Membranus's Posts
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chatinent:And it is your joy. |
Spybradd:Wetin concerns Yorubas with what's being discussed? Is Reno Omokri a Yoruba man? Face Reno and solve your problem with him. |
Bendeco2020:And it add to your joy that the people your terrorist brothers are killing are your own kinsmen. Is that not foolishness? We Yorubas don't kill our own for a futile nationalist cause, as we have a subtle means of achieving our regional governance aim. And the F00lani killers ransacking the whole country, including your own region, are being decimated daily by our able Amotekun security outfit, whether you believe this or not |
THUNDER4real:You have immediately fall down to your slumlord level of curses and insults which you are known for, since you have nothing else to offer. What a shame, what a pity, you could have been better, but unfortunately an apple cannot too far from its source. |
professorPABX:You are wasting your precious time arguing with the tribe blinded 1gn0ramus commenting on Nairaland. They are just here for our amusement. |
100millionGoal:Which international assesors will give you wealth in other people's lands. You pack your loads and go, and we your hosts will breathe a big sigh of relief. |
The great divide has started, with SW leading the way as usual: > Amotekun Regional Security Formation > Common Regional Anthem > Common Regional Flag > Common Regional Investment Outfit - Oodua Investment Co. Yoruba: we are moving on with subtle force. |
THUNDER4real:Bad luck to you, but good luck to me and many others too. |
[quote author=wonlasewonimi post=130407289]Mi o le wa ku [/quote ...Mi o le wa parami Mo ti gbiyanju Mo ti sewon mo le se. The remainder na una toro. |
THUNDER4real:Yap. Tinubu was their coach, and was on the field too playing with the team, and was even the match referee who dash the match to Bènin. Yap, blame everything on Tinubu. |
The great divide has started, with SW leading the way as usual: > Amotekun Regional Security Formation > Common Regional Anthem > Common Regional Flag > Common Regional Investment Outfit - Oodua Investment Co. Yoruba: we are moving on with subtle force. |
FeliciaOja:Then why didn't you mention her instead of mentioning Soyinka alone, and you are claiming you are not tribalistic? Stop deceiving yourself. |
FeliciaOja:So the last time you visited your village, all your people have robust cheeks, they are not experiencing any hunger pinch? Then they must living in Utopia. Also Prof. Ezekwesili who is stuck in tribal mud must also have low IQ according to your definition above. |
Kobojunkie:I am hearing surprised hearing this from you, saying in a democratic situation that FG can scrap a state government which was created by the laws and constitution of a country. I thought you were more intelligent than that. Maybe you are just being sarcastic. |
otherway:Thanks for this travelling enlightenment. |
Newyorkitis:We dey wait you to come nak us the tories. |
Eriokanmi:Oga, remove the logs from your eyes, and for once be true to yourself. Go through all your posts on Nairaland and your diatribes, your insults, your curses, your hateful comments against the Yoruba race and their son Tinubu, who will then believe your assertion that you are not an Igbo man and a core TRIBALIST at that. Yoruba so wipe ile lati ko eso rode, but with you it is the opposite. Not every Yoruba man loves Tinubu as a politician, because all politicians are thieves. But a Yoruba adage says " Omo eni ki ise idi bebere ka wa fi ileke si idi omo elomiran". Tinubu has proved himself in Lagos before where he is still a political colossus, and out of all the 3 candidates that contested, he was the best. So if he is facing governance and economical problems on this bigger platform called Nigeria, the problems are not of his own making, he met them there, he is just trying to find solutions, which are becoming more difficult everyday. The governors, and all other political actors at all levels are not also helping him because they have different greedy agendas apart from the ones he hold. And unlike Lagos, he has little control over them. The Boko Haram, the F00lani and IP0B insurgents and the crude oil thieves at the creeks are also compounding the problems. Yes we in Nigeria are all suffering from the huge hyperinflation ravaging the country, especially in food prices, but since we cannot force him out until his terminal date, let us give him a little time more to find additional means of ending these sufferings. And if he fails after 4 years, we will vote him out if we find a more intelligent savior. Therefore #Eriokanmi, instead of always execrating him and all Yoruba race with him on Nairaland, rather pity him, since you cannot do better than him if you are there. |
jydeskill1:Stop hyping UBA, I was a product too. UBA is a career killer. You spend donkey years there without regular promotion, unless you know where to generate deposits for them. And At the critical time when you really need the job to train your children, they dump you. |
11Monkeys:The battle line is still drawn, let us see who will come out victorious after another 7 years on the battle ground. We Yorubas are battle ready, throw your missiles: your insults and brickbats, we have enough anti-missiles to counter your hate and envy filled bombs (which are the only weapons you can marshal against us). |
franchasofficia:Save your curse, and go out there and fight your oppressors. All the people you have been cursing from time immemorial, they are still cruising the city-roads, shaking their heads to Kizz Daniel's song, saying I can never be poor again. |
It seems this Uzodinma want to be unfortunate with all that he has looted. |
WannaHowzit:For where? We wash the draw down with an hefty meal and a good bottle of wine. It is not over until it is over, another day, another opportunity. |
Johans2023:Save your curse, and go out there and fight your oppressors. All the people you have been cursing from time immemorial, they are still cruising the city-roads, shaking their heads to Kizz Daniel's song, saying I can never be poor again. |
AmiableMosquito:As an #AmiableMosquito, stop being amiable henceforth and bite all our l£aders to d£ath , and that will be a good start. |
ibechris:Be deceiving yourself. All those Odogwu Malaysia, Odogwu Omah, Odogwu Southie, Odogwu Mumbai and Odogwu Mexico with narcotics background, building huge mansions in your villages, which your people are venerating daily on social media, where are they from? Many of your Igwes also have that same background and you know them, and that's not counting hundreds of your kinsmen languishing in jails across South East Asia and India, begging Dabiri to save them. Bringing out their names is a waste of time, because their number is mind bogging. So stop playing a saint here, we all know your people have tarnished Nigeria image across all continents of the world. |
All the governors in this country are criminals, looters, selfish and cruel with no compassion for the citizens they rule over. They use the little infrastructural projects they embarked on to deceive the people that they are working, giving the workers their minute wages, dividing the rest between themselves and their intimate cronies. They should all be giving a lifetime jail if any strongman took over power. |
ibechris:What about your leaders in Igb0land, including your Igwes and Obis, all of them are saints abi? If they are saints, why are IP0BS killing some of your kings daily, and your dubious rich men, including your polithiefcians are afraid to visit and stay in their SE mansions? |
Anyone having deposits in Unity Bank should also take caution. There is a massive fraud going on there, being perpetrated by the Chairman. 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 DEC 02, 2023 60 9 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. 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? insider trading? All in a day's work. A glimpse at the dark underbelly |
Ensa777:You are funny. At mandate regime, the man went stark raving mad ![]() |
The security report against his governorship time in Kaduna State was top heavy, he did a lot of evil there. That was why Tinubu quickly dropped him as a minister. |
Qadaffi2idiamin:While PO was trying to use Christian solidarity to cajole the nation, but failed. |
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