Loan: Jimoh Ibrahim Pays N3bn To Oceanic Bank

Tell me one billionaire that has never borrowed or owed before. Sometimes you posters dont balance your positions. While i am not supporting unservicing your loans you have to understand that productive borrowing is part of the principle to wealth creation.

I even read where a widow borrowed vessels for her business in the bible, think well

Wealthy people are those who understand how to use

1. other peoples money, opm

2. other peoples ideas, opi

3. other peoples effort, ope

think guys think

In summary, "Auntie Nana" is a family member to Cecelia Ibru.
So, she gave a 13Billion loan to another family member, based on self-recognition!

Now, this is not peculiar to Cecelia alone, other M.D's of banks have been engaging in this stupid behavior for long, case is point is the defunct City Express Bank Plc in V.I , headed by Mrs Shola Adeoti whose husband's company, BACOM Communications borrowed and siphoned huge amounts of unsecured loans from the bank and as expected, the bank finally crashed, CBN recapitalization notwithstanding! (The bank could not pay depositors as at January 2005)

The annoying thing is that these M.D's fail to appreciate that INVESTORS/DEPOSITORS FUNDS are not their personal property that they can do as they wish with!
Apart from living large and acquiring properties with customers funds, they also dash-out the money to their friends!
There is nothing wrong in taking a loan from a bank, well secured with disposable assets, to do a viable business: Its a win-win situation for the bank (interest an charges), the customer (interest on deposits), the borrower (financing and realization of project, profit making, e.t.c) and the economy at large (creation of wealth and employment) ,
But if you borrow, please pay back or renegotiate the loan, if you're having cashflow problems with your business.
The worst people are those class of "big-men" who borrow or steal/loot our treasury and "dump" the money in some foreign bank accounts. Does IBB, Ibori, e.t.c come to mind?

By the way, Oceanic never said Jimoh Ibrahim was in default or not servicing his loan (He paid back 3Billion between Nov 208 and March 2009, and now he's paid back another 3Billion,, and the info said it was a "wire transfer", which implies the money was from a foreign bank account!) thus, his loan was performing and there was no need to "coerce him'" into offsetting the loan immediately! Why?

If he repays immediately, (as requested)  then, the bank looses more money through "interest" that would have accrued on "the outstanding balance" (thats how bank make money on loans).
In sane climes, you actually get punished by way of extra charges, if you decide to defray a loan that was supposed to last ten years, within say one year!

I guess we are bunch of people who like to shoot themselves in the foot!

Marissa I quite agree with you all the way I think it is time CBN start looking into compelling theses banks to start helping small businesses grow without the strains of this killer interest rates, afterall it has been established that the big spenders and owners of conglomerates are irresponsible debtors.

"He said Global Fleet had no reason to stop its relationship with Oceanic Bank, but advised the bank to be transparent.",

JIMOH IBRAHIM is a confused man, has mouth now?im ashamed!, oh well, its when peole "are down" they get to know their real friends. the confused man didny say anything about the friendship and others he "has" with the bank, did he? he is just a joke!

After paying back 3Billion less than six months ago, now he has dropped another 3Billion yet, some people are not impressed?
What else is the man, a businessman, supposed to do?

I can understand when "poor people" vent their spleen on the rich but what l fail to understand is when the same poor people dont understand that the relationship between the rich and the poor is symbiotic?

Some will not be satisfied until they see the destruction of a "rich" man!
I guess its a "we" Vs. "them" mentality of poor and poverty stricken masses

Anyway, Jimoh, when is the balance dropping? Abeg, quick-quick o!

Correct talk.

The enforcement of payment lies primarily with the banks. The banks failed woefully in this regard because they were co-looters.

@op.add
Hmmmmm, what a "sound" advice!
To keep millions of naira in the house? Under pillow? Under bed??

, and when "awon boys" come visiting, you will wish you weren't so "smart"!

Or is that a "coded message" to assist "awon boys"? 

Hmmmm, see wetin bad-belle for Billionaires go cause my people!