lexy2014:


U still haven't d question I asked. U just beating around d bush. D one that those in charge of infrastructure & social amenities have, what have they accomplished with it? All d high profile seizures& Abacha loot returned, what has been accomplished with them so far?

maasoap:


The cash are being channelled into the yearly budgets while the properties are being given to the government agencies that are in need of it.

AngelicBeing:
What, how did the banks advanced him such a huge amount of money

davodyguy:


Even if they sell Capital Oil, it wouldn't still be enough to Pay Ifeanyi Ubah's debt.

He owes a debt in the region of N120 Billion and the market value of all his assets is less than that

davodyguy:

He's a very smart man.
Make I end it there

FarahAideed:
So what's the essence of incorporation? I know people with low IQ will applaud this but this is very wrong ..There is a reason why companies are Incorporated and once Incorporated every company becomes a distinct individual before the law and assumes the identity of an entity. AMCON has no right to go after personal accounts of promoters of a company but can buy over debt and takeover the equity and assets of a company whose debt it has bought over .. For those asking is that how people will run away with bank loans please see answer to that below :

Ans: Its the onus of the bank to perform quality due diligence and risk assessment before going into a creditor debtor relationship with any Incorporated entity .

NkemChukwudi:


there was no sense in that comment by FarahAideed - a confirmed Buhari hater, please check yourself!

AngelicBeing:
l know, it is called robbing Peter to pay Paul, settling senior bank executives to collect loans and they know that you won't be able to repay back, case closed

davodyguy:

That's why I said make I end it there.

For instance, you took a loan of N5billin from UBA, you can still run to Zenith to take another N10billion loan using same property as collateral, if you rob hands. After all, the money belongs to depositors, not the banks, so they can risk the deposits of the poor to pay Peter. Thank God for Amcon that paid the Debts

lexy2014:


Kindly do a breakdown for me how this played out

nedekid:

If a company owes the bank. There are laws that govern coporate transactions. A bank ought to do due deligence before giving out loans. Assets of the company etc are placed as collateral and those are claimed by the bank if there is a default. Are you aware of the fact that government is the cause of most loan defaults? Are you also aware that government is the highest debtor to local businesses etc.
I have a bro that did a police force contract 7 years ago and had to source bank funding to finance the job. He has not been paid a dime till today. Consider the interest owed the bank for 7 years! Are you saying the same government through amcon should then seize his assets and then freeze his accounts he is using to do other business?
This policy is plain stupid but ofcourse popular amongst midiocres.

maasoap:


What kind of breakdown do you want because I don't understand. This is another one just this morning. Check the attachment below

maasoap:


What useless business are thieves doing? They would use the names of their businesses to borrow money and later divert the loans into their private individual accounts and you are here telling me that AMCON that saved thousands of Nigerians from committing suicide shouldn't go after the thieves. We all know where they are keeping the money they refused to pay back, definitely the money is no longer in the useless businesses they're doing.

lexy2014:


How will u say u don't understand? Aren't u d one who wrote this?

"The cash are being channelled into the yearly budgets while the properties are being given to the government agencies that are in need of it."

Can't u give details of what u wrote? Is badehs house d only property seized?

nedekid:

If they got loans from the bank, they dropped collateral. That you can recover via amcon. There is a difference between individuals and companies and the difference is for good reasons.

maasoap:


Now, you're communicating.
Most of these properties are under temporary forfeiture since most of the cases are still in courts. Owners can't use it, EFCC equally can't take it.
Badeh's case is different because he voluntarily forfeited the properties before he was killed. Otherwise, those would have been returned to his family just like every case pending in courts against him has been dropped.
BTW: you guys are always browsing but at the same time seem not to follow all important news. And when issues like come up, you would still be arguing and wanting the other person to convince you! Mehn!

lexy2014:


I am not arguing with u. I only asked u questions which u couldn't answer. U are d one who made a claim. So dont expect me to defend it for u. Also, I don't need u to convince me cos there's nothing to convince. If u look at what u wrote, it clearly shows that if Baden didn't forfeit d house, then it still would have been a subject of litigation. At d end of d day, we are still nowhere as far as d seized properties& funds are concerned which is a far cry from d impression that u tried creating with ur comment that everything is going on fine as far as d seizures are concerned. That's y u don't have any details apart from this mornings newspaper report

maasoap:


The FG has made it clear that all the permanently forfeited money would be channelled into the yearly budgets. What else do you want me to tell you. If you need details and breakdown, you will have to go to the budget office, CBN and ministry of finance.

Secondly, concerning this morning newspaper report, you were not aware of the one given to VOA! Are you really living in this country? Those are the ones permanently forfeited, the rests are temporary

maasoap:


The FG has made it clear that all the permanently forfeited money would be channelled into the yearly budgets.

NkemChukwudi:


Ignorant and irresponsible crazy comment!