AntiWailer:


They buy bad loans from banks.

Ah now I get.

Thank you very much!

gbemiclassic:


They buy off bad loans from Banks. These set of people owed banks and AMCON is taking charge of the collection.

I get now. Can these companies choose to keep their loans away from AMCON? Or is it compulsory amcon takes over?

Thank you!

Correct me if my maths is wrong , 906 billion naira for 105 people in total is the same thing as sharing 1 million naira each to 906,000 entrepreneurs ?

But now those same people are connected with apc. Oya, oga, talk naw.

dafeyankee:
And yet we blame Buhari for our
woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

haqueurate:

later they will start shouting buhari this and that, see how a few people took hold of our common wealth and refuse to pay back yet we want buhri to perform magic.
imagine what 900 billion naira will do to transform the south east of nigeria, yet this thiefs took our money and are using it to opress their neigbors who cant stop worshiping them because they assume they have money

bank money is now "commonwealth?"

This is the result of a useless educational system

mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?

It's the banks they owe. If the bank has really terrible 'bad debt', unpaid over years with no hope for recovery. They hand it over to AMCON. They have to write it off their books so they don't keep carrying fake assets dt is distorting their books. If compounded, this could lead to a crash in the financial sector, like in 2008.

Most of these debts are the ones transferred to AMCON from that period. There are more stringent laws now on bank lending.

This is a clear definition of Pareto's Principle of 80/20 or 90/10, whichever suits you.


In a country of over 180million people, a mere 105 people owe 905 billion naira.

alignacademy:
What's really the motive in publicizing private agreements?

They have the option of renegotiating with the debtors.

Luckily for them, in this part of the world, we are not too quick to sue people as in some other climes...

Because the people involved have reneged on payment plans made with AMCON. What's the need making payment arrangements if the obligor won't honour it.

I really think AMCON should take further steps to recover the funds owed to banks by taking over the private properties owned by these people including their private residences, personal bank accounts, cars, jewelry of their wives. Make them live a hard life. You will find that some of them will start paying. These people do not think that a bank debt is a debt to be paid back. They see it as a personal piggy bank to take money from whenever they need. They are an extension of the corrupt Nigerian politician who sees public funds as a national cake to be taken. You will also notice that some of these people are the same people who are contesting for elections in 2019. Guess what will happen if they ever win, they'll use more of your money as largesse.

elujah1:
How do they sleep well, when i owe small debt i loose sleep, then these amounts...

They are not ready to pay back they prefer to go to COURT i think government should stop buying bad debts from these useless banks and start sending them to jail
But if you look at it from the left,if the government refuse to buy it,POOR MAN will suffer

john650:

Because the people involved have reneged on payment plans made with AMCON.

I really think AMCON should take further steps to recover the funds owed to banks by taking over the private properties owned by these people including their private residences, personal bank accounts, cars, jewelry of their wives. Make them live a hard life. You will find that some of them will start paying. These people do not think that a bank debt is a debt to be paid back. They see it as a personal piggy bank to take money from whenever they need. They are an extension of the corrupt Nigerian politician who sees public funds as a national cake to be taken. You will also notice that some of these people are the same people who are contesting for elections in 2019. Guess what will happen if they ever win, they'll use more of your money as largesse.

They can't touch their private accounts/property except they are a product of embezzlement of company money. Or were collateral for the loan obtained. These are PLC's. The individuals dt own them have limited liability.

Ugosample:


bank money is now "commonwealth?"

This is the result of a useless educational system

You are the one that needs to learn.

Banks are like public assets. Also the NDIC which is a government entity insure depositors funds in banks. If banks should fail they would have to pay depositors and most times these monies are gotten from the public purse.

Also a failed bank can cause a spiral effect on the financial system of a country. You want to go back to the 2008 recession and see that one of the causes was banks lending money they did not have to entities who bought worthless hyper inflated stocks. It is like you using your money to buy your own stocks over and over and over again this increasing the worth while there is no correlated cash inflows to show these appreciation.

Also AMCON would have to buy those bad debts except they want the banks to go under and these are our Commonwealth. If you can point me to where AMCON receives private funding and not from CBN which is a goverment function I would gladly agree I am wrong.

How come i am not seeing any APC member's name there?

john650:

Because the people involved have reneged on payment plans made with AMCON. What's the need making payment arrangements if the obligor won't honour it.

I really think AMCON should take further steps to recover the funds owed to banks by taking over the private properties owned by these people including their private residences, personal bank accounts, cars, jewelry of their wives. Make them live a hard life. You will find that some of them will start paying. These people do not think that a bank debt is a debt to be paid back. They see it as a personal piggy bank to take money from whenever they need. They are an extension of the corrupt Nigerian politician who sees public funds as a national cake to be taken. You will also notice that some of these people are the same people who are contesting for elections in 2019. Guess what will happen if they ever win, they'll use more of your money as largesse.

You have a point

Repossessing pledged assets could be a much more proactive solution than this blogger-food news...

Yes, headlines may trend but will they bring back the money?

debtors. My friend has been owing me 30k since May, to pay na war. him just dey wait for us to quarrel

You do not know how company runs. It is not an enterprise but Limited liability company. You cant seize their private properties. Government is equally owing some of these companies billions too. E.G Capital oil and gas. Banks, govt and the companies are all involved in this mess.

john650:

Because the people involved have reneged on payment plans made with AMCON. What's the need making payment arrangements if the obligor won't honour it.

I really think AMCON should take further steps to recover the funds owed to banks by taking over the private properties owned by these people including their private residences, personal bank accounts, cars, jewelry of their wives. Make them live a hard life. You will find that some of them will start paying. These people do not think that a bank debt is a debt to be paid back. They see it as a personal piggy bank to take money from whenever they need. They are an extension of the corrupt Nigerian politician who sees public funds as a national cake to be taken. You will also notice that some of these people are the same people who are contesting for elections in 2019. Guess what will happen if they ever win, they'll use more of your money as largesse.

elujah1:
How do they sleep well, when i owe small debt i loose sleep, then these amounts...

Abi? But these guys are a bunch of conscienseless fiends.

When it was borrowed to them did they swallow the money? NO, they reinvested it back into the economy to create jobs for Nigerians. Part of the reason why they cant pay is because of the decline of the Naira to dollar.

dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?

So you don't know how AMCON operate. And you are here commenting. Shame on your father. Small time you will be shouting Buhari is a failure. You forget your papa is an abject failure for not sending you to school.

Of what good is all the billions to amcom and Nigerians if it cant be re-invested back into the economy.

dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

elujah1:
How do they sleep well, when i owe small debt i loose sleep, then these amounts...

This is why people get into addiction.
Some take tablets to sleep.
Some take drugs to clear their mind and forget problems.

You can see that once one falls into such trap it is nearly impossible to come out till the person dies

Great response

Ramsey247:
You do not know how company runs. It is not an enterprise but Limited liability company. You cant seize their private properties. Government is equally owing some of these companies billions too. E.G Capital oil and gas. Banks, govt and the companies are all involved in this mess.

I know alabi yellow ben Bruce will be among

mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?

Through banks. Our very own nigerian banks. AMCON is a debt-recovery coy established by the federal government.

dante57:
When it was borrowed to them did they swallow the money? NO, they reinvested it back into the economy to create jobs for Nigerians. Part of the reason why they cant pay is because of the decline of the Naira to dollar.

For a loan to be called a 'bad debt', it must not have been serviced for quite a while. The bulk of this debt was not borrowed in the recent past. So your excuse holds no water

alignacademy:
What's really the motive in publicizing private agreements?

Don't they also have the option of renegotiating with the debtors, instead of the headline-friendly name-and-shame tactic?

Luckily for them, in this part of the world, we are not too quick to sue people as in some other climes...

We don't sue in this part of the world because we still have hope that that same nigger will employ you or give you a contract. Or we will still beg him to collect our CV.
-
In other parts of the world, citizens can sue corrupt rich men because the citizens will see food to eat from the legitimate jobs they have

Ramsey247:
You do not know how company runs. It is not an enterprise but Limited liability company. You cant seize their private properties. Government is equally owing some of these companies billions too. E.G Capital oil and gas. Banks, govt and the companies are all involved in this mess.

Please explain to me how Capital oil is being owed by the government? The government used his tank farms to store the country's oil reserve in case of emergency. The guy sold all of it and pocketed the money. That was why he was jailed the last time. He is busy running for Governorship election in Anambra state while he has debts all over the place. Even his so called football team, Ifeanyi Ubah FC is being owed over eight months salary arears. Which kind football team be that?

How can start owning government this money let people judge

mynairaland2018:


They can't touch their private accounts/property except they are a product of embezzlement of company money. Or were collateral for the loan obtained. These are PLC's. The individuals dt own them have limited liability.

most of the companies are not PLCs. in extreme cases , AmCON can go after the directors personal assets

uuzba:


We don't sue in this part of the world because we still have hope that that same nigger will employ you or give you a contract. Or we will still beg him to collect our CV.
-
In other parts of the world, citizens can sue corrupt rich men because the citizens will see food to eat from the legitimate jobs they have

LOL

According to the list, Capital Oil and Gas owned by Ifeanyi Ubah is indebted to the tune of N115.952 billion, while Wale Babalakin whose name is on the ownership of Bi-Courtney limited, Roygate Properties Limited owed N69.642 billion under the two companies.


Those are our so called employer of labour and successful business men in Nigeria

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Until the banks fix their fractional reserve operation, I won't be paying a dime if I were one of the debtors. Banks should not be allowed to lend money they don't have. What due diligence was followed in processing the loans?

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