₦airaland Forum

Willy2025:
Trust me. They are going to get him dead or alive. That's how efficient the FBI are. This is not Nigeria, where the security systems and apparatus are in a state of comatose.

yvesboss:
Do people still have friends??

For me, I don’t expect anything from anyone so as not to be disappointed. I count anything you do for me as extra not as expected

ibechris:
Money attracts friends and poverty is the barrier that divides.

No-one cares if u helped them before...so whenever u are financially stable,always remember to invest and stop helping people as if u owe them.

Use hour money wisely...
Ensure u are stingy until your money starts working for u. Then u can become liberal if u want to.

From your name I can tell for sure the enormity of betrayals u have had.

Sorry.

Nonexisting1:
You made good point but before you blame people for not helping you, be sure they have the means and the ability to. That you see them all dressed up and pretending to be balling doesn't mean they are doing okay and are in position to help someone else. Many people can't even help themselves now. Everyone is pretending so look really deep before you start throwing blames. Forget what people do and say online. Some of them don't even eat with fish at home now but they know what kilo of turkey cost in every market.

Apcshit:
One thing I hate is connection, why must u know someone before you get something

thisisit:
GOD BLESS VDM FOR LENDING HIS VOICE TO THE MARGINALIZATION OF NIGER DELTA....
ALL THE SEAPORTS IN NIGER DELTA ARE DELIBERATELY ABANDONED BY THE NORTGHERN AND SOUTH WEST PRESIDENTS

seborrhic:
This narration seems like the victim telling her story from the dead.
The person that is narrating the story like she was in the house when everything was happening.

Mrfixitt:
Nigeria won the same trophy last year and 2018 as well and those are the recent ones. Be guided

nymphomaniac:
Jumia currently sellling the Nexus 18" standing fan at buy one get one free...ordered at 13k+. Make I see if na original nexus else I ask for a refund. Shikena.

gabolak:
Stop this your hatred towards the poor farmers please.
There is no point in trying to sell at a high price if the cost of production is low.
The cost of production is extremely too high these days and it affects all the sections of the economy.
Starting from the cost of a day-old chick to the cost of drugs and feeding everything is expensive now. Even common wood shavings farmers will have to buy at exorbitant prices these days.
Please direct your anger towards the people managing our economy, not the farmers who are victims of the mismanagement of the economy just like you.

zionstaar75:
this is for the poor and I'm not one of them. I buy 20gb monthly and I do anything I want on my phone, I never off data.

LazyMiRae:
Yes Egusi is a Yoruba word but the soup belongs to the Igbos. It's just the way words are spelt in Igbo like
Egwusi for Egusi
Enugwu for Enugu

And okra is also Igbo. The word English word Okra was derived from the word Okwuru. The actual English word is "lady fingers"

Onlinegist:
Justin Baldoni‘s team thinks Blake Lively is being totally hypocritical!

Earlier this week, Blake and hubby Ryan Reynolds filed a letter in court asking a judge for a protective order to stop the It Ends With Us director’s legal team from going after Blake in the media. They claimed all the media appearances were going to jeopardize her ability for a fair trial should it come to that.

On Friday via Page Six, sources close to the Jane the Virgin alum clapped back, calling the move “grossly unfair.” Why? Well, the Gossip Girl alum’s claims were made public immediately in a huge The New York Times! Because of this, the insiders think the motion is “unbelievable” since

Continue Reading 👇 👇
https://www.gistonlinesng.com.ng/2025/01/grossly-unfair-justin-baldoni-insiders.html

Tightpussy2024:
But a man being rejected gives him the right to pick on women?

You guys will act sexually inappropriate around women,we will forgive and ignore and not make fuss.

Till our of bitterness,you start harassing us and maligning us,then we remember that you are doing this because of the earlier rejection and then we expose you.



The idiots like you and all akpabio supporters will start saying why didnt she talk since.

Must women forgive sexual advances,wise men will appreciate this and not bother further. Foolish men will be looking for revenge. This is the Blake lively and Justin baldoni case.she moved on,but oga started smear campaign against her.

Dear men,if you have attempted inappropriate advances at a woman in the past,as long as she remains quiet,just leave her jejely in peace.dont give her reason to remember your case

Softmirror:
Hahahahaha 🤣 🤗 😂.

Can Nigeria ever get anything right?

Nigeria! chai Nigeria. 🤣🤣🤣

AreaFada2:
Give me examples of such morning lineage greetings.

Examples like:

Bashorun family of Oyo
Balogun of Ake/under Alake
Odofin of Ijesha

Owa Obokun family
Awujale family
Timi of Ede family.

And other Family MORNING greetings.

Not talking of oriki generally like "Omo Owa Obokun" to praise Deji of Akure people, for example. Because I know my family oriki in Yorubaland.

Amayabor1:
Of course. No one has ever argued that. Even the present Oba of Benin has said that previously.

The question that you should be asking is what is the origin of Oduduwa.

Prince Ekaladerhan (Oduduwa) was the only son of the exiled King Ogiso Owodo. He was a Benin Prince. Ekaladerhan (Oduduwa) went on to found Ile-ife. So, present day Ile-Ife has it's origin from a prince of Benin kingdom. Similar to the way the Benins founded Eko (Lagos).

Don't be deceived by the yorubas narrative of history.

bobestman:
Ndigboo why are you ppl so dumb. This is not what the man said but many of you just support it. Our ancestors were called Ndi Mbu (First people) on earth. They were known to migrate, explore and discover lands. What the man said was that it was the some Igbos who migrated that returned. They didn't lose their language or culture. Igbos migrated to Ife and lived their as one ppl with them. A war started and it was difficult to defeat them. I think that was what brought Oduduwa and he helped them defeat the Igbos and they were sent
packing. They have no choice than to return to their original land. They settled in Anambra. Their Ways was similar to those of the West cos they lived their for many years and have mixed it their original Ways with that of the West. They never lost their language. The other Igbos are those beyond the River who never mixed or migrated. Anambra was before Nigeria. Go to Igbo Ukwu Museum in Anambra and you will find things older than any tribe in Nigeria. Anambra is Ana Edo. Edo in Igbo means gold. It was the land of Gold (Eden). Their was gold their in Prehistoric times.

Many places in Yoruba land ended with Igbo to show their influence in Ife. But many ppl of hate won't tell their ppl this truth. They instead told them that Igbo mean bush and that those places mean bush. Why then is Obatala nicknamed Oba Igbo? Is he Oba bush? Let's just leave that one. They never told them that Igbos are also Aboriginals of Ife. Oduduwa helped them before Igbos were sent packing from Ife. They even celebrate that event till today. They respect and praise Oduduwa for what he did for them. The guy even migrated to the land. Why do Yorubas never teach their ppl this? This is why they hate Igbos. The Obi told you guys that we are related. Afa/Ifa are the same

Shattuck:
the obi of onitsha dresses more like a bini man than a Yoruba man, and he also traced his ancestry to bini kingdom, ife which influenced the entire Yoruba race was also influenced by the bini kingdom.

ariesbull:
I know many Okun folks that said they aren't Yoruba

SpatialKing:
You are not Yoruba

stuffs2002:

Why are you barking online like a public dog. Why can't you pass your message to him without insults.

For the records, there are not Yorubas in Kogi so stop deluding yourself.

You obvioslyy have little or no knowledge about Kogi and I know you have never stepped your foot in the state because you would have known that bearing Yoruba names does not mean you are Yoruba because I know Ebiras, Igalas and other tribes in Kogi who bear Yoruba names and they are 100% not Yorubas.

I know people who bear British names in Nigeria and that does not mean they are British.

Abagworo:
Obi's full story translation for those who don't understand Igbo


"How Onitsha got to the place we are today is a very long story. The last place our great granfathers left to Onitsha is Iduu which later became known as Benin. We left Ado to Iduu which is why we are called Onisha Adi n'Iduu. Ado is what later became Ile Ife but as at then that was Onitsha abode. Not only Onitsha but all the Igbo people were in Ado together but Igbos had misunderstanding with some other groups and left Ado to settle at Iduu. As at then Iduu wasn't Benin but had many tribes. We also left Iduu and continued our movement till we crossed the Niger to settle at present day Onitsha. You knowfully well that in the course of a journey some people do get tired and quit along to settle there. That is why when you're moving from Ado to the East you will see several Igbo settlements because they couldn't make it across the river . Some of these Igbos have lost their Igbo language for example Ijebu Igbo and Igbomina are all Igbos. Once you pass Benin and enter Agbor all the settlements from there are strictly Igbos. That was how we moved till we got to Onitsha but the journey didn't stop here. The movement continued so if you get to Mbaise in Imo State there's Onitsha there and its same with Afikpo in Ebonyi and Onicha Nsukka in Enugu as well as various parts of Southeast. Our own particular Onitsha is called Onicha mmili.

Let us go back to the beginning. Were Igbos from Ado or were they from elsewhere before getting to Ado? That is a subject of research left for experts to determine. "

membranus:
Anybody keeping his money in Unity Bank should take absolute caution. Read the massive fraud going on there below.

David Hundeyin
Unity Bank Fraud: An Unfolding Story Of Nigerian Corporate Malfeasance
A former bank chairman has figured out the art of never running out of money to waste. Other people's money.

DAVID HUNDEYIN

Thanks for sharing 👍
DEC 02, 2023

Thomas Etuh Eating Unity Bank

Thomas Akoh Etuh is a very rich man.
He is the Chairman at Veritas Kapital Assurance Plc and Founder of the TAK group of companies, a multibillion naira conglomerate spanning Agriculture, Logistics, Asset Management, Aviation and Mining. His portfolio includes TAK Continental Limited, TAK Asset Management, TAK Agro, TAK Aviation, Thomasses and Associates Limited (UK) and Cape Cross Salt (PTY) of Namibia). Like many Nigerians of such considerable means, he made the jump from bank customer to bank insider, becoming the pioneer Vice-Chairman of the Unity Bank board of directors in April 2014.

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A little under a year later in January 2015, the Central Bank of Nigeria (CBN) approved his appointment as the Chairman of the board.


What happened during the 33 months from his appointment on January 23, 2015, to his retirement on October 4, 2017 would become a case study in regulatory malpractice, absence of compliance, and the sheer, unbridled greed of well-connected insiders in Nigeria’s financial system. Along the way, a previously healthy bank would find itself completely hollowed out after giving out hundreds of billions of naira in Non Performing Loans, reduced to meticulously cooking its books while secretly operating with negative share capital for the better part of a decade. A barely-disguised distress sale to a younger competitor would then be floated as the solution to the bank’s woes, even as its erstwhile chairman would continue to lavish stupendous amounts of money on his personal business interests.

Other people’s money.


Bank Insider Fraud: The Perfect Scam
Former American bank regulator William Black famously wrote a book about the 1980s U.S. Savings and Loans crisis called ‘The Best Way To Rob A Bank Is To Own One.’ In the book, he detailed how the average, run-of-the-mill, successful bank robbery nets an average of $7,500 along with the risk of a bullet to the chest, whereas a moderately competent bank executive could make many multiples of that sum using just 2 basic principles of accounting fraud – Compliance Fraud and issuance of so-called Liars Loans. When the goal is a heist, the idea behind the 2-pronged approach is simple but effective. Compliance Fraud entails lowering internal controls and restrictions that normally limit the bank’s exposure to high risk activity such as subprime lending. Doing this allows the bank to vastly increase its loan portfolio in a short time and thus report incredible levels of growth – at least in the short term. Working hand-in-glove with this is the increased issuance of Liars Loans – loans that are issued with little or no due diligence by the bank, effectively taking the borrower at their word, which a bank is never supposed to do.

According to Black, there are always 3 outcomes whenever this financial formula is put into action. First, the bank experiences incredible growth in the short term, and may be able to report an impressive balance sheet.


158 percent balance sheet growth in just 2 and a half years…
Next, Black says, the top ranking executives at the bank become stupendously wealthy.


Finally, the bank itself suffers catastrophic financial ruin that causes its collapse if it is not bailed out or taken over.


According to sources from within Unity Bank, Thomas Etuh appears to have treated Black’s “formula” as an instruction manual rather than a warning, and the inevitable disastrous outcome is imminent. Etuh, according to these sources, was singlehandedly responsible during his tenure, for inflating the bank’s number of Non Performing Loan (NPL) accounts to over 20,000, coming to a total NPL balance of more than N400 billion by the time he retired. Of this unfathomable number, at least 7 seven companies directly owned by or linked to Etuh alone were responsible for more than N29 billion worth of NPLs that would later be wiped off the books using financial sleight of hand. The following images are excerpts from large data files passed across to West Africa Weekly containing the comprehensive list of NPLs shortly before Etuh’s retirement from the board in 2017.

The companies left unredacted are all companies directly owned by or beneficially linked to Thomas Etuh.






Fertilizer & Chemical Ltd, TAK Agro & Chemicals Ltd, SDEM Erectors Nigeria Limited, North East Gold Comm. Ltd, Keptin Fertile Acres Limited, Yam International (NG) Limited and TAK Continental Ltd are some of the Etuh-linked entities on this list of NPLs, as identified by bank insiders to West Africa Weekly. Entities linked to Etuh alone were responsible for a double digit percentage of all non performing loans on the bank’s books. Recognising that this would become a problem, Etuh’s next move was either evil genius or just plain evil, depending on your perspective. In December 2016, Unity Bank under his leadership struck a sales agreement with a company called Frontier Capital Alternative Assets Limited (FCAAL) to offload its total NPL portfolio – then worth N242 billion – for just N6.43 billion. You can access the full sales agreement here.


The deal of a lifetime
FCAAL by the way, is also closely linked to Etuh according to sources at the bank. What this means is that after personally taking nearly N30 billion out of the bank whose board he chaired, in the process inflating its NPL portfolio well past every regulatory limit in Nigerian jurisprudence, Thomas Etuh and his associates at FCAAL would then use a fraction of what he took out of the bank to buy its loan portfolio worth approximately 37.6 times more than what they paid for it. In addition, all collateral used to secure these loans were also taken over by FCAAL in the deal, making it a double loss for Unity Bank and a double gain for Etuh and FCAAL. But he wasn’t done yet. The sales agreement was modified in May 2017 to account for, among other things, the expected value of the NPL portfolio by the end of that year. At the stroke of a pen, the value of the loan portfolio sold to FCAAL went up 44 percent to N436,751,633,476.96 – but the price paid by FCAAL did not change.

Thomas Etuh had successfully masterminded the obliteration of nearly half a trillion naira of wealth from the Nigerian banking system in exchange for the risible sum of N6 billion.


Once again, the deal of a lifetime
Explaining why this is an especially bad deal, a source who asked not to be named said this:

It is important to point out that the sale of Unity Bank Loans to Frontier was under the pretence that it was helping the NPL of the bank. That is far from the truth because Thomas Etuh, who is responsible for the majority of the NPLs, has created fresh NPLs in the bank. The major reason for the sale was to cover up the huge NPL belonging to Thomas Etuh. Note also that the loans and its collaterals were grossly undervalued with no reasonable revenue generated from the sale (N400bn loans sold for N6bn.) Moreover, the sale eroded the bank’s capital, throwing it deeply into the red. In addition, Frontier Capital has made very little recovery most of which were at ridiculous concessions because it did not pay any reasonable considerations for the loans.

The problem with all this was that regardless of whatever accounting shenanigans could be enacted to hide the fact that Unity Bank was nearly half a trillion naira in the hole due to compliance fraud and Liars Loans, that kind of leakage could not be hidden for long. It was bound to show up on the books eventually and result in the first bank run in Nigeria since the January 2006 collapse of Société Générale Bank of Nigeria. Certainly if the bank were being audited by PwC or KPMG, such gaping holes in the balance sheet could not be hidden for long.



Which perhaps makes it rather interesting that the bank’s long-standing auditor turned out to be a little-known audit firm based in Kano called Ahmed Zakari & Co. The image below is its Lagos office. Feel free to draw your own conclusions, if any.


A picture tells a thousand words
Explaining the ongoing conspiracy of silence at Unity Bank, a current staff member with knowledge of the matter said:

With this criminal sale of the Bank’s assets, the bank shareholders funds became negative to the tune of about N270 billion. The bank has been operating with huge negative capital for several years.

Boardroom And Regulators Unite In Mischief
The Banks and Other Financial Institutions Act (BOFIA) 2020 and the CBN’s Prudential Guidelines contain multiple clauses that criminalise pretty much everything described above. The Prudential Guidelines for example, state that the maximum amount that can be given as a loan to a single borrower or group of related borrowers is 20 percent of the bank’s shareholder funds. Thomas Etuh himself claims that Unity Bank’s shareholders’ funds stood at N31 billion when he took charge, going up to N80 billion by the time he left. Putting aside the whistleblowers’ insistence that Unity Bank has in fact, been running with negative shareholders’ funds since 2016, if we are to use his own dodgy math, his NPL portfolio of N29 billion grossly exceeds the prudential guidelines both in the case of N31 billion SHF (93.5 percent) and N80 billion SHF (36.25 percent).


For some unspecified reason, both the Management and Board of Unity Bank showed complete disregard for these regulations and continued to grant loans to Thomas Etuh in amounts far in excess of the regulatory limits. The CBN meanwhile, appears to have entirely vacated its regulatory position where Unity Bank is concerned. According to staff who were in the know, the bank’s treasurer, Sunny Bakwunye was indicted by a high level committee within the bank for fraudulently diverting N13 billion belonging to the bank.



The recommendation of the committee’s report was that he should be sacked and the N13 billion immediately recovered. For an unknown reason, sources informed West Africa Weekly, this recommendation was never carried out by the Managing Director, and the Treasurer remains not just a free man, but also retains the job to this day.


Unity Bank MD, Tomi Somefun
Moreover, the inside word is that as the CBN continues to sit on its hands instead of regulating Unity Bank properly, the risk factor for contagion is growing within the Nigerian financial system due to Thomas Etuh’s insatiable appetite for toxic NPLs. The following memo to the board of the bank signed by the MD and other officials shows that Thomas Etuh has recently been granted new loans totalling N10 billion by the bank he quite literally ate into the red. Once again, the approval for the loan was given with no questions asked.




In case you are in any doubt about who is behind “Lighthouse Capital Limited,” the CAC document below should clear that up.



Worst of all, as confirmed by all sources, there is a plan afoot to cover up all these financial atrocities at Unity Bank by going into a merger with Providus Bank. This move is apparently being spearheaded by Thomas Etuh with the support of “allies” at the CBN.


Regulatory Questions That Need Answers
Ahead of any proposed merger involving Unity Bank, the CBN, NDIC and EFCC must carry out investigations to answer the following questions, failing which they might be exposing the Nigerian financial system to potentially catastrophic contagion:

What is the exact value of insider Non Performing Loans covered up in the sale to Frontier Capital?

Why was the N13bn fraud by the Treasurer covered up, and why were the recommendations of the committee never implemented?

Why and how has Unity Bank continued to operate with negative shareholders funds till date?

What is the role of the auditor in keeping this fraud going?

What is the true status of the new loans granted to Thomas Etuh by Unity Bank? Have they become NPLs?

Are there other directors of Unity Bank who are beneficiaries of these loans to Thomas Etuh, which is an incentive for their continued breach of the regulatory limit on insider loans?





https://davidhundeyin.substack.com/p/unity-bank-fraud-an-unfolding-story

dejavski:
You are the one having serious comprehension issue here.... I mentioned it before that the Yoruba clans similar to the Ilaje culture and traditions are the southeastern yorubas . Tell me where these cultures are celebrated in oyo, osun kwara
You have not said anything as regards the bolded monarchial system I highlighted though

Who are the southeastern yorubas?
Ijebus ikales ilajes Ekitis Ondos owos
As regards the bini ties? Yes! The ilajes have historical ties with the binis

dejavski:
In my opinion yoruba is more like a group of people with mutual relationship that have lived together for a long time in peace and harmony. In other words you cannot call yoruba a tribe. This is because most of these clans do not have common cultural and monarchial heritage.
I haven't come across anywhere in yorubaland where they celebrate Aiyelala or umale or umalokun festival as it's being celebrated here in ilaje.
Same also lies to other dialects such as Owo Ikale and so on.
The only thing you can celebrate general is the Ogun festival which is also celebrated in Benin.
For the monarchical System, the ilaje System was derived from benin Kingdom. The same applies t ikales.
Why didn't we hear of a dominant yoruba Empire in the 14th century up till 19th century? Even the Oyo empire we hear of had its boundaries and territories(google it) it didn't extend to the eastern parts such as ijebus Owos ilajes ikales etc