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Nairaland Forum / Nairaland / General / Politics / Non-Executive Directors Of Intercontinental Bank Arrested (3967 Views)
NNPC Appoints 4 New Group Executive Directors, Reduces Top Management Staff / NNPC Group Executive Directors Sacked / Lai Alabi Fmr MD Of Intercontinental Bank Arrested For Fraud (2) (3) (4)
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 3:03pm On Aug 26, 2009 |
I keep wondering how people form their opinions on this forum. These guys are alleged to have done some shady deals, were instrumental to bad loans, and used fictitious names to get loans from the bank. And some people are still questioning the rationale behind their arrest? This is something else! Btw, I briefly worked in Intercontinental bank and I knew what's up. Go and find out how these guys got money to even set up Intercontinental bank- you would be shocked. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by Beaf: 3:06pm On Aug 26, 2009 |
fyneguy: Maybe, if you had supplied your insider info to EFCC we would have been spared this chaotic, jungle type saga. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by McKren(m): 3:07pm On Aug 26, 2009 |
fyneguy: Do you by any chance know the role of non-executive directors in an organisation? when you do that research, come back and review your post. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by McKren(m): 3:25pm On Aug 26, 2009 |
Jarus is one guy who has attempted to defend Sanusi with reasonable arguments. Even though sometimes I think he has a perception of Sanusi as a disciplined public servant who can do no wrong. (But the problem is its possible Sanusi is being used without him even knowing it.) But you can only understand how silly the arrest of the non-EDs is considering that Jarus does not even approve of it. He has defended Sanusi with everything he has got including insider info. But JARUS believes the arrest of non-EDs is wrong. And yes it is wrong both logically and legally. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 3:45pm On Aug 26, 2009 |
McKren: Sir, say that to the marines. Non-exe or not, these guys have been linked to shady deals in a bank. Their status as non-execs is no immunity to arrest! If you know what Directors of Banks (exe or non) do, you will feel sorry for this country. While I was in this same bank, I discovered a fraud and the daughter-in-law of one these so called non-executive directors was involved. He used his status to kill the case. The lady was not even asked to refund the money embezzled, let alone being shown the way out, instead I was threatened. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by McKren(m): 3:47pm On Aug 26, 2009 |
if you have any proof of their offence it will be very helpful please don't speak in generalities try to be specific |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 3:54pm On Aug 26, 2009 |
Mckren If you could take some time to read the EFCC story again, you probably would see reasons for their arrest. It's stated clearly that EFCC has established a case of shady deals, bad loans and the use of FICTITIOUS names to get loans from the bank. And I said if this was true, their status as non-executives would not protect them from prosecution. My experience in the bank is secondary in all of this. I only cited that to let you know that Non-executive directors of banks are only non-executive on paper. They wield so much influence and go beyond their briefs. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by Beaf: 4:05pm On Aug 26, 2009 |
fyneguy: Dodgy, dodgy. Why is the EFCC still finding it difficult to charge those it has been holding now for a week? There is no crime, business was done and thats all. You can't charge anybody for doing business. If fraud has been committed, then by every means, the EFCC and police should immediately press charges and cease this macabre dance of words and chaos. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 4:07pm On Aug 26, 2009 |
What Sanusi has not done yet is to reveal the full details of the shady deals of these CEOs and their partners-in-crime. People think it's just about giving out loans to Dangote and the rest without collaterals. I chuckled at people's responses. The truth is that whenever CBN sends Auditors to banks, you see managers running up and down, trying to regularize accounts. They quickly move funds from illegal accounts and stuffs. What you should know is that Sanusi is an insider. He knows the pranks they played. Soludo is all about the acedemics of economics and probably banking. You need a willing insider to carry out the reforms. Sanusi, as First Bank MD, knew what transpired at the interbank operations. He already had a fair idea of who's doing what. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 4:11pm On Aug 26, 2009 |
Beaf Please calm down. There are 2 main issues here: 1. Crime perpetrated by these bankers 2. Recovery of bad debts. Charging these folks to court for the first part is no big deal. But it will hamper the 2nd part of the mission. You need them to co-operate with you to achieve this. This would be difficult if you quickly charged them to court. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by heguy: 4:12pm On Aug 26, 2009 |
Hi, I am insupport for the arrest of the Non-Executive Directors of Intercontinental bank. I have never worked in a bank befor but they were supposed to even arrest the External Auditor as were. In a nud shel the role of the non excecutive director is to monitor management mov't and safeguard the shareholders investment/. Can u guys remember what happened with Enron in the US? One of the big 5 firm ''Arthur Anderson'' was asked to dissolved. Niger na woo, |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by Nobody: 4:40pm On Aug 26, 2009 |
wayoziri the olodo in action!! soon nigeria police will start asking people for debt clearance certificates |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by agabaI23(m): 4:42pm On Aug 26, 2009 |
oyb: |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by Beaf: 4:46pm On Aug 26, 2009 |
fyneguy: Thats a disturbing position, what would stop them cooperating when action is pursued lawfully? Is that not the way things should be, or do make laws only as a pastime? In any event, the recovery of bad bank loans has nothing to do with the EFCC. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 5:00pm On Aug 26, 2009 |
Beaf: huh? Are you kidding? So refusal to pay back loans does not amount to financial crime again? I rest my case at this juncture. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by mrperfect(m): 5:58pm On Aug 26, 2009 |
I said it before:"Yet there is more to come in this issue" |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by pcicero(m): 11:51pm On Aug 26, 2009 |
fyneguy:Interesting, so EFCC has been so quick to establish cases against non-EDs. I say crap. Then i recommend an olympic medal for this. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 9:43am On Aug 27, 2009 |
pcicero: Pcicero, The fact that you are unaware of the process that led to the discovery does not make it impossible. If I were you, I would suspect that the CBN auditors probably discovered these things and passed it to the EFCC. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by biina: 10:17am On Aug 27, 2009 |
Should the EFCC question all concerned to determine the extent of complicity? Or why are people making an arrest seem like a prosecution. There is nothing wrong in the EFCC arresting the directors and bringing them in for questioning. Anyone who had appeared voluntarily when invited couldn't have been arrested. The directors should be questioned, and set free if he/she is in the clear, but charged and prosecuted if found otherwise. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by tunde300us(m): 11:12am On Aug 27, 2009 |
There are so many legal dimensions that will make sanusi,efcc and the govt as a whole look like bully by the time it is established.If i borrow money, and i am defaulting in paying,arent there ways of recovery apart from asking to give me 7days to pay back,cos when this loans were given out i am so sure there were terms agreed by both parties. Even if the president himself gives me a deadline to pay,i have an obligation not to pay cos i never agreed anything with him,so this executive powers wey dem dey use for nija to resolve legal issues wont last long at all.And worse off by the time the court start giving judgement even sanusi himself will look like a fool, Nigeria SEASON (1) |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by tunde300us(m): 11:13am On Aug 27, 2009 |
There are so many legal dimensions that will make sanusi,efcc and the govt as a whole look like bully by the time it is established.If i borrow money, and i am defaulting in paying,arent there ways of recovery apart from asking to give me 7days to pay back,cos when this loans were given out i am so sure there were terms agreed by both parties. Even if the president himself gives me a deadline to pay,i have an obligation not to pay cos i never agreed anything with him,so this executive powers wey dem dey use for nija to resolve legal issues wont last long at all.And worse off by the time the court start giving judgement even sanusi himself will look like a fool, Nigeria SEASON (1) |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by gReenmAn(m): 1:22pm On Aug 27, 2009 |
@post Typical overzealous govt. agency. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 3:02pm On Aug 27, 2009 |
tunde300us: lol Legal dimensions indeed. I'm sure you know about legal capacity as well. If you took loans without fulfilling laid down rules of obtaining loans, you can be asked to pay the loan back immediately. You dont have the legal capacity to question it, because you did not obtain the loan legally, in the first place. The 1 week ultimatum was a privilege given by the EFCC. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by Fhemmmy: 3:04pm On Aug 27, 2009 |
If the Non-executive knows anything about the whole deals, then, they have done well, else, it is a case of 2 elephants fighting and the grass is being punished |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by Lengeblues: 3:14pm On Aug 27, 2009 |
I hope this is not getting too much, where on earth this is practiced. I hope there is nothing they are up to |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by tunde300us(m): 3:19pm On Aug 27, 2009 |
If you took loans without fulfilling laid down rules of obtaining loans, you can be asked to pay the loan back immediately. You dont have the legal capacity to question it, because you did not obtain the loan legally, in the first place.May i ask who is it that will ask me to pay back? The bank,CBN,EFCC or who. Pls educate me here cos i have neva worked in a bank b4. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by ofokasibe: 3:30pm On Aug 27, 2009 |
YO MC PRAWN CRACKERS SO THIS IS WHERE YOU ARE SPREWING UR INTELLECTUAL THRASH LIKE SAURON WOULD SAY . WHAT DO U KNOW ABOUT NAIJA,, U WEY U RUN COMOT FOR YA FATHERLAND. BRASH KOO, CRACKERS NEE. YO BRASH I HAVE STOLEN THE PICX OF THAT CUTE GURL IN UR PROFILE. AHAHAHAA, SHE SET O |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by rikkyjen(m): 4:12pm On Aug 27, 2009 |
Absolute Hokum. Why arrest people in non-executive positions? Besides attending the shareholders meeting and receiving shares and royalties,The non executive Directors prolly do no know jack about the daily runnings of the banks. BS |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 7:08pm On Aug 27, 2009 |
tunde300us: The 3 can be involved in the recovery drive, depending on circumstances. The bank ofcourse must have asked you to pay back and you refused. Then the bank can get EFCC to make you pay back. In a situation where the bank is on the brink of collapse, the CBN can wade in and ensure recovery in conjunction with the bank and EFCC or whichever agent of government that's concerned. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by fyneguy: 7:09pm On Aug 27, 2009 |
rikkyjen: You guys are quite amazing. You are talking of the ideal situation. Bro, these so called non-execs went beyond their briefs and got their hands soiled. |
Re: Non-Executive Directors Of Intercontinental Bank Arrested by skyone(m): 7:31pm On Aug 27, 2009 |
MrCrackles: well you may be right Beaf: Pls back up with solid ref. |
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