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.

fyneguy:

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.

Maybe, if you had supplied your insider info to EFCC we would have been spared this chaotic, jungle type saga.

fyneguy:

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.

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.

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.

McKren:

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.

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.

if you have any proof of their offence it will be very helpful

please don't speak in generalities

try to be specific

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.

fyneguy:

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.

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.

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.

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.

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,

wayoziri the olodo in action!!

soon nigeria police will start asking people for debt clearance certificates

oyb:

wayoziri the olodo in action!!

soon nigeria police will start asking people for debt clearance certificates

fyneguy:

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.

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.

Beaf:

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.

huh? Are you kidding?


So refusal to pay back loans does not amount to financial crime again?

I rest my case at this juncture.

I said it before:"Yet there is more to come in this issue"

fyneguy:

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.

Interesting, so EFCC has been so quick to establish cases against non-EDs. I say crap. Then i recommend an olympic medal for this.

pcicero:

Interesting, so EFCC has been so quick to establish cases against non-EDs. I say crap. Then i recommend an olympic medal for this.

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.

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.

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)

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)

@post

Typical overzealous govt. agency.

tunde300us:

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)

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.

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

I hope this is not getting too much, where on earth this is practiced. I hope there is nothing they are up to

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.

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

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

tunde300us:

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.

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.

rikkyjen:

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

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.

MrCrackles:

If indeed he is guilty, seeking refuge in the vast grounds of Daddy GOGO's camp or anywhere else in the world wont save his ass

well you may be right

Beaf:

Fail!

The first state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy http://en.wikipedia.org/wiki/Bank

There have been several serious malpractices in UK banking, they are just so much better handled. . . And the US is not in the UK

Pls back up with solid ref.

Here is a solution to your problem you can get your answer on Angel Trust Family, to provide Non-executive services in the united kingdom your protect your all property, and provide support to the competence of boards in realizing opportunities and meeting challenges. If you want to more information about this topic you can visit the site. Visit: https://theangeltrust.com/services/non-executive-directors/