Soludo Was Chairman Of AFC. They Owe N32Bn

The Great Bank Robbery: Soludo Company Owes Bank N32bn
August 20, 2009

By Moyo Fabiyi

In what has been described as the ‘Great Bank Robbery’, the immediate past Governor of the Central Bank of Nigeria (CBN), Prof. Charles Chukwuma Soludo has been fingered as the chairman of African Finance Corporation, which is owing Oceanic Bank N32 billion.

Emerging facts on the five troubled banks have revealed that Prof. Soludo was chairman of African Finance Corporation Board during his tenure as the boss of Nigerian’s apex bank, the CBN. And it was alleged he might have used his position to secure the N32 billion loan for the company.

Other companies and personalities mentioned in Oceanic Bank’s N278 billion non-performing loan include Notore Chemical Industries Limited, formerly National Fertilizer Company of Nigeria, NAFCON, whose chairman is Nigeria’s former military ruler, General Yakubu Gowon.

Also linked with the agro-allied company is the immediate past governor of Delta State, James Ibori whose proxy, Henry Imasekha, is a director of Notore. The company also owes Oceanic Bank N32 billion.

Another major debtor of Oceanic Bank is Rahamaniya Global Service owned by Abdulrahman Musa Bashir who is owing N28 billion. L V Development owned by Michael Onasanya owes N2.7billion while Dangote Industries owned by Alhaji Aliko Dangote owes N2.5 billion.

The new CBN Governor, Mallam Sanusi Lamido Sanusi, on Friday sacked the Chief Executive Officers (CEO) and the management of five banks. They are Oceanic Bank, Intercontinental Bank, Afribank, FinBank and Union Bank. The sacked helmsmen and management of the five troubled banks have been replaced with new ones. The action, CBN said, was to save the troubled banks from imminent collapse.

Mallam Sanusi, who assumed office as the new CBN governor, not only enjoys the support of President Umaru Musa Yar’Adua, the Presidency announced total support for the action of the new CBN boss to sanitize the banking industry.

In different national dailies, the CBN yesterday published the names of companies and their owners with the amounts they are owing the five troubled banks. This has, however, generated a lot of controversy between the apex bank and the alleged debtors. While making face-saving statements, the CEOs of debtor companies have denied the billions of naira credited against their names.

However, the Economic and Financial Crimes Commission (EFCC) has issued a one-week ultimatum to the companies mentioned to pay up the non-performing loans or go to jail.

The chairman of the anti-graft agency, Mrs. Farida Waziri, who issued the deadline in Abuja has also ordered the companies’ executives to report at the commission’s office or they will be arrested.

Meanwhile, security agents across the country have been put on the alert to forestall the escape of any of the CEOs of the five troubled banks or owners of the debtor companies who may attempt to flee the country.

The security alert at the ports became imperative as security men foiled an attempt by the former CEO of Oceanic Bank, Mrs. Cecilia Ibru to fly out of the country in a private jet allegedly owned by Barrister Jimoh Ibrahim.

Apart from the debtor-companies announced, the new CBN boss said the list of more debtors will be made public soon, thus making it necessary for security operatives to keep their eyes on all suspected beneficiaries of non-performing loans before they escape from the country.

In what capacity did Soludo occupy the position? As CBN governor or as a high "net worth" individual?

In what capacity did Soludo occupy the position? As CBN governor or as a high "net worth" individual?

So basically:
- It's not a secret.
- It's not a private company.
- There was no robbery, just a big loan.

This is the sign of a failing state. When you begin to hear bad news on daily basis it shows that the end is coming very fast.

What next are we going to hear tomorrow.

Exactly my point. I believe the post is reserved for the CBN governor from the make up of the list of directors

Good point man.

You see Nigeria is such a corrupt country such that those that profess to be working  for  public good  in the end simply work to line their pockets. This applies to our hungry journalists.

Who in this country did not hear of the IFC probe and how soludo was cleared? It is with this form of sensational "big news " that our corrupt leaders with the help of journalist manipulate us.

Very soon they will tactically  soft-pedal on this banking issue and "redirect" us to either Harlliburton, Amnesty, "boko aram in lagos", etc. In the end we exchange our hard-earned money for the fake news . They go home richer, get their cuts from politicians and we remain with our underdevelopment. Abeg make we wise up.

The banking system needs cleansing , but it must be done the proper way or else even Sanusi  will start fighting credibilty battle for  CBN.

Bush never did such, he had to give up the chairmanship to other people while in office.
you cant be the head of such and be the gov at same time, it is not possible for you not to have conflict of interest

Some people are wonderful in their defense of criminality; these loans were non performing and the banks were declaring profits and deceiving themselves by going on CNN. All of them "Banker of the Year" people should be arrested and tried in a court of Law following if found guilty should be crucified.