₦airaland Forum

maestroferddi:
To start with, you are not a banker so it will be pointless arguing with you.

Let me give a brief idea of how the system runs:

First of all, loans are usually categorised by nature (type) and amount.
No bank in Nigeria will sanction a loan of N27m at a branch level. Infact, the amount will need an MD's sign-off.

Most blue chip companies execute domiciliation agreements with respect to their staff borrowings. So the loan you got, which I believe must have been benchmarked at a cap of say N10m, must have been secured by your terminal benefit and other entitlements were you to exit the company at any point in time. Putting it succinctly, the bank could always have made recourse to your employers for recovery in the incidence of a default.

Banking is guided by sound laws, rules and regulations. No bank worth its salt would indulge in throwing away money to assuage whims and caprices of members of the society, no matter how highly place they appear to be.

The argument you put forward has evidently collapsed like a pack of cards.

alabiyemmy:
MY MOTHER USED TO CALL MY FATHER THIS NAME. MUMU. ESPECIALLY WHEN MY Fathers DI CK REFUSES TO RISE TO THE OCCASION. ANUOFIA. thats why my mother fu cked another man outside and gave the pregnancy to my father.

NgeneUkwenu:
First, Whether I am currently a banker or not is immaterial here. However, I just explained to you how personal loan against salary are not subjected to monitoring ie knowing where the money is being channeled to unlike other forms of loan.

Second: Most of the soft bank loans are initiated in the branches with mere approval or authentication from their Head offices. In fact in FirstBank, there is a loan package they call U-first-(where Buhari loan falls) which takes 48 hours from the time it is initiated to the time of disbursement. The systems grades you and give you points from what the credit officer feeds it, thereby quickening the entire process by making decision time lesser for the approval officers.

Your 3rd point holds no water- what the banks normally ask for is your employment letter and letter of indulgence from your employer, firming that your gratuity, terminal benefits would be remitted to the same salary account you are using for the loan. So let me ask you what happens in the event of dismissal, abscondment etc? Who will pay the bank? The bank relies more on your banking history than those papers.

Finally on the issue of throwing money by banks! Since you claimed to be a banker, have you ever honoured a customers cheque based on an Uncleared effect??

If yes, then what is the risk in honoring a cheque of mere 27 million Naira from a past head of state whose pension and allowances excluding other incomes exceeds 15 Million Naira per annum?

Remember banks are there to take calculated risk otherwise no business. That's why in credit analysis, you make provision for mitigation of any risk identified.

Good day boy!

maestroferddi:
Ore mi abi na egbon mi, instead of rambling on, why not do the needful?

I am not supposed to be teaching you basic banking processes gratis (FOC) but I wouldn't mind obliging you at least for the benefit of those you could end up misleading.

Please stop dropping off terms and technical subjects you clearly do not understand. What, if I may ask, do you understand by drawing against unclear effect?

Madam, no dey fall hand, mbok.

mikeson12:
Dude,either you are dumb and lack the ability to understand a simple sentence or you are just plain silly!Didn't you read Femi's report?What happened to the $2.5 billion?Buhari is a thief and a criminal!Which collateral did he use to obtain d loan?To obtain a loan from a bank is a rigorous process,it takes days.So Buhari wants to tell us that he made a call and the money was wired to his account once?
God gave you a brain so make use of it effectively!


GEJ till 2019

dridowu:
Until Femi Aribisala write an article on seize $9.3 by South Africa before i take him serious. Anyway Uncle Femi Aribisala has always shown that no matter what an APC does he will always find fault in it. He may not be a card carrying member of PDP but he is a lover of PDP government to the core. Anyway i won't be surprise also if GEJ is re-elected and GEJ made him Special Adviser on Media.

dridowu:
Until Femi Aribisala write an article on seize $9.3 by South Africa before i take him serious. Anyway Uncle Femi Aribisala has always shown that no matter what an APC does he will always find fault in it. He may not be a card carrying member of PDP but he is a lover of PDP government to the core. Anyway i won't be surprise also if GEJ is re-elected and GEJ made him Special Adviser on Media.

Remarkable:
You would expect one to write on a topic he is privy to, baa?

The S/Africa arms arms saga and its investigations have not been made public, or have the names of the people carrying the cash been released?

on the other hand, investigations have been made on Buhari, his NNPC/PTF management and the findings is what we are trying to make Nigerians know of... that Buhari is not who he and his followers claim he is...

He can not come back to lead us.. we should be moving forward, not backwards... giving his antecedents... you feel me?

or do you really believe Buhari is Mr. Integrity & had to borrow 27.5 mill..... for a form?!

dridowu:
Until Femi Aribisala write an article on seize $9.3 by South Africa before i take him serious.

Orikinla:
Before anyone here starts clapping for Femi Aribisala, please, read the following (fonts increased for the sake of the RE-TARDE here who reason like kinds in kindergarten).

[size=18pt]David did not kill Goliath (1)

on November 10, 2013 / in Article of Faith 3:50 am / Comments

By Femi Aribisala

The same “infallible” bible also credits the killing of Goliath to Elhanan, one of David’s mighty men.

One of the myths of Christianity is the infallibility of the bible. Quoting Paul, some Christians insist every word in the bible is “God-breathed.” (2 Timothy 3:16). When you identify contradictions in the bible, they either refuse to acknowledge them or try to rationalise them away with highfalutin apologetics. However, these apologetics have not made the contradictions disappear. All they do is establish that these bible-fanatics are not committed to the truth.
- See more at: http://www.vanguardngr.com/2013/11/david-kill-goliath-1/#sthash.F6Arnfcl.dpuf[/size]

iriferi:
I pray all of Buhari supporters find a place in their heart to accept the
fact that it takes only but a while before a man's deceptive nature
comes to light.
Muhammadu Buhari: Running for president with an anti-corruption
bank loan, By Femi Aribisala
One thing is for sure: Muhammadu Buhari would like to be the next
president of the Federal Republic of Nigeria. He has tried three times
and has failed every time. Finally realizing it is a lost cause, he said he
would not try again. But now he is persuaded to try again. His
supporters are impressed that he won 12 million votes against
Goodluck Jonathan in 2011. However, they need to be reminded that
he lost to Jonathan by over 10 million votes.
Since the third time did not turn out to be a charm for Buhari, what
are we to call his fourth attempt? Listening to the declaration of his
new-fangled presidential bid in Eagles’ Square, Abuja a few days ago,
it is seems this fourth time is going to be one big charade.
The sign was provided by none other than Buhari himself. Since his
one credential is that he is a man of integrity who, as president, is
expected to wrestle corruption down to the ground, Buhari decided to
burnish his anti-corruption image by revealing that he obtained his
27.5 million naira APC nomination form with a bank loan. However,
what this declaration did was to tell Nigerians that Buhari is a
pretentious anti-corruption crusader. His Mr. Clean posture is nothing
but a public relations gimmick.
Question marks
In fairness, some of us have known this all along. Under Buhari’s
watch as Petroleum Minister in the late 1970s, $2.8 billion (worth
billions of naira today) was missing from the NNPC account. The
matter was subject to Senate investigation under the chairmanship of
Olusola Saraki in 1983. But before the report could be dealt with,
Buhari conveniently overthrew the Shagari government in a military
coup d’état.
Vera Ifudu, an NTA newscaster, revealed that Saraki told her in an
interview that the missing money was traced to Buhari’s account at
Midland Bank in London. For this disclosure, Vera was summarily
sacked by the NTA. However, she appealed against her dismissal in
court and won. She even received a handsome financial
compensation for wrongful dismissal from the NTA. Instead of
clearing his name as a man of integrity, Buhari refused to appear
before the Oputa Panel set up to look into the matter (among under
things) by the Obasanjo administration.
Buhari claims to be an anti-corruption crusader, nevertheless, he
agreed to serve under Sani Abacha, one of the most corrupt Heads-
of-State ever in the history of Nigeria. While there has been no proven
allegation that Buhari corruptly enriched himself as Chairman of the
Petroleum Trust Fund under Abacha, it is abundantly clear that this
fabled anti-corruption crusader failed to curb the rampant corruption
that prevailed in the organization. Group Captain Usman Jibrin, a
board member of PTF, resigned from the organization in protest over
Buhari’s irregular appointments of consultants.
In 2000, the Obasanjo administration set up an Interim Management
Committee to look into the affairs of the PTF, under the chairmanship
of Haroun Adamu. The Committee discovered that billions of naira
was stolen under Buhari’s chairmanship.
Political platform
Now the same Buhari who would not or could not curb corruption in
the PTF wants us to believe he will fight corruption as president of
Nigeria. However, he has chosen the APC as the political platform on
which to undertake this. But the APC is an unscrupulous political
party that is choc-full of corrupt politicians. It is the party of Murtala
Nyako who was impeached as governor of Adamawa State for
converting state money to personal use. It is the party where Buhari
himself and others went cap-in-hand to Otta to beg Obasanjo to be
their “navigator.”
Surely Buhari knows that he cannot fight corruption by being the
presidential candidate of the APC. Whatever anti-corruption
crusading Buhari had in him in the past must have ended when he
decided to join the APC. Should he become president, does he intend
to probe his corrupt party-members? Has he made them understand
he would be coming after them once elected? If he has, does he really
expect them to help him get elected so he can retrieve their stolen
loot and send them off to jail?
A 72 year-old man with Buhari’s experience, who was overthrown in a
preemptive coup by members of his own government, knows that in
Nigeria, nobody gets elected as president on the platform that he is
going to be an anti-corruption crusader when he gets into office. That
is a sure signal for all the politicians in all the parties to gang up
against him and make sure he never makes it.
If you really want to be anti-corruption, you have to keep your mouth
shut about your plans until you get elected and then catch your
corrupt colleagues by surprise. You must also have resolved not to
seek re-election for a second-term. It is not only the populace, but the
politicians in particular, who insist on “stomach infrastructure.” But if
you are talking anti-corruption while still seeking the nomination of
your party, it must be because it is well known to your corrupt
colleagues that your anti-corruption stance is merely for public
consumption.
Cleaning up APC
It is not surprising, therefore, that despite all the noise about anti-
corruption coming from Buhari and his cohorts; he has failed to fight
against corruption in the APC. We did not hear him raise a voice
against the incongruity of a so-called progressive party demanding a
cynical nomination fee of 27.5 million naira for its presidential
primaries. One would have expected a truly anti-corruption crusader
to make the point that the nomination fee is unacceptable. Instead,
Buhari readily acquiesced to the requirement in order to safeguard his
all-important presidential ambitions.
Since Buhari cannot, or does not, fight against this corrupting
nomination fee in the APC, and insist on its reduction to something
far more reasonable, how can he expect us to believe that as
president in a political system with the separation of powers; against
a legislature likely to be controlled by the PDP; he would be able to
fight corruption? Somebody is fooling somebody here. Or else,
somebody is living in a cloud cuckoo land.
Charity, they say, begins at home. If Buhari is truly anti-corruption, he
should begin his crusade in the APC. Is it progressive for a political
party in Nigeria to ask its candidates to come up with 27.5 million
just for the nomination papers for an election where only one person
will emerge as the winner? Is it not corrupt politicians that are likely
to have this type of easy-come easy-go money? Is this not an open
invitation for the winner, if he actually manages to secure election to
the presidency, to recoup this extortionate fee from public funds?
Anti-corruption bank loan
What did anti-corruption Buhari do about this outrageous APC
requirement? This is where the whole matter becomes ridiculously
implausible. According to Buhari, rather than fight against the
measure, he took out a ban loan to pay for it.
Buhari told us about his “loan” out of embarrassment; in a pathetic
bid to validate his anti-corruption credentials. But this so-called loan
indicates that Buhari does not understand what it means to be anti-
corruption. For Buhari, anti-corruption is a posture; it is a swagger; it
is a badge; but it has no bite and, in the usual Nigerian fashion, it will
be prosecuted with hypocrisy.
Buhari wants us to believe that he cannot afford 27.5 million naira.
Nevertheless, he rides around in a bullet-proof Jeep and maintains a
convoy of Land Cruisers. He cannot afford 27.5 million naira.
Nevertheless, he declared his candidacy lavishly in Eagle Square,
Abuja. Did he also take out a bank loan for that? Four months to a
make-or-break election, Buhari would have us believe he has no
money. How does he propose to finance his presidential campaign?
Is he going to take 1 billion naira loan from the World Bank for this?
Dubious loan
Why would a bank lend Buhari that amount for a presidential pie-in-
the-sky that failed to materialize three times in the past? Is that not
likely to be a bad loan? How long did it take for the loan to be
processed? What did he put down as anti-corruption collateral? How
does he propose to pay the money back? Mr. Integrity needs to spell
all this out for the sake of his fast-disintegrating anti-corruption
credentials.
I did not know loans are so easy to secure in Nigerian banks today.
Perhaps Buhari could introduce me to his bank manager. I would also
not mind taking this kind of soft loan. I am sure I can always come
up with some unproductive excuse or the other for it. Is such a loan
even legal today under Nigeria’s stricter banking laws?
How many honest Nigerians can afford to give a non-refundable 27.5
million naira to a political party, on the off-chance that they will be
able to secure the party’s presidential ticket? If they win the
nomination and even get elected president, how would they pay back
the money?
Not presidential material
It is clear that Buhari is not only lacking the money to pay for APC
nomination papers, he does not have the funds to pay for advisers, to
counsel him about what to tell the public and how to prosecute an
effective presidential campaign. His advisers might have educated
him that there is something called “fund-raising.” Surely, the most
popular politician in the North-West can find some of his ardent
supporters to give him 27 million naira. Certainly, a former governor
of the Central Bank can easily cough up the money.
Buhari wants to fight an election that will take place in four months
time. From what he tells us, he does not have 27 million to prosecute
that election now. If this is true, he is not the right man to be
president of Nigeria. For a man who is running for election for the
fourth time, that is the height of cluelessness. It shows Buhari is
lousy at marshaling resources. Otherwise, he is fooling nobody but
himself. #kufre okon

Omimah:
I read those articles. It appears the only man that clips the "wings" of Aribisala is Douglas Anele, with his column, Sunday Perspective, in the Vanguard.

iriferi:
I pray all of Buhari supporters find a place in their heart to accept the
fact that it takes only but a while before a man's deceptive nature
comes to light.
Muhammadu Buhari: Running for president with an anti-corruption
bank loan, By Femi Aribisala
One thing is for sure: Muhammadu Buhari would like to be the next
president of the Federal Republic of Nigeria. He has tried three times
and has failed every time. Finally realizing it is a lost cause, he said he
would not try again. But now he is persuaded to try again. His
supporters are impressed that he won 12 million votes against
Goodluck Jonathan in 2011. However, they need to be reminded that
he lost to Jonathan by over 10 million votes.

Since the third time did not turn out to be a charm for Buhari, what
are we to call his fourth attempt? Listening to the declaration of his
new-fangled presidential bid in Eagles’ Square, Abuja a few days ago,
it is seems this fourth time is going to be one big charade.
The sign was provided by none other than Buhari himself. Since his
one credential is that he is a man of integrity who, as president, is
expected to wrestle corruption down to the ground, Buhari decided to
burnish his anti-corruption image by revealing that he obtained his
27.5 million naira APC nomination form with a bank loan. However,
what this declaration did was to tell Nigerians that Buhari is a
pretentious anti-corruption crusader. His Mr. Clean posture is nothing
but a public relations gimmick.
Question marks
In fairness, some of us have known this all along. Under Buhari’s
watch as Petroleum Minister in the late 1970s, $2.8 billion (worth
billions of naira today) was missing from the NNPC account. The
matter was subject to Senate investigation under the chairmanship of
Olusola Saraki in 1983. But before the report could be dealt with,
Buhari conveniently overthrew the Shagari government in a military
coup d’état.
Vera Ifudu, an NTA newscaster, revealed that Saraki told her in an
interview that the missing money was traced to Buhari’s account at
Midland Bank in London. For this disclosure, Vera was summarily
sacked by the NTA. However, she appealed against her dismissal in
court and won. She even received a handsome financial
compensation for wrongful dismissal from the NTA. Instead of
clearing his name as a man of integrity, Buhari refused to appear
before the Oputa Panel set up to look into the matter (among under
things) by the Obasanjo administration.
Buhari claims to be an anti-corruption crusader, nevertheless, he
agreed to serve under Sani Abacha, one of the most corrupt Heads-
of-State ever in the history of Nigeria. While there has been no proven
allegation that Buhari corruptly enriched himself as Chairman of the
Petroleum Trust Fund under Abacha, it is abundantly clear that this
fabled anti-corruption crusader failed to curb the rampant corruption
that prevailed in the organization. Group Captain Usman Jibrin, a
board member of PTF, resigned from the organization in protest over
Buhari’s irregular appointments of consultants.
In 2000, the Obasanjo administration set up an Interim Management
Committee to look into the affairs of the PTF, under the chairmanship
of Haroun Adamu. The Committee discovered that billions of naira
was stolen under Buhari’s chairmanship.
Political platform
Now the same Buhari who would not or could not curb corruption in
the PTF wants us to believe he will fight corruption as president of
Nigeria. However, he has chosen the APC as the political platform on
which to undertake this. But the APC is an unscrupulous political
party that is choc-full of corrupt politicians. It is the party of Murtala
Nyako who was impeached as governor of Adamawa State for
converting state money to personal use. It is the party where Buhari
himself and others went cap-in-hand to Otta to beg Obasanjo to be
their “navigator.”
Surely Buhari knows that he cannot fight corruption by being the
presidential candidate of the APC. Whatever anti-corruption
crusading Buhari had in him in the past must have ended when he
decided to join the APC. Should he become president, does he intend
to probe his corrupt party-members? Has he made them understand
he would be coming after them once elected? If he has, does he really
expect them to help him get elected so he can retrieve their stolen
loot and send them off to jail?
A 72 year-old man with Buhari’s experience, who was overthrown in a
preemptive coup by members of his own government, knows that in
Nigeria, nobody gets elected as president on the platform that he is
going to be an anti-corruption crusader when he gets into office. That
is a sure signal for all the politicians in all the parties to gang up
against him and make sure he never makes it.
If you really want to be anti-corruption, you have to keep your mouth
shut about your plans until you get elected and then catch your
corrupt colleagues by surprise. You must also have resolved not to
seek re-election for a second-term. It is not only the populace, but the
politicians in particular, who insist on “stomach infrastructure.” But if
you are talking anti-corruption while still seeking the nomination of
your party, it must be because it is well known to your corrupt
colleagues that your anti-corruption stance is merely for public
consumption.
Cleaning up APC
It is not surprising, therefore, that despite all the noise about anti-
corruption coming from Buhari and his cohorts; he has failed to fight
against corruption in the APC. We did not hear him raise a voice
against the incongruity of a so-called progressive party demanding a
cynical nomination fee of 27.5 million naira for its presidential
primaries. One would have expected a truly anti-corruption crusader
to make the point that the nomination fee is unacceptable. Instead,
Buhari readily acquiesced to the requirement in order to safeguard his
all-important presidential ambitions.
Since Buhari cannot, or does not, fight against this corrupting
nomination fee in the APC, and insist on its reduction to something
far more reasonable, how can he expect us to believe that as
president in a political system with the separation of powers; against
a legislature likely to be controlled by the PDP; he would be able to
fight corruption? Somebody is fooling somebody here. Or else,
somebody is living in a cloud cuckoo land.
Charity, they say, begins at home. If Buhari is truly anti-corruption, he
should begin his crusade in the APC. Is it progressive for a political
party in Nigeria to ask its candidates to come up with 27.5 million
just for the nomination papers for an election where only one person
will emerge as the winner? Is it not corrupt politicians that are likely
to have this type of easy-come easy-go money? Is this not an open
invitation for the winner, if he actually manages to secure election to
the presidency, to recoup this extortionate fee from public funds?
Anti-corruption bank loan
What did anti-corruption Buhari do about this outrageous APC
requirement? This is where the whole matter becomes ridiculously
implausible. According to Buhari, rather than fight against the
measure, he took out a ban loan to pay for it.
Buhari told us about his “loan” out of embarrassment; in a pathetic
bid to validate his anti-corruption credentials. But this so-called loan
indicates that Buhari does not understand what it means to be anti-
corruption. For Buhari, anti-corruption is a posture; it is a swagger; it
is a badge; but it has no bite and, in the usual Nigerian fashion, it will
be prosecuted with hypocrisy.
Buhari wants us to believe that he cannot afford 27.5 million naira.
Nevertheless, he rides around in a bullet-proof Jeep and maintains a
convoy of Land Cruisers. He cannot afford 27.5 million naira.
Nevertheless, he declared his candidacy lavishly in Eagle Square,
Abuja. Did he also take out a bank loan for that? Four months to a
make-or-break election, Buhari would have us believe he has no
money. How does he propose to finance his presidential campaign?
Is he going to take 1 billion naira loan from the World Bank for this?
Dubious loan
Why would a bank lend Buhari that amount for a presidential pie-in-
the-sky that failed to materialize three times in the past? Is that not
likely to be a bad loan? How long did it take for the loan to be
processed? What did he put down as anti-corruption collateral? How
does he propose to pay the money back? Mr. Integrity needs to spell
all this out for the sake of his fast-disintegrating anti-corruption
credentials.
I did not know loans are so easy to secure in Nigerian banks today.
Perhaps Buhari could introduce me to his bank manager. I would also
not mind taking this kind of soft loan. I am sure I can always come
up with some unproductive excuse or the other for it. Is such a loan
even legal today under Nigeria’s stricter banking laws?
How many honest Nigerians can afford to give a non-refundable 27.5
million naira to a political party, on the off-chance that they will be
able to secure the party’s presidential ticket? If they win the
nomination and even get elected president, how would they pay back
the money?
Not presidential material
It is clear that Buhari is not only lacking the money to pay for APC
nomination papers, he does not have the funds to pay for advisers, to
counsel him about what to tell the public and how to prosecute an
effective presidential campaign. His advisers might have educated
him that there is something called “fund-raising.” Surely, the most
popular politician in the North-West can find some of his ardent
supporters to give him 27 million naira. Certainly, a former governor
of the Central Bank can easily cough up the money.
Buhari wants to fight an election that will take place in four months
time. From what he tells us, he does not have 27 million to prosecute
that election now. If this is true, he is not the right man to be
president of Nigeria. For a man who is running for election for the
fourth time, that is the height of cluelessness. It shows Buhari is
lousy at marshaling resources. Otherwise, he is fooling nobody but
himself. #kufre okon

PAINGAIN:
So d 27 million is non refundable? Chai, I still wonder why buhari wants to be president of nigeria for d second time at all cost. He's failed 3 times already and I'm sure he'll fail again for d 4th time.

iriferi:
The sign was provided by none other than Buhari himself. Since his one credential is that he is a man of integrity who, as president, is
expected to wrestle corruption down to the ground, Buhari decided to burnish his anti-corruption image by revealing that he obtained his
27.5 million naira APC nomination form with a bank loan.

alabiyemmy:
WOW - true talk. Where does he want to get money to pay back 27.5 m Naira loan for a nomination form?

alabiyemmy:
YOUR MOTHER USED TO CALL YOUR FATHER THIS NAME. MUMU. ESPECIALLY WHEN HIS DI CK REFUSES TO RISE TO THE OCCASION. ANUOFIA. thats why she fu cked another man outside and gave the pregnancy to your father.

asha80:
i dont know if cliping aribisala is on religous ground because douglas anele is a self confessed aetheist.

dustydee:
True talk? please show me where Buhari said he took a loan and how much loan he took . . . or you are a liar.

alabiyemmy:
You must be living in Cookoo land if you didn't know he said he took a loan.

maestroferddi:
To start with, you are not a banker so it will be pointless arguing with you.

Let me give a brief idea of how the system runs:

First of all, loans are usually categorised by nature (type) and amount.
No bank in Nigeria will sanction a loan of N27m at a branch level. Infact, the amount will need an MD's sign-off.

Most blue chip companies execute domiciliation agreements with respect to their staff borrowings. So the loan you got, which I believe must have been benchmarked at a cap of say N10m, must have been secured by your terminal benefit and other entitlements were you to exit the company at any point in time. Putting it succinctly, the bank could always have made recourse to your employers for recovery in the incidence of a default.

Banking is guided by sound laws, rules and regulations. No bank worth its salt would indulge in throwing away money to assuage whims and caprices of members of the society, no matter how highly place they appear to be.

The argument you put forward has evidently collapsed like a pack of cards.

kokosheen:
Dude, if you are not in the economic bracket to receive such loans, say so and ask questions.

One can receive a personal loan of up to 30M from FBN against their salary, 50M from Fidelity and 20M from GTB. These loans are received in less than 3 working days.