Farida Waziri, the EFCC Chairman, on Sunday in Istanbul, Turkey, said the clamp down on bank debtors was to stimulate confidence in the banking system

Farida told the News Agency of Nigeria (NAN) after the just concluded 2009 IMF/World Bank Annual meeting that the target was to collect debts for the banks.

“ The affected debtors and their cronies are misinforming the public by painting the picture that borrowing money has become an offence that could put one in trouble.

“It is not true. Banking and lending go hand in hand. We did not talk about the good loans taken from the banks.

“ We did not invite the borrowers and nobody talked about them,” she said, adding that the EFCC will continue to invite debtors that collected huge sums of money without collaterals and proper records in the banks.

“ These are loans that were given without collaterals, these are loans that were given off the counter. These were loans that were not used for the purposes they were meant for,” she said.

Lamenting that ‘’some people went to buy property with other peoples’ money,’’ Waziri said the commission was collaborating with the CBN and NDIC in checking banks’ records.

On passport seizures, she said the EFCC did not confiscate the passport of any debtor, noting, however, that some foreign countries were creating a haven for looted funds.

“The advanced countries look the other way because the monies are coming to feed their economies. They know what to do if it is their own money.

“If there are no ready accounts where these monies will be lodged overseas, then the urge to loot will not be there.

“If they do loot, they will re-invest the loot in the country and get jobs for our teeming youths,” she said, adding that the EFCC will continue to do its job in the interest of the economy, noting that more than N110billion had been collected from debtors in the last three months.

Source: onlinenigeria.com

after her tenure,we will hear the real reasons for all these

Ribadu did better at fighting corruption. . . look where he landed himself today

MrPrsdent:

after her tenure,we will hear the real reasons for all these

Most Definitely. . . . I guess we're all patiently waiting

koolchicco:

Farida Waziri, the EFCC Chairman, on Sunday in Istanbul, Turkey, said the clamp down on bank debtors was to stimulate confidence in the banking system
Farida told the News Agency of Nigeria (NAN) after the just concluded 2009 IMF/World Bank Annual meeting that the target was to collect debts for the banks.
“ The affected debtors and their cronies are misinforming the public by painting the picture that borrowing money has become an offence that could put one in trouble.
“It is not true. Banking and lending go hand in hand. We did not talk about the good loans taken from the banks.
“ We did not invite the borrowers and nobody talked about them,” she said, adding that the EFCC will continue to invite debtors that collected huge sums of money without collaterals and proper records in the banks.
“ These are loans that were given without collaterals, these are loans that were given off the counter. These were loans that were not used for the purposes they were meant for,” she said.

I still do not understand how the EFCC decided to take it upon itself to go after bank Debtors. Don’t banks have a way of dealing with these issues themselves? The loans were given, not stolen, no I see no reason for this sort of intervention, unless the banks did it themselves.

koolchicco:

Lamenting that ‘’some people went to buy property with other peoples’ money,’’ Waziri said the commission was collaborating with the CBN and NDIC in checking banks’ records.

What other people’s money? Have these banks always been government banks or something?  What is wrong with purchasing property using loans obtained from a bank?

koolchicco:

On passport seizures, she said the EFCC did not confiscate the passport of any debtor, noting, however, that some foreign countries were creating a haven for looted funds.

“The advanced countries look the other way because the monies are coming to feed their economies. They know what to do if it is their own money.

See this tout? She is now trying to throw other countries under the bus for her incompetence. Roflmao!!!

koolchicco:

“If there are no ready accounts where these monies will be lodged overseas, then the urge to loot will not be there.
“If they do loot, they will re-invest the loot in the country and get jobs for our teeming youths,” she said, adding that the EFCC will continue to do its job in the interest of the economy, noting that more than N110billion had been collected from debtors in the last three months.

Loan = loot?

I see Mrs EFCC also considers Obasanjo a Nigerian hero. Lol

Why in Istanbul

Madam EFCC STFU

Kobojunkie:

I still do not understand how the EFCC decided to take it upon itself to go after bank Debtors. Don’t banks have a way of dealing with these issues themselves? The loans were given, not stolen, no I see no reason for this sort of intervention, unless the banks did it themselves.

What other people’s money? Have these banks always been government banks or something?  What is wrong with purchasing property using loans obtained from a bank?

I think debtors that receive money from banks without collateral (as well as the bank management) need to be investigated for obvious reasons. it's highly questionable when loans are originated without any collateral.

See this tout? She is now trying to throw other countries under the bus for her incompetence. Roflmao!!!

"Her incompetence" - so somehow it's her fault that some debtors got away with loans without collateral but at the same time she ought not "intervene"? I'm sorry to say, but this reasoning beats me.

rookie:

I think debtors that receive money from banks without collateral (as well as the bank management) need to be investigated for obvious reasons. it's highly questionable when loans are originated without any collateral.

If a bank gives a person a loan and refuses to make sure there is collateral of some sort backing the loan, why is the EFCC concerned about that? Don’t banks have a right to decide if collateral is needed or not in any case?

rookie:

"Her incompetence" - so somehow it's her fault that some debtors got away with loans without collateral but at the same time she ought not "intervene"? I'm sorry to say, but this reasoning beats me.

Her incompetence has nothing to do with BANKS. It is not her fault that debtors got away with loans, it is the BANKS that are at fault. It is the banks that ought to put measures in place to insure that collaterals are verified IF IT REALLY WANTS IT THAT WAY, not the EFCC or FBI.

If I went to a local bank to get a loan, and then refused to pay on it. It is between me and the bank, not the FBI or CIA.

@Kobojunkie

If I went to a local bank to get a loan, and then refused to pay on it. It is between me and the bank, not the FBI or CIA.

I see your point. I dont support the "clampdown on debtors" approach. But i think it is okay to find out the situation surrounding how they obtained their loans without collaterals. If I walked into an American bank and received millions of dollars from a bank without collateral. If down the line the bank is being investigated I would be rest assured that I would get a visit from FBI.

rookie:

@Kobojunkie
I see your point. I dont support the "clampdown on debtors" approach. But i think it is okay to find out the situation surrounding how they obtained their loans without collaterals. If I walked into an American bank and received millions of dollars from a bank without collateral. If down the line the bank are being investigated I would be rest assured I would get a visit from FBI.

Sure, You would get a visit from the FBI BUT you would probably not be harrassed in the same way these debtors have been harrassed for simply being able to get a loan from a bank without collateral. In fact, you will probably just be a witness and nothing more since the offender is this case would be the banks and not yourself for receiving such a loan.

Kobojunkie:

Sure, You would get a visit from the FBI BUT you would probably not be harrassed in the same way these debtors have been harrassed for simply being able to get a loan from a bank without collateral. In fact, you will probably just be a witness and nothing more since the offender is this case would be the banks and not yourself for receiving such a loan.

Certainly.

There is this aggressiveness and abuse of power with many Nigerians in certain leadership positions. Almost as if they really have no standard-of-operation and they tend to act instinctively and recklessly. Same thing you'll find with cops arresting a suspect\person of interest. They would first beat up that suspect mercilessly as if he or she has already been convicted.

Well, this would soon change,  hold tight my comrades, 

make d woman go siddon joo, we all know wetin make am dey pursue debtors for recovery -  na d 10% recovery fee wey she don dey pocket na im bin enter her eyes. so far dem don recover over 100bn, i.e she don collect over 10bn as recovery fee. The question we should be asking now is "wey d money?"

@kobo junkie, why u dey tall like fool like this? dont u bank? if u put ur money in a bank, will u be happy 2 be told that u cant collect ur money because one bank manager has given ur money out as a loan without security? what about the shareholders? dont they have stakes in the banks too? once u sell shares , the company partly belongs to the public , so u cant do watever u like with the money. giving out loans without security na fraud(u no know say to bypass such protocol, sumthing must have been passed under the table? ) and efcc fit put mouth. i dont know why many people see a hidden agenda in anything anyone does in this country. hidden agenda or not, would u prefer the debtors not paying up? over 100 bil don enter the banking sector back, no b good thing b dat?

frgy_:

@kobo junkie, why u dey tall like fool like this? dont u bank? if u put your money in a bank, will u be happy 2 be told that u cant collect your money because one bank manager has given your money out as a loan without security? what about the shareholders? dont they have stakes in the banks too? once u sell shares , the company partly belongs to the public , so u cant do watever u like with the money. giving out loans without security na fraud(u no know say to bypass such protocol, sumthing must have been passed under the table? ) and efcc fit put mouth. i dont know why many people see a hidden agenda in anything anyone does in this country. hidden agenda or not, would u prefer the debtors not paying up? over 100 bil don enter the banking sector back, no b good thing b dat?

You really have no clue how a bank ought to work, do you?

The thieves are going round, trying to whip public sentiments and some people are gladly indulging them . . . what a country?

Nezan:

The thieves are going round, trying to whip public sentiments and some people are gladly indulging them . . . what a country?

Are the thieves the ones going to banks to get loans ( something which is LEGIT by the way) or are the thieves the ones who STEAL money from the country daily with NO RECORD and no DEBT on them for such?

MrPrsdent:

after her tenure,we will hear the real reasons for all these

You think there's a hidden agenda?

toothless bulldogs!

@Kobojunkie
Maybe we should refer to them as 'Indirect robbers'.Or why would they lend money from the Bank without any collateral?Definately,there wont be any reason for them to pay back the loan.

I think those Bank CEO's deserved such treament.That was incompetency from their sides and definately they got reward from the Borrowers.



May God help us.

not so fast, bros. we haven't heard the last on this.

and how much has been recovered and where is the money kept, farida should stop making noise and prosecute those indicted, the last time i heard about this issue,most of the bank executives have been granted bail,so when are they going to be sentenced to jail, she is pissing me off!

DemmyDaat:

@Kobojunkie
Maybe we should refer to them as 'Indirect robbers'.Or why would they lend money from the Bank without any collateral?Definately,there wont be any reason for them to pay back the loan.

A bank has EVERY right to lend money to whomever it chooses to. So, I don’t see why anyone should be labeled a thief simply for receiving loans from a bank without needing to provide collateral of some sort.

DemmyDaat:
I think those Bank CEO's deserved such treament.That was incompetency from their sides and definately they got reward from the Borrowers.

No. Banks are PRIVATE entities, and so if the shareholder’s had no problems with the behavior of the CEO’s, I see no reason why the government ought to make it its own provided no crimes had been committed.

Even after the injection of public cash, the government could only seriously interfere if the said practice had gone on afterwards.

@Kobojunkie

Although banks are private entities, they are regulated by the federal govt,so they have to abide by the laws set forth by the govt. The same thing happens here in the US. The federal reserve here can go in to any bank and close it down if the deem it to be insolvent.

akininNC:

@Kobojunkie

Although banks are private entities, they are regulated by the federal govt,so they have to abide by the laws set forth by the govt. The same thing happens here in the US. The federal reserve here can go in to any bank and close it down if the deem it to be insolvent.

Even that does not make this witchhunt legal. If the banks broke the rules, the federal government ought to go after the banks, and NOT private citizens who were able to obtain loans from such banks.

The same thing DOES NOT happen in the US. Please, let us be honest in our dealings. As I stated earlier, Banks in the US can actually give loans without requiring collateral. The Federal Reserve has NO RIGHT to go after private citizens who were able to obtain loans without collateral. Neither does the FBI or the CIA.

Now, insolvency is one thing, but going after bank MDs in the way these have is another. If there is proof of some crime, then sure, charge them. But chasing bank debtors as if they were criminals is ludicrous practise and needs to be stopped.

How the heck do you arrest someone for borrowing money? This country sef.

I don't realy give a flinch about how the money is recovered from bank debtors. The bank officials and the debtors are all crooks. The banks have laws and traditions governing loans, borrowing etc. If they can't organise their house, the FBI, EFCC, CIA, or whatever you may call them should do their laundry for them.
That will save us all the trouble of waking up one morning 2 hear our bank(s) is distressed.

Have you even wondered where the monies that have been recovered is coming from. These guys have the money and wont pay their bank debts. A saying goes that if " an antelope runs dangerously, the hunter shoots dangerously". So EFCC, if you have to break "balls" to recover these monies. Fire on. U will be saving lives of people that would die of hypertnsion realising a bank kaving their life fortune has gone distressed.
Thumbs up EFCC.

manpiros:

I don't realy give a flinch about how the money is recovered from bank debtors. The bank officials and the debtors are all crooks. The banks have laws and traditions governing loans, borrowing etc. If they can't organise their house, the FBI, EFCC, CIA, or whatever you may call them should do their laundry for them.
That will save us all the trouble of waking up one morning 2 hear our bank(s) is distressed.

Have you even wondered where the monies that have been recovered is coming from. These guys have the money and wont pay their bank debts. A saying goes that if " an antelope runs dangerously, the hunter shoots dangerously". So EFCC, if you have to break "balls" to recover these monies. Fire on. U will be saving lives of people that would die of hypertnsion realising a bank kaving their life fortune has gone distressed.
Thumbs up EFCC.

thank you o manpiros. i don't know what is so difficult to understand in all this

it's obvious you don't know what the real motives of efcc are.