you cant afford wande'cole,terry g and the likes with such a modest sum. .ur best deal is to go for one of the fresh hot guys like da grin,bornstar,cartier,da prince
In furtherance of the Central Bank of Nigeria’s statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks— and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
The Special Examination primarily focused on assessing the health of the banks with particular focus on liquidity, capital adequacy and corporate governance. After a review of the findings of the Special Examination report in respect of these 14 banks, the CBN has come to the following conclusions:
The following nine (9) banks were found to have adequate capital and liquidity to support the level of their current operations and future growth:
1. Access Bank Plc 2. Citibank Nigeria Limited 3. Ecobank Nigeria Plc 4. Fidelity Bank Plc 5. First City Monument Bank Plc 6. Skye Bank Plc 7. Stanbic IBTC Bank Plc 8. Standard Chartered Bank Limited 9. Zenith Bank Plc
The 10th bank – which is Unity Bank—was adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.
The remaining four banks were found to be in a grave situation:
1. Bank PHB Plc; 2. Equitorial Trust Bank Plc; 3. Spring Bank Plc; and 4. Wema Bank Plc.
After a careful consideration of the matter, and in exercise of the powers conferred on him by Sections 33 and 35 of the Banks and Other Financial Institutions Act 2004, the Governor of the CBN, by order in writing, has taken a number of measures aimed at arresting the grave situation of these four banks.
The measures are:
a) The removal of the Managing Directors of Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc and the appointment of new Managing Directors for these three banks, namely:
1. Mr. Cyril Chukwumah for Bank PHB Plc; 2. Mr. G.O. Folayan for Equitorial Trust Bank Plc; and 3. Mrs. Sola Ayodele for Spring Bank Plc.
b) The removal of all Executive Directors in Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc. New Executive Directors will be appointed for these banks in due course.
c) The removal of all Non-Executive Directors in Spring Bank Plc.
d) The removal of Dr. Mike Adenuga, jnr., CON, as a Non-Executive Director of Equitorial Trust Bank Plc.
e) The order to the board of Wema Bank Plc to recapitalise by 30 June 2010. It is noted that Wema Bank Plc came under new ownership and management in June 2009 who took over a bank already in a grave situation and should not be held responsible for the present condition of the bank. The CBN will work with the Bank to ensure a successful completion of the recapitalisation exercise.
f) The provision of a total of N200 billion by the CBN as liquidity support and long term loans for the four banks adjudged to be in a grave situation to enable them continue normal business, while pursuing recapitalisation options.
g) The order to the board of Unity Bank Plc. to recapitalise by 30 June 2010. It is noted that Unity Bank Plc was adjudged to have insufficient capital for its current level of operations but was adjudged to have a healthy liquidity position and with no indication of poor corporate governance practices. The CBN has therefore exercised its powers under Section 13.3 of BOFIA to order the Board of Unity Bank Plc to recapitalise by the said date and the CBN will continue to monitor this situation.
In addition, the CBN will assist the five banks with insufficient capital in their loan recovery efforts, just as it did with the previous five. The CBN is happy to report that as at 25 September 2009, the five banks had recovered more than N110 billion of previously non-performing loans.
The CBN reiterates its commitment to stand by all Nigerian banks and work with their respective boards, management and other stakeholders to restore the stability of the financial system and thus ensure that our banks are able to effectively play their role in economic growth and development.
In furtherance of the commitment of the Federal Government to the growth and stability of the financial system, His Excellency the President of the Federal Republic, President Umaru Musa Yar’ Adua has directed the Honourable Minister of Finance and the Central Bank Governor to liaise with the Attorney General of the Federation, the National Assembly and other relevant stakeholders with a view to fast-tracking the process of establishing an Asset Management Company.
The formation of this company should facilitate an improvement in banking sector liquidity, protection of the earnings of banks from further erosion and a reduction of the debt overhang on the capital market and its participants. This should provide a much-needed fillip for the revival of the Nigerian Capital Market.
With the conclusion of the bank audit exercise, we have come to the end of the first phase of the process of restoring financial sector stability. Ongoing action will focus on building capacity within the regulatory regime; fast-tracking the implementation of risk-based, consolidated and cross border supervision frameworks; easing the flow of credit, particularly to the real sector of the economy; improving governance structures and practices in the financial services sector; and improving confidence in the economy in general.
texazzpete: @Poster At least the man was arrested and will be jailed up to 32 years in prison for fraud. and that's the norm in the west for anyone found guilty of fraud. How often does that happen in Nigeria? How many court injunctions did Madoff take to get himself off the hook?
Instead of taking time out to fix the problems bedeviling your country, you're trying to also point accusing fingers. Absolute bullshit!
Youre the kind of nigerian that encourages the west to continue their campaign of calumny and agenda for destruction. .Do you know how many people have been jailed for yahoo yahoo in Nigeria?If you are misinformed why not visit the courts or prisons and inquire. . You speak as though American big men also spend decades in jail like the common men. . .do your research properly and you will see that bigwigs in the US usually come off easy be resigning from their high offices and plea bargaining with the feds.
You obviously dont know enough about these issues.
The West and it's media propaganda machine always make it appear as though only Nigerians are involved in scams, In this article,it shows that they are even better at fraud than the nigerian elements involved. . infact,they created fraud and tutored the nigerians. . pls read,enjoy and feel vindicated inside.
A real estate investment guru who hosted a radio talk show and investing seminars was arrested in Dallas on fraud and identity theft charges, the FBI said.
Clifford Wayne Robertson, 43, of Murphy, Texas, was taken into custody Friday in Dallas by the FBI. He is accused of bank fraud and aggravated identity theft for allegedly trying to obtain financing since 2007 using someone else's personal information.
Earlier this year, TV station WFAA in Dallas aired complaints from several people who claimed Robertson bilked them out of their life savings. They described a man who built up trust using an inflated resume and operating under a host of business names who got them to buy property sight unseen. What they didn't know was Robertson also ran the companies selling the properties in terrible condition at inflated prices.
He also was accused of running up charges on his followers credit cards.
"You've got a one-man wrecking crew here that is crossing the board on all types of criminal violations -- whether it be identity theft, mortgage fraud, investment fraud, Ponzi schemes," Michael Anderson, assistant special agent in charge at the Dallas office of the FBI told WFAA earlier this year. "Our response to that is he needs to be stopped."
Robertson had been a host on CNN 1190 in Texas, and talked up his investing strategies on the show. The station is not owned by CNN. It is an affiliate. A spokeswoman for CNN said the network has nothing to do with station operations.The show does not appear on the station's schedule.
Phones at Robertson's business number all ring straight into voice mail. His Web site recruiting people to pursue loans through his firm, has no information on it about him.
A review of federal court records by WalletPop also found that Robertson filed for bankruptcy in 2003 -- showing just $8 in his checking account at the time.
John M. Bales, U.S. Attorney for the Eastern District of Texas, said Robertson appeared before U.S. Magistrate Judge Amos L. Mazzant . A spokeswoman for Bales said he is due back in court on Wednesday.
If convicted, Robertson faces up to 32 years in federal prison.
Of what benefit is it that a Governor of an oil rich state should give attempt to show off his crib to the rest of the world?is he trying to tell them we have money?they already accuse us of mismanaging our funds. . all he did was to confir, it. . is he trying to show class or taste? ?they know we didnt build it. . the arabs did. . he was careless and reckless. . .he's suppose to show progress,infrastructure and betterment. . not opulence and corruption. . .
Gov. Sylva is not a very smart man by my own assessment. In this clip below, he is tricked into showing off his expansive Governor's mansion not knowing the larger reason behind it was to compare in a documentary, political opulence with general poverty in the land.
Na wa. . . .so many intelligent people in nigeria and we have illeterates and dumb people running our federal government. . .I think the youths need to get more involved in politics.
na wa for nigeria. . .in my opinion this is still part of a script to cause panic and make the public see reason to invite foreign acquisition. . . .Sanusi lamido Sanusi,I hope you and yaradull dont eventually sell our country to saudi arabia.
There appears to be no end to this debacle as another twist has emerged in the ongoing saga. .Is this to cause panic?Why would reps order bailout money withdrawn from the banks? Are we yet to see the end of this plan by the FG for whatever purpose?
The Deputy Chairman, House of Representatives Committee on Drugs, Narcotics and Financial Crimes, Hon Bassey Etim, has urged the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, to return the N400 billion given the five distressed banks to the national treasury without further delay.
Etim who spoke to journalists at the National Assembly, said the immediate return of the fund was the only way to stem the wave of criticisms trailing the release of the fund to the ailing banks.
The Northern caucus of the House had on Sunday asked Sanusi to seek immediate ratification of the fund by the National Assembly to mitigate the breach of the constitution.
Etim argued that since the N400 billion was not appropriated by the National Assembly, it was wrong for any one to talk of ratification by the National Assembly on an issue that never existed.
The lawmaker said that there was no doubt that the action of the CBN in doling out the fund without approval of the legislature breached provisions of the constitution. The National Assembly, he said, appropriates expenditures of federal ministries, departments and agencies.
He said: "The funds as released to the banks did not pass through due diligence, considering the position of the law. There was absolute disregard for the legislature, so we believe the CBN Governor would respect the rule of law and ensure that the N400 billion is returned to the nation’s treasury.
"The Constitution is the guiding principle for lawmakers and any thing outside of the provisions of the Constitution is regarded as illegal and unacceptable to the legislature. The fund should be returned for the National Assembly to debate how much the Federal Government should release to bailout ailing commercial banks.
"We also want the CBN Governor to remember that the same provisions of the Constitution which he abused by unilaterally doling out the fund to the banks without input by the National Assembly, brought him as Governor of the apex bank."
Etim, said that the National Assembly should not be treated as a rubber stamp, "where its responsibility would be usurped by the Executive, only to refer to it after perpetuating illegality."
The Deputy Chairman noted that if the breach was left unattended, "with time, the national budget may no longer pass through the National Assembly for appropriation."
Sanusi, he insisted "should not make himself a player and umpire at the same time because there are three arms of government working towards the same goal."
Infamous nanny of the Ibru empire has been declared wanted.This was reported by the Sun Newspapers of today. . .15B Naira loan without collateral l lWhich way Nigeria?
The Economic and Financial Crimes Commission (EFCC) will today get the date for the trial of 16 bank executives and 68 debtors in its custody, it was learnt yesterday.
The commission also yesterday declared Mrs. Nananshettu Bedell (a one-time nanny to one of the children of Mrs. Cecilia Ibru) and an Abuja businessman, Mr. Dele Oye, wanted.
The Attorney-General of the Federation, Mr. Michael Aondoakaa (SAN), flew into the country at about 4am yesterday. He is to attend to the EFCC’s request for a fiat to prosecute the ex-bank executives and debtors.
A highly-placed source, who spoke in confidence with The Nation, said: "We are going to a Federal High Court in Lagos on Monday for a date for the commencement of the trial of the ex-bank executives and some of the debtors.
"The Office of the AGF has given us the backing for the trial of the suspects. Now, we are at the mercy of the court to know when to arraign the suspects. All I can tell you is that we will arraign them in court anytime this week and, most probably on Tuesday."
On debt recovery, the source added: "The EFCC chairman is returning to Lagos on Monday to take charge of recovery. More debtors are willing to pay back.
"But those still defaulting will be arrested and their assets confiscated, pending the conclusion of their trial."
But the President of the West African Bar Association, Mr. Femi Falana, yesterday said the EFCC needed no go-ahead from the AGF to prosecute the suspects.
He said the anti-graft commission’s application to the AGF was unnecessary, going by a decision of the Supreme Court of Nigeria.
Falana said: "Once a statutory agency is clothed with prosecutorial powers, it does not need the fiat of the AGF to institute any criminal proceeding in Nigeria.
"That was the decision of the Supreme Court in the case of Osahon Osahon vs. the Federal Republic of Nigeria.
"Incidentally, it was a former Chairman of the EFCC, Mallam Nuhu Ribadu, in his capacity as a police officer, who instituted a case in court without the authority of the AGF. But Ribadu’s action was challenged by the office of the AGF and the apex court declared that any agency with prosecutorial powers does not need any fiat from the AGF.
"However, the AGF has the right to take over such a criminal case either to continue it or discontinue it.
"When the AGF attempted, during Ribadu’s tenure, to have all the cases instituted through his office, he drew the attention of the Federal Government to the decision of the Supreme Court. And the government stopped the AGF from intervening or usurping the prosecutorial powers of the EFCC. So, the anti-graft commission does not need AGF’s fiat at all."
An EFCC source, who pleaded not to be named, said: "We applied for fiat because we don’t want to take chances. Whether we like it or not, the AGF has constitutional powers over criminal matters.
"We do not want to rush to court without the AGF’s consent because we are dealing with privileged suspects who have the means to fight a prolonged legal battle.
"We took our time to follow due process instead of a legally discretionary step to avoid any lacuna in the prosecution of the suspects. We don’t want to be caught unawares by any legal loophole."
Also yesterday, the EFCC declared the Chairman, Abuja Chamber of Commerce and Industry, Oye and Mrs. Bedell wanted in connection with the on going investigation in banking.
The suspects were declared wanted through a statement by the Head of Media and Publicity of the EFCC, Mr. Femi Babafemi.
The statement reads in part: "Both suspects who are close associates of the former MD/ CEO of Oceanic Bank, Mrs. Cecilia Ibru, are wanted for offences bordering on conspiracy, aiding and abetting, and money laundering running into billions of naira.
"The suspects were declared wanted after all efforts to get them to honour the commission’s invitation failed.
"The commission enjoins anyone with useful information that could lead to their arrest to contact any of its offices in Abuja, Lagos, Kano, Gombe, Port Harcourt and Enugu."
A source in the commission said: "We are after Oye because findings have revealed that he was allegedly used as a front for Cecilia Ibru.
"A company, Waste Project Nigeria Limited, was owned by some the children of Cecilia Ibru. But in 2007, these children relinquished their shares in the company and Oye took total charge. Despite the divestment of their shares, our investigation revealed that the company was used to siphon money abroad.
"As for Mrs. Bedell, she used to be a nanny to Cecilia Ibru’s eldest son, Oboden. She was then known as Nananshettu Abdulahi. She is number 13 on CBN’s list of debtors.
"We are after her because she got non-performing loans worth N14 to N15billion from Oceanic Bank International Plc. But most of the loans were without strong collaterals."
The notherners control the government and now they want to control the economy? ? Ive said it times without number that these notherners are desperate and will stop at nothing till every other tribe and religion is second class.
We need to divide this country now!!!The entity NIGERIA has failed in all ramifications and hence has no further reason or significance in existence
Aloy~Emeka: The guns were passing through Abuja so, it depends on where they were acquired. The could be heading to Ibadan for Gods sake and its only a non Nigerian who doesn't know we use arms and ammunition for our elections. People are seriously preparing for 2011 and its no joke.
My brother emeka,the article didnt say the guns were passing through. . .it said they were to be used in abuja for a motor park showdown which i find quite absurd. .any such uprising in the FCT would be crushed in seconds and all perpetrators sent to kuje prisons with immediate effect. . i believe the motorpark story is a cover up. .they know the truth
People with litle or no understanding about the polity shouldnt bother speaking just for the sake of it. . . . .what do they need guns in abuja for? ?are there any political seats to be contested in abuja? ?any governorship or house of assembly seats? ?abuja is a free politics zone. . the guns must belong to a rebellion stockpiling against a future attack. .probably boko haram or aggreived ND miulitants
No price??or is it simply to make a statement that you are king??, if youre serious about selling and really have this vehicle in your direct posssion pls post price
dedeike: fashola is good relative to his predecessors. But i will not be dragged into the bandwagon of praisesinging him. Given the huge resources at his disposal, more is expected of him. lagos state is still far from civility. More buildings need to give way for good roads and pedestrian walkways. all shanties and makeshift lock up shops should be demolished. drainages ought to be evacuated. molues and okadas should leave the roads.more bridges and ringroads to aid traffic decongestion. slums should be evacuated and in its stead gardens and parks. if he lacks the will, let him consult El Rufai. finally, let him strip himself of Tinubu and his coterie of Agberos.
Your post is not suprising to me. .Fashola has done so much that a lot of people now expect nothing but PLAIN MAGIC from him. . .dont you realise that to walk a child has to first learn how to crawl?Wont he take lagos from the doldrums before bringing it to a state of eldorado?
Everything takes time my friend. . . .and realise if it wasnt for the tinubu you speak down against you wouldnt have fashola in the first place. .you would probably have had obanikoro who would have had to use the first two years to learn the job and then use the next two years to steal money and achieve a quarter of what fashola achieved in his first year alone.
and dont forget fashola has the benefit of experienced technocrats like banire on his team. . how the hell can he go wrong?things can only get better my people.
Music/Radio › Re: I Want To Throw A Beach Party: Pls Suggest Artistes That Can Rock The Crowd by bombsquad(m): 7:45pm On Dec 02, 2009
