₦airaland Forum

SmartPolician:
Mr Arthur Eze is a constant reminder that someone can be extremely rich and dense at the same time. While some people worked so hard to get to the top, Mr Eze didn't have to. He just found favour with the caliphate and that changed his story for good.

Why not leave Nairaland and find the same favour? Poverty never tire you?

I will advice you just as I did sometimes ago, change your moniker to stupid politician.

frankson1:
This governor would end up not doing anything for his people if he keeps sleeping, eating, bathing, forrkinn, dreaming, and looting etc with the President's name in on his lips

But if course the people he governs are too stupid to know this.

To them, the more he talks about the president, the more he is their Lord and saviour.

Bala the dreamer.

Even if the presidency is zoned to. the north, you can not get the ticket much less winning the presidency.

Butterfly calling itself bird .

Perhaps, you have forgotten your comment that Nigeria belongs to all Fulanis irrespective of where they come from?

Your day of reckoning is coming.

Bahamas95:
Watchful of which gunners? 😂

The same gunners that wants to win the league with corner kicks of course!

drsibz66:
This result already feels like a defeat for Arsenal.

The hope they had by 89mins just taken off.

Those ones go cry tire.

By the end. of this season, Maresca would have won the same number of trophies the Arsenal manager has won for 5 years.

LiVARpool, you people are wicked walahi.

You waited till the 92nd minute before punching and puncturing the dreams of dreamers who are hoping to win the league with corner kicks.

The God of football will not forgive you o.

Same Nigerians you will soon approach for votes?

Ride on my pastor !

A two year old should not be in school.

It is always easy to shout sane society when. it suits us.

RIP.

Your parents happened to you.

AndroBlaze:
So you claim to have worked in Internal Control in this country and then express surprise that a sizable loan was given to a PEP (Politically Exposed Person ) without proper due diligence being followed? Really?

May I ask, did your oversight only include branch operations in remote locations as that can be the only excuse for pleading ignorance to something even basic staff are aware of.

Either that or you are purposely trying to mislead people here that our FIs are bastions of integrity and immune to the Nigerian reality of seeing something like due diligence, not as a guide/shield, but nothing more than a hurdle that is meant to be surmounted by ambitious goal-getting staff.

If Comprehension is your problem, blame your English teachers and not me.

Perhaps, you will do well to read what I responded to and align it with my comment.
I don't normally engage people who out ot comprehension problem twist my comments which are in public view and bold black white.

Go through and stop insinuating please .

AndroBlaze:
Your reply above (especially point 2 that I put in bold) shows you have never worked in a Nigerian Financial institution and thus it would be better you take your time to learn from this case or go and ask professionals who have worked there to educate you on how things actually work especially when dealing with well known public personalities who are able to subvert so many things and confuse greedy unprofessional target driven bank executives.

The way people jump to conclusion on social media is amazing. So, by asking whether the bank should have made the due dilligence it did open to all Nigerians on the pages of newspapers made you to conclude that I never worked in a financial institution. Wonderful! Is that how it is done where you work?

Just for your information, the all round experience I had in banking from Internal Control to Banking Operations and Marketing all above BO level to a humble extent qualifies me to speak on a topic like this.

If you are a Messi somewhere, congratulations to you.

I rest my case with you.

Fibonacci88:
If not that first bank is too big to fail according to CBN, this bank should have gone under. They have the worst corporate governance and internal control is non existent. It seems they give out huge amounts of these loans with it passing through credit committee CRECO. From one issue to another. They almost went down with heritage bank if not for Emiefele. The other day one staff siphon over 40bn to private accounts as if that was not enough they held lavish party for an ex ED without following proper approval lines now they are enmeshed with this issue with this company. Otedola should just sell off his shares in that bank and go invest in a proper business.

The CBN never said FBN is too big to fail. What the CBN was emphasisng that FBN is too strategic to fail. Even in advanced countries like UK for example, big banks have failed. It is like saying a big ship cannot sink.

If you follow this GHL/ FBN from when it started , the same FBN was alledged to have wiped off humongous amount in bad debts of its books. The amount involved would have shaken the bank to it's foundation and surprisingly and unbelievably, the bank still declared profit for the period concerned.

OkayDaddy:
Innoson didn't get a penny from GTB. Go to Nnewi and ask him.

So, GTB just picked on them out of the whole registered companies in Nigeria.?

Why not add that they do not even have an account with the bank?

ednut1:
There is no Nigerian billionaire that doesn’t divert bank loans. Remember when ben murray bruce diverted the 10 billion naira loan from union bank. Na their way o

And he never still pay am.

Truth is, the elite knows the logic about obtaining huge bank loans, the way to circumvent the rules guiding the process and of course the money to hire the best of the best SANs.

If not for the fact that this particular case is already in court, the media attack dogs of Obaigbena would have been unleashed on FBN.

emkz:
What has been established?

1. That General Hydrocarbons Limited (GHL) took out a loan facility that it refused to service and instead requested for more loans.

2. That the loan was diverted by the beneficiary.

3. First Bank proposed an independent operator agreed by both parties manages the financed asset when the bank realized breaches on the part of GHL. GHL rejected the idea.

We have the following questions for First Bank:

(1) On what basis was such a huge credit facility granted to GHL? This is considering that the said person with principal interest in GHL in the dispute does not have expertise in hydrocarbon exploration? Does he have any history in such projects?

(2) What due diligence was carried out before the loan was approved? In this sense, we'd like to know those running the company. Could the bank publish this information?

(3) Oil exploration is extremely expensive and a risky venture. Considering the exposure of banks to bad loans in the past due to cases of unserviced loans by some indigenous oil companies, what wisdom informed the bank to expose itself to such toxic credit asset?

(4) The debtor in question has been said to have a questionable credit history, the bank needs to explain to us the process of the loan approval and whether the loan was properly collaterized.

(5) Where exactly were the funds diverted to? The public would like to know.

(6) These are depositors' funds. What guarantee does the bank have for customers that their funds are not mismanaged?

(7) We saw a statement from the chairman of the holding company who said the asset the bank financed was secured by the debtor in questionable circumstances, i.e., without competitive bidding. At what point did this information come to light? If it was before the facility was granted, it then means the bank committed depositors' funds towards a shady asset. Was there proper corporate governance and due diligence?

For the debtor, we also have questions:

(1) What led to your inability to service the loan? They said you diverted the loan. What did you divert it to?

(2) If you could not honour previous obligations, why did you request for more?

(3) On the 1st of January 2025, President Tinubu, who was consistently opposed and mocked by your related businesses received "Man of the Year" award. Only yesterday, reports emerged that Wike was named "Minister of the Year" by your outfits. In order not to take Nigerians for granted, we are curious as to the sudden volte-face regarding these two individuals by your media businesses. Could you explain the motivation for these awards? Are the awardees expected to twist the law? How?

(4) There has been a lot of stories in the media targeted at some individuals who seem to want to recover the loan. There are stories discrediting the Chairman of First Holdco and seemingly planted stories calling for his head by unknown shareholders. Why can't the debtor explain to us properly why he couldn't service the loan?

(5) Can the debtor confirm if he owns shares in any First Bank subsidiary? If yes, does it mean that shareholders abuse their positions to secure uncollaterized loans?

(6) Why always you?

To CBN, why are you quiet?

I do have so. much respect for your views on topics here on Nairaland but on this particular one, there are questions you asked here that are disappointing.

1. On your second question about the experience of the principal person in Oil and gas or hydrocarbon, why not ask about the experience Damgote had in the oil refining business before delving into it or even before banks advanced him money. Or perhaps, the refinery is free of bank loans. Better still, why not ask about Tinubu ' s experience before setting up TVC? What experience did Otedola have in banking before mopping up shares with rhe aim of becoming FBN chairman?

2. What due dilligence did the bank do? Wonderful.! So, you expect FBN to occupy newspaper pages with what they did as per the dilligence before you can be convinced that they did due dilligence?

Wirh all due respect, you will do. well to avail yourself and educate yourself about the proceess and procedures. that loan requests through before be granted. We are talking about millions of dollars in loans here for heavens sake.

Make yoi dey relax atimes, Oga.

The usual childish topic for debate.

Choose your landlady.

Carndidlaydid:
LAND GRABBERS


we all know the geopolitical zone of this said place

Believe me, it is only a certified idiot that will limit or assume that the issue of land dispute is restricted to a region in Nigeria.

On a communal level, we have had Uguleri and Amuleri, Ife and Modakeke amongst others.

On an individual level, we have had brothers killing themselves over land inheritance and not to talk of women being denied in some cases .

I will no longer doubt those who often times refer to you as an idiot. Thanks for the confirmation.

Men of God should learn to guide their utterances.

The same people Sule is insulting are the people funding the lifestyle he is living.

RIP to the dead but the car owner will be rendered carless for the foreseeable future.

That car go nearly rust for police station

Umuinyioku:
I said after 2023 elections. Did I say before 2023 elections?

Lagos of today is No-Go area for non Yorubas. There is hostility in the air and ethnic bigotry.

Didn't you hear what Bayo Onanuga said after the epic Presidential elections of 2023? If you don't know, go and find out. How about targeted demolitions of buildings belonging to non indigenes?

My friend, let's leave it at that. Nigerian unity needs to be renegotiated because of bile and ethnic bigotry.

We're deceiving ourselves. Let's restructure or go our separate ways. A restructured Nigeria will be better than what we are seeing today.

My comments is outside the realms of politics. It's factual and no hold bared!

Assuming after 2023 elections, does it mean all Igbos in the Lagos civil service have been sacked? Are you even resident in Lagos to know the number of Igbos in the lagos civil service. I need to be sure I am engaging someone in Lagos and not a fella that has never gone beyond Onitsha bridge head.

The hostility is no longer about Igbos but other non Yorubas. Wonderful! Hostility in the air at Alaba or ASPAMDA or Okota?

Is it not shameful that non of those whose building were demolished and specifically targeted have not deemed it fit to seek redness in court. Well, Soludo demolished too in Anambra and was accused of hatred towards Igbo too!

I will like to be reminded of what Bayo Onanuga said after the election that has become the parameter to judge the hatred of Yorubas towards Igbos.

Truth is, bar the north, it is only a politically naive person that will think the Yorubas are afraid of restructuring.

Claiming your comment is outside the realms of politics is nothing but a crude joke. Some of what you said my be factual by your own imagination but, I am waiting for any of it to be backed with facts.

Better pikin no dey work as fuel attendant .

They earn 7000 but never leave the job and never absent from work..

oxygeng:
Ronus must make up 99.9999% of them.

Why not shed this tears for Indaboski'?

I guess it's because he is your lord and saviour.

The right headline should have been " Prophet releases guess work for the year"

Umuinyioku:
I hope Lagos state government is reading.

After elections of 2023, Lagos state is no longer friendly to non Yorubas. They see non Yorubas as anathema that should be done away with.

State sponsored demolitions of non Yoruba buildings and properties,and those perceived to have anti Tinubu political dynasty.

Abia state has shown the way. Evidence they support best hands, best brains irrespective of regional or ethnic origin.

Kudos to Abia state!

The same state where a certain Ben Akabueze was a commissioner for eight years ?

Same State where Igbos are schools principals and top civil servants ?

Some of you need to go beyond Onitsha bridge head.

Lagos changes speaker, Thisday makes its editorial.

Is. this for want of things to write?

Is this how low the honorable journalism profession has fallen?

Believeintruth:
Oga stop being stupid. This tribal banter is stuff of kids. Grow up for once and have sense.

I know it could be hurtful when you see an argument that tends to put out facts to correct stupid insinuations. That is understandable.

For as many of your ilk that are hell bent on re-writing history, some of us that you are free to label with any tag that suits you will not allow it. The earlier you know that, the more peaceful you become

It is not everytime I have time for idiots. This morning is one of such period.