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Mantled (m)
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Does it mean that soludo waa ignorant of this crazy loan scandal?or that he was bribed not to talk? Which wan, ?
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nobilia
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I thought CashCraft was a fund management company, what is their name doing on the list of bad debtors?
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adybabs
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@ NOBILLA,
assets managers plus stocks/shares. i believe the debt must be a margin facility.
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aysometin (f)
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it's OK to borrow but when you don't use it for anything reasonable or fund the loan, then it becomes a crime. Most of this people on the list, if they throw parties for you ehnnn, u go fear. I have attended 2 weddings organised by Oba Otudeko for 2 of his kids and I could not sleep for days after!! Dangote recently gave a blank cheque to PDP at their fund raising. Arisekola Alao has no business borrowing money, he's got no business skills!! What did they use the money for?? and why are they non performing loans?  ? |
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MrCrackles (m)
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Arisekola Alao has no business borrowing money, he's got no business skills!!
In as much as i agree with you that Arisekola is daft and doesnt know fuc.k all, i still dont think you borrow money only to do business!
It is the duty of the bank to assess your credit worthiness, the reason why you need a loan and if you will be able to repay!
You could borrow money for any other reason apart from business but as long as you are able to pay back, most banks will lend |
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MrCrackles (m)
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I thought CashCraft was a fund management company, what is their name doing on the list of bad debtors?
Anything goes in Nigeria my friend. . . .
NOBILLA,
assets managers plus stocks/shares. i believe the debt must be a margin facility.
You may be right on this one. . .
What i was thinking exactly! |
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LadyT (f)
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The question is when did they actaully start paying it back! |
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aysometin (f)
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In as much as i agree with you that Arisekola is daft and doesnt know fuc.k all, i still dont think you borrow money only to do business!
It is the duty of the bank to assess your credit worthiness, the reason why you need a loan and if you will be able to repay!
You could borrow money for any other reason apart from business but as long as you are able to pay back, most banks will lend
@Mccrackles, I had no idea o!!thanks. I actually thought huge loans were given out as capital for reasonable business ventures that the banks are sure would yield profit. That means the banks own the majority of the blame, due to greed and corruption they give out loans to whoever, whether he has the ability to pay or not. |
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MrCrackles (m)
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Mccrackles,
I had no idea o!!thanks. I actually thought huge loans were given out as capital for reasonable business ventures that the banks are sure would yield profit.
That means the banks own the majority of the blame, due to greed and corruption they give out loans to whoever, whether he has the ability to pay or not.
The problem is the bank to be honest. . .
The banks have failed massively especially in the areas of compliance, risk analysis and following due basic banking codes and procedures
I am sure most of the names on that list didnt even drop a collateral. . . .I can bet that
Your influential status in that country alone can swing anything your way!
Nigeria is fucked up! |
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mightlove (f)
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The question is when did they actaully start paying it back!
My question is: When was this audit taken? The list says "as at may 31st. Sanusi assumed office sometime in June remember? And this is August. |
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frankkky
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before we all jump to conclusions i am sure the banks had their reasons for giving out these loans,these are proffesionals lets not forget,right now the world is in the middle of a great recession so things like this are bound to happen,even in the advanced world,bad bank debts are all over the place,just as the western world has learned lack of proper conttrol over the banks can lead to things like this,having said the way out of this is to call the debtors and find out how they intend paying back these loans,use all legal means for those who are not willing to payback,instead of publishing names which may yeild nothing at the end of the day,and dont forget inability to payback a bank loan is not a criminal offence but a civil one(at least in the western world where i live)
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LadyT (f)
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before we all jump to conclusions i am sure the banks had their reasons for giving out these loans,these are proffesionals lets not forget,right now the world is in the middle of a great recession so things like this are bound to happen,even in the advanced world,bad bank debts are all over the place,just as the western world has learned lack of proper conttrol over the banks can lead to things like this,having said the way out of this is to call the debtors and find out how they intend paying back these loans,use all legal means for those who are not willing to payback,instead of publishing names which may yeild nothing at the end of the day,and dont forget inability to payback a bank loan is not a criminal offence but a civil one(at least in the western world where i live)
The list is full of people who are stinking rich there is no excuse for them not to return every single naira they owe! They deserve to be named and shamed |
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illusion2
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The list is full of people who are stinking rich there is no excuse for them not to return every single naira they owe!
They deserve to be named and shamed
Not so ma. . . . .they'll repay according to the conditions governing the facilities given to them by the ban. Thats why the CBN 'differentiated' between performing & non-performing loans, but from al indications they(CBN) didn't do a thorough job  |
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aysometin (f)
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To borrow billions on Naira in Nigeria you don't need to have a collateral. Just throw a party under any guise, hire a muscian to sing your praise and ensure Ovation magazine etc cover the party. Go to any bank ask the manager for loan, if he ask for collateral, you just ask him "don't you know me" the poor manager will ask his deputy who will say 'Oga so you don't know chief?, he was the one that Kwam 1, KSA, Osita Osadebe, Dan Maraya Jos, Oliver De Queo etc sang his praise., Ovation even cover his grandmothers wedding last week. No more question asked, loan approved. It is that simple even foreign nationals secure huge loans because they know 'chief'
This is the list of debtors of only 4 banks, wonder if the rest of the bank debtors are published. It is now clear that 1% of the population controls 99% of the wealth. God help poor man in Nigeria. I copied the above from Sahara Reporters, I almost died of laughter In Nigeria, collateral is throwing a party  |
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frankkky
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@illusion2 exactly the point iam trying to make,they were contiditions on these loans for christsake,take me for instance i took a loan here to expand my business base but soon after the recession came in,i began to loose customers who had in return loose their jobs,after a while i couldnt service my loan cos i was about to fold up,then i and the bank worked ou a formula in which i was now paying lower installments on the loan till the situation improves,this is how things are resolved,but in nigeria i dont know it works anymore sha  instead of calling these people names have we cared to find out why they are unable to meet up,lets not call them names just because THEY APPEAR TO BE RICH you think billonaires dont go broke too once in a while (wake up peeps)personally i know the stress businessmen face in doing business in nigeria,no facitiltes,no power,no enabling enviroment and so many things |
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mightlove (f)
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I wonder what the hurry was for so much he did not remember to do his homework well before coming to the public.
Well, lets sit back and watch as more people come up.
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Kayflexy1 (f)
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Na dem sabi,as long as my breakfast & dinner is guaranteed,they can all go 2 hell!
Bliñd man is leadin a bliñd man,how's dat?
Awòn òlòshi gbògbò! Let me go & continue in d way of my God.Only HIM can intervene in d matter of dis country.
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LadyT (f)
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Oh please as of the time the list was made none of the idiots on the list were paying. I wonder what the hurry was for so much he did not remember to do his homework well before coming to the public.
Well, lets sit back and watch as more people come up.
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Don Umeh
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Just like our Nollywood will caption it "This is just the beginning", lets sit back and see how the caption "To God be the glory" will look like.
I sincerely hope this will not end up like what happen in the Power, Health sectors, with El-Rufia, Halliburton and so on.
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brein
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This certainly is Incredible! Pathetic! Shocking!  |
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ikennahill
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this is what i call continuety,soludo don make 100 and something bank come to 25 banks,great job,if not for this which bank go afford giving those kind of loan,but in naija good things are always abused,so ibori,jimoh ibrahim,etc took advantage, wetin the poor ceo go do, if you refuse you go get knock on your head somehow,if you try to use the law ,u will be be fired like ribadu.
sanusi should not relent,go for their jagulars! i surpport you all these argument about tribalism is rubbish,they are even lucky that they are been asked to only pay and are not in jail already
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chrisical (m)
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Soludo, where were you when these nonsense were happening?
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otokx (m)
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He (SOLUDO) was right there taking his share of the loot.
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Dis Guy
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you guys should stop it! Soludo is a world renowned economist he worked in world class institutions |
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axeman85 (m)
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why are we nigeriansalways blinded by the fact that someone sumwere did sumtin good, and so what if soludo did good or the bank ceos brought the banks from zero to somethings. does that give them the right to bring it back down ? soludo is an econimist or whatever he is, then he shud know the simple rules of economics and banking process, the bottomline is all these loans were given out knowing fully well the implications if they didnt pay back, and all the bank ceos benefitted from the loans schemes, because ow can someone get a loan of 150million or billion who the mess is he becos he is one senator or his great gran mother dided in the moon and ksa played for her on the sea ? so mess wot ? basic banking rules and procedures wasnt followed, so therefore they should face the music squarely and under international banking standards they should be strupped off any positions they own and shud be banned from holding any managment position again, and shud be made to pay back the loan by either forfeitting their assests or make the defaulters pay back by cashing in the collateral they dropped but this is nigeria and am sure not even all of the debtors dropped collateral up to half of what they owe.
this si just nonsens, period, this si just to make nigerians focus on sumthing else jst like noone is talking about halluburton again
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alpacino_O
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I am indeed ashamed the way and manner Imam Sanusi who is supposed to be a risk professional is handling the issue of debtors of these Nigerian banks.
I am of the opinion that fellow shareholders like me of Oceanic bank and Intercontinental bank among others will definitely feel embarrassed by what this issue has degenerated into. It's simply unprofessional. I remembered that First banks last public offer sold for between #30 to #40 and the current share price has fallen to somewhat in the region of #15. Likewise all these other banks are being sacrificed on the altar of fanaticism, un-professionalism.
The CBN could have taken her time to complete the entire banks audit before a more reasonable approach towards tackling the issue like a proper risk manager could have been taken. The 2 months duration in which the NSE would be exposed to the down fall is mere unprofessional for a supposed risk guru, also who says the debtors paying back are not incurring debts from the other banks CBN has given clean bill. Hence, instead of tackling the issue of corruption once and for all it's been repackages and recycled.
Moreover, the devaluation in the Naira has already giving the debtors who took out billions of dollars out of the country at #120 per dollar to bring it back into the country at #150 per dollar and still rising.
The CBN and EFCC will keep a blind eye on this and will soon go blind, also majority of the debtors are friends of the government, contractors of government, those that eat and drink in government houses and are given national awards like OON, GCON, GCFR among others.
In essence CBN and the EFCC is only trying to hammer on what we know that our government are in actual fact debtors to the following banks you and I as shareholders own and are in the real sense of it having a filled day dancing "PALONGO DANCE"
The debtors on the other hand have started shutting up the CBN's mouth who will soon be ridiculed after cases initiated in the law courts declare the hammer banks Victorious, i will be glad to see the looks on this Imam when his ass is sued heavily for gross damages. Also, if these banks could enter into a reasonable agreement with these numerous debtors and get back what is being owed the banks at an interest, CBN and its actions at defaming business organization shall have been defeated and dealt a heavy blow after which i believe Imam Sanusi will be ushered out of this religious position.
The time for initiating legal suits it now, Let the battle begin.
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