EFCC Quizzes Otedola, Arisekola Over Debts
August 28, 2009 14:12 (2 hours ago), 363 views

By Astro Jewoola

Frontline Ibadan-based businessman, Alhaji Azeez Arisekola and oil magnate, Mr. Femi Otedola, this morning appeared before the operatives of the Economic and Financial Crimes Commission (EFCC) in connection with the debts they are owing some of the five banks, whose chief executives were sacked two weeks ago by the Central Bank of Nigeria.

Arisekola, arrived the EFCC office at Awolowo Road, Ikoyi at exactly 11:35 a.m. decked in a white guinea brocade with a swagger stick.

He refused to declare his mission but P.M.News gathered that the visit might not be unconnected with the N5 billion his company, Lister Oil Limited, is owing Intercontinental Bank Plc.

Otedola, who arrived earlier also declined to talk to journalists. He went into the EFCC office, carrying some documents. Otedola’s company Zenon Oil, is owing Union Bank N6.2 billion.

As at the time of filing this report (12 noon), both men were still in the EFCC office.
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Surely there's no billionaire in Nigeria.   Na so so Billiondebtors deyyyy


http://thepmnews.com/2009/08/28/efcc-quizzes-otedola-arisekola-over-debts

When was this loan acquired? Why is the EFCC concluding it is a bad loan? Surely, not all big loans are bad loans? Why is the EFCC involved?

Kobojunkie:

When was this loan acquired? Why is the EFCC concluding it is a bad loan? Surely, not all big loans are bad loans? Why is the EFCC involved?

EFCC is now the bank debt collector. we do not have systems and institutions. Debt/credit is a civil matter .

Take the case of Arisekola, he had used the funds to buy shares that went down,he is liable for the debt but it is a civil matter that bank should sue or bring insolvency proceedings. NIGERIA IS A CONFUSED STATE

them call farida madam bill collector . . .

Kobojunkie:

When was this loan acquired? Why is the EFCC concluding it is a bad loan? Surely, not all big loans are bad loans? Why is the EFCC involved?

vigasimple:

EFCC is now the bank debt collector. we do not have systems and institutions. Debt/credit is a civil matter .

Take the case of Arisekola, he had used the funds to buy shares that went down,he is liable for the debt but it is a civil matter that bank should sue or bring insolvency proceedings. NIGERIA IS A CONFUSED STATE

So you are assuming that the question is over how much they owe, and not if the loans were acquired via irregular channels?
If the loans are suspected to be have been granted/maintained outside of due process, the EFCC has the right to investigate the matter and question the affected parties.

biina:

So you are assuming that the question is over how much they owe, and not if the loans were acquired via irregular channels?
If the loans are suspected to be have been granted/maintained outside of due process, the EFCC has the right to investigate the matter and question the affected parties.

I am of the school of thought which thinks that EFCC has no reason going after the bank debtors. The banks make a bad judgment in exercising their financial intermediation functions and they should live with the consequences of their action. Just because 'financial' is a part of their appendage or nomenclature does not translate to an express authority under the EFCC Establishment Act 2004 to lay siege all over Lagos in pursuit of the bank debtors. And the last time I checked, non-performance of a loan is not a crime and neither is it a guarantee for inviting EFCC either. The role of EFCC is clearly spelt out in the EFCC Establishment Act of 2004 and nowhere under section 14 which deals with financial malpractices was reference made to non-performing loans as a crime which the EFCC is empowered to recover.
Yaradua will tell you due process is a term after his heart. But the truth is, he doesn’t believe in it. The EFCC has a role in the country. It is to help rip the Iboris of this world, bribe-takers of slush funds from Halliburton, and their ilks of their ill-gotten wealth. I don't think the present EFCC under the chairmanship of Farida Waziri has discharged this responsibility faithfully to the satisfaction of Nigerians.