October 15, 2009 by tim
The Economic and Financial Crimes Commission (EFCC) has recovered N115billion from bank debtors, it was learnt yesterday.

Besides, the commission is making moves to extradite former Chief Executive and Executive Vice-Chairman of Intercontinental Bank, Mr. Erastus Akingbola, from the United Kingdom.


Chairman of EFCC Mrs. Farida Waziri made the disclosure yesterday in Benin City, the Edo State capital, at the “Prof. Ambrose Alli Annual Lecture/Awards” organised by the Visionary Leadership Development Services (VLDS).

The late Alli was Governor of old Bendel State between 1979 and 1983 under the platform of Unity Party of Nigeria (UPN).

Delivering a lecture entitled: “Leadership and the Challenges of Good Governance in Nigeria”, Mrs. Waziri urged the National Assembly to pass the Freedom of Information (FOI) bill to make leaders accountable


http://nigerianbulletin.com/summary-plus-news/efcc-recovers-n115b-from-bank-the-nation/15102009/10488/

tell me something, hmmm

Welcome development
but the question is where is the money going to?

tunyus you beat me to that,where will the money go to?

Naija i just sit down dey look una, every new day, a new developement.(hiss)

off course its the public money, the money shall be injected back to banks

Great Job Mrs. Waziri, I definitely know through the this EFCC the country is likely to turn a new leave

Where are the people abusing Farida and wondering about EFCC's involvement in the case? Let them cover their faces in shame.

^^^

viva madam bill collector!

now if you can just go after ibori and co . . .

i hope you realize all this pursuit of bank debtors by waziri is not out of any desire to do the right thing, but the pursuit of cheap popularity and credibility in the international stage ?

OKay, So where does this money go to now?

maybe we should just wait and see how it plays out. no need to get over excited. I for one am not overtly optimistic

the efcc will embezzle some of this money.

the efcc will embezzle some of this money.

Why is the EFCC now a debt collecting agency?

What do some peeps on the forum mean by where will the money go to? Where did the monies come out from in the first place?

I just pray the N115billion will not grow wings overnight,
Lets see if it will not be the case of "Thief Catching Thief"

Nezan:

Where are the people abusing Farida and wondering about EFCC's involvement in the case? Let them cover their faces in shame.

If we cover our eyes in shame, we will not see them when they are running with the money. So our eyes are opened godogbo. By the way the woman neva fall my hand, she is still living up to my expectation, atleast she is quiet about the over 10bn naira that they have received as recovery fees. We no go gree. Dem must tell us where the money dey go. Useless woman

oyb:

^^^

viva madam bill collector!

now if you can just go after ibori and co . . .

i hope you realize all this pursuit of bank debtors by waziri is not out of any desire to do the right thing, but the pursuit of cheap popularity and credibility in the international stage ?

I share your view

Nezan:

Where are the people abusing Farida and wondering about EFCC's involvement in the case? Let them cover their faces in shame.

What part of the recovered money belongs to the Nigerian public?


Would you be happy if the next time you walk into a bank to get a loan, you get hounded afterwards by the EFCC and paraded around like a criminal for getting a loan from a Nigerian bank?

Do you realize that the EFCC is not set up as a DEBT COLLECTING AGENCY? There are private companies the Banks can hire to do that job for them. The EFCC Is a FEDERAL Agency with lots more Federal cases that actually concern the country and individual citizens to deal with. What of the billions that have been STOLEN from Nigerians during her time in office. Has she collected every dime of that money and made sure the CRIMINALS in those cases have been prosecuted? Why then is the EFCC instead going after debtors( NOT THIEFS)?

The irony.  Thieves and nepotists get honored in our dear Motherland.

$poOne:


Chairman of EFCC Mrs. Farida Waziri made the disclosure yesterday in Benin City, the Edo State capital, at the “Prof. Ambrose Alli Annual Lecture/Awards” organised by the Visionary Leadership Development Services (VLDS).

The late Alli was Governor of old Bendel State between 1979 and 1983 under the platform of Unity Party of Nigeria (UPN).

hey guys
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for cheap price very soon i will start bonanza
my shop number and address are in my website
plus phone prices
i get my phones from a whitey i met online check it out,
hope 2 see uuuu,
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hey guys
i have a shop in computer village i sell original phones
for cheap price very soon i will start bonanza
my shop number and address are in my website
plus phone prices
i get my phones from a whitey i met online check it out,
hope 2 see uuuu,
www.techinfoadvancement..com

youngbest:

hey guys
i have a shop in computer village i sell original phones
for cheap price very soon i will start bonanza
my shop number and address are in my website
plus phone prices
i get my phones from a whitey i met online check it out,
hope 2 see uuuu,
www.techinfoadvancement..com

and so? Make we run commot from here because you get shop for computer village? Please check/recheck the thread/post and readjust accordingly abeg

On the one hand, As much as EFCC is not a debt-collecting agency, it is an agency for investigating and prosecuting an persons involved in financial crime whether it is commmited in the private sector or in d public sector, and i dare to say that having a loan to the tune of billions without having any intent to pay is a financial crime both for the debtor and those who are supposed to in charge of keeping the money but are the ones facilitating the fincancial crime (bank's management). On this, I will giv big kudo's to Mrs Waziri.

On the other hand, I laugh when i heard Mrs Waziri said "EFCC recovered , " because i think this statement is wrong, would have appreciated if she says "EFCC helps bank to recover , ". It is just a way of taking credit for the work they didnt do coz in principle, the debtors didnt deny that they are owing, and all EFCC needed to do was to tell them, ' guys, we'll lock u up if u dont pay ur debts to the banks' . the real thieves are out there stealing billions and denying they ever stole and mrs farida isnt doing nothing abt them other than plea bargaining

PeeDaVinci:

On the one hand, As much as EFCC is not a debt-collecting agency, it is an agency for investigating and prosecuting an persons involved in financial crime whether it is commmited in the private sector or in d public sector, and i dare to say that having a loan to the tune of billions without having any intent to pay is a financial crime both for the debtor and those who are supposed to in charge of keeping the money but are the ones facilitating the fincancial crime (bank's management). On this, I will giv big kudo's to Mrs Waziri.

So, you are saying that

a) the EFCC has Evidence that the loan holders have no intent to pay on the loans? At what point did the EFCC decide it was its place to take on the role of debt collection agency in this situation?

b) the banks somehow know that these debtors have no intent to pay on these loans? Questions i) when did the banks discover the intent ii) What did the banks themselves do on discovering this? iii) Did the banks follow legal routes to get the money back?

c) If bank management was facilliating this illicit behaviour, as you claim, why were shareholders unaware of this?

Kobojunkie:

So, you are saying that

a) the EFCC has Evidence that the loan holders have no intent to pay on the loans? At what point did the EFCC decide it was its place to take on the role of debt collection agency in this situation?

b) the banks somehow know that these debtors have no intent to pay on these loans? Questions i) when did the banks discover the intent ii) What did the banks themselves do on discovering this? iii) Did the banks follow legal routes to get the money back?

c) If bank management was facilliating this illicit behaviour, as you claim, why were shareholders unaware of this?

I don’t think we need to align ourselves blindly. . . even when the facts are right in front of our noses.

Did these banks need resuscitation form the CBN… maybe that was a sham as well?

Were the MDs of these banks involved in taking huge sums as non-collateralized loans from their own banks… this is also cooked up by the feds?

Why don’t we just allow the loans to be unpaid, and not serviced, indefinitely – after all we’re in Nigeria – everything goes. This will probably be more to your liking.

$poOne:

I don’t think we need to align ourselves blindly. . . even when the facts are right in front of our noses.
Did these banks need resuscitation form the CBN… maybe that was a sham as well?
Were the MDs of these banks involved in taking huge sums as non-collateralized loans from their own banks… this is also cooked up by the feds?
Why don’t we just allow the loans to be unpaid, and not serviced, indefinitely – after all we’re in Nigeria – everything goes. This will probably be more to your liking.

This has absolutely nothing with aligning oneself, but carefully processing data made public to make sure one is not right now witnessing a crime of some sort by the behavior of this agency.

If the MDs were involved in taking huge sums as non- collateralized loans from their own banks, then go after the MDs IF it is found that said action is illegal and against the law. The banks needing resuscitation is no excuse for the EFCC to turn debt collection agency, given that the loans were lawfully given out to bank customers. It is NOT illegal in Nigeria to accept a non- collateralized loan from any bank.

The banks were private entities, not government controlled when the loans were given out. For the government to now take it on itself to blame the problem on bank loan holders is a crime against these men, in my opinion. Who will be next? Small business owners? This all seems more and more like a witch hunt the more you process information coming out. The EFCC does not seem to have much on these men except for their holding debts belonging to said banks.

Kobojunkie:

This has absolutely nothing with aligning oneself, but carefully processing data made public to make sure one is not right now witnessing a crime of some sort by the behavior of this agency.

If the MDs were involved in taking huge sums as non- collateralized loans from their own banks, then go after the MDs IF it is found that said action is illegal and against the law. The banks needing resuscitation is no excuse for the EFCC to turn debt collection agency, given that the loans were lawfully given out to bank customers. It is NOT illegal in Nigeria to accept a non- collateralized loan from any bank.

The banks were private entities, not government controlled when the loans were given out. For the government to now take it on itself to blame the problem on bank loan holders is a crime against these men, in my opinion. Who will be next? Small business owners? This all seems more and more like a witch hunt the more you process information coming out. The EFCC does not seem to have much on these men except for their holding debts belonging to said banks.

At least we agree on one thing - the banks did indeed need to be bailed out by the FEDs (taxpayers’ money thru the CBN).

If you provide financial support to a company facing bankruptcy and liquidation, would you do it for free, or would you do it in order to have a holding interest in that company – maybe you did it by buying the said company’s shares and thereby stopping it from going burst. What if the shares you purchased turns to be majority shares, wouldn’t you be by default have control of the said company?

Now, can you tell me why the feds did not just let the bank go under?

What would happen to investors’ monies in the banks?

And are there any set of legislation binding banks – do banks follow some set of rules stipulated by the banking regulator (I presume, CBN)? Are there any lending practices that banks should follow?

Whose money is the bank loaning out?
Should the bank protect the interests of those their monies are being loaned out? And if they don’t protect the owners of these monies, is it their loss, if the loans are not paid back – and should the regulator just let these unlucky folks wither away? Are bank deposits insured?

Do banks require collateral? Do loans have to be serviced on a timely basis, and why?

If you answer is “YES” to most of these questions, then you have no argument here. If on the other hand your answer is “NO”, then you need not worry about the little guy or small business needing loan from the bank to grow his business – because there will be no money left in the bank, when these unscrupulous sharks are thru.

Kobojunkie:

This has absolutely nothing with aligning oneself, but carefully processing data made public to make sure one is not right now witnessing a crime of some sort by the behavior of this agency.

If the MDs were involved in taking huge sums as non- collateralized loans from their own banks, then go after the MDs IF it is found that said action is illegal and against the law. The banks needing resuscitation is no excuse for the EFCC to turn debt collection agency, given that the loans were lawfully given out to bank customers. It is NOT illegal in Nigeria to accept a non- collateralized loan from any bank.

The banks were private entities, not government controlled when the loans were given out. For the government to now take it on itself to blame the problem on bank loan holders is a crime against these men, in my opinion. Who will be next? Small business owners? This all seems more and more like a witch hunt the more you process information coming out. The EFCC does not seem to have much on these men except for their holding debts belonging to said banks.

And the last time I checked, you were also against the EFCC for going after the bank MDs. Is it totally unfounded that the EFCC thinks, or have evidence to the fact, that indeed these borrowers colluded with the MDs of these banks? Maybe there’s no more corruption in Nigeria. I will find it very difficult to believe that a bank MD that have no moral/professional qualms with giving himself a huge non-collateralized loan will turn down a nice juicy kickback.

But we each can define our moral compasses the way we want, it is a free country, I for one choose that which interacts with majority of Nigerians fairly. You may even believe that these guys have not hurt anyone; they’ve not hurt the financial sector, therefore the economy in any, way shape, or form,. . . for reasons best known to you.