vigasimple:

within these 5 banks alone out of the 25. and not yet sure about the rest, the total non performing loans(not sure about the interest payments) totalling N775 BILLION.

It is important to know that 10 banks have been audited and 5 out of the 10 were given a clean bill; they are:
STERLING BANK, FIRST BANK, UBA, GTBANK & DIAMOND BANK. I hope the remainig 14 banks will  not  have issues.

Chiefba:


It is important to know that 10 banks have been audited and 5 out of the 10 were given a clean bill; they are:
STERLING BANK, FIRST BANK, UBA, GTBANK & DIAMOND BANK. I hope the remainig 14 banks will  not  have issues.

we will know after they are audited, but i am sure that out of the remaining 14 banks, there will be some bad eggs too, so fasten ur seat belt and be ready for the rough rides in Nigeria banking system

May God help us in this country. The new man at the helm of affairs has started well, i pray he will be given support to end well. Aside from the sacked CEO's being prosecuted, the debtors should also face the same judgement. If after the findings, anybody found guilty should be jailed. But then

---

[sub][/sub], could these powerful pple be jailed? I fear, the case will go the usual way!!!

smart nigerians! hummm!! may be i should go get some really big loans from these banks.

Nigeria, my land of smoke and mirrors
while we were busy kllng the small thief,
the big thief was dashing pastor jets
na wa o!
are we safe?

ndcide:

smart nigerians! hummm!! may be i should go get some really big loans from these banks.

I wish i know how i can get such loans oh.

How can Dangote owe such  an amount of money and he is doing nothing about it,what of the poor masses that own that money that are now suffering and some are dead.God will punish them one by one.

Eaglebabe:

How can Dangote owe such  an amount of money and he is doing nothing about it,what of the poor masses that own that money that are now suffering and some are dead.God will punish them one by one.

that is the kinda system we have.
Rich getting richer and the poor are dying

My take on the matter.

Every entrepreneur borrows money to start or expand his/ her business.
Lending is one of the primary duties of a banking institution. Charles Soludo embarked on the recapitalisation programme some years bank so that Nigerian banks can engage in what he called 'Large-scale lending'. Therefore, lending tens of billions to a viable business entity is no big deal. Where a problem comes in is when the business entity defaults on the agreement.
Why would a good businessman default on loan payments. My answer is: many reasons.

1.    Bad practices and lack of corporate governance.
2.   Very high interest rates.
3.   Default on the part of the entities' clients.
4.   Bad economic policies on the part of the government.

Some of the companies in the list are definitely into bad practices but I wont subscribe to the opinion that everyone on the list is a criminal.

You can't borrow money from a bank at 25% interest rate and expect to pay back in 3 years. Remeber you have to provide your own electricity, you have to repair your operational vehicles (damaged due to the bad nature of our roads), you have to pay excessive telephone bills, you have to pay for security.

On my third point. You transact business with people who you can't predict. Imagine borrowing funds from a bank to execute a government contract. You will only get paid after the funds has generated a lot of interest. Worse still, the government cares less about how you got money to execute contracts.

Some people on the least are philanderers.
Some people on this same list are also the biggest employers of labour in Nigeria. If CBN forces them to liquidate their assets just to pay loans, the number of unemployed in our streets will definitely increase.

This is by far the best post on the topic. Big businesses around the world owe lots of money and when they default as a result of government policies(the main reason oil and gas companies dafault), the loans are renegotiated. The major employers of labour in this country are on that list and even a company like oando that paid good dividend are owing about 7 billion.

The minimum wealth of an individual is calculated using the NET ASSET method, which is asset less liability, therefore it is possible for u to owe so much and still be very rich.

We need to send the FBI and the CIA after Forbes. to fish out the mole in them .(there has to be an explanation as to how the richest man in Nigeria can make that coveted list yet he OWES SO MUCH like a shrine rat.

Then again I wonder what Soludo really did with all his time there.

Am curiouly scouting and scanning for his name.Someone Pleas explain why Obj's name's not on the list. Ok i know. He stole so much that he wont ever need bank know in his life.

naylove:

We need to send the FBI and the CIA after Forbes. to fish out the mole in them .(there has to be an explanation as to how the richest man in Nigeria can make that coveted list yet he OWES SO MUCH like a shrine rat.

Then again I wonder what Soludo really did with all his time there.

Am curiouly scouting and scanning for his name.Someone Pleas explain why Obj's name's not on the list. Ok i know. He stole so much that he wont ever need bank know in his life.

the richest man there could owe so much money and how would CIA and FBI knows it wasnt a revolving loan.
What has this got to do with Soludo?
Soludo works for the govt and not the banks.
the banks are private coys and let us not forget that

Hmmmmmmmmm! Nigeria factor!
What do you expect from a country built on deceit, unfairness and injustices >

What is next or what is the next step?  
Before we know it, the clamour will be over, those nationalist thieves will start putting pressurre on the president to call Sanusi to order. If you check these thieves political affiliation, 80% of them are in PDP and very soon they will start cajoling the go-slow man with second term and the man will have no choice than to tell Sanusi & EFCC to leave them alone, what I call Nigeria factor

We need to go back to region and let me see the name of my Yoruba kinsmen/women in the list and see if his/her houses will not be burned down, see if he/she can dare come out to campaign for political post and see if his/her family will not be shamed and disgraced.
But because these rogues answer Nigeria Nationalists people find it difficult to deal with them, Nigeria factor

i hope sanusi will remail to finish this battle.

I come and bow for these Nigerian Billionaires gbese master dem no be small after dem go dey denge pose, on top Gbese? abeg prisons service acquire more land the big boys are coming.

http://news.bbc.co.uk/1/hi/business/8208932.stm

I will be so proud if these idiots pay back every penny this is a disgrace. Dangote should know better. How dare he borrow so much and not pay it back its disgusting.

DAMN BROKE ASS NIGGUS PUT ON BLAST

there are Rich nigerians though, the smart ones put money in foreign accounts and have dual citizenship

sjeezy8:

DAMN BROKE ASS NIGGUS PUT ON BLAST

there are Rich nigerians though, the smart ones put money in foreign accounts and have dual citizenship

Just imagine for one moment, if Lamido Sanusi came in as CBN guvnor in the hey-days of Nuhu Ribadu. And with a sincere government in power, They'd have between themselves, rid the country of these greedy monsters in less than two years!

Let's shed every personal sentiment and appreciate the passion of well meaning Nigerians. Sanusi means well. How the law enforcers treat the defaulters is another matter entirely.

Akingbola has already obtained the permission from a Federal High court in Lagos to challenge his sack,

Let's watch the thickening plot as the drama unfolds

Hmm i wonder why people are crying why is IBB and OBJ's name are not on the list.
Have we forgotten that these duo were selling nigeria and making so much dough and never needed to go to any f----kin bank to borrow funds.

There is a silent killer in that list,his name is PETER UKUORITSEMIFE OLOLO, He owns
FALCON SECURITES LTD
PINE PETOSAN DEVELOPMENT COMPANY LTD,
RESOLUTION TRUST AND INVESTMENT LTD

He alone owes a combine sum of over 80 billion.

kshow1:

There is a silent killer in that list,his name is PETER UKUORITSEMIFE OLOLO, He owns
FALCON SECURITES LTD
PINE PETOSAN DEVELOPMENT COMPANY LTD,
RESOLUTION TRUST AND INVESTMENT LTD

He alone owes a combine sum of over 80 billion.

Chei!

babyrl:

All the CBN published is the name of the companies, and those that signed for the loan on behalf of the company or someone else. Ibori's related company could be on the list, but he might not be the one that signed for the loan.

@ThinkRait.

The bank does not have to liquidate the asset of the company to get their money. All they have to do is take ownership of the company or the shares of the person that borrowed the loan, till the shares handed over to the bank can pay back the loan. This is how it happens around the world, you do not have to liquidate the company. If the bank does not want to own the company, they can sell it to a third party who will pay the bank.

@ThinkRait,

Ibori is the owner of Ascot Offshore Nigeria Ltd and Notore Chemicals.  Notore Chemical was in the news recently as the winner of a #40 billion fertizer contract award from Yaradua's government. See the following links:

http://www.saharareporters.com/index.php?option=com_content&view=article&id=3169:ibori-wins-fgs-n40bn-agric-contract-punch-lagos&catid=1:latest-news&Itemid=18

http://www.saharareporters.com/index.php?option=com_content&view=article&id=3504:details-of-how-james-ibori-used-fronts-and-bank-officials-to-bankrupt-oceanic-and-intercontinental-bank-&catid=42:exclusive&Itemid=160

Abeem:

@ThinkRait,

Ibori is the owner of Ascot Offshore Nigeria Ltd and Notore Chemicals. Notore Chemical was in the news recently as the winner of a #40 billion fertizer contract award from Yaradua's government. See the following links:

http://www.saharareporters.com/index.php?option=com_content&view=article&id=3169:ibori-wins-fgs-n40bn-agric-contract-punch-lagos&catid=1:latest-news&Itemid=18

http://www.saharareporters.com/index.php?option=com_content&view=article&id=3504:details-of-how-james-ibori-used-fronts-and-bank-officials-to-bankrupt-oceanic-and-intercontinental-bank-&catid=42:exclusive&Itemid=160

You are right on that one.Yar Adua needs to be ashamed of himself though.It is a big shame for real.

Mike Adenuga is not there because he is spending Nigerian money.
IBB's frontliner for life.

Who can we call a true billionaire in Nigeria if Dangote and Otedola were on debtors list?

The problem is that most of these people that took loans for their business diverted the money to other purposes. Some of them even donated to federal universities, religious organizations etc. Their international passports should be seized and all the people at our borders put at high alert before these thieves run to Ghana.

With all these people in control of Nigeria economy, what chance has ordinary got to have a successful business, to win an election and run a successful economy?. No wonder we have high rate of employment

What chance ordinary Nigerian (not related to these rogues) has to go to the best School, best college, best university and to get employment? No wonder our education is valueless

The people I pity most are Nigerian women, the Nigerian mothers who want better thing for themselves and their children. No wonder Nigerian women have been turned to prostitutes, just to survive  

No wonder there is REVOLUTION in Nigeria despite the hardship
How would there be revolution when people have been made stupid through slavery by those running the economy, those who have bought the country (incuding the citizens) with their ill gotten wealth

Kudos to CBN Gov Sanusi. 'Afefe ti fe ati'ri furo adie' (the wind has blown open what is being concealed by the cock)  We now know why there is NO opposition in Nigeria- you either join PDP or the source of your wealth will be revealed and be sent to jail.
No wonder my admired man to lead the Yoruba (Chief, General Akinrinade) is no more talking- he too has debt
No wonder the recently decamped governor of Imo state 'declared that the war is over'. I would like to know how much Ojukwu owes to have silent on the recent killings of Igbos in North recently.
We now know why MEND militants are being called criminals and terrorists by their leaders, their governors and the slave masters in charge of Nigeria eceonomy,

Na God go punish una and your Children

@@@@@@@@@@@@@@@@

[size=21pt]right jail time


the money should be paid back


those f uker should be lookin for 35 mininum jail sentence[/size]

Someone made a statement that rich people in the western world borrow money and it is true, the difference is YOU CAN POINT TO WHAT THEY DID WITH THE MONEY!!!. When Donald Trump borrows to finance a project you will see the Skyscaper built if it sells fine, if not the bank takes over the assets. Now explain to me how is it that Federal and State government officials are borrowing money despite the enormous oil revenue being generated? but then What did they do with the Money? They definetely did not spend it on improving roads,schools or the healthcare system. Take a look at the highways, drainage system, electricity schools or hospitals and ask yourself "Where is the Money?.
Oh I forgot , the minute you ask the typical Nigerian retard, they point to the mansions in Lekki or VGC as a sign of improvement or the fact that so and so has a Bentley Arnage. Anyone can answer because I will like to know Where or what is being done with the Billions of Naira Stolen by government officials or embezzled by Bank CEO's
Where is the MONEY?

The money has been squandered on the evil pleasures of this world.

There are certain issues that arise in this crises:
1. what level of trust do we place in the external auditors who would normally audit the books of these banks and give them a clean bill of health year in year out?
2. whatever happened to the oversight function of CBN? I know CBN gets monthly returns on transaction from banks and also sends an inspection team that spends close to a month in each bank to audit their systems and practices.
3. to what extent was Soludo compromised by hobnobbing with the banks? Do not forget that he was always being catered for by the banks whenever they open a foreign branch in Europe. A regulator was supposed to be quite distict from those he regulates. Will anyone accept the fairness of such a person? Those saying Soludo was totally ignorant should recall that he gave the banks up till 2010 to declare all their non-performing loans whereas the standard accounting practice is to indicate profits/losses in the years when they are incurred.
4. why were these banks not following the proper channel to retrieve these loans? Most of us will recall the case by Access Bank against AP Plc in recent times over a loan. Apart from Intercontinental that attempted an open advertorial of its three largest debtors none of these others complained before now.
5. post consolidation - were the management team of these banks trained on how to spend the larger funds available to them? Lets be sincere a guy/babe who has been earning NGN40,000 as monthly salary will be surely confused and at a loss when he/she starts to earn NGN300,000 monthly and will first of all spend a huge chunk of his/her earning on acquiring toys or satisfying long repressed wants/desires.The guy who used to dream of TFC, Tantalisers will now begin to frequent clubs on the island every weekend and take to eating the fastfood everyday. Moet will now be a weekly drink. Rarely are such windfalls properly utilised. Which is what I assumed happened.

We all remember from economics that banks create their wealth from lending but when these bank management team saw that they could not manage their loan portfolios well they started chasing deposits. We should have noted a paradigm anomaly when chasing deposits became the order of the day.

ADENUGA STANDS TALL 

My main observation in Ifeanyi Ararume,the failed PDP gov aspirant in Imo.

How can u lend over N150m to an individual? The bank obviously hedged its bets on him winning the (s)election & opening up the state coffers to them.

Shame on the political & economic 'elite' in 9ja   


which way now ?

I hope Yar'Adull is not giving us talking points to divert attention from hs inept management of the country ?