Tjra:
There is no issue here.

If Craneburg has delivered the project, then Abia state government should pay up. And Craneburg will fulfil their obligations to a Access Bank in turn.

The facility was given to the corporate entity- Craneburg and not Chizoba Wigwe.

Sowore and his gossip mill should STFU.

Obviously, the company didn't deliver or hasn't delivered yet and that's the reason for the brouhaha

TINTINABULATION:
There is nothing so special here until we are privy to the Memorandum of Understanding between Abia State Government & Cranburg Construction. That is the document that will list all the roads to be constructed with the money. There is no law forbidding a private organization, such as Cranburg to approach its bankers for facility to execute a contract. If Access Bank finds her customer, Cranburg Construction credit worthy, then public opinion holds no sway

Are you aware her husband is the founder of the bank? Sense is indeed not common.

TINTINABULATION:


Mr. Theory, there is no conflict of interest here. The wife is also a board member of Access Bank. If the wife was not, it will be a different issue.

Let me break it down for you Sir, if you & ur wife operate a Restaurant, does taking Breakfast or Dinner in the restaurant amount to conflict of interest?

The 5 Cs for accessing credit facilities are:
Capital, Condition, Capacity, Collateral, and Character. If any company meets the above, they are good to go!

That is gaining or using undue advantage. Who would sau no to the bosses wife, that is where undue advantage and conflict of interest comes in.

TINTINABULATION:


You again? You have not slept? . Is it your phone that has issues or you are very slow in typing? I hereby suspend all forms of communication with you. Good night Sir.

Slept?
It's only 3:25 PM for here. I'm reading comments on NL while working and making money

TINTINABULATION:


AI, just because you want to comment on Nairaland? Has Education gone that bad? I am so so sorry for you bro!

You can call me Sis my dear. It's a matter of time management. Takes too much time to type. The tech is there, use it. Get with the times.
But this deal, in a saner clime, I bet you people must resign. But in Nigeria, nobody can see anything wrong at all

PoliteActivist:


You can call me Sis my dear. It's a matter of time management. Takes too much time to type. The tech is there, use it. Get with the times.
But this deal, in a saner clime, I bet you people must resign. But in Nigeria, nobody can see anything wrong at all

Please pardon my assumptions, Sis. I understand your points clearly but just that over-reliance on AI can negatively affect IQ, diminishes thought pattern and depletes ones vocabulary.

The EASTERNERS had already been defending the fraudulent act with all their might. Yet, these are the people who accuse others of sympathetic with their leaders （western especially） WHOM THEY （The Easterners）LABELLED CRIMINALS WITHOUT CONCRETE EVIDENCE.
Anyway, the joke is on the Abians if they continued to shield Otti after this.

Dalohad:


Ibrahimudeen, hope you are reading the comments and are surely disappointed that your propaganda against the LP governor of Abia did not work..

You 'We don catch am' eureka moment for smear campaign short-lived... Smelly almajiri. Better go and hold your useless governor accountable.

He dey use una money carry big nyash olosho for Abuja while hunger wan kee you. Mugu.

The issue is not against Abia govt .

The issue is the serious conflict of interest between Access bank headed by Husband Mr Wigwe,giving loan to Craneburg, owned by Mrs Wigwe!

obaidan:
the evil that CBN and bank MDs have done and are still doing to this country ehn, NNPC and Nigeria Police Force still dey learn work

Atleast banks hustle for their own money.
They are very productive.

They are corrupt, but their corruption pales when compared to NNPC.

NNPC only job is to collect dollars from hard working multinationals as royalties.

The same NNPC had a revenue of Zero naira last year.

How can that be so?

GoodGovernance:


The issue is not against Abia govt .

The issue is the serious conflict of interest between Access bank headed by Husband Mr Wigwe,giving loan to Craneburg, owned by Mrs Wigwe!

If anything, it's a credit to abia state govt.
Otti ran the state like a private Business.

They knew that Craneburg is heavily liquid by through proximity to Access bank, and the state govt were smart enough to give them the project and so there is little risk of default or delay in delivery.

thesicilian:
At the top it's man know man.
All these submit 1 liter of your grandfather's blood as collateral and bring your village chief priest as guarantor they do with the poor doesn't apply to the rich when they want to borrow money from banks. Just a phone call and the money is wired in

this is exactly what is destroying the economy. The bank is not doing much for smes but will throw your deposit to the rich. The microfinance that was created for small scale intervention are not doing much. The result bad economy.

Jogs1900:
I hope they are yet to disburse the loan..
Heard that Tony Elumelu got forty billion naira from UBA and it has turned to bad debt..Very soon, the bank will write it off while Tony is balling.
Fraud in the banking industry is just too much.

the banking system in nigeria is terrible. I wish sanusi will come back.

Tjra:
There is no issue here.

If Craneburg has delivered the project, then Abia state government should pay up. And Craneburg will fulfil their obligations to a Access Bank in turn.

The facility was given to the corporate entity- Craneburg and not Chizoba Wigwe.

Sowore and his gossip mill should STFU.

Of course, you won't see an issue there because it has to do with the obidenze. If it is Lagos State/Sanwo Olu or FG/Tinubu with GTB, a lot of issues would have been observed,

jesmond3945:
this is exactly what is destroying the economy. The bank is not doing much for smes but will throw your deposit to the rich. The microfinance that was created for small scale intervention are not doing much. The result bad economy.

Why did APC cancel Youwin.?

That project has helped more Nigerians than the APC has in 8yrs and counting.

Wike has already started to build shettima's lodge with over 15 billion.

Imagine 5 million naira going to atleast 100 quality SMEs programs that need funding through a Youwin like scheme.

The economic impact would be manifold.

Enugurangers:
Nigeria is a big crime scene.

Sanwoolu is at the venue where they're raining tributes on wigwe family. Tune to channelstv right now and watch. Sanwoolu confessed that wigwe financed his election and later approached him when he became.governor that he'd be willing to help his givernment at any capacity.

That said, every contractor sources loan to do projects. Our company does that too. When you need loan, you approach the bank as well.

No government project or contract in Nigeria would skip the procurement process, no matter how small, except you want to go to jail. It's a rigorous process. Contract can be influenced on a man know man basis, yes! But I don't see anything wrong here. Except some Jobless people just want to make a mole out of the mountain. There are millions of dollar projects here in Lagos awarded to various contractors and they had to approach the bank for facilities. Some were said to have been inflated 2 times more than the actual value. All political office holders are guilty of this. The rail project is a good example. Of course, you can't win such a contract without some level of influence.

lexy2014:


oga, simple conflict of interest. its not everything you can defend

Some people can defend...such people amazes me.

TINTINABULATION:


Please pardon my assumptions, Sis. I understand your points clearly but just that over-reliance on AI can negatively affect IQ, diminishes thought pattern and depletes ones vocabulary.

No p, I'm used to it. Soo, why do you use calculator??
But the important point is that we insist NOT only on transparency but that there be no appearance of corruption. They'd still steal, but that'll reduce it. You can only imaging how much of that half billion went into private hanfs

CSTRR:

At least banks hustle for their own money.
They are very productive.
They are corrupt, but their corruption pales when compared to NNPC.
NNPC only job is to collect dollars from hard working multinationals as royalties.
The same NNPC had a revenue of Zero naira last year.
How can that be so?

loooooool My problems with the Financial sector is that they are starving the small and medium scale businesses of financing, all because they want to use these funds to fund their nonsense activities. Imagine what was given to Wigwe's RCCG Parish..billions of naira loan for an organization that is generating almost nothing to the economy. No tax to government, no real contribution to economy. But I must sort of agree with u sha, NNPC na evil place. Small business will be asked to bring CofOs before they can access 5million naira loan. Plenty farmers if they see 2m naira loan, they will contribute to the economy

Skoonheid:
the rich borrow against against assets at an interest rate that’s much lower than the rate at which the assets will appreciate over time and use those funds as spending money. the borrowing isn’t taxed, so they face a relatively low tax bill.
Once they die, the assets pass to their descendents tax-free or with minimal tax treatment.

This is the method the rich use to screw the government, banks, and everyone else

English please!

Jogs1900:

Too much fraud there..collect unsecured loans, foreign currency racketeering, inflated contracts, and launder money for politicians. Only God knows how much Wigwe too is owing Access Bank.

You failed to mention the constant deduction of #50 and #100 from millions of customers account without any alert

FreeStuffsNG:
Beyond the allegation that the late wife is on the legal board of Access bank that should have raised the conflict of interest, I don't see why Craneburg as an independent entity should be vilified.

If the law mandates the Governor to always obtain loan approval from the State Assembly yet he failed to do so then he must go and rectify it before the loan is disbursed.

It's just unfortunate that those who know the right thing to do fail to do until things go bad. At this point I will not be surprised if Abia state has already started paying the interest on the controversial loan and this is why EFCC must immediately move in to investigate this report.
Anyone found guilty must be prosecuted.

God bless Nigeria for ever!Check my signature for free stuffs!

I don't understand you here. Is it in the position of Abia government to pay the loan Craneburg borrowed or Craneburg construction company who borrowed money from access bank to finance a contract awarded to them by Abia government. Cus from what I read up there Abia government only awarded the contract to Craneburg and they can only pay the company fully on completion of the contract. what interests are you talking about ?

DREAMHOMES6970:


I don't understand you here. Is it in the position of Abia government to pay the loan Craneburg borrowed or Craneburg construction company who borrowed money from access bank to finance a contract awarded to them by Abia government. Cus from what I read up there Abia government only awarded the contract to Craneburg and they can only pay the company fully on completion of the contract. what interests are you talking about ?

While we expect the Abia state HoA to investigate the contract and loan, I am giving you heads up that there is a reason that the company used the contract agreement between it and the Abia state government as collateral. Ordinarily, if you go to bank and collect loan, you will use your own asset as collateral but in this case, it's reported that the contract agreement was used as a basis by the bank to give the loan. The obvious reasons for this is to shift some of the risks away from Craneburg to the Abia State Government so that if it reneges, Craneburg can shift the burden of recovery to Access bank. It makes a sound business to Craneburg because of the influence they have in the bank but Abia state Government is involved as the one that technically guaranteed the loan so if Craneburg is to be paid, Access bank gets involved with Abia state. This should not be the case, it should just be between Craneburg and Access Bank. The report is raising concerns that needs to be investigated. I am not suggesting that Abia state has committed any crime or believe that the report is entirely true so we should call in EFCC to investigate it and the Abia state HoA to investigate it too.

Leave the DEAD

The best way to steal is to own a Nigerian bank. Ask Saraki about Societe Generale Bank.

VanuatuWycombe:


So a client can guarantee a contractor’s banks that the contractor won’t default in repaying loan and if incase a contractor defaults, the bank should hold the client (Abia State government) responsible?

Chai! All these Okija Uni graduates go finish Nigeria in their generation.

You be Benin Republic Or Togo graduate wey no fit go for NYSC.. because of ur under the mango tree education.

Most of contractors are required to self-fund their projects …. And Craneburg had serious connect with Access and Abia govt. Abia didnt have to pay any upfront fees to Craneburg… while Craneburg was smart enough to get ABSG to guarantee the loan. Time value of money moves by ABSG… which didnt have to carry the loan in their books…that N50bn should have come from state budget which could have been taken from Education, security and health funds.

Go back to Togo to collect our school fees.. JAMB still selling forms.

ALL IS VANITY!WE BROUGHT NOTHING TO THIS WORLD!AND ALL GO BACK WITH NOTHING!!

thatsleepboy1:

I'm a Muslim and I love the good Prophet Jesus too

Honestly, these guys were part of the ruin!
Start ups struggle to get loans at favorable interest rates, yet they use the free money these poor Nigerians save in their banks to their selfish advantage!
That is why I detest profiteers like Dangote and his likes who claim to be self made billionaires, when they are cheats and financial predators !

So true. Like I said the information posted hasn't shown that there's any form of fraud. It's just because the woman is a share holder in Cranburg and they borrowed funds from Access Bank where the husband is the MD. Cranburg has worked extensively and still working in lagos,ondo and other parts of the country to have built credibility to be able to borrow ( personal thought).

It will be nice if the journalists can go beyond just such publication and get details from the state of the projects being executed.

quote author=FreeStuffsNG post=128811410]
It's a loan guaranteed with the contract from Abia state. If you know how these contracts are drafted and executed, then you should know that a measure of the risk is already imposed on Abia state and by extension Abia taxpayers. Those Abians complaining have a right to know especially since the risk allegedly was not disclosed to the Abia state House of Assembly. [/quote]

iamrealdeji:
I'm a Muslim and I love the good Prophet Jesus too

What should i do o anti christ.

BigIyanga:


You be Benin Republic Or Togo graduate wey no fit go for NYSC.. because of ur under the mango tree education.

Most of contractors are required to self-fund their projects …. And Craneburg had serious connect with Access and Abia govt. Abia didnt have to pay any upfront fees to Craneburg… while Craneburg was smart enough to get ABSG to guarantee the loan. Time value of money moves by ABSG… which didnt have to carry the loan in their books…that N50bn should have come from state budget which could have been taken from Education, security and health funds.

Go back to Togo to collect our school fees.. JAMB still selling forms.

I am sorry I hit your Okija Uni. I know that’s why you came for me. I could see you have nothing in your head. I pity your parents and blame the teachers who you could have passed through.

Even though I know you think like a toddler or teen street boys who see nothing bad in banning Binance in Nigeria, I would still try to explain the implication of that loan to you in a layman’s way.

You see that ‘serious connect’ gangan was the dealbreaker. You can’t use your serious connect to get such huge loan as a company while you are an oga in your company and oga (director or a key employee) in the bank where you work and not explain the source of that loan.

Using such serious connect means Chizoba and Wikwe or whoever was/were involved in the deal were taking undue advantage of their positions.

What’s the rate of interest at which the loan was given? I am sure it will be ridiculously lower than the rate Access Bank would have charged if it were to be another borrower who is not related to Otti, Wigwe or Chizoba or any other person who is part of the loan deal.

Did Access bank carry out/follow all due diligence when granting the loan? No.

The law requires both Access Bank and Abia State governor to disclose this type of transaction to the general public. The law does not want people to use or abuse their serious connect to take loan, whether secured or unsecured, so that other shareholders in Access bank can know what has happened to their investments. The law wants to prevent the people (investors) from loosing their investments due to how some greedy ogas can use their serious connects to take money out of any company where they work as oga. This os applicable to every established public (Plc) company.

Wigwe’s madam may not disclose this if she’s running her company (Craneburg) as a one-man company, except there’s need to see her account by either banks, regulators, tax agencies and practitioners.

If she is running it as a Ltd company, audits her accounts, and she is preparing her financial statements using IFRS, she has to disclose this type of transaction.

On the part of Abia State government, its own procurement act requires it to disclose it too.

Let me now go further. Go and check every contract any Chinese government company gets anywhere in the world, you would see that they disclose all the details of the contract in their financial statements.

If you want to catch any of our Nigerian state that padded any contract given to any Chinese company, wait till the Chinese company is publishing its accounts, you will see the details of such contract ls given then you can compare the figures.

If you have access to Abia State government’ go to their Ministry of Works, Ministry of Finance, Auditor General’s office, and Accountant General’s office. You won’t see the file of this N50b contract there. They hide such files from people to see.

Not only Abia State does this. All Nigerian states do it. Access Bank that should not hide this type of transactions too hide it. That’s where you would know the deal was illegal. If deal was not illegal, Sahara Reporters won’t expose it because it would have already been reported by Abia State government and Access Bank, at least.

This may be the same nepotism and favoritism you guys were/are fighting Buhari and Tinubu for.

TINTINABULATION:
There is nothing so special here until we are privy to the Memorandum of Understanding between Abia State Government & Cranburg Construction. That is the document that will list all the roads to be constructed with the money. There is no law forbidding a private organization, such as Cranburg to approach its bankers for facility to execute a contract. If Access Bank finds her customer, Cranburg Construction credit worthy, then public opinion holds no sway

Ok,I agree with you. Hope your story will not change if seyi tinumbu company also get a loan from any other bank to do a government contract job? Hope you won't complain?