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Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis (29458 Views)

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Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by warrenweste(m): 3:31pm On Apr 30
djon78:



For his company to be owing backlog loan of 75billion Naira
He already has a very big comma
Heard he is also owing Ecobank via Airtel

The thing is that most of these so called big men live on debt simple
Many of them are deep in debt
But will be claiming business doyen

75Billion? I tot it's 5billion
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by djon78(m): 3:33pm On Apr 30
warrenweste:


75Billion? I tot it's 5billion

No it's 75billion

And the debt of Ecobank is different oo

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Agbegbaorogboye: 3:33pm On Apr 30
thebosstrevor1 hope you're reading and getting cured of your tomfoolery

5 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by adebayo111(m): 3:35pm On Apr 30
tnerro1:
If you get money for there better use your apps Dey withdraw am sharp sharp, no let them use your money take settle fight oooo
NOVICE
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by RuudVanNisteroy: 3:37pm On Apr 30
Agbegbaorogboye:
thebosstrevor1 hope you're reading and getting cured of your tomfoolery
thebosstrevor1 guy is a joker.

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by airsaylongcome: 3:37pm On Apr 30
CSTRR:
One man is worth $550 millions and still owing bank debt.

In the poorest population on Earth.

Owing bank debts? I hope you know that Oba Otudeko is a different entity from Honeywell Flour. Honeywell (and not Otudeko) owes First Bank
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by BigBashiru: 3:37pm On Apr 30
RuudVanNisteroy:


https://pmexpressng.com/how-oba-otudeko-rebuffed-my-pleas-on-first-bank-crisis-emefiele-cbn-governor/

Why is it taking you so long to reduce number of N1000 note in circulation to reduce inflation.

This is further proof that banking is a cartel..... it's about profiteering first....
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by TrueNigerian300: 3:42pm On Apr 30
It is disheartening to read some comments up there some are even blaming the CBN. The criminal called Otudeko that should be preparing for his grave has not desisted from his dubious way. The only blame I can see with Emiefele here is calling the old fool why begging him in the first place? They can't pretend not to know the rule of reporting to the CBN as regards the change of MD. He has shown that he is above the law and does not even have any respect for the office of the governor of the CBN.

What a very greedy old fool living as if he will not die again. Haha, but how can people be this greedy with everything at his age what else does he want? If we are in a sane clime this guy should be in jail for all his dubious acts over the years.

3 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by oluwaahmed: 3:43pm On Apr 30
Throwback:
Is it because Oba Otudeko is Igbo? Emefiele is just a jealous Yoruba man who is envious of the hardworking Igbo business man whose investments span a lot of industries.


I know my statement above will hit the nerve of those who love to whip up ethnic sentiments when their notable business men are being rightly pursued by regulators and the law.

As for Oba Otudeko, I am sorry you have to do everything to comply by the rules and regulations. You do not have clansmen in your Yoruba tribe to start throwing ethnic tantrums on your behalf.

Afenifere or OPC will not hold any meeting on Otudeko's behalf claiming tribal attack on a Yoruba captain of industry.

AMCON should do the needful till every debt is fulfilled. Imagine chronic debtors setting up charity foundation while owing gbese.

On a more critical note, could Emefiele have taken such right decision if it had been a Fulani Muslim businessman under a Fulani Muslim regime?

Or does Emefiele only bow to the Fulani Muslims while forgetting he is a chief regulator who should bow to no one, not even sending emissaries to Otudeko who should have been sternly warned and not cajoled?

Its because he is from one of the privileged tribe thats why he is not even or jail or AMCON taking over his honeywell company. Did the likes of Ibeto, do half of what this man has done b4 they were hounded by FG. Can INNOSON, COSCHARIS do this and get away with it? Truth is bitter but must be told. He took loans worth 48bn without collateral and invested it in Honeywell simply because hes a major shareholder, Is that not fraud? did savannah Bank do half before their licence were cancelled? Anytime ur people find themselves in financial positions of authority they do not fail to steal, and defraud the system, WHY?

3 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by RuudVanNisteroy: 3:43pm On Apr 30
airsaylongcome:


Owing bank debts? I hope you know that Oba Otudeko is a different entity from Honeywell Flour. Honeywell (and not Otudeko) owes First Bank
And that is part of the reason why CBN removed the previous board for not completing the lien on shares or pefecting collaterals on Oba Otudeko assets.

If First Bank went into distress, they won't have able to collect a penny from him because under the law Oba Otudeko is a different entity from Honeywell Flour and Airtel, where he holds majority shares and likely has share holdings under different business entity names.

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by oluwaahmed: 3:45pm On Apr 30
TrueNigerian300:
It is disheartening to read some comments up there some are even blaming the CBN. The criminal called Otudeko that should be preparing for his grave has not desisted from his dubious way. The only blame I can see with Emiefele here is calling the old fool why begging him in the first place? They can't pretend not to know the rule of reporting to the CBN as regards the change of MD. He has shown that he is above the law and does not even have any respect for the office of the governor of the CBN.

What a very greedy old fool living as if he will not die again. Haha, but how can people be this greedy with everything at his age what else does he want? If we are in a sane clime this guy should be in jail for all his dubious acts over the years.

The foolish old oba even removed the MD because she said he must start paying back his loan of 48bn naira he got without collateral due to his position.

3 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by sonofElElyon: 3:46pm On Apr 30
Roddwave:
o boy see levels
So even cbn governor's calls gets rejected
Na waoo
God make me to dey reject Minister's call

But what eventually became of "the proud one"

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by RuudVanNisteroy: 3:48pm On Apr 30
oluwaahmed:


The foolish old oba even removed the MD because she said he must start paying back his loan of 48bn naira he got without collateral due to his position.
Techcabal says the loan is N75 billion. He owns 75% of the shares in Honeywell Flour.

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by seguno2: 3:49pm On Apr 30
festacman:
As an entrepreneur, Oba Otudeko is a go-getter. As a boardroom politician, he is bullish, very bullish. As a money-chaser, he is a hard-nosed capitalist. He has the tendency to browbeat regulatory authorities both in money market and capital market. There is no doubt that Oba Otudeko is a principality in the mammonic kingdom.

However, every empire has its rise and its fall. One hopes this corporate governance misadventure will not lead to the fall of Oba Otudeko empire.

Please why should it not lead to its fall? The misadventure is not harmful enough to others
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by airsaylongcome: 3:50pm On Apr 30
RuudVanNisteroy:

And that is part of the reason why CBN removed the previous board for not completing the lien on shares or pefecting collaterals on Oba Otudeko assets.

If First Bank went into distress, they won't have able to collect a penny from him because under the law Oba Otudeko is a different entity from Honeywell Flour and Airtel, where he holds majority shares and likely has share holdings under different business entity names.

Oh sure I understand all of that. The person I quoted didn't seem to know that those debts are not against Otudeko. So his assertion that Otudeko with a net worth of $550m but owing banks up and down was incorrect

2 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by seguno2: 3:50pm On Apr 30
Roddwave:
o boy see levels
So even cbn governor's calls gets rejected
Na waoo
God make me to dey reject Minister's call

So that you can get the same punishment that the over pampered idiota got

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Kzinne: 3:50pm On Apr 30
Chioma1989:
Emefiele stooped so low to have called the man. Imagine the governor of Bank of England calling a mere shareholder of Lyolds bank, pleading with him for something.
otudeko controls 10 percent of the bank. So you have to use the carrot and stick approach

4 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Yankee101: 3:51pm On Apr 30
Very good, una don talk the true target at last
Otudeko
Insider loan abuse
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by juman(m): 3:56pm On Apr 30
I dint know Otudeko still alive.
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by tnerro1(m): 3:58pm On Apr 30
tongue
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by tnerro1(m): 3:59pm On Apr 30
adebayo111:
NOVICE

Ok wait till they take each other to court tongue
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by omohayek: 4:02pm On Apr 30
Disregarding the merits of any case to be made against First Bank's shareholders and management, why on earth is Emefiele getting personally involved in such a matter in the first place?

I have never before heard of the governor of a nation's central bank personally intervening in the appointments at a private financial institution, as usually there are dedicated financial regulators responsible for any such actions. Only under the aegis of an incompetent clown like Emefiele does one see someone who ought to be concerning himself primarily with interest-rates, foreign reserves and the growth rate of the money-supply leaving such matters aside to busy himself with banning the importation of matchsticks and the appointments of directors at individual institutions. Emefiele has no understanding of his role, let alone the slightest capacity to execute it properly, and the disastrous economic performance of the last 6 years owes as much to his wreckless incompetence as it does to Buhari's bullheaded ignorance.
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by RillJ(m): 4:06pm On Apr 30
Amaechi does not like money.

Frontail:
grin.... Everybody like money grin grin grin

1 Like

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Roddwave: 4:08pm On Apr 30
Myself2:


But see where it landed him. Arrogance has landed him in hot water. Emefiele is his boss (he became Emefiele's boy the moment he committed financial infractions and insider borrowing shady deals that CBN can punish anytime, anyday)
If you want to flex muscles, better don't flex it with one who has your balls on a platter and can easily smash it with his feet.
I don't mean to say that i will be arrogant
But at least e get some people wey get high position for government wey dey troublesome
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Bagehot: 4:08pm On Apr 30
lexy2014:


Very true that these highly placed shareholders and bank directors use their positions to feast on customer deposits by accessing all sorts of loans but I Don't think otudeko is d only highly placed shareholder who is owing any bank in nigeria. Why d haste in collecting his company from him in d name of liquidating his loan?

But its not his company: He owns 10%, Adenuga owns 6%, and Hassan-Odukale (the new chairman of the bank) owns 10%. He just managed to fill the Board with his loyalists, and was trying to ride rough-shod over other major shareholders, and still abuse his borrowing privileges.

2 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Roddwave: 4:09pm On Apr 30
sonofElElyon:


But what eventually became of "the proud one"
I don't mean to say i go be proud or do like him

But at least make i dey reject troublesome Ministers and Governors
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by NarcoPolo: 4:09pm On Apr 30
festacman:
As an entrepreneur, Oba Otudeko is a go-getter. As a boardroom politician, he is bullish, very bullish. As a money-chaser, he is a hard-nosed capitalist. He has the tendency to browbeat regulatory authorities both in money market and capital market. There is no doubt that Oba Otudeko is a principality in the mammonic kingdom.

However, every empire has its rise and its fall. One hopes this corporate governance misadventure will not lead to the fall of Oba Otudeko empire.

He cannot browbeat the CBN.

3 Likes

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Roddwave: 4:10pm On Apr 30
seguno2:


So that you can get the same punishment that the over pampered idiota got
I dont mean to say i go dey proud but at least
Those foolish top government ofiice holders deserves not to be answered
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by lexy2014: 4:11pm On Apr 30
Bagehot:


But its not his company: He owns 10%, Adenuga owns 6%, and Hassan-Odukale (the new chairman of the bank) owns 10%. He just managed to fill the Board with his loyalists, and was trying to ride rough-shod over other major shareholders, and still abuse his borrowing privileges.

Who owns HoneyWell?
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by BuddhaPalm(m): 4:12pm On Apr 30
Roddwave:
o boy see levels
So even cbn governor's calls gets rejected
Na waoo
God make me to dey reject Minister's call

To what end.

Now he will regret it big time. You can't fight the government...
Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by Bagehot: 4:13pm On Apr 30
omohayek:
Disregarding the merits of any case to be made against First Bank's shareholders and management, why on earth is Emefiele getting personally involved in such a matter in the first place?

I have never before heard of the governor of a nation's central bank personally intervening in the appointments at a private financial institution, as usually there are dedicated financial regulators responsible for any such actions. Only under the aegis of an incompetent clown like Emefiele does one see someone who ought to be concerning himself primarily with interest-rates, foreign reserves and the growth rate of the money-supply leaving such matters aside to busy himself with banning the importation of matchsticks and the appointments of directors at individual institutions. Emefiele has no understanding of his role, let alone the slightest capacity to execute it properly, and the disastrous economic performance of the last 6 years owes as much to his reckless incompetence as it does to Buhari's bullheaded ignorance.

You do realize that the CBN has the powers to confirm or deny appointments to the Boards of Banks right? Besides, there is plenty of precedence for this from Sanusi's time, and even from western countries.

3 Likes 1 Share

Re: Emefiele: Oba Otudeko Rebuffed My Pleas On First Bank Crisis by lexy2014: 4:14pm On Apr 30
RuudVanNisteroy:

And that is part of the reason why CBN removed the previous board for not completing the lien on shares or pefecting collaterals on Oba Otudeko assets.

CBN can't say that it is only firstbank that does d above with it's board of directors

1 Like

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