STAR INFORMATION: Update on Major Debtors in Banks in Nigeria
Mobolaji ALUKO
TABLE 4: THE BIGGEST DEBTORS’ TALE TO TELL
|
S/N |
Bank |
# Indebted |
Debt Total |
% Total |
Top 2 Biggest Debtors |
|
1 |
Afribank Nigeria Plc |
28 |
N141.856 billion |
19 per cent; |
(1)Kolvey Company Limited, which borrowed N16.5 billion
(2) Rehoboth Assets Limited through which five of the Ajaegbu families got N28.598 billion
Full list: http://www.economicconfidential.com/sept09debtorafribank.htm
|
|
2 |
FinBank Plc |
104 |
N42.445 billion |
5.6 per cent |
(1)Aquitane Oil and Gas which borrowed N3.656 billion
(2) Falcon Securities through which it’s Managing Director, Peter Ololo, who secured N3.49 billion loan
Full list: http://www.economicconfidential.com/sept09debtorafribank.htm
|
|
3 |
Intercontinental Bank Plc |
35 |
N210 .903 billion |
28 per cent; |
(1) ASCOT OFFSHORE NIGERIA LIMITED [44,670,080,228.83][JOEY CHUMA OBUE, SAMUEL AIKHIONBARE, HENRY IMASEKHA AND EMMANUEL NWACHUKWU]
(2) ROCKSON ENGINEERING LIMITED [36,989,685,692.84][ ENGR. J. I. A. ARUMEMIIKHIDE AND MRS. MARY E. ARUMEMI-IKHIDE]
Full list: http://www.economicconfidential.com/sept09debtorinterbank.htm
|
|
4 |
Oceanic Bank Plc |
32 |
N278.204 billion |
37 per cent; |
(1)Notore Chemical Industries Limited, which borrowed N32.392 billion
(2) Rahamaniyya Global Resources through which Abdul Rahaman Musa Bashir got N28.598 billion
Full List: http://www.economicconfidential.com/sept09debtoroceanic.htm
|
|
5 |
Union Bank of Nigeria Plc |
22 |
N73.582 billion |
9.8 per cent; |
(1)Transnational Corp Plc, in which the Director-General of the Nigeria Stock Exchange (NSE), Dr. Ndi Okereke-Onyiuke is a director/major shareholder, which borrowed N30.863 billion on behalf of the company
(2) MTS First Wireless Limited through which Chief Lulu Briggs secured N9.849 billion
Full list: http://www.economicconfidential.com/sept09debtorunionbank.htm
|
.
For a full AUTHORITATIVE list, see: http://www.nigerianmuse.com/important_documents/ CBN_advertorial2_on_bank_debtors.pdf
AUGUST 18, 2009
TABLE 1: NIGERIA'S CBN ACTION ON FIVE BANKS ON FRIDAY, AUGUST 14, 2009
S/N
BANK
CUSTOMER
DEPOSIT
OUSTED AS MD
IN AS INTERIM
MDS & TURN-AROUND
MANAGERS
1
Afribank Nigeria Plc
N217.97bn
Sebastian Adigwe
Nebolisah Arah
2
Finbank Plc
N391bn
Okey Nwosu
Mrs. Suzanne Iroche
3
Intercontinental Bank Plc
N1.1trn
Erastus Akingbola
Mahmoud Alabi
4
Oceanic Bank International Plc
N835.21bn
Mrs. Cecilia Ibru
John Aboh
5
Union Bank Plc
N682bn
Bartholomew Ebong
Mrs. Funke Osibodu
TABLE 2: CBN’S AUDIT REPORT SITUATION
S/N
BANKS AUDITED
& CLEARED
S/N
BANKS AUDITED
&
ACTION TAKEN AGAINST
S/N
BANKS
CURRENTLY
BEING
AUDITED
1
Diamond Bank Plc
1
Afribank Nigeria Plc
1
Access Bank Plc
2
First Bank Plc
2
Finbank Plc
2
Bank PHB Plc
3
Guaranty Trust Bank Plc
3
Intercontinental Bank Plc
3
Citibank Plc
4
Sterling Bank Plc
4
Oceanic Bank International Plc
4
Ecobank Plc
5
United Bank For Africa Plc
5
Union Bank Plc
5
Equitorial Trust Bank Plc
6
FCMB Plc
7
Fidelity Bank Plc
8
IBTC Standard Plc
9
Skye Bank Plc
10
Spring Bank Plc
11
Standard Chartered Plc
12
Unity Bank Plc
13
Wema Bank Plc
14
Zenith Bank Plc
TABLE 3: REPORTED WANTED OR ARRESTED BY EFCC*
S/N
Name
Position
1
Sebastian Adigwe
(Ex-GMD/CEO of Afribank); [ALREADY IN EFCC DETENTION?]
2
Ben Nwoji
(ex-MD)of Afribank Trustees Limited.
3
Okey Nwosu
(Ex-GMD of Finbank); [ALREADY IN EFCC DETENTION?]
4
Alex Duruike
(Ex-MD of First Inland Securities);
5
Ernest Duruike
(ex-MD First Inland Securities),
6
Emmaneul Okoji
(ex-MD First Inland Capital Ltd),
7
Erastus Akingbola
(Ex-GMD/CEO of Intercontinental Bank Plc);
8
Ayodele Thomas
(Ex-MD of Intercontinental Capital Market Limited);
9
Abiodun Taiwo
(ex-MD Intercontinental Finance & Investment Ltd)
10
Abubakar Magaji
(ex-MD Intercontinental Trustees Ltd).
11
Adeboye Adewoyin
(ex-MD Intercontinental Securities Ltd),
12
Cecilia Ibru
(Ex-GMD/CEO of Oceanic Bank);
13
Felicia Shonubi
(Ex-MD of Oceanic Trustees Limited);
14
Reginald Elya
(ex-MD Oceanic Securities International Ltd),
15
Peter Ololo,
former managing director of Falcon Securities Limited, [ALREADY IN EFCC DETENTION?]
16
Bartholomew Ebong
(Ex-Group MD of Union Bank); [ALREADY IN EFCC DETENTION?]
17
Henry Onyemem
(ex-MD of Union Trustees Limited);
*Created from SaharaReporters list
List of wanted former bank officials: Bartholomew Ebong (Ex-Group MD of Union Bank); Henry Onyemem(ex-MD of Union Trustees Limited); Erastus Akingbola(Ex-GMD/CEO of Intercontinental Bank Plc); Ayodele Thomas(Ex-MD of Intercontinental Capital Market Limited); Okey Nwosu(Ex-GMD of Finbank); Alex Duruike(Ex-MD of First Inland Securities); Cecilia Ibru(Ex-GMD/CEO of Oceanic Bank); Felicia Shonubi(Ex-MD of Oceanic Trustees Limited); Sebastian Adigwe(Ex-GMD/CEO of Afribank); and Ben Nwoji(ex-MD)of Afribank Trustees Limited. Peter Ololo, former managing director of Falcon Securities Limited, Adeboye Adewoyin (ex-MD Intercontinental Securities Ltd), Ernest Duruike (ex-MD First Inland Securities), Emmaneul Okoji (ex-MD First Inland Capital Ltd), Felicia Shonubi (ex-MD Oceanic Trustees), Reginald Elya (ex-MD Oceanic Securities International Ltd), Ayodele Thomas (ex-MD Intercontinental Captial Ltd), Abiodun Taiwo (ex-MD Intercontinental Finance & Investment Ltd) and Abubakar Magaji (ex-MD Intercontinental Trustees Ltd). [Names in red are repeated]
Compiled in present form by NM.
---
UPDATE 2-Nigeria anti-graft police seek bank executives
Tue Aug 18, 2009 2:53pm EDT* Anti-corruption police seek 19 executives* Three already detained for questioning
* Possible share price manipulation, false accounting probed
(Adds background, details)
By Nick Tattersall
LAGOS, Aug 18 (Reuters) - Nigeria's anti-corruption police said on Tuesday they were seeking 19 banking executives for questioning following a $2.6 billion bailout of five struggling financial institutions by the central bank.
Former chief executives from two of the rescued banks and one other executive had already been detained for questioning while the 16 others were being sought, a spokesman for the country's Economic and Financial Crimes Commission (EFCC) said.
"We have threatened to declare them 'wanted' because we have been looking for them since yesterday. We have been able to find three," EFCC spokesman Femi Babafemi said.
"We have to take statements from them to determine their level of culpability ... They have all been watch-listed so it is difficult for them to escape out of the country," he said.
The central bank last Friday injected 400 billion naira ($2.6 billion) into Afribank (AFRB.LG), Finbank (FIBP.LG), Intercontinental Bank (INBK.LG), Oceanic Bank (OCBK.LG) and Union Bank (UBNP.LG) and sacked their chief executives.
The banks had notched up bad loans totalling 1.14 trillion naira and the regulator said lax governance had left them so weakly capitalised they posed a threat to the banking system in sub-Saharan Africa's second biggest economy.
Analysts say criminal charges could be brought if executives are found to have falsified accounts or breached share price manipulation rules by setting up subsidiaries as vehicles to trade their own stock and push the share price higher, or to have bet on the stock market using depositors' funds.
Central Bank Governor Lamido Sanusi has promised to prosecute anybody found guilty of misconduct but has declined to comment on whether any specific infractions were exposed by central bank investigations.
"Anybody, managing director, executive director, director, officers, debtor, anybody that is found that has broken the law will be prosecuted to the full extent of the law," Sanusi said when he announced the bailout.
POSSIBLE SHARE PRICE MANIPULATIONBetween them the five institutions account for 40 percent of banking sector credit in Africa's most populous nation and the executives sought include members of Nigeria's business aristocracy, long seen as almost untouchable.
Babafemi said former Union Bank chief executive Bartholomew Bassey Ebong, former Finbank chief executive Okey Nwosu and the chief executive of Falcon Securities, Peter Ololo, were already answering EFCC questions.
"They are in custody in our Lagos office," Babafemi said.
Nigeria's banks saw explosive balance sheet growth in the wake of consolidation four years ago, going on massive capital raising sprees which increased their capacity to lend to companies and individuals. Risk management did not keep pace.
The loans included credit to speculators on the stock market .LAGLG, down more than 60 percent from its peak in March 2008.
They also including unsecured financing to fuel importers who have had to contend with a sharp fall in global oil prices from above $140 a barrel last year to half that level.
The $7.6 billion of bad loans notched up by the five banks is roughly equivalent to the combined annual income of Nigeria's poorest 20 million people, who each live on around $1 a day. (For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Additional reporting by Camillus Eboh in Abuja; Editing by Sophie Hares)
______________________________________________________________________________________________________________________________
EFCC arrests bank officials "declares" 14 others wanted
Written by Saharareporters, New York Tuesday, 18 August 2009 15:48 The Economic and Financial Crimes Commission (EFCC) is claiming to have arrested four officials of Nigeria's so-called "troubled banks" last night. It also says it has declared 14 other persons wanted. But while the impression is being given that the arrested officials are the heads of the banks that were dismissed a few days ago, the claim is meeting with a sceptical Nigerian public.
The EFCC spokesperson, Mr. Femi Babafemi said the agency was trying to locate Mrs. Cecilia Ibru, the CEO of Oceanic Bank, who is believed to be bank-rolling the war to reverse the auditing of banks in conjuction with former Delta governor, James Ibori and Nigeria's Attorney-General, Michael Aondoakaa. That seemed to have been meant as a warning that it is incorrect of Nigerians to think that the EFCC has arrested Mrs. Ibru, a member of one of Nigeria's most powerful families.
Sources told Saharareporters that the EFCC was called in by the Governor of the Central Bank, Lamido Sanusi, to stop some forces that were threatening to use a federal high court judge to scuttle the continuation of the CBN's audit of banks and Sanusi's "bank reforms" which led to the removal of the five bank CEOs.
Those arrested today are said to be the CEOs of Afribank (Sebastian Adigwe), Union bank (Bartholomew Ebong) and Finbank (Okey Nwosu), as well as the MD of a subsidiary of Finbank , Falcon securities (peter Ololo). Those declared wanted, according to the EFCC, are mostly managers of subsidiaries of the five banks.
Meanwhile, more revelations have come to light that James Ibori owed Oceanic, InterContinental and Afribank substantial amounts of money on non-performing loans.
The EFCC action is being received with derision and contempt by many observers who have come to know the agency, under the management of Mrs. Farida Waziri, as a conniving, toothless bulldog. Critics today pointed to the arrest of Zenith Bank's Jim Ovia earlier in the year over offenses of money laundering, nothing that that case went up in smoke, as has the case of such former governors as James Ibori.
Zenith Bank is yet to be audited, but those familiar with his connections at the presidency said his bank would certainly pass the audit as Zenith has already got Yar'Adua's chief economic adviser, Tanimu Kurfi, to nominate someone on his behalf, to whom has been given substantial shares. Some sources said Mr. Ovia would resign before the EFCC can get to him, but his aides told Sahareporters this evening that he would not do that.
Some analysts say that the recent international condemnation of the EFCC by United States Secretary of State, Hilary Clinton, may be responsible for the current activism of the EFCC. But others noted that it is a ruse, pointing out that even the current arrests of the bank executives is full of holes, including the fact the EFCC is saying that the SSS "helped" arrest some of the wanted officials.
"Right there is a pre-planned escape clause by the EFCC," one of them told Saharareporters in Abuja.
List of wanted former bank officials: Bartholomew Ebong (Ex-Group MD of Union Bank); Henry Onyemem(ex-MD of Union Trustees Limited); Erastus Akingbola(Ex-GMD/CEO of Intercontinental Bank Plc); Ayodele Thomas(Ex-MD of Intercontinental Capital Market Limited); Okey Nwosu(Ex-GMD of Finbank); Alex Duruike(Ex-MD of First Inland Securities); Cecilia Ibru(Ex-GMD/CEO of Oceanic Bank); Felicia Shonubi(Ex-MD of Oceanic Trustees Limited); Sebastian Adigwe(Ex-GMD/CEO of Afribank); and Ben Nwoji(ex-MD)of Afribank Trustees Limited. Peter Ololo, former managing director of Falcon Securities Limited, Adeboye Adewoyin (ex-MD Intercontinental Securities Ltd), Ernest Duruike (ex-MD First Inland Securities), Emmaneul Okoji (ex-MD First Inland Capital Ltd), Felicia Shonubi (ex-MD Oceanic Trustees), Reginald Elya (ex-MD Oceanic Securities International Ltd), Ayodele Thomas (ex-MD Intercontinental Captial Ltd), Abiodun Taiwo (ex-MD Intercontinental Finance & Investment Ltd) and Abubakar Magaji (ex-MD Intercontinental Trustees Ltd).____________________________________________________________________________________________________________________________
Oluwatoyin Ade-Odutola
I still will like someone to help me with a question that has bothered me for ever...HOW does one accumulate capital in a country that you cannot own slaves, you are not allowed to cheap natural resources, you cannot steal public funds and not you cannot take a loan without been paraded like a common criminal. Do we understand capitalism at all?
Is this the FIRST time in the history of Nigeria that banks have gone bellywise?
We are quick to jump on politicians who steal, quicker to make a show of Bakers...I still remember the poor Adekanye of Commerce Bank and how they wracked his life. Is Nigeria not a dangerous place? Someone help, help help....Where do we start? How do we FUND our parties? How do we live that honest life when we cannot work with credit?
Someone MUST know something I do not know.....
Kole
--- On Wed, 8/19/09, Mobolaji ALUKO <alu...@gmail.com> wrote: |
Mobolaji ALUKO
Nigeria: NAFCON Changes to Notore Chemical - 10 June 2006
Lagos — O-Secul Fertilizer Company Limited which recently acquired the assets of the old National Fertilizer Company of Nigeria (NAFCON), has changed the name of nation's only nitrogen fertilizer company to Notore Chemical Industries Limited. In August 2005, O-Secul emerged the preferred bidder for the assets of NAFCON following a liquidation process conducted by a court appointed Liquidator on behalf of the Bureau of Public Enterprises. Notore's fertiliser plant is the only urea plant in the whole of sub Saharan Africa. Strategically located in Onne, which has an abundant supply of natural gas and direct access to the Atlantic Ocean, the plant also has its own private jetty which makes it well positioned to import raw materials and also service the export fertiliser market.......
Economic Confidential, August 18, 2009
MONETARY
The List of Major Debtors of Non-Performing Loans in Five Banks
The Central Bank of Nigeria (CBN) has released the details of major and largest debtors of non-performing loans of the five banks whose managements were sacked recently. The debtors include government agencies, corporate organisations and individuals in their personal capacities. Most of the directors are popular billionaires, politicians, retired military Generals among others.
The defaulting customers of the affected banks have been directed to pay the amounts without further delay their indebtedness, failing which the central bank would take all appropriate legal actions to ensure payment.
Out of the N210bn of the non-performing loan of the Intercontinental Bank Plc, the major and largest debtors as at May 2009 include Ascot Offshore Nigeria Limited which has as its directors Joey Chuma Obue and Samuel Aikhionbare owing N44bn, Rockson Engineering Limited that belongs to Engr. J.I.A. Arumemikhide having N36bn to offset, United Alliance Company of Mr. Aig-Imoukhede and Herbert Wigwe to refund N16bn, Rahamaniya Oil and Gas of Abdulrahaman Bashir with N12bn, Dansa Oil and Gas of Aliko Dangote and his brother, Sani Dangote with N8bn, Transcorp of Prof. Ndi Okereke-Onyiuke and others with N6bn, Lister Oil Limited of Alhaji Arisekola Alao to refund N5bn and Accountant General Special Project N14,5bn among others.
The major debtors of Afribank’s N141bn non-performing loans are Suleman Ibrahim of Kolvey Company that has Suleiman Ibrahim and Aisha Usman as director and owing the bank N16bn, Rehoboth Assets Limited of Chudi Ajaegbu to refund N15bn, Resolution Trust and Invest of Patience Orighommesan and Sarah Oritse to repay N12bn, Petosan Property and Dev of the same Patience and Sarah to pay another 10bn, Larix Nig Ltd of Alhaji idah to pay N6bn, Bro Works of Alhaji Ibrahim N5bn, Falcon Securities Limited that has Peter Ololo as MD to offset N29bn and African Petroleum of Femi Otedola to refund N12bn among others.
The major debtors in Union Bank nonperforming loans of N73bn are Transnational Corp where Dr. Ndi Okereke Onyiuke as prominent director to settle the indebtedeness of N30bn, MTS FIRST WIRELESS LTD of Chief Lulu Briggs with N9bn, Zenon of Femi Otedola N6bn, IRS Airlines of Khalifa Isiaka Rabiu N3bn, Avian Spec Ltd N1.7bn, Communication Trends Ltd of Engr. Uzo Udemba to offset N1.1bn, DJONES of Sir J. O. Eze N524mn. Others include Chanchangi airlines N423mn, Ikeja Hotels Plc N1,2bn, Bao Yao Huan N3,1bn, MINAJ Holdings N1,6bn, Ibeto Industries N2,4bn among others.
The major debtors in Oceanic Bank’s nonperforming loan of N278bn are Notore Chemical Industries Ltd and African Finance Corporation N32bn, Rahamaniya Global Services of Abulrahman Musa Bashir N28bn, LV Development of Michael Onasanya N2.7bn, Dangote Industries of Aliko Dangote N2.5bn, Falcon Securities of Peter Ukoritsemofe Ololo N22bn, Spark-West Steel Industries of Niyi Oyedele N18bn, Mid-Western Oil and Gas of Onajite Okoloko and engr. Adams Okoene N23bn, Oando of General Magoro and others N7bn, Honeywell Group of Oba Otudeko N1.6bn, BFCL Assets and Securities Of Okoro and Ibru N4bn, Global Fleet of Jimoh Ibrahim N14bn, Zarm Poultry of Muftau Gbadamosi N8.3bn, Imad Oil and Gas of Bashir and Abba Dasuki N10bn, Delta State N6.4bn, NITEL N7bn, Obat Oil and Petroleum of Prince Fedrick Akinrutan among others.
The major debtors in FINBANK’s nonperforming loans of N42bn are Aquitane Oil and gas Limited of Ike Okolo and Dahiru Wada N3.6bn, Falcon Securities of peter Ololo and Senator Jonathan Tunde N3bn, Spring Trust 1,9bn, Jevkon Oil and Gas N1.6bn, Reliance telecommunication N800m, Ebonyi State 587mn, Intercellular Nig N157mn and Ararume Godwin Ifeanyi N158mn among others.
The Tables of Defaulters
Major Debtors of Intercontinental Bank Plc
Major Debtors of Oceanic Banks