MrCrackles:

Oh ok. . . i read similar reports as you stated above and some which claimed he didnt owe any money so i didnt know which one to believe!

Almost all of them denied at first because the publication is not good for their businesses but they are now secretly making plans to repay.
As at 10 A.M this morning, Intercontinental has recovered 4.8billion Oceanic 4.5Billion Union 6.5Billion Afribank 3.5Billion while Finbank is yet to recover anything.

IFELEKE:

Almost all of them denied at first because the publication is not good for their businesses but they are now secretly making plans to repay.
As at 10 A.M this morning, Intercontinental has recovered 4.8billion Oceanic 4.5Billion Union 6.5Billion Afribank 3.5Billion while Finbank is yet to recover anything.

Denied they owed money or denied the amount owed?

wether jonah was swallowed by shark or a whale, the most important thing here is that there was a swallow.
mr.jimoh, u bought a private jet a couple of months back and you are owing oceanic bank, the cbn is sensing danger here. pls pay up.
all these artrocities were committed right there under the nose of the then corruption czar(ribadu) and his criminal master(obj). all  they could do was continiously decieving nigerians on how alamsn and orji uzor kalu were the only problems nigeria has.
go and see the chief debtors here, they are the likes of otedola, dangote etc with whom obj shared the country. is it not worthy of commendation that some abokis are here to tell nigerians how untruthful the almighty obj was.
poor nigerians who had the impressions that our banks will never shake again have been contributing their hard earn funds only to raise the billionaire statues of obj's criminal gangs.
the truth here is that all those who were loyal to that beast had the right to borrow 500 billion. i trust God that he will one day take away these reproaches that have befallen us as a people.

Afam:

Denied they owed money or denied the amount owed?

Jimoh claimed his loan was performing.

Afam:

Denied they owed money or denied the amount owed?

some denied outrightly,others queried the amount while the last category claimed it wasn't a non performing loan.

MrCrackles:

Will you shut up. . .
Why did it have to come to this before he pays/paid up _{if he has}?

I didn't really want to reply the fellow because he knows not.
@senderos
I pity your lack of knowledge on the subject matter.

Aliko Dangote denied outright . . . . . .CBN has sent out clarification saying that its not Aliko but Ali

Jimoh Ibrahim querried the amount which CBN has since then published clarification to support his claim.

CBN has also sent out clarification on some people who had performing loans but they CBN reported initially that their loans were non-performing

If there is anyone engaged in doubled-speak here, its Sanusi and his CBN. They have been all over the place.
I hear they even want to conduct fresh audit. Cant trust folks who can't get a simple list of debtors right to do a thorough audit on the Financial system.

The CBN investigation or audit or whatever they want to call it has been irrovocably damaged.

The public has no confidence in their capacity to audit anything.

naijatoday:

Jimoh claimed his loan was performing.

Claiming his loan was performing is not the same thing as claiming he didn't owe money. He queried the amount and claimed his loan was performing. This does not equate to denying he owed any money.

mikeansy:

Aliko Dangote denied outright . . . . . .CBN has sent out clarification saying that its not Aliko but Ali

Jimoh Ibrahim querried the amount which CBN has since then published clarification to support his claim.

CBN has also sent out clarification on some people who had performing loans but they CBN reported initially that their loans were non-performing

If there is anyone engaged in doubled-speak here, its Sanusi and his CBN. They have been all over the place.
I hear they even want to conduct fresh audit. Cant trust folks who can't get a simple list of debtors right to do a thorough audit on the Financial system.

The CBN investigation or audit or whatever they want to call it has been irrovocably damaged.

The public has no confidence in their capacity to audit anything.

you r natural spindoctor lol

This is the state of hypes in the Nigerian state where the so-called rich "big" men treat serious issues with levy, pride and egocentric attitude. If Jimoh Ibrahim had the money to pay all the while why wait for the bombshell to be released indicting his company? Besides, repayment of the N8billion or N14billion in one swipe is suspicious move and the CBN should duely follow this one-time repayment process of such huge funds from such insensitive men. Withdrawing such colossal amount from another bank is like "robbing Peter to pay Paul" and we are back to square one, cyclic redundancy in the system. No net change in the overall big picture outlook of our financial. Let him go and source for funds from the foreign lands where they pumped all these into and use same to rebuild our financial sector.

mike,
I really don't doubt the CBN's ability to properly audit, what i doubt is it's ability to contain the after effects of this whole saga.

@mannygee

well said there they have truly contributed to the beter ment of nigeria either by providing employment one way or the other, but what Nigerians are angry about is that ow can an individual borrow such amount ? without adequate collateral because if the said loans were taken with adequate collateral which aounted up to what they were borrowing then the cbn or the banks shouldnt have any problems in recovering backs this loans, but the issue is that this money cant be recovered back because due and basic banking rules wasnt followed which now makes it difficult for these individuals to pay back the loan, and also in the case of jimoh ibrahim paying back this loan in one day i personally and as a professioanl financial adviser who works in the uk and have at least workd with 1 or 2 premiership footballers, i know it isnt possible for someone to dip his hands in his pocket or company accounts and pay 8billion inn one day.  because paying it in one day will have adverse effect on whereever he got the money from.  cbn and efcc should br reasonable and be realistic and let these guys come forward and negotiate payments plans which will be supervised and approved by both bodies and the courts. to pay back these loans withing a period of time thats the way it is being done in other european countries and usa as well.  and if the government is bailing out a bank then automatically the tax payers become shareholders in the banks as well as in the case of uk where banks like lloyds tsb were bailed out by the government with take payers money.

ifeleke

i personally think the fiancial services authority in NIgeria should confirm that these banks have actualled recovered what they say they have recovered, because if they truly have, why did they have to wait for all these to happen before acting and following simple rules or loand and repayments and recovery ?

Gosh i find most NIGERIANS VERYY BIZZAREEEEEE, IT IS NT CRIME NEITHER IS IT BAD TO BORROW LOANS FROM BANKS. Most billionaires in the world borrow loans to do business, so y all d noise bout repayig back all d loans they borrowed, very certinly der would have bn an agrrement on how these people would pay backk, most people on the forum jus open der mouths and chat rubbish, probly cos dey dnt understnd the adverse effect of sanusi's action, u claim ders no job to do, nd most people are in support of CBN'S actionn, una dn find job,

youngmonie:

Gosh i find most NIGERIANS VERYY BIZZAREEEEEE, IT IS NT CRIME NEITHER IS IT BAD TO BORROW LOANS FROM BANKS. Most billionaires in the world borrow loans to do business, so y all d noise bout repayig back all d loans they borrowed, very certinly der would have bn an agrrement on how these people would pay backk, most people on the forum jus open der mouths and chat rubbish, probly cos dey dnt understnd the adverse effect of sanusi's action, u claim ders no job to do, nd most people are in support of CBN'S actionn, una dn find job,

Exactly!!!!!
Some don't even know the difference between defaulting on loan payments and dipping hands into the treasury to loot. I still continue to maintain that accessing loan is a legitimate aspect of business. In fact the reason we are so obsessed with collateral in this country is because of our poor identity system which Mr Risk Manager will do a better job resolving in collussion with the Minster of Interior rather than terrorising Business MEN.

audit this audit that. Very soon we will start auditing the auditors.

how much food does it put on anybody's table?

this people should go and set up Business Incubators or work through the NIPC to encourage SMEs
All this noise of audit and talk about Foreign investors is waste of time

We need to grow our economy in our own way and by our selves.

There is no point instituting IMF Risk Management system if at the end of the day the process destroys the economy.

My advice for Sanusi is to put mechanisms in place to grow the economy. Not risk managing an economy which we all know needs to be nutured and grown.
For God sake we are just an economy dependent on Oil ONLY.

The CBN Governor will put his time to good use working with the Energy Ministry, Finance Ministry and Commerce and Industry Ministry to grow the economy.

Where we are headed now is we will be bugged down by Nigeria's slow  Court Process all because someone is keen to use there new office to settle previous personal scores.

mikeansy:


Exactly!!!!!
Some don't even know the difference between defaulting on loan payments and dipping hands into the treasury to loot. I still continue to maintain that accessing loan is a legitimate aspect of business. In fact the reason we are so obsessed with collateral in this country is because of our poor identity system which Mr Risk Manager will do a better job resolving in collussion with the Minster of Interior rather than terrorising Business MEN.

audit this audit that. Very soon we will start auditing those who audit the Banks.

how much food does it put on anybody's table?

this people should go and set up Business Incubators or work through the NIPC to encourage SMEs
All this noise of audit and talk about Foreign investors is waste of time

We need to grow our economy in our own way and by our selves.

There is no point instituting IMF Risk Management system if at the end of the day the process destroys the economy.

My advice for Sanusi is to put mechanisms in place to grow the economy. Not risk managing an economy which we all know needs to be nutured and grown.
For God sake we are just an economy dependent on Oil ONLY.

The CBN Governor will put his time to good use working with the Energy Ministry, Finance Ministry and Commerce and Industry Ministry to grow the economy.

Where we are headed now is we will be bugged down by Nigeria's slow  Court Process all because someone is keen to use there new office to settle previous personal scores.

Plugging the hole (in this case excessive loans without any collateral that are not being serviced) is the best thing for the economy for now.

How can you explain the fact that an individual is given up to N30B without any collateral and you have thousands of businesses that cannot even have access to N200,000.00 to invest in their businesses or to turn a viable idea into a profitable venture?

Afam:

Plugging the hole (in this case excessive loans without any collateral that are not being serviced) is the best thing for the economy for now.

How can you explain the fact that an individual is given up to N30B without any collateral and you have thousands of businesses that cannot even have access to N200,000.00 to invest in their businesses or to turn a viable idea into a profitable venture?

Is it impossible to rectify this legitimate issue you have raised without going to Financial Times to tell the world that our Banking System is Weak, Fire 5 Bank Bosses in one day, Give 5 banks 400billion naira loan without consulting the Stakeholders?

There are legitimate issues to resolve in our Banks, but resolving these issues should not be treated as an End in itself but a means which is part of a lager set of means to an objective.

Sacking 5 bank bosses or jailing them in one day and talking down the economy is no good to any country's economic ineterest.

What's with Financial Times? We owe no one any explanation as regards what is best for us as a people and as a nation.

The core issues are unsecured loans that are not only non performing but were recklessly given out by so called executives that ignored all sensible precautions in giving out the loans when genuine businesses in Nigeria cannot even access up to 0.0001% of what individuals have been given without any collateral.

no business could survive without bank loan.

true talk.

mikeansy:

Is it impossible to rectify this legitimate issue you have raised without going to Financial Times to tell the world that our Banking System is Weak, Fire 5 Bank Bosses in one day, Give 5 banks 400billion naira loan without consulting the Stakeholders?

There are legitimate issues to resolve in our Banks, but resolving these issues should not be treated as an End in itself but a means which is part of a lager set of means to an objective.

Sacking 5 bank bosses or jailing them in one day and talking down the economy is no good to any country's economic ineterest.

you keep forgetting that soludo already bailed them out

how many chances are you going to give incompetent, unethical cowboys with other people's  money?

Afam:

What's with Financial Times? We owe no one any explanation as regards what is best for us as a people and as a nation.

The core issues are unsecured loans that are not only non performing but were recklessly given out by so called executives that ignored all sensible precautions in giving out the loans when genuine businesses in Nigeria cannot even access up to 0.0001% of what individuals have been given without any collateral.

The issue here is the relationship between the Financial Sector, Market Behaviour and the Information/Signals you send as the head of a sensitive Institution as CBN.

Someone just needs to remind Sanusi that he is no longer a political Pundit but now an Authoritative source as far as the Financial Sector is concerned. He is destroying the very system he is here to regulate with his attitude and he needs to grow up.
He  is no longer the Risk Manager at FBN, he is now the CBN Governor.

The man needs to sit back, have some chilled water and think about his actions carefully before executing them.

MrCrackles:

OYB
I got your PM. . .Noted!

so why not reply him via PM?

I think this is best movement in his side.

Jimoh Ibrahim's comment that no business can survive without bank loan is very wrong.

That quite a lot of Nigerian businessmen think that business is about buying and selling instead of ideas does not make the statement true at all.

I have never touched a bank loan and I run two businesses.

I only hope that the younger generation will take advantage of information technology to start and grow technology based businesses where what you know naturally becomes your capital and asset.

It is this same wrong idea of business that has chained a lot of Nigerian businessmen to buying and selling be it spare parts, refined petroleum or cement.

Afam:

Jimoh Ibrahim's comment that no business can survive without bank loan is very wrong.

That quite a lot of Nigerian businessmen think that business is about buying and selling instead of ideas does not make the statement true at all.

I have never touched a bank loan and I run two businesses.

I only hope that the younger generation will take advantage of information technology to start and grow technology based businesses where what you know naturally becomes your capital and asset.

It is this same wrong idea of business that has chained a lot of Nigerian businessmen to buying and selling be it spare parts, refined petroleum or cement.

there are different types and levels of businesses.

He's owing N8 billion- that's a pointer.

I am suprised at some nairlanders coming on her and just opening their mouth anyhow and spill out losta of baldadash. 5ceos were sacked in one day and someone is saying it isnt right? if these people havent been sacked they will still occupying their post by now continuing with their unhealthy practice. unlike in the uk when the bank crises happened, those affected resigned immediately it happened, and one of them which is in charge of HBos popularlly know ans frwed the shred was forced to surrender some of his entitlements. yes all business needs loans to survive as long as the loans are issued out in accordancwe with the banking rules and regulations then no one has any problem with that. also u are saying that there is no employment when these people bring down a bank to its knees those currently working there will loose their jobs and those looking to work there will no longer be able. so pls lets all put aside the sentiments and talk like educationals, and professionals and concerned citizens and individuals that we are. , this is directed to mikeansy

there is no way anythign will happen in the financial market be it anywhere in the world that it wont affect the fiancial stand of that country, so what is happening is no difference from what is happening or has happened anywere else in the worls, as long as sanusi move is not politically motivated then i believe what steps he has taken is the right steps which should have been taken long time ago by soludo.

axeman85:

I am suprised at some nairlanders coming on her and just opening their mouth anyhow and spill out losta of baldadash. 5ceos were sacked in one day and someone is saying it isnt right? if these people havent been sacked they will still occupying their post by now continuing with their unhealthy practice. unlike in the uk when the bank crises happened, those affected resigned immediately it happened, and one of them which is in charge of HBos popularlly know ans frwed the shred was forced to surrender some of his entitlements. yes all business needs loans to survive as long as the loans are issued out in accordancwe with the banking rules and regulations then no one has any problem with that. also u are saying that there is no employment when these people bring down a bank to its knees those currently working there will loose their jobs and those looking to work there will no longer be able. so pls lets all put aside the sentiments and talk like educationals, and professionals and concerned citizens and individuals that we are. , this is directed to mikeansy

I have no business in holding a debate with you

you have not come up with any credible argument

people are not talking 'baldash' because they have different opinion
A post like that does not deserve a response from me



@Afam

if you have plans to expand your business there is nothing wrong to access loans from a bank to do so.
That is how an organised society works.