Failed banks: How eminent Nigerians ripped off depositors
, As Senate names ‘insider’ debtors of failed banks
From MODESTUS

Former minister of Science and Technology, Chief Ebitimi Banigo, topped the list of eminent Nigerians, whose ‘insider’ debts crippled 50 banks and led to their eventual collapse, leaving in its wake tales of woes and agonies by depositors whose N53.3 billion was trapped in the failed banks. Banigo was indebted to the defunct All States Trust Bank to the tune of N15,170,852, 591:00.

The unveiling of the identities of the insider debtors, who were directors and promoters of the failed banks came, even as the Senate President, David Mark, directed the Inspector-General of Police (IGP) to tighten security around members of the Senate Committee on Banking, Insurance and other Financial Institutions, who were said to have received threats through text messages for making the identities of the affected persons public.

Other big time insider borrowers of the failed banks include Prince (Dr.) Samuel Adedoyin, who owed City Express Bank (N2.06 billion), Sir Emeka Offor, who owed African Express Bank (N3.85 billion) and Chief (Mrs.) Remi Adiukwu, who owed Metropolitan Bank (N1.09 billion)   

Adopting a report presented to its committee on Banking, Insurance and Other Financial Institutions, Senator Nkechi Nwogu, noted that the huge debts made the collapse of the banks inevitable and frowned at attempts by those indicted by the report to threaten the lives of the chairman and members of the committee.
It asked the Inspector-General of Police, Mr. Mike Okiro, to provide immediate personal security to the committee members against whom the threats were directed through text messages.

Lamenting that the debtors could go to the extent of threatening the lives of the committee members when they were supposed to be ashamed, Mark said the Senate stood by the committee “and we stand together with you and all of us collectively take full responsibility for this report. And none of us is going to shy away from it.”
He commended the chairman and members of the committee for having the courage to bring the matter to lime-light.

“I think you have performed wonderfully well and there is absolutely nothing for you to fear because you have done what you ought to do for your country. And I want to say that all those sending text messages to you should think twice about what they have done to this country, rather than having the effrontery to send text messages to you. I believe that all of us here take collective responsibility for this report. It is not a report from Senator Nkechi Nwaogu; this is a Senate report,” he said.

Assuring the committee of their safety, the Senate president said: “Those who have been named here ought to be ashamed of themselves and not to be sending text messages to you. Please on behalf of the Senate, I guarantee your safety; you and members of the committee. I will talk to the Inspector-General of Police to provide adequate security to you and if possible to the other members of the committee.

“I think you should go about your duties normally and don’t think that anybody is going to threaten your life. You have done what you ought to do for this country. You are patriots and you should be proud of that. Distinguished colleagues, I want to thank all of you for having the courage to accept this report.

“It is a far reaching report and I think that we will do what we ought to do because that is the covenant we signed with Nigerians; to be transparent, to be honest and to sweep nothing, nothing at all, under the table in this present Senate. And we must not sweep anything under the table.”
Earlier, while presenting the report, Nwaogu said the banks which failed on account of these huge debts incurred and never paid amounted to 50 banks including the 36 which failed before the 2005 conslidation exercise and the 14 that failed after the consolidation exercise.

  The Senate further resolved that “the NDIC Act should be amended to strengthen the sanctions available to it against insider credit abuse and the abuse of the judicial process to cause delay in the debt recovery process.





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