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CBN Never Conducted Any Special Tests On Banks by laga(m): 10:37pm On Aug 26, 2009 |
PLS DIGEST THE STORY BELOW FROM VANGUARD BREAKING NEWS!!!!!!!!!!!!!!!!!!!!!! [size=13pt]‘CBN never conducted special exams on banks’[/size] http://www.vanguardngr.com/2009/08/26/cbn-never-conducted-special-exams-on-banks/ |
Re: CBN Never Conducted Any Special Tests On Banks by danexd(m): 10:06am On Aug 27, 2009 |
, I know this will continue getting interesting, and laga, i hope u digested the article with open mind cos i know you and Oceanic goes way deep from your posts, lets watch and see how it all pays out, Nigeria, Everything is politics, no execptions |
Re: CBN Never Conducted Any Special Tests On Banks by Nobody: 10:19am On Aug 27, 2009 |
and the saga continue |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 10:39am On Aug 27, 2009 |
It's quite unfortunate that this issue was blown out of proportion and many of us that looked at this issue critically believed that what Malam Sanusi did was not bad but he (Malam) took a wrong approach and was just hasty in his decision. The sector is very sensitive to the extent that is the only sector that makes few things that are working in the country presently made possible. A lot of questions have been asked which Sanusi failed to proffer solutions or rather unanswered. Such questions like: 1. Why not conclude the investigations of all 24 Banks before taken actions? 2. Why not asked the lender (banks) the modalities involved in given out the loan? 3. Where they Capital Project loan or Business loan? 4. Why not investigate the circumstances surrounded the borrower not to pay back? 5. Why not investigate the kind of business venture the borrowers undertake? 6. Why not Gives the CEOs opportunity to defend themselves before the axe? 7. During all these, why not asked all the bank to suspend lending pending the investigations will be concluded? 8. Once the CEOs are guilty, why not asked them to resign given say 20, 30, 40 minutes or an hour to resign? 9. Why declared borrower wanted knowing fully that lending or borrowing is not a crime? 10. Why Going to UK to stage rally to convinced them of your action while people back home were not convinced of your actions? And a lot of questions were raised without been answered. However, its obvious that the chairperson of EFCC lack basic knowledge needed to be at helm of affairs of the EFCC. You cannot just asked to start running without asking them that where I am running to. She had suffered one defeat now. Those that were glaring that they embezzled public fund were nether arrested nor prosecuted. Where is the case of Ndidi Elumelu and co? Let's wait and see the end of this and if it will not will not disappear into the air in next couple of months. I also believe that some of these CEOs and their EDs will be reinstated. Let's be following the drama. God Bless |
Re: CBN Never Conducted Any Special Tests On Banks by markemmi(m): 10:49am On Aug 27, 2009 |
wow what a country. Why do we ahve to go back and forth. I know that this was not done with clear conscience of sanitizing, people just want people humilated |
Re: CBN Never Conducted Any Special Tests On Banks by tunde300us(m): 11:01am On Aug 27, 2009 |
Sanusi will get his hands burnt this time,cos the court might re-instate this CEO's .I sense politics in all this things.Target 2011 ! |
Re: CBN Never Conducted Any Special Tests On Banks by awizl(m): 11:03am On Aug 27, 2009 |
this is jus absolutely dumb ,,,what's all this talk bout the special tests and adhoc tests,either way, they failed one test and will, both, even if both were conducted. And even if the conduct of the tests suggested somtin was fishing, is givin out public cash to friends and cronies without intentions to pay back, not good enuff reason? Frackin dead and drowned retards grabbing at straws , and those goats in agbadas,they can neva hav an honest intention,i bet all that question bout where the 400Billion came from, is jus to kno where to look next when they think of looting. Probably it was a rude shock for them realising that kinda moni is somwia n they've not even caught a scent of it. |
Re: CBN Never Conducted Any Special Tests On Banks by tunde300us(m): 11:15am 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: CBN Never Conducted Any Special Tests On Banks by Spyker: 11:22am On Aug 27, 2009 |
I have been reading several opinions concerning this issue but to say that there is nothing fishy in the action(s) of the CBN (Sanusi) is to say that "this is not Nigeria". It is only in Nigeria that "a man NEVER CONTESTED and election, yet becomes a Governor of a State. it is only in Nigeria that investigations are done in part (why not investigate the 24 banks) and action taken. It is only in Nigeria that borrowing money becomes a FINANCIAL CRIME otherwise why not the EFCC seize the collateral used in securing those loans. What ever the case may be, this CBN issue is a way of making people forget about the BOKOM HARAM genocide (that is almost dead) and also a fall out of the Clinton hammer on the YARA"DULL" government. NAIJA, Na wa oh. God help us |
Re: CBN Never Conducted Any Special Tests On Banks by awizl(m): 11:26am On Aug 27, 2009 |
ibgreat: |
Re: CBN Never Conducted Any Special Tests On Banks by daffidy: 11:45am On Aug 27, 2009 |
@awizil Question for you Intercontinental bank is synonymous with akingbola, Oceanic with Ibru etc . These people brought these banks from virtual obscurity and made them household names , if it were you would you let your pet project die after so many years. The seeming truth is that we have some people looking and fishing for some ripe juicy business to take over not all of them can be a Dangote who got his break during military era!!!!!!!!!!! They are like pests that feed on carefully cultivated crops that have been watered and nurtured over time and just when it is about to be harvested. SPOOF!!! it is all consumed by the swarm of locusts. And in the famous words of MC Hammer <WE NEED TO PRAY TO MAKE IT TODAY> GOD HELP US. |
Re: CBN Never Conducted Any Special Tests On Banks by sammoR: 11:48am On Aug 27, 2009 |
If all the CEOs had their hands clean, special examination/adhoc assignment or not and whether due process was followed or not , the CBN would have nothing to find. These people are apparently guilty. The time has come in Nigeria when people have to answer for whatever they do. The banking sector is no exception. It's not only past governors and police chieves, that should be prosecuted for crimes relating to misappropriation of funds whether it's tax payers money or shareholders money. Let us not continue to be sentimental. If the people in a society will not purge the society of evil then a time will come when the society will have to purge itself and we'd be looking at something like the french revolution which we do not desire. The purge has begun and will continue, eventually reaching even to the office of the president. Politics will be played, infact a lot but then until we attain a sane society where no one just wakes up and commits a crime because he/she will get away with it, this must continue. Nigerians all over the world should come together and fight corruption, rally round people like Sanusi and the EFCC, fight for what is sane and right within our institutions both private and public. 50 years of Independence and nothing to show because of issues such as this. The purge has just begun. The EFCC will be used politically, that is inevitable. The CIA and FBI are also used politically nooow. I am not advocating the wrong use of organs of government like the EFCC but a spade should be called a spade. What is right is right and what is wrong is wrong. Kudos to Sanusi joo. To even have the guts to start something like that seeing the amount of fire he will come under. It just had to be done. |
Re: CBN Never Conducted Any Special Tests On Banks by tunde300us(m): 12:04pm On Aug 27, 2009 |
I think we should be very careful here,no one has tried this men and found them guilty.Except for the words of sanusi and the federal govt of Nigeria who is not to be trusted anyway. Like i said only time will tell if his actions will last.We are still in season (1) of this series so please stay tuned |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 12:08pm On Aug 27, 2009 |
You are not sincere and objective in your submissions. 1. I was surprised that you are relating this issue with epidemic. Ok as a doctor you, a patient was transferred to your hospital with a complaint that he suffering from malarial and you started giving him anti malarial drugs. However, as professional doctor, don’t you think it will be wise and necessary for you to conduct a thorough diagnosis to know if his not suffering only from malarial. 2. What about the case of Notore Chemical which was classified as non-performing loan. And agreement was to be paid back within 6years. 3. Why CBN is asking other banks to separate their project finance loans from Business loans? For your info, project finance loans are classify as bad loan which could be write off or recover. 4. In the case of Ramson Engineering Company (NIPP project). FG is still the owing the company and it has asked FG to pay them while they pay back their lenders too 5. What about a long term loan? 6. Cannot be without their consent. Agreed, But considered 2,4,and 5 7. If you know this, why not complete the investigation? 8. Referred to 6 9. Referred to 6 also 10. While majority back home are criticizing his actions Note also that in any democratic and civilized nation all what I mentioned, due process and respect to the law of the land have to be critically analyzed and looked into before taken decision on a sensitive matter like this. Nigeria is not yet a civilized nation. Apparently you are one sided in your judgments and your arguments are baseless We shall see the end of it |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 12:19pm On Aug 27, 2009 |
@awizl You are not sincere and objective in your submissions. 1. I was surprised that you are relating this issue with epidemic. OK as a doctor you have a patient that was transferred to your hospital with a complaint that his suffering from malarial and you started giving him anti malarial drugs. However, as professional doctor, don’t you think it will be wise and necessary for you to conduct a thorough diagnosis to know if his not suffering only from malarial? Your example is not cocorrelatedith the topic. 2. What about the case of Notore Chemical which was classified as non-performing loan. And agreement was to be paid back within 6years. 3. Why CBN now asking other banks to separate their project finance loans from Business loans? For your info, project finance loans are classify as bad loan which could be write off or recover. Or you are not reading newspapers daily. 4. In the case of Ramson Engineering Company (NIPP project). FG is still owing the company and it has asked FG to pay back while they pay their lenders too. 5. What about a long term loan? 6. Cannot be without their consent. Agreed, But considered 2,4,and 5 7. If you know this, why not complete the ininvestigation|_ 8. Referred to 6 9. Referred to 6 also 10. While majority back home are criticizing his actions Note also that in any democratic and civilized nation all what I mentioned, due process and respect to the law of the land have to be critically analyzed and looked into before taken decision on a sensitive matter like this. Nigeria is not yet a civilized nation. Apparently you are one sided in your judgments and your arguments are baseless. We shall see the end of it |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 12:31pm On Aug 27, 2009 |
@awizl, please read NOTORE Company on Wednesday regularised its accounts with the new management of Oceanic Bank Plc, saying its project finance loan from the bank was for the rehabilitation of Notore's urea fertiliser plant from which revenues were not expected to be generated until the commencement of production. Managing Director and Chief Executive Officer of the company, Jite Okoloko, who made the clarification to newsmen in Port Harcourt, said: "The loan Notore received in February 2007 was a project finance facility of $222 million from a syndicate of eight Nigerian financial institutions, including Oceanic Bank. "And after a rigorous reconciliation exercise between Oceanic Bank's new management and Notore's management, Notore's account with the bank has now been regularised and brought up to date." Okoloko, who argued that the loan was for the rehabilitation of Notore's urea fertiliser plant from which revenues were not expected to be generated until the commencement of production, claimed that there was a stipulated period for payback of the loan. "The project finance loan is payable over a six- year period with an 18-month moratorium. The rehabilitation project was planned to last for a period of 14 months," he said. The Notore boss, who claimed the escalated security situation in the Niger Delta, was not anticipated at the time of project planning added: "Our staff and vendor service men (VSM) could not enter the region until their safety was assured because to us, safe working environment is significant to the company. "The gas supply disruptions due to militant activities on pipelines led to the shortage of gas, the primary raw material for Notore's production, which contributed to the delay in refurbishment and commencement of commercial activities." Noting that the unforeseen challenges have largely abated and the plant successfully commenced urea production in July 2009, Okoloko said: "Notore's urea fertiliser plant is the only urea production facility in the whole of sub-Saharan Africa, and once production is stabilised, the company will generate over N3 billion monthly in revenues from urea sales, which will enable it meet all its obligations". @awizl, What you can you say to this? Whose fault? Is the FG that failed to meet up or rendered their constitutional responsibility to protect the lives of citizens and properties or the Company? Please do answer these questions from your sincerity mind. A company that employed hundred of Nigerians |
Re: CBN Never Conducted Any Special Tests On Banks by awizl(m): 1:06pm On Aug 27, 2009 |
ibgreat: -----------hiss---------go back to school! |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 1:23pm On Aug 27, 2009 |
@awizl I always like to engage in a constructive argument and this is a forum for us to learn many things. Do not forget that these are just opinions and we do not need to be attacking ourselves God Bless us |
Re: CBN Never Conducted Any Special Tests On Banks by naijaking1: 1:26pm On Aug 27, 2009 |
If the CBN never conducted these special tests when the governor said the result of the tests were the reasons for sacking the CEOs, maybe Sanusi himself should be the one talking to the police. |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 1:33pm On Aug 27, 2009 |
What can we say to this? Rejoinder despite claiming thorough investigation was conducted Culled from Tribune Newspapers Notore Regularises Accounts With Oceanic Bank *Iseghohi Refutes Banks' Indebtedness By Sylvester Enoghase and Philip Oladunjoye NOTORE Company on Wednesday regularised its accounts with the new management of Oceanic Bank Plc, saying its project finance loan from the bank was for the rehabilitation of Notore's urea fertiliser plant from which revenues were not expected to be generated until the commencement of production. Managing Director and Chief Executive Officer of the company, Jite Okoloko, who made the clarification to newsmen in Port Harcourt, said: "The loan Notore received in February 2007 was a project finance facility of $222 million from a syndicate of eight Nigerian financial institutions, including Oceanic Bank. "And after a rigorous reconciliation exercise between Oceanic Bank's new management and Notore's management, Notore's account with the bank has now been regularised and brought up to date." Okoloko, who argued that the loan was for the rehabilitation of Notore's urea fertiliser plant from which revenues were not expected to be generated until the commencement of production, claimed that there was a stipulated period for payback of the loan. "The project finance loan is payable over a six- year period with an 18-month moratorium. The rehabilitation project was planned to last for a period of 14 months," he said. The Notore boss, who claimed the escalated security situation in the Niger Delta, was not anticipated at the time of project planning added: "Our staff and vendor service men (VSM) could not enter the region until their safety was assured because to us, safe working environment is significant to the company. "The gas supply disruptions due to militant activities on pipelines led to the shortage of gas, the primary raw material for Notore's production, which contributed to the delay in refurbishment and commencement of commercial activities." Noting that the unforeseen challenges have largely abated and the plant successfully commenced urea production in July 2009, Okoloko said: "Notore's urea fertiliser plant is the only urea production facility in the whole of sub-Saharan Africa, and once production is stabilised, the company will generate over N3 billion monthly in revenues from urea sales, which will enable it meet all its obligations". In another development, the embattled former Group Managing Director, Transnational Corporation of Nigeria, (Transcorp), Tom Iseghohi, has refuted his indebtedness to Intercontinental Bank Plc or any other Nigerian bank. In a letter to the Governor of Central Bank, Iseghohi had through his lawyer, Barrister V.J.O. Azinge, disclosed that the loan of N6.5 billion allegedly credited to him was taken by Transcorp in 2006 and had been fully utilised for its purpose even before he joined the service of the company in 2007. "Our client was not the Group Managing Director of Transcorp when the loan was taken from the bank, and from all records, the proceeds of the said loan were fully utilised before our client was appointed as Group Managing Director of Transcorp, and it is therefore erroneous for CBN to name him as one of the defaulters," the lawyer stated in the letter. The letter requested that Iseghohi be immediately delisted from the CBN list of defaulter of Intercontinental Bank Plc and any other bank debtors list with regards to Transnational Corporation (Transcorp) Plc in the spirit of fairness, justice and the rule of law, noting that the action by the CBN would rather be unfair to Iseghohi, who never participated in the loan negotiation or its disbursement. He said if the ultimatum issued by the apex bank to take legal action against defaulters were extended to his client, it would further malign his image. "Right now, Iseghohi is not the operational GMD and therefore has no legal standing to take any action on behalf of the company," Azinge said. He noted that Iseghohi was GMD Transcorp Plc from 2007 to 2009, before which he had put in more than 18 years of corporate business experience. |
Re: CBN Never Conducted Any Special Tests On Banks by awizl(m): 1:35pm On Aug 27, 2009 |
@ibgreat 1. Why not conclude the investigations of all 24 Banks before taken actions?----when u treat an epidemic,do you wait to diagnose the whole public b4 treating the first few you have diagnosed?---- I was surprised that you are relating this issue with epidemic. OK as a doctor you have a patient that was transferred to your hospital with a complaint that his suffering from malarial and you started giving him anti malarial drugs. However, as professional doctor, don’t you think it will be wise and necessary for you to conduct a thorough diagnosis to know if his not suffering only from malarial? Your example is not cocorrelatedith the topic. can u match your argument to the question and my response? where does the transfer patient thing come in? and where did the diagnosing thing come in too? ,, relative to the question pls.Where is your constructive argument? |
Re: CBN Never Conducted Any Special Tests On Banks by otukpo(f): 1:37pm On Aug 27, 2009 |
:-x |
Re: CBN Never Conducted Any Special Tests On Banks by puskin: 1:39pm On Aug 27, 2009 |
I hope Sanusi is not biting more than he can chew |
Re: CBN Never Conducted Any Special Tests On Banks by megawax8: 1:47pm On Aug 27, 2009 |
I have always known that there was something suspicious about this removals of bank CEO's.Due process has to be followed before doing things. |
Re: CBN Never Conducted Any Special Tests On Banks by ibgreat(m): 2:01pm On Aug 27, 2009 |
@awizl It’s ok and I can see how hell-bent you are. God Bless us |
Re: CBN Never Conducted Any Special Tests On Banks by tinucome: 2:10pm On Aug 27, 2009 |
we soon know where they are taking us to. government and sanusi have denied any agender, but very soon, it will come to light for all to see. |
Re: CBN Never Conducted Any Special Tests On Banks by awizl(m): 2:25pm On Aug 27, 2009 |
wrongs were perpetrated,n are in the process of being corrected n u ppl are introducing sentiments into it. Has any of the accused come out to say he/she hasn't breached laid down rules in giving out money? Warped minds ! focus on the big picture and stop grabbing at straws ! |
Re: CBN Never Conducted Any Special Tests On Banks by cooldud62: 2:31pm On Aug 27, 2009 |
well, while i applaud Sanusi's action, i think something might indeed be fishy! Like ibgreat rightly said, why was he in a hurry? why didnt he wait till all banks were examined/tested before the deed? The loans that are been repaid i want to believe are only non performing loans, else the borrower shouldn't be bothered cos there was an agreement. |
Re: CBN Never Conducted Any Special Tests On Banks by gReenmAn(m): 2:43pm On Aug 27, 2009 |
Is anyone surprised? |
Re: CBN Never Conducted Any Special Tests On Banks by OYBMEND: 2:46pm On Aug 27, 2009 |
what is going on in Nigeria is what Barrack Obama calls "[size=18pt]Made up controversy[/size]" The end result is premediated as Sunusi will simply sell the 5 banks to his cronies its just shameful that we are ready to destroy this country just to determine who is up and who is down |
Re: CBN Never Conducted Any Special Tests On Banks by tunde300us(m): 2:48pm On Aug 27, 2009 |
@awizl, cant u just say ur mind without getting abusive ? U have a different opinion nd so every1 shld just agree cos ure an harvard phD english graduate. Pls let moderation be it man,u need some kinda control |
Re: CBN Never Conducted Any Special Tests On Banks by awizl(m): 3:25pm On Aug 27, 2009 |
tunde300us: Have you asked yourself, why all this ppl are running?------applying basic morals nw |
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