₦airaland Forum

Epiphany:
Wow debosky, thats a big statement o. How come they never had any GOOD intentions investing in Nigeria? I would have thought that with so many airline 'partnerships' around the world (Virgin Asia, Virgin Blue, Virgin America, Pacific Blue etc), Virgin - like any other company is only out to make [honest] money. Why should the Virgin Nigeria be any different from the others?

Is it not safe to say that probably, probably, PROBABLY, our own (Nigerian) business environment brought this upon us?

Anyway, i am saying all these because Branson happens to be one person that i like. A rich man who intensely enjoys his riches and is not ashamed about it. Another being Donald Trump

the moment you added Donald trump, you argument lost a lot of weight and punch.
that man is all noise and little substance.
he is no way near as rich as he claims and he has no clear cut strategy that anyone should aspire to.

By Davidson Iriekpen, 07.23.2009

Guaranty Trust Bank (GTBank) Plc has dragged Virgin Nigeria Airways before a Federal High Court in Lagos over its alleged inability to service a loan facility of $9,194,577.36 (N1.3 billion) secured from the bank.
According to the petition before Justice Dan Abutu, the petitioner is urging the court to wind up the affairs of the airline under the provisions of Sections 409 (1) and 410 (1) (b) of the Companies and Allied Matters Act (CAMA).
According to the matter, the bank averred that on April 22, 2008, two loan facilities were granted to the respondent, which were meant for the finance of working capital and issuance of bank guarantee for the supply of spare parts.
The petitioner added that by another offer letter dated May 8, 2008, the respondent was availed three loan facilities of $30 million, $10 million and N500 million.
The three loan facilities were said to be meant for the purpose of financing working capital, issuance of bank guaranty for spare parts and aircraft payment to suppliers and to finance Virgin Nigeria’s working capital and issuance of bank guaranty to its suppliers.
It stated that other facilities were extended to the respondent and that the securities for the funds disbursed included negative pledge dated May 9, 2009, revenue collection agreement dated May 9, 2009 and counter indemnity also dated May 9, 2009.
However, the petitioner said out of the total facilities granted to the defendant, a cumulative sum totalling $15 million was disbursed to the defendant, adding that the defendant failed and refused to reciprocate the good gesture by liquidating the debt.     
The petitioner further contended that it had written several letters to the defendant on the consequences of its constant breach of the agreement, all to no avail.
It added that Virgin Nigeria was insolvent, adding that it would be in the interest of justice for the company to be wound up over its inability to pay the debt.
The bank stated that the outstanding indebtedness of the respondent to the petitioner was colossal and had continued to attract interest in line with the prevailing practice in the petitioner’s industry.
It argued that the nature of the respondent’s business is in such a way that its assets could not be left in its hands without a credible supervision or provisional liquidator appointed by the court who will preserve its assets and funds in banks and other financial institutions in the country.
The bank noted that placing the assets of the airline in the custody of a provisional liquidator was the best way to preserve it pending the hearing and final determination of the suit, adding that pre-emptive orders of the court sought in the wind-up application was in line with the provisions of the laws especially as they relate to winding up proceedings.
It concluded by stating that since the airline’s directors could not be restrained from dissipating its funds or tampering with the assets without the orders of the court, it (the petitioner) would undertake to indemnify the airline in the event that orders sought via the application to wind-up ought not have been granted.
At the continued hearing of the matter, lawyer to the petitioner, Kunle Ogunba, told the court that negotiation on an amicable settlement of the matter had broken down.
Ogunba added that as a result of that, he was informed by his client to file several processes to challenge the objection raised by the defendant to the petition.
He said: “We have filed a counter-affidavit to the defendant’s motion on notice and the notice of preliminary objection. As at the last adjourned date, we did inform the court of our intention to settle out of court. However, I was informed by my client (the petitioner) that negotiation has since broken down and we are ready to proceed with our case.”
But lawyer to the defendant, Ekenna Okoli, who announced appearance on behalf of Kola Awodein (SAN), confirmed that negotiation in respect of amicable resolution of the matter was inconclusive.
He, however, urged the court to grant another adjournment to enable parties to the suit to further explore out-of-court settlement of the case.
The presiding judge, Abutu, has adjourned the matter till July 24 for report of settlement.
Virgin Nigeria has been flying in turbulence in recent times, starting with the cancellation of long haul flights. Recently, it was announced that the airline would soon drop the Virgin brand from its name.


http://www.thisdayonline.com/nview.php?id=149539

agree with you on that.

she sure loves them chubby.
the boy don catch better fish o!!
carry go, my broda.

all these cryptic reports will do us no good.
name and shame them now.

can some knowledgeable person, please answer my question.

funkydot:
Well she had to get it right the second time!

what the heck do you mean?
she did not kill Jaiye you know

a related question.
where did this woman get her Professorship from?
no insults either way, please.
i am just curious because i have heard her speak several times and her comments are simplistic, devoid of content and lacking in depth.
same with mrs. Cecelia Ibru.

philip0906:
yes their health.

i am referring to you.
the curse and insults you are reigning on anyone with a brain functioning enough to know that this show is crap and that Dbanj is doing himself more harm than good.
for you it is all about money and defending the indefensible.

the more i reread this article, the more confused i get.
how will we progress with such leadership?

something is seriously wrong with this woman.You really begin to wonder her suitability for the position she holds.i have heard her counterparts from other countries speak and they do not sound as childish, simplistic and devoid of content as this lady.with such persons at the helm, i have serious doubts.

Okereke-Onyiuke: No Investor Lost Money
•Says NSE second in return on investment

Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, has stated that investors in the Nigerian capital market did not lose money in the face of the crash experienced in the last one year.
She also claimed that the relentless bearish trend of the period was because of the exposure of investors to foreign media of communication through which they followed the unfolding disasters in the United States economy such as bankruptcies and removal of bank executives, thus leading to panic dumping of Nigerian stocks.
Otherwise, she said, the fundamentals of the stock market remained solid and resilient.
Okereke-Onyiuke spoke at the weekend during the capital market stakeholders’ luncheon of the 2009 convention of Association of Nigerian Physicians in America (ANPA) held in Abuja.
She said investors did not lose money on the grounds that most had sold some of the shares when the rates were much higher than their original prices which they used in building houses, cars and other investments, “including marrying more wives”, while they had benefited by way of dividend and bonus shares they had received over the years prior to the burst.
“Distinguished ladies and gentlemen, many of our investors that suffered losses only lost in terms of value,” she told the delegates. “Their holdings are still intact. It must be stated that even those who lost had earlier made huge profits in form of capital appreciation, dividend and bonuses.”
She also remarked that the market had embarked on the steady path to recovery and the Nigerian Diaspora was supposed to take advantage of this rebound.
According to her, at the peak of the global meltdown, the Nigerian market lost only 40 per cent of its value as the total market capitalisation declined from N12 trillion in 2008 to N7.14 trillion in March 2009, but as investor confidence was beginning to rise; the country’s total market capitalisation was equally rising.
“Today, it is hovering above N8 trillion as many of our investors are taking profit regularly following market dynamism,” she said. “Our market is resilient. We did not apply any stimulus.”
The chief executive officer of the NSE said the Nigerian stock market was now second in terms of returns on investment and among the best five in the world as confirmed by Standard and Poor’s as well as International Finance Corporation (IFC), an arm of the World Bank.
She contended that even at that, the rating institutions “cheated” Nigeria because they used dollar terms in calculating the rating of other countries, while that of Nigeria was done using black market rates.
“Until the market meltdown, we have always outperformed many developed markets in the area of return on investment (RoI) in dollar terms as adjudged by the International Finance Corporation (IFC) and Standard and Poor’s, an international rating agency,” she said. “Our market will soon sustain this high performance.”
The DG stated that the Nigerian market shares were now trading below their intrinsic value, making them attractive to local and foreign investors, adding that the NSE had enlarged its Investor Protection Mechanism through enlarged disclosure requirements for the quoted companies and an enhanced risk management strategy.
Aware of the need for investment, Okereke-Onyiuke said, the Federal Government had taken a number of measures, including the amnesty to militants, to restore peace in the Niger Delta, thus sustain Nigeria as an investment destination.
She assured the audience that the Exchange would continue to operate corporate governance in line with global best practices just as she announced that some applications for new issues had been approved this year while many were at the final stages of approval.
“Our market is back to life,” she affirmed. “We shall leverage on our investment in information and Communication Technology (ICT) to remain competitive. Our market is safe and our operating environment is stable as adjudged recently by Fitch Rating Agency.”
However, the CEO of Afri-Invest, who put the event together, Mr. Godwin Obaseki, did not share Okereke-Onyiuke’s optimism, saying the market might take much longer to recover.
“I am not as optimistic as the DG,” he said, although he agreed there were improvements in the economy, like the firming up of the Naira, and asked investors not to panic.
He advised them to always use professional stock brokers and fund managers in investing in the stock market.

so much bile is bad for your health.

Dbanj is a talentless git. hence his desire to make as much money as possible while his fame lasts.
he knows he has no real talent to sustain him as an artiste.
i like him.he knows his limit and is capitalizing on it.
the issue is that crap like this does unquantifiable damage that makes you wonder if the money earned is what it.

'anything can happen' indeed.

and all are thieves. some are even worse than their husbands.

Billionaire businessman and Vice President of the Council of the Nigeria Stock Excha-nge, Aliko Dangote is under intense pressure to resign from the council before the forthcoming Annual General Meeting of the NSE.
The AGM of the council has been fixed for August 6, during which the election of new ex-co council members is expected to take place and pave the way for Dangote to become the president of the NSE.
However, Dangote who spoke extensively to THISDAY last night denied being under pressure to resign from the NSE council, saying, “it is all rumours.”
The billionaire businessman blamed the “rumours” on the out-going president of the council, Oba Otudeko.
Sources confirmed that during a routine meeting of the council in Lagos on Monday last week, a committee of the council met and appealed to Dangote to resign.
The committee in arriving at the decision took into consideration Dangote’s status, image and position in the country and felt it would be better to appeal to him to resign rather wait till August during the AGM when the council might vote on his eligibility to become the president of the NSE on moral and ethical grounds.
The decision, it was gathered, might have been taken by the council as a result of the market’s perception of Dangote’s alleged role in the price manipulation of African Petroleum Plc’s shares early in the year.
It was also gathered that the pressure on Dangote to resign is the fallout of a tussle over who should take over from Otudeko when his tenure expires on August 6.
But Dangote explained that right from the time he became a council member of the NSE, Otudeko had always fielded candidates against him and is capitalising on the opportunity presented by the upcoming election to back another candidate against him (Dangote) again.
“For instance, during the election for the presidency of the Northern Zone of the NSE, he fielded Abdullahi Mahmoud, a director of Nigerian Flour Mills Plc and also one of my company’s director against me.
“However, during the election, Mahmoud got two votes, while I got over 20 votes, which enabled me to become the president of the Northern Zone.”
According to Dangote, Otudeko wants to maintain his stranglehold on the stock exchange by putting a candidate that would do his bidding when he (Otudeko) steps down next month.
“This is all about the demutualisation of the NSE. He (Otudeko) is the chairman of the demutualisation committee which is not right and he wants to retain that position.
“Ideally the chairman of the demutualisation committee should be an outsider to prevent a conflict of interest from arising because it entails making the stock exchange a quoted company,” Dangote said.
Demutualisation is the process of changing a mutual or cooperative association into a public company by converting the interests of members into shareholdings, which can then be traded on the exchange.
The council of the NSE last year said NSE would be demutualised to become a quoted company by 2010.
Dangote further revealed that the presidency of the NSE has been zoned to the Kaduna-Kano section of the North, which makes him the natural candidate to secure the post.
“But Otudeko wants to see someone else emerging, possibly Dr. Umaru Mutallab, the current chairman of First Bank of Nigeria Plc, which is unfortunate given that the man is 69 years old and is a retired council member.”
The presidency, which should naturally go to Dangote, as has been the tradition in previous transitions, has suddenly become the subject of dispute because of Otudeko’s alleged reservations about a Dangote presidency.
Already, a possible candidate could be Bello Maccido, cousin of the Sultan of Sokoto and a council member of the stock exchange.
However, the possibility of him becoming the president has been dismissed on the grounds that he hails from Sokoto State which does not fall under the section of the North that should produce the president.
But a dealing council member who spoke off the record said that the constitution of the stock exchange requires voting when certain matters arise, “so if Dangote remains obstinate then the entire council will have to take a vote on his eligibility, or lack thereof, to become the president of the NSE.”
He explained that this is a call by the owners and council of the stock exchange, “however, members shall continue to persuade him to do what is right.”
On whether the Kaduna-Kano axis would lose the presidency if Dangote decides to step down, the council member explained that the axis can field an alternative candidate from the Kaduna-Kano zone who “does not have to be a coundil member as long as he meets the qualifications and stature necessary to assume the position.”

happy birthday Seun.
may your light never fade.

i am really disappointed at how this thread has degenerated to an exchange of ethnic jingoism.
it is a shame that people are letting ethnic afilitions allow them condone criminality.
i am not a fan of letting out private info online, but if anyone should be a fan of the militants, i should be one.
like i stated in page 1 of this thread, this is plain CRIMINALITY.
there is no struggle or movement in this so called militancy.
this is a money making venture with no ideology involved.
until the govt has the balls to deal with this, the country is screwed.
the problem is that most of the people in govt are benefiting from this scenario.
this amnesty crap is just another propaganda for the those in govt to make money.
have you heard the billions voted for the amnesty and rehabilitation program?

desgiezd:
Nice words delivered intelligently!!

I think MEND has never had it so good, though its still early in the day, but I'll like to give it to Yar Adua's government that it has started well on this reconciliation issue. I pray they are able to conclude it well. Instead of bombing Lagos and attracting more condemnation to themselves, I think they need to handle this more intelligently and win huge concessions from the FG  for all Niger Deltans.

this is no struggle, this is no movement.
this is pure and plain criminality.
the only ideology these rouges are expounding is the ideology of money.
they are just raising the stakes.
don't be fooled.

amnesty or no amnesty, the day this incapable govt starts to deal with this so called militancy issue as plain criminality that is the day we will begin to make progress on that front.
this whole amnesty thing is just another avenue for some crooks in govt to make money.
take a look at he case of Asari Dokubo and you will know that 'militancy' pays.
have you seen how robust and fresh he looks?
have you seen his convoy of exotic cars?
have you been able to make any sense out of the crap he and his fellow militant leaders spout out of their mouth?
bros and sis, this is just another money making venture.
the govt is unable to stop it because it has grown hydra headed and those in power and behind the throne are profiting from it.
it is an avenue for them to spend our money without accountability and with reckless abandon.all in the name of ending militancy at all cost.

lalaboi:
http://www.facebook.com/video/video.php?v=1172692270722&ref=share

Go laff ya heads off!, . . . . .

chei. i don laff die.
this clip is off the hook.i have not laughed harder in a long time.
is this for real
the Subair guy that runs HiTV should scrap this rubbish and hide his head in shame.
Dbanj needs to realize that it is not every money making venture you dabble into.
all this excess hustling is degrading.
i know his lack of real talent is making him want to grab all he can before his shine ends but this is too demeaning.
i am even too embarrased to watch that clip again.

best - Julius Agwu (a born artiste. comedy is just one of his numerous gifts) and Basketmouth (the boy's got skills)

worst - Gbega Adeyinka, T.A. and A.Y.

God bless you for this thread.
i will take time to read it through as a couple of them are also old favourites of mine.
then i will go search for the others who are missing in action and post my findings here.
once more, thank you.

no body wants to answer the pay matter?
i guess that is where this thread will disintegrate.
my little survey shows that low firms pay very poorly.
you only earn above decent salaries when you become a partner and this rarely happens in nigerian firms.
that is relatively.

what is critical about that review??
or you just want to type a few insults here to make yourself feel better?

Gulf Bank former director owes N7bn
From Sufuyan Ojeifo in Abuja, 07.08.2009
Add To Favorites
Print This Article
Post Comment
At last, the Senate Committee on Banking, Insurance and Other Financial Institutions yesterday made good its threat to name former directors of 13 failed banks who were involved in insider credit abuse that led to the banks’ failure.
The former directors of the failed banks collectively owed the failed banks N53.3 billion out of which the Nigeria Deposit Insurance Corporation (NDIC) has so far recovered a paltry N4.722 billion.
Former Minister of Science and Technology, Chief Ebitimi Banigo; former Minister of Information, Chief Dapo Sarumi; former Governor of old Kwara State, Alhaji Shaaba Lafiagi; an industrialist, Prince Samuel Adedoyin; a businessman, Sir Emeka Offor; and former Minister of State for Foreign Affairs, Chief Dubem Onyia, featured in the list.
Former presidential aspirant, Mallam Saleh Jambo; ex-Lagos State commissioner, Chief Remi Adiukwu-Bakare; her husband, Chief Stephen Bakare; Senator Chris Adighije; Senator Mike Ajaegbo; Chief S.O. Bakare; Chief Great Ogboru; Sir Victor Odili; Mr. Paul Achimugu; Mr. Adeyeba Adekunle Johns; Chief C.M. Ibeto; Alhaji Abbati Aminu Saleh; and Ibrahim Aminu Saleh among many others, also featured in the list.
Although, the name of foremost industrialist and richest man in the country, Alhaji Aliko Dangote, featured in the list as having received a credit of N650 million from the failed Liberty Bank in the name of Bullion International and Dangote Group of Companies, the NDIC indicated under recoveries made that he had liquidated the entire loan.
Chairman of the Committee, Senator Nkechi Nwaogu, named the affected former directors on the floor of the Senate shortly after the consideration of the Committee’s report of the public/investigative hearing on the agonies of the depositors of the failed banks and financial institutions.
This was consequent upon the approval by the Senate of the fifth recommendation contained in the 12-page report in which the committee was asking for its (Senate) mandate to publish the names of those involved in the insider credit abuse.
The Upper House, in approving the recommendation, directed that Nwaogu should proceed immediately to reel out the names contained in a tentative report presented to the committee by the NDIC.
The report, signed by NDIC Board Director/Director, Legal Department, A.B. Nyako, entiled: “Re: Schedule of Insider Credit of Banks Closed on 16th January, 2006,” said: “We refer to your letter dated 25th June, 2008 in respect of the above subject and forward herewith, the attached updated schedule of insider credits of 13 closed banks as at June 2008.
“Please note that in view of the fact that the accounts are insider related, the records are constantly being reviewed and reconciled. Accordingly, some of the figures reported are tentative.”
By reading the names on the floor, Nwaogu and members of her committee enjoyed parliamentary immunity. No legal action can be instituted against them.
Nwaogu was, however, hesitant despite enjoying legislative immunity, to release the names. There was mild drama before she declassified the list.
Many senators, including Olorunnimbe Mamora, Bassey Ewa-Henshaw, Ahmad Lawan and Ayogu Eze, supported the disclosure of the insider credit abusers, while a few including Senator Joseph Akaagerger initially opposed on the ground that some of the former directors are now chairmen of boards of some Federal Government agencies.
Mamora said: “A lot of violation and disregard for rules was carried out by the banks executives. There must be mechanism for enforcement of rules to bring this people to book.”
Lawan stated: “What happened in the bank was a betrayal of public trust. It was abuse of trust that people would put their money and because some people were privileged to know some directors, they would take money without due process, without even paying back.”
Senate President David Mark ruled that Nwaogu should read out the names, declaring that the Senate as an institution must be upright in the fight against corruption.
He said failure to announce the names of the creditors would amount to shielding corrupt people in the society. Nwaogu spent about 30 minutes reeling out the names and the details of the credit and recoveries made by the NDIC.
Some of the details reeled out by Nwaogu indicated that the highest insider credit abuser was a former director of failed Gulf Bank, Adeyeba Adekunle Johns, who got about N7 billion.
Banigo, former Chairman of failed All States Trust Bank, got about N3.2 billion with only N10 million recovered from him so far.
The remaining outstanding of about N11.8 billion was got by companies against whom no directors’ names were indicated. An individual (Prof. Nta Henshaw) got N17.9 million, bringing the outstanding balance to N15,170, 852,591.19.
Others are: Eagle Bank former directors - Alhaji Ibrahim Aminu Saleh and Abbati Aminu Saleh (N26.918 million) - who were personally guaranteed by their father and former Secretary to the Government of the Federation, Alhaji Aminu Saleh; and Paul Achimugu (N5.5 million), among others.
Trade Bank: Alhaji K.A. Olatunde (N13.3 million); Alhaji S.Y. Abdullahi (N1.25 billion); Lafiagi (N1.156 million) and David Chuka Nwosu (N3.4 million), among others.
Gulf Bank: Alhaji Sanusi Ado Bayero (N45.003 million); Babajide Rogers (N11.874 million); and Muyiwa Osho (N242.1 million).
City Express Bank: Prince Samuel Adedoyin and Mrs. Sola Adeoti (who both got N5.584 billion out which N453 million has been recovered so far).
Assurance Bank of Nigeria Plc: Angela Onyeador (N30.7 million); Chuka Nwokoko (N31.9 million); and Moore Onyekaba (N3.6 million), among others.
African Express Bank: Sir Emeka Offor through his Chrome Oil Services and other related companies got N15 billion and has repaid over half of the sum taken as loan.
Offor however, said he had defrayed his debt to less than N900 million and that he was at the verge of offsetting the balance when the report was made public by the Senate.
Liberty Bank: Chief Victor Odili (got N41.1 million; N10.6 million and another N2.6 million got in the name of Colodense Nigeria Limited) and Dr. T.C. Osanakpo (N43.6 million got in the name of Rison Palm Limited).
Hallmark Bank: Alhaji B.I. Bunu, Chief F.E.C. Adiele, Chief Jude Akpunku, Dr. Sam Eke, Nnamdi Anyaehie, Nze Maduako and others got a total of N9.3 billion.
Lead Bank: J.I. Abulime (N5.8 million); Mallam Saleh Jambo (N17.2 million); Captain Onu and Chief Dubem Onyia (both got N26.6 million in the name of Easy Link Aviation).
Metropolitan Bank: Senator Chris Adighije (N1.9 million); Senator Mike Ajaegbo (N210 million)’ Chief (Mrs) Remi Adiukwu-Bakare (over N1.093 billion); Great Ogboru (N799.7 million); Oladapo Sarumi (N3.8 million); and Chief S. O. Bakare (about N800 million).
After she rounded off and laid the report on the table of the Senate, Senator Enyinaya Abaribe (PDP, Abia South) raised the alarm that Nwaogu’s mobile phone was already being inundated with text messages threatening her life.
Mark, however, assured her that the Senate would request the Inspector General of Police (IGP) to provide her and members of the committee with adequate security to protect them.
He said the Senate was proud of them and that the Upper House would not abandon them after having done a great job in the interest of the nation.
According to him, “You have performed wonderfully. I commend you for the courage to bring this to limelight. You do not need to be afraid for what you have done for your country as those that have sent you the text messages should first think twice about their actions.
“We stand by you; we are together in this and we take full responsibilities for this report. It is a far-reaching report. We will do what we have to do. We must play by the rules. Those names here should be ashamed of themselves.”
Meanwhile, the Senate approved the other 14 recommendations by the Nwaogu-led Committee.
For instance, it recommended that the NDIC and all banks involved in the purchase and assumption (of failed banks) should embark on renewed public awareness and sensitisation campaign in the print and electronic media on the payment procedures to enable depositors in pre-and post consolidation failed banks, come forward for their deposits.
It also recommended that the Central Bank of Nigeria (CBN) should re-examine the practice under “Purchase and Assumption” whereby assuming banks are allowed to cherry pick the good assets of failed banks and leave only the government to take responsibility for the bad ones.
In addition, it recommended that the Senate should direct the NDIC to come up with a plan for immediate payment of all depositors irrespective of the pending court cases and to put a definite deadline for completion of the process.

Debtors to Failed Banks…

Adeyeba Adekunle Johns
N7b (Gulf Bank)
Alhaji Sanusi Ado Bayero
N45.003 million
Babajide Rogers
N11.874 million
Muyiwa Osho
N242.1 million
Ebitimi Banigo
N3.2b with N10 million recovered
(All States Trust Bank)
Professor Nta Henshaw
N17.9 million
Alh I.Aminu Saleh & A. Aminu Saleh - N26.918 million (Eagle Bank)
Paul Achimugu - N5.5 million
Alh K.A. Olatunde
N13.3 million (Trade Bank)
Alh S.Y.Abdullahi
N1.25bn
Alh Sha’aba Lafiagi
N1.156 million
David Chuka Nwosu
N3.4 million
Prince S. Adedoyin & Mrs. Sola Adeoti
N5.584b with N453 million recovered (City Express Bank)
Angela Onyeador
N30.7 million (Assurance Bank of Nigeria plc)
Chuka Nwokoko
N31.9 million
Moore Onyekaba
N3.6 million
Sir Emeka Ofor- N7.5bn with N3.8bn recovered (African Express Bank)
Chief Victor Odili
N54.3 million (Liberty Bank)
Dr. T.C. Osanakpo - N43.6 million
Alh B.I. Bunu, Chief F.EC. Adiele, Chief Jude Akpunku, Dr. Sam Eke, Nnamdi Anyaehie, Nze Maduako
N9.3bn (Hallmark Bank)
J.I. Abulime - N5.8 million (Lead Bank)
Mallam Saleh Jambo - N17.2 million
Captain Onu & Chief D. Onyia
N26.6 million
Sen Chris Adighije
N1.9 million (Metropolitan Bank)
Sen Mike Ajaegbo - N210 million
Chief (Mrs.) R. Adiukwu-Bakare
over N1.093 billion
Great Ogboru - N799.7 million
Oladapo Sarumi - N3.8 million
Chief S.O. Bakare - N800 million

debosky:
This is false - Dangote is PRODUCING Cement. Obajana in Kogi State is installed to 4.4m tonnes of cement annually, apart from his other cement producing factories in Nigeria.

Dangote doesn't have importation monopoly, and is not the only producer - there is Lafarge who is investing huge amounts in cement production expansion in Ewekoro. Why do all that if you simply want to open the floodgates of importation? Anyone PRODUCING cement locally is permitted to import, so that includes Lafarge, Sokoto Cement (formerly owned by heidelberg group)  and UNICEM in calabar producing 400,000 tonnes.

The prime cost of cement in Nigeria is transportation and storage - even importation will not remove those bottlenecks.

Again, the government is chasing shadows instead of dealing with the real problem.

Companies given the right to import have  made no difference - suffocating the local producers when our ports cannot even handle other goods sufficiently in order to import cement is daft.

For the record, Dangote has no monopoly with Lafarge, UNICEM, Ashaka cement, Sokoto Cement all producing. The monopoly idea is a myth.

these are the kind of posts that make me persist with Nairaland in spite of the dross that is prevalent here.
no insults, no personal attacks jsut plain cold facts.
my broda, well done.

gloriuss:
@MBULELA, I couldnt apply. Not only did i find out about application forms tooooo late, i didnt have the guts to part with my hard earned £20. thats y i said he gave us the oppurtunity, not that he "turned me down".

So pls abeg get ur facts right, I'm talking on behalf of those that DID apply and my close friend being one, and she's more of a decent girl than u could ever DREAM of , u judgemental "know it all".

And if ur statement is an attempt to insult me, know that uve insulted urself 10 times over. Even if id applied, nko mschewwwwwww

you are an absolute clown.
how do you get away with talking so much crap in real life? or you only do this online?
if your friend was turned down for this lot in the house, i can only imagine how decent your friend is.
me judgmental get a life pls.

gloriuss:
@urfriend, hmmm u seem PRETTY informed and very much aware about koko mansion, so im guessing ur a producer/director/marketing officer for the show. The info has been greatly appreciated. Just incase you are involved in any way with the show, I just wanted to ask you a question, Dbanj gave ladies in the UK a chance to apply, yet there isnt a SINGLE british naija chick in the house, why is that??

And why would he give us the opportunity, allowing us to purchase an application form for £20 and not pick anyone?, I mean, this contradicts his famous lyrics "follow me to west london I get them kokolettes plenty plenty oh!", c'mon Dbanj we've already figured that your selection process has so far been UNFAIR!!!

Anyone with answers pls holler xx

count yourself lucky that you are not part of this bush bunch.

but on another note, considering the fact that you had the nerves to apply, tells a lot about you.