By Oluwaseyi Bangudu and Daniel Osunkoya


October 15, 2009 02:26AMT


Peter Ololo, Femi Otedola, Aliko Dangote, Jimoh Ibrahim, and Michael Oyewole and their companies are among the prominent names in the new list of bank debtors released by the Central Bank of Nigeria (CBN) yesterday.

Former Vice-President Atiku Abubakar, was also named among the debtors to Spring Bank. He is said to be owing the bank over N101 million.

The total amount owed by the debtors to the four troubled banks identified by the CBN, in the second audit of 14 banks, is in excess of N348billion. The CBN classified the loans as nonperforming. The troubled banks are: BankPHB, Springbank, Equitorial Trust Bank and Unity Bank

However, the N348billion excludes debts owed to Wema Bank Plc. The CBN did not list the total amount of loans owed to the bank on its website, Wema Bank was given until the end of June, next year to recapitalise.

Top of the list
Debts owed to Bank PHB topped the debtors' chart, with over N170billion as at October 5. Spring Bank followed with the second highest of over N95billion as at September 30. Equitorial Trust Bank was next with N46 billion as at June 30 and Unity Bank trailed the list with over N36billion, as at June 30,

According to the CBN's classification, the monies were given to the individuals and corporate organizations in the form of loans, overdrafts, term loans, margin loans and through a whole host of other facilities.

The release of the debtors' list is in conformity with the promise by Sanusi Lamido Sanusi, the CBN governor at the just concluded World Bank/IMF Meeting in Instanbul, Turkey, that he would release the names of the debtors and that there will be no sacred cows.

The total amount owed also confirms Mr Sanusi's statement that the first five banks - Intercontinental Bank, Afribank, Union Bank, Oceanic International Bank and Finbank were the most troubled of all the 24 Nigeria Banks, with a total debts exposure in excess of N747billion. Mr. Sanusi fired the chief executives of those banks on August 14th, shortly after the CBN concluded a stress audit on them.

Prominent debtors
Other prominent figures on the latest debtor list are: Mike Adenuga (jr), Sanjay Mathur, M. E. Omotsola, J. O. Ariyo, Tunde Akinyera, Kola Adegbola, O. G. Banigo, Sanni Dangote, Bello Dangote and Kola Daisi.

The Igbinedion University, Ekene Dili Chukwu Ltd, Bayelsa State government, Wema Asset Management Limited, Transnational Corporation Plc, and Odua Investment, are also on the list.The Central Bank said that the release of the new list is a continuation of its banking industry cleansing efforts. "In furtherance of the efforts of the Central Bank of Nigeria (CBN) to assist the banks affected by the outcome of the recent CBN/NDIC Special Examination, we publish herewith the list of non-performing loans of N100m and above for Bank PHB, Spring Bank, Unity Bank, Wema Bank and Equitorial Trust Bank as at June 30, 2009"

Mohammed Abdullahi, the spokesperson for the CBN, said: "The CBN will help all the five new banks with capital adequacy issues in their loan recovery efforts, just as it did with the last five. This is because it is the nonperforming loans in all the affected banks that put their capital at risk. CBN will remain consistent and fair in its stance on banks that are in similar situations."

According to the regulatory body, publishing the names of bank debtors is now necessary. "Following the recent regulatory action of the Central Bank of Nigeria on the five (5) banks, it has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment. These are the largest debtors and the CBN will continue to publish the list of defaulters on an on-going basis," the statement stated.

A Reuter's report earlier this week had said that "Nigeria's anti-corruption police said it would soon begin investigations into Bank PHB, Equitorial Trust Bank, Spring Bank and Wema Bank, ''

The Economic and Financial Crimes commission has began prosecuting the five Chief Executives that were sacked by Mr. Sanusi in August. Some are out on bail while others remain in custody following their failure to meet bail conditions. It is expected that the EFCC will also closely examine the records of the last batch of CEO's sacked by Mr. Sanusi. In total, nine chief executives have been sacked after an audit of all of Nigeria's 24 financial institutions. Due to the banks' illiquidity and under-capitalisation, the Central Bank has had to issue nearly $4 billion to bailout the nine affected banks.

http://234next.com//csp/cms/sites/Next/Home/5470432-146/story.csp

wow. This Peter Ololo of a man is truely a chart Topper any day.

Hang em high!!

Femi otedola bought mohammed alfayed's (the owner of harrods) hse for £17M three yrs ago so the central bank of nigeria should take over that hse not to mention the ship he bought for his wifey that is permanently moored in lagos, apparently the ship cost a £6M. jimoh ibrahim recently bought a private jet for millions of pounds so the bank should take over his jet as well,
these crooks have huge assets in d uk, if the british legal system is willing to coperate with the bank, their assets should be auctioned off to the highest bidder to pay back their debts.

Even the so called Atiku is in that list?

that dat problem

i just fell like strangling these ololo and dangote to death

This is really crazy !!! Less than 20 people controlling at least 500 billion,

It needs to be clarified, are these debts serviceable debts or bad debts.

It is not a crime anywhere in the world to have secured bank debts, and even if there is a default, the bank normally recovers their funds back through sale of assets.

Granting loans on padi padi basis is fraud and prosecuting such people can be understandable. I still don't understand where CBN or EFCC comes into the picture, if the banks debts can be recovered. We should try to be objective and not put our subjective views into issues at times.

Tx

SLS go ahead and do what you have to do for the sake of 9ja children please.

LADIES AND GENTLEMEN WE PRESENT TO YOU:
THE RENOWN DESTROYERS OF OUR ECONOMY.
GOD GO CATCH UNA

When femi otedola gave PDP 1 billion naira in the last fund raising. I knew it was an ill-gotten wealth.

May God save this country.

^^ Dont mind them, Nigerians are a very funny bunch. Upon all these, people will always come to they defence . . . that is why Nigerians will continue to suffer!

I have been feeling happy with myself ever since the 'lists' were released. Take away all the bank money and we are all poor in Naija.

here, u hav 1

otukpo:

Am still waiting for the person that will come here to defend them that at least they are employing thousands of Nigerians

Oloks:

It needs to be clarified, are these debts serviceable debts or bad debts.

It is not a crime anywhere in the world to have secured bank debts, and even if there is a default, the bank normally recovers their funds back through sale of assets.

Granting loans on padi padi basis is fraud and prosecuting such people can be understandable. I still don't understand where CBN or EFCC comes into the picture, if the banks debts can be recovered. We should try to be objective and not put our subjective views into issues at times.

Tx

We all know it is not a crime to secure bank loans,from your profile seems ure not in Nigeria,you are in Geneva hence may not be aware of what is really happening or the nature of this happenings.Does it make sense that one person borrows 80 billion naira from a bank without collateral,and refusal to pay or start servicing the debt as agreed in the transaction,some have never paid a dime for all the billions they borrowed,which makes it a none performing loans,which is a criminal offense.Do you also know that Cecilia Ibru the former CEO of Oceanic loaned herself 234 billion naira with conditions that makes it practically impossible for her to pay such loans,please lets put sentiments aside and always support an action against corruption irrespective of the tribe and religion of who ever the person is.This people are simply wicked and cruel,imagine they are not politicians,they are supposed to be intelligent investors,technocrats etc.They are supposed to be the bill gates etc of this country,i weep for my country.

Kill them all, money wasters

@Maxidoe,

We are almost saying the same thing, I did mention that where the bank grants unsecured loan to an individual, which contravenes the law,then such individuals should and must be prosecuted. My point here is that having debt with a bank does not make you a criminal as long the due process was followed.

Tx

Oju ole reeee, oleeeeeeeeeeeeee

These people are not the real culprits

The real culprits are the bankers that generated assets for their banks without doing the KYC and KYCB

This list does not state who's not servicing, when so so took the loan etc.,,,, , very incomplete to cast judgement

Whether the loans are serviced or not.The first list batch of Oceanic @co, gave us an insight to how fast they settled the loans.
We as Nigerians should stop deceiving ourselves.They abused the priviledge given to them as debtors.
Call a spade a spade.Its only in Nigeria were u take a bank loan and start donating to the ruiling party.Going in and out of Aso rock without limitations.Lets start telling ourselves the truth.So we can salvage wats left of this country which is truly a great nation.

rich people they hav enough yet thy still want more

@fekwenugo2

We the people as whole allowed this rot in the first place, we are collectively guilty, has there ever been any form of accountability in this Nigeria. It is only in Nigeria that you get a public servant living 100 times above his or  her income, which is very visible for people to see not hidden. None of us has ever questioned such act, instead we hail them, more often when bits gets trickled down we have never seen anything wrong. When the huge amounts of donations was made, it was not hidden it was in the media, did anyone ever question the source of wealth,

Owing a bank is not fraud and not criminal, but obtaining funds through fictitious means is fraud and the law should prosecute such person. This is not an issue for sentiments. I am a Nigerian and I feel very bad at the state in which the country is, but we still have to be objective in our approach to issues.

Indirectly which is still very open to debate here, our culture be it Yoruba/ Ibo or Hausa allows this to happen. We respect the money man, without questioning the source.

Pat Utomi's name is on the list?

According to the comments from Next website.

Oloks:

@fekwenugo2

We the people as whole allowed this rot in the first place, we are collectively guilty, has there ever been any form of accountability in this Nigeria. It is only in Nigeria that you get a public servant living 100 times above his or her income, which is very visible for people to see not hidden. None of us has ever questioned such act, instead we hail them, more often when bits gets trickled down we have never seen anything wrong. When the huge amounts of donations was made, it was not hidden it was in the media, did anyone ever question the source of wealth,

Owing a bank is not fraud and not criminal, but obtaining funds through fictitious means is fraud and the law should prosecute such person. This is not an issue for sentiments. I am a Nigerian and I feel very bad at the state in which the country is, but we still have to be objective in our approach to issues.

Indirectly which is still very open to debate here, our culture be it Yoruba/ Ibo or Hausa allows this to happen. We respect the money man, without questioning the source.

Its not illegal to be owing a bank.But it is morally illegal to wait for your name to be published on the pages of the newspaper b4 u know u have to settle ur
debt, That`s a cause for concern, Ask the shareholders of this banking institutions and they will chop off ur head.After making an investment in form of
shares, 3yrs ago, nw their investments are worth like a piece of paper, Because of such individuals, Though the system made it dat way.It is still wrong to justify them.

@fekwenugo2

I will be the last person to justify this act. My point here if you allow me to digress is that, Nigerians normally try to address the "EFFECT" but we have never had the guts to address the "CAUSE", we as a people should look inwards and ask why do such things happen in Nigeria, it is no t that we don't know what is right, but this so called money men play on the greed of an average Nigerian to achieve their goals.

Not enough for people coming here and saying that they should be jailed etc, we collectively allowed this crap to happen

Oloks:

@fekwenugo2

We the people as whole allowed this rot in the first place, we are collectively guilty, has there ever been any form of accountability in this Nigeria. It is only in Nigeria that you get a public servant living 100 times above his or  her income, which is very visible for people to see not hidden. None of us has ever questioned such act, instead we hail them, more often when bits gets trickled down we have never seen anything wrong. When the huge amounts of donations was made, it was not hidden it was in the media, did anyone ever question the source of wealth,

Owing a bank is not fraud and not criminal, but obtaining funds through fictitious means is fraud and the law should prosecute such person. This is not an issue for sentiments. I am a Nigerian and I feel very bad at the state in which the country is, but we still have to be objective in our approach to issues.

Indirectly which is still very open to debate here, our culture be it Yoruba/ Ibo or Hausa allows this to happen. We respect the money man, without questioning the source.

Well said!

Oloks:

@fekwenugo2

I will be the last person to justify this act. My point here if you allow me to digress is that, Nigerians normally try to address the "EFFECT" but we have never had the guts to address the "CAUSE", we as a people should look inwards and ask why do such things happen in Nigeria, it is no t that we don't know what is right, but this so called money men play on the greed of an average Nigerian to achieve their goals.

Not enough for people coming here and saying that they should be jailed etc, we collectively allowed this crap to happen

i could not have put it better.

thanks olok
the oil and gas traders like jimo, femi etc, may hav got this loan to import petrolum products, and the exchange rate cut up with them and it becomes a problem to them.
same with other borrowers, it is the economy that is bad that result to this loan being bad.
non of them has run away, besides these loans are collatorized, so you can go for the security to the loan.

why are we so onesided to this issue?

Is your name on that list? if not, you are not a big boy, hussle to get ur name listed by CBN and you will be among the elite list of 9ja who-is-who.