Looks like Sanusi was also into the game of issuing loans without collateral.

CBN Governor, Sanusi, Gave N1.56B Loan Without Collateral At First Bank!
Sun Aug, 30 2009

By Tobi Smith


As the ripple in the banking sector continue to escalate, more and more people are being caught in the dragnet. The Times of Nigeria can exclusively report that current CBN Governor, Sanusi Lamido, who is leading the effort to recover “non-performing” loans, gave a loan of N1.56B to publisher of Next Newspapers, Dele Olojede, without collateral as the Executive Director Of First Bank.

Olojede was said to have borrowed the money last year when Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, was First Bank Executive Director in charge of risk management.

Many of the debtors have started repaying their loans to avoid being put on the next list of defaulters to be published by the EFCC.

Olojede’s headache is said to be the fact that the EFCC is after debtors, whether their loans are performing or not.

EFCC Chairman, Farida Waziri, recently told those raising eye-brows to pay first before complaining about the inclusion of their names on the debtors’ list.

The EFCC disclosed last Wednesday that it had arrested an additional 24 executives and other debtors, bringing to 39 the number of those in its custody.

Five bank MDs were sacked by the CBN on August 14, in part over alleged recklessness and financial mismanagement, which led to a debt profile of N1.1 trillion, given out mostly in loans without collateral.
The MDs fired were Cecilia Ibru (Oceanic), Erastus Akingbola (Intercontinental), Sebastian Adigwe (Afribank), Barth Ebong (Union), and Okey Nwosu (Finbank).

Except Akingbola, all are being detained by the EFCC, along with over 30 executives of the subsidiaries of the banks.

They have all been granted bail, but have not met the stiff conditions.           

Akingbola is said to be on the run.

Others grinding their noses against the cells of the EFCC include Samuel Adegbite, Toyin Phillips, Sani Adams, Bayo Dada, and Dayo Famoroti.

They also include Henry Onyemen, Niyi Opeodo, and Peter Ololo.
Waziri disclosed last Thursday that the EFCC has obtained a court order to detain the suspects beyond 48 hours, because their alleged offences are far beyond civil matters.

She urged the judiciary to refrain from granting frivolous interlocutory injunctions to the debtors, whom she accused of “economic sabotage” who would not be allowed to escape with their loots.

Olojede was said to have initially met Henry Imasekha last year to help him secure the loan from a new generation bank without success.

“It was after then he approached Hakeem Bello-Osagie, former United Bank for Africa (UBA) Chairman, who introduced him to Sanusi,” the source recounted.

Aside the loan, it was learnt that Bello-Osagie, Nasir el-Rufai (former Federal Capital Terrority Minister), and Nuhu Ribadu (former EFCC Chairman), invested in the newspaper.

“Our main concern now is to ensure that First Bank’s name does not appear on the list of banks being owed.

“We have sent people to Olojede to pay up before the EFCC gets wiser,” the source added.

Link: http://www.thetimesofnigeria.com/Article.aspx?id=2140

this is getting interesting .

Akingbola is said to be on the run. dat na my guy, d guy jaa 4 em lyf, no go play oo, E.F.C.C. no go hear sorry o, better 2 run, am sr xcpt he cms bk by himself dem no go fit catch my guy,

PapaBrowne:


As the ripple in the banking sector continue to escalate, more and more people are being caught in the dragnet. The Times of Nigeria can exclusively report that current CBN Governor, Sanusi Lamido, who is leading the effort to recover “non-performing” loans, gave a loan of N1.56B to publisher of Next Newspapers, Dele Olojede, without collateral as the Executive Director Of First Bank.
“It was after then he approached Hakeem Bello-Osagie, former United Bank for Africa (UBA) Chairman, who introduced him to Sanusi,” the source recounted.

Aside the loan, it was learnt that Bello-Osagie, Nasir el-Rufai (former Federal Capital Terrority Minister), and Nuhu Ribadu (former EFCC Chairman), invested in the newspaper.

 

this is nothing but a whole bunch of lies aimed at discrediting:
1. sanusi lamido
2. dele olojede
3. next newspapers

sanusi approving loans without collateral? joke of the year ! i had the opportunity to work in a firm where he was a top member of the management board - that man is a ''no-nonsense man''. very strict and he wants everything done by the book.

regarding the source of the money dele olojede used in establishing next newspapers, ask any staff of next newspaper and you will be informed.


and the source of these lies  ''the times of nigeria''
pure junk !!!!

spikedcylinder:

Its one thing to grant loans without collateral, its another for the loans to be unperforming. Question is: The loan that was granted to Dele Olojede, is it being serviced or is it an unperforming loan like the others?

Good question.

I have collected loads of loans from banks in the UK and the US without putting down a dime except for my good credit history and credit ratings. I don't particularly see a big deal in collecting loans when you can repay it back/can service it and you have the means to.

I think we should move from this petty banking thing, where only cronies get loans in Nigeria. I wanted a loan, no one gave me. I started a business with foreign loans and they all want to be my banker. Its depressing.

funkybaby:

this is nothing but a whole bunch of lies aimed at discrediting:
1. sanusi lamido
2. dele olojede
3. next newspapers

sanusi approving loans without collateral? joke of the year ! i had the opportunity to work in a firm where he was a top member of the management board - that man is a ''no-nonsense man''. very strict and he wants everything done by the book.

regarding the source of the money dele olojede used in establishing next newspapers, ask any staff of next newspaper and you will be informed.

and the source of these lies  ''the times of nigeria''

In the same way you can vouch for Sanusi, thats the same way lots of other folks can vouch for Akingbola and a couple other of the bank execs.!

Its good to want everything done by the books, but common, its obvious Sanusi might be losing his mind in the way he is going about this nasty campaign. This guy is better off as an EFCC Chairman than a "Manager of a complex and derailing Economy" like Nigeria's!

Asides, Funky, how come you worked with a Sanusi Firm, and at the same time appear to know a couple of Next Newspaper staff?
Could that be a coincidence or is there some kind of link btw the Sanusi firm and Next Newspaper?
I must add that I like Next Newspaper and the quality of their reporting supercedes that of any other Nigeria Newspaper!

z-murda:

Good question.

I have collected loads of loans from banks in the UK and the US without putting down a dime except for my good credit history and credit ratings. I don't particularly see a big deal in collecting loans when you can repay it back/can service it and you have the means to.

I think we should move from this petty banking thing, where only cronies get loans in Nigeria. I wanted a loan, no one gave me. I started a business with foreign loans and they all want to be my banker. Its depressing.

I agree fully well that loans can be given out without collateral. However, one of Sanusi's reason for axing the Bank execs is the fact that they gave loans without collaterals. An act which the article points him guilty.

The banks been punished today are the banks that were best at helping small businesses!
Oceanic and Intercontinental bank were generous when it came to issuing loans to small businesses.

z-murda:

I think we should move from this petty banking thing, where only cronies get loans in Nigeria. I wanted a loan, no one gave me. I started a business with foreign loans and they all want to be my banker. Its depressing.

i had to look at the name of the poster to be sure it was not dele olojede.
the funds used to establish next newspapers were sourced outside nigeria thanks to the good business/credit rating he had established as an international journalist in the US and South Africa.

haba, the guy once won a pulitzer prize and several other accolades! 

PapaBrowne:


Asides, Funky, how come you worked with a Sanusi Firm, and at the same time appear to know a couple of Next Newspaper staff?
Could that be a coincidence or is there some kind of link btw the Sanusi firm and Next Newspaper?

Nope !
There is no coincidence whatsoever between the two firms.
I am not going to reveal details of my personal life just to satisfy your curiosity on this issue

PapaBrowne:

An act which the article points him guilty.

c'mon papabrowne, dont tell me that you are taking this rubbish article from ''times of nigeria'' seriously. 

PapaBrowne:

I must add that I like Next Newspaper and the quality of their reporting supercedes that of any other Nigeria Newspaper!

For a newspaper company that is barely a year in nigeria,  the newspaper print quality is superb and their style of journalism is unique.

z-murda:

I think we should move from this petty banking thing, where only cronies get loans in Nigeria. I wanted a loan, no one gave me. I started a business with foreign loans and they all want to be my banker. Its depressing.

I think a credit bureau was set up in Nigeria sometime last time last year.
Not sure if it is now in operation.

From the look of things i don't think it would've made any difference.

there we go again. Hate mongers. One should not be surprised sha. The loan used in in taking over(Legacy Hallmark Bank) Daily Times is non-performing. The bell tolls for all big men debtors

PapaBrowne:

In the same way you can vouch for Sanusi, thats the same way lots of other folks can vouch for Akingbola and a couple other of the bank execs.!

Its good to want everything done by the books, but common, its obvious Sanusi might be losing his mind in the way he is going about this nasty campaign. This guy is better off as an EFCC Chairman than a "Manager of a complex and derailing Economy" like Nigeria's!

Asides, Funky, how come you worked with a Sanusi Firm, and at the same time appear to know a couple of Next Newspaper staff?
Could that be a coincidence or is there some kind of link btw the Sanusi firm and Next Newspaper?
I must add that I like Next Newspaper and the quality of their reporting supercedes that of any other Nigeria Newspaper!

bullshit. i will keeep saying it until it sticks - INTERCONTINENTAL WAS CLEARLY IN TROUBLE.my wife uses that bank, and they tried to raised the minimum deposit from 5k to 10k. they had aan 'ATM outage that lasted an entire weekend. if those are not signs of liquidity problems. . .

oyb:

bullshit. i will keeep saying it until it sticks - INTERCONTINENTAL WAS CLEARLY IN TROUBLE.

same for[b] union bank. [/b]

This is getting very interesting; a full scale media war.

The source of this story is very fishy. thetimesofnigeria.com is the junior sister of saharareporters.

I wish people on Nairaland could actually take out time to research before posting drivel.

@ Funkybaby,

You have got your facts wrong. Dele Olojede personally admitted that he got a billion naira "greenfields" loan from First Bank of Nigeria without any collateral. Having said that, this article originated from The Daily Independent, which is purportedly owned by James Ibori. It is obvious that this is a clear retaliation for NEXT's less than complimentary coverage of the ex governor in recent weeks.

It is also important to note that it was Jacobs Moyo Ajekigbe that approved the loan, not Sanusi.

This nonsense should not distract us from the fact that Sanusi has done the right thing much to the chagrin of Akingbola's supporters such as the clueless PapaBrowne.

qblaze:


It is also important to note that it was Jacobs Moyo Ajekigbe that approved the loan, not Sanusi.

This nonsense should not distract us from the fact that Sanusi has done the right thing much to the chagrin of Akingbola's supporters such as the clueless PapaBrowne.

Multiple GBOSAS for the above.

@Seun. Sahara reporters are good at two tins: "investigation" & hasty reports. Dele olojede is a journalist i adore. D late Dele Giwa once described him as ". . . Gold . . ." d award he won,no oda nija journalist has(d piece dat got him d award was 'GENOCIDE CHILD') I think. Finally, if u were Sanusi, wud u order evri cupboard 2 be searched if dia's a skeleton in urs?

Why all this info to discredit the good work Sanusi is doing?What he has done i don't think is for any personal gratification.If he had kept quiet you and i may have ended up become a victim on the long run.Is only God that will help Nigeria.

I dreamt that the next report of bank audit will shake the very foundations of the entire industry.

qblaze:

I wish people on Nairaland could actually take out time to research before posting drivel.

@ Funkybaby,

You have got your facts wrong. Dele Olojede personally admitted that he got a billion naira "greenfields" loan from First Bank of Nigeria without any collateral. Having said that, this article originated from The Daily Independent, which is purportedly owned by James Ibori. It is obvious that this is a clear retaliation for NEXT's less than complimentary coverage of the ex governor in recent weeks.

Oh Really?

Kindly give me the link where Dele Olojede admitted obtaining  this ''billion naira loan'' to set up NEXT?

and please, do not quote daily independent. They are another pack of hungry, bribe taking, story-twisting journalists.

Wat an interesting story,he who lives in glass house,does not throw stone.I trust Sanusi,he won't jst Bleep up.He wl surely cover-up d mess.

is it the E.D.(risk management) that grant loans at first bank? Your topic is misleading, it says sanusi grants loans as first bank M.D. while you go ahead to write that he granted loans as E.D.(risk management) . . . . . bunch of liars

While I have asked questions about Sanusi's style so far, I do not think this report is proper except  if it intends to  underscore the point that loans can actually be given without collateral.

This is the clownish story of the century if you know the man you will understand why I say this. sponsored article by you know whos

Thieving idiots

MrCrackles:


., it is not rocket science for someone to arrive at a conclusion that the story is dodgy!

abi oh

Nezan:

is it the E.D.(risk management) that grant loans at first bank? Your topic is misleading, it says sanusi grants loans as first bank M.D. while you go ahead to write that he granted loans as E.D.(risk management) . . . . . bunch of liars

i wonder too

candylips:

this is getting interesting .

you can say that again,folding my arms to watch the new nigeria movie

Hmmmm, WORD WAR 2