe it's time to audit Nigerian states and fire their governors 

peter odili owes money too.   This could be tejumola king of steel all over again.  people living on fake wealth

@abeem
Of course how can Wigwe and Aig Imokhuede be listed as Directors of United African Company without Larry Etah? Anyway, we know their own United Alliance Company. The question still remains why should they take from Intercontinental Bank and refuse to pay back. Don't they know what N16 billion means to the balance sheet of a bank?
Now, they would be dancing that their own bank Access was spared. Or was the money shared between them and Erastus? EFCC what are you waiting for? I'll like to see all those people on the list in your gulag

There are several tell-tale signs that give the signal that a debt might become difficult to recover.  Maturing obligations i.e. interest payment and principal repayment not being met as and when due; Evasiveness of the debtor in providing documents necessary to perfect the collateral (if one was obtained to secure the lending) etc,. Some banks are however slow to call-in the lending even when the signs are clear for them to see. Sometimes, it might be due to pressure from politicians (as in the days of yore when the Federal Government owns majority shares in the banks and wielded power to appoint and remove Directors of the bank).  With privatization, this fear should be unfounded, you will think so. Not so. The directors of a privatized bank are also beholden/ answerable to those who have controlling shares in the banks and may decide their fate if they refuse to play ball.

There are some names on the list that a prudent banker should be wary of before granting them facilities.  Bank usually sent out references to other banks to obtain confidential information on potential credit customers.  I can tell from the list that some are credit risks ab-initio from my past experience in the Nigerian banking system.  It suggests that loans granted to them will be irrecoverable or to be diplomatic, difficult to recover from their antecedents.  Names like Arisekola Alao, does not inspire confidence. What manner of entrepreneurial skills does he possess that he will bring to the table on Oil and Gas exploration?  I don’t know.  The money will be spent on amala and ewedu to cater to the needs of the indigents in Ibadan. That is dead on arrival as some people will say.

Going forward, banks must attempt to find a better way of assessing or rating current and potential customers based on their risk factor. That is the only thing that can bring sanity to the system. 

I have left Nigeria for a long time so I will not be able to give you the exact law that addresses the question you posed. But if my intelligence has not failed me, I think it is the BOFID of 1990 (Banks and Other Financial Institutions Decree) re-christened BOFIA (Banks and Other Financial Institutions Act Section 17 (1)(a-c) that forbade directors of a bank from being direct beneficiaries of a loan created by the bank where they are managers.
So as you can see, it is a matter of playing safe and not doing something to contravene the law that can lead to criminal prosecution of the Access helmsmen. I will be surprised if Access bank has not done similar favor to other bank directors though.

What do these folks use the borrowed money for?

How true!!

Yet they flaunt bank money in our faces and we hail and hail them.

at least ADENUGA's name was not included, maybe he is,

 

Humn, Alhaji Arisekola Alao Again !. He was part of the people that "killed" the defunct National Bank.

He is also known to "dine and wine" with our bleached-skin, good-for-nothing governor, Adebayo Alao Akala. Maybe Akala will help him out by dipping his bleached hands into the Oyo state's treasury to save Aare Musulumi (meaning, President of the muslims) of Ibadanland, Alhaji Arisekola Alao, who happens to be one of his hopes for second term in Oyo State.

Arisekola's role during Abacha's regime is not forgotten too. Only God saved him at University Of Ibadan from getting lynched. _{Maybe if he had been lynched then, he wouldnt be able to defraud these banks.}

Supid people !

It is worth knowing that the individuals or directors do not owe the banks.
Rather, it is the companies that are in debt.
Anyone who knows anything about about business would understand that this is rife.

CBN would be going after the companies and not the individuals if and when they decide to take things to the next level.

God please help us in this country!!!!!

Yes o! Imagine this, we hail rich men who are indebted to banks that lent them our money!

In a BBC interview on Friday last week, Sanusi Lamido was asked if he will like to see some of the CEOs go to jail, his reply was "Yes, I will like to see some of them go to jail."
BBC World business daily

Guys don't get carried away with the figures. This is a wind of change (RCCG) and soon power must change hand (MFM). Just don't loose sight! Say what! say what!,

Sanusi is such a fool.I am not a party to his useless witch hunting antics.