You have 7 days, EFCC tells worst debtors

Is she out of her mind? These are private transactions. She really has no jurisdiction here. It is up to the banks, CBN, NDIC to work out a schedule of repayment. There are already legal means by which the lenders can recover some if not all of their money. Unless she can prove that the loans were given under false pretences there is no criminal case shikena!

@ Muyiwa, you are so right, let the EFCC stay out. Ibori and Co. is sitting doing nothing let her handle them first. This should be an issue between the Banks, CBN, NDIC, Court and police.

Let me get this right,a company with a separate and distinct legal personality from its shareholders takes a facility from a bank and secures it with assets in a commercial transaction that leaves the bank the option of foreclosing the collateral in the event of default.Said default allegedly occurs,the bank does not exercise its available options and the Cbn publishes said company's name along with that of its shareholders and Effc steps in with a 7day ultimatum to said shareholders instead of d company.Where is the rebranding? This has always been the brand!

Esosa, you hit the nail on the head. I'm not sure which one is worse, default on a loan or blackmail and intimidation. In these types of cases, what is the role of the judiciary, or does Nigeria no longer have this separate arm of government. I understand Yar'Adua is suddenly waking up to Obama's call for a corruption free Africa, but things need to be done the right way, this is just as important as cleaning house!

Why the arrest? I think they call something collateral security. Or is it possible to borrow from bank without collateral? Well in my country, anything goes. "Awon onigbese tiwon npe l'olowo. Siö!"

Mrs.Waziri's statement clearly shows her ingorance of the laws and i wonder why such a person should be heading EFCC?This will tell you why she never gets anything right

Is this woman alright? Does she know her job description? Does she know the Purpose and objective of the authority she heads? I think the person she Reports to needs to remind her of what she and the authority and there for. Its scary really when no economic or financial crime has beed commited and the EFCC can just wade into a situation. Or is EFCC taking over NDIC and CBN's jobs Or is this woman just tired of chasing corrupt polity?

I think Waziri had not lived to expectation. She's beginning to fail womanhood. Above all, she has not followed her predecessor. I think she's under influence. What about all the past governors. She will only back, but in the long run... For me Ihave lost confidence in EFCC, they are now the proverbial toothless bull-dog...

EFCC, CBN, and THE JUDICIARY, the mess in Nigeria is left for you to clean up or you will be messed up by the mess. I understant that money and power give nigerians immunity against the rule of law and the same thing is why nigeria is ungovernable. My only joy is that money and power can not give any one immunity against kidnapping which is the result of the mess that is not cleaned up.

mrs wasiri and her co-workers should know there duties.

Nigeria, should I say sorry or should I say congratulation. A country without agenda,no Law,no rule, no regulations. Who is monitoring who? Is it the police, is it the EFCC, is it the court, or is it the constitution? Every body is monitoring everybody, yet no agenda, no progress, no developement.Every new government that comes, the same thing. The only achievement is to discover a stollen money. Nothing new.Should Nigeria remain a third wold country for life? Sorry. As far as I am concerned, the whole excersise has nothing to offer. This is another American wonder; the more you see or hear the less you understand. You are all decieving your selves.

Mrs. Waziri's led EFCC has become a toothless bulldog. You dont fight your cases on the pages of the newspaper or in the media now....haba Madam, you should know this. There are too many regulators involved in this issue sef....CBN, NDIC, EFCC, SSS (yes SSS who should be after those threatening the nation)...Madam Waziri has no basis to arrest and prosecute the debtors because a jail term wouldnt bring the money out...rather after going through trial, the court would ask them to pay in instalments....why doesn't Madam just hands off for now and let the CBN and NDIC set up a committee who would invite this guys in and work out a repayment plan. It's that simple.....threatening people with prosecution and arrest is not the best, Madam Waziri should know that by now.....Ibori, Orji Kalu, Igbinedion are just but a few people who have been arrested, bailed, standing trial but they are still the power brokers here o!

EFCC has no say in this case for now at least no criminal offence has been proven. The CBN should be able to handle this, afterall they started it and so should finish it.

Loans from banks anywhere backed by collateral. Bank has the right to "call" its loans if non-perfoming or it needs to - part of loan agreement. The call for the loans shld be made by the new md's and not EFCC. If call not met then they can go for the collateral provided for backed by police. You cant clean a mess with an unlawful process.

I think the EFCC should leave this matter about loan repayment to banks to handle. Let me ask a question, does it mean that at this time anyone found to be owing any bank is also affected by this clampdown or is it only for the so called 'worst debtors'.What happens after now? Will people not be allowed to borrow from banks anymore or what. These things should be spelt out clearly abeg!

Mrs Waziri Please take it easy, I believe when these people went for the loan, they followed due process and all the proper forms were filled where the mode of repayment was specified. They should be invited for a meeting so as to ascertain the period and time of payment. I think before they borrowed from bank there must be a collateral. Please verify well so as not to mess up in this issue. May God help you madam and give you wisdom, knoweldge and understanding.

Some people sure need to be educated. Every mordern economy making progress is runing on credit. America, the richest country is also the most indebted country in the world. What we need to do is to work on our credit system to have the transparency element so that things are not done in the dark to both the borrower and the lenders and the regulators. When people take risks, borrow money and use all their youthfull days to build companies through hard work and something goes wrong due to some things outside their control, it is not fair to celebrate their failure. Our laws should have provision for bankcruptcy so people can start all over again. A lot of things are wrong with our economy and with the global meltdown added to it some business will definately fail. I support sanusi sanitasation but i dont support the way he went about it. The biggest part of the problem is system failure. If the CBN has done its regulation and inspection properly all these non-performing loan will not get to this point. No credit bureau, no elecronic real time monitoring by CBN, inconsistent govt policies, poor infrastructures etc. Many people calling these debtors names will do worst things if they have the opportunity to borrow. We should look away from taking sides and calling names. What we need is structures that will encourage enterprenuers to borrow, use the money to create jobs for others but with necessary structures to curb excesses. What will it profit our economy if all the people owing banks these banks had their companies closed down in 24 hours, all the asset taken over by efcc and all the employees lost their jobs. think about it. Some, not all, of these people paraded and jeered are fine gentlemen who have worked hard and labour to build institutions. We should celebrate our own and not rejoice at other peoples errors. I symphatise with some of the debtors and I really think sanusi motive is not totally clean. Whatever, the regulator and policymakers shuld address the real issue now, develop and promote a good credit system that will take nigeria to the league of developed nations, a system that encourage transparent credit, credit bureau, elecronic monitoring of banks, infrastructural development,. Unless we do this, we are going round in circles.

Pervasive absence of morality, the leaders,the rich, technocrats and the self aclaimed protectors of Human Rights(Lawyers) etc etc. Lawyers onother avenue to smile to the Bank.

does it then mean, from EFCC chairman's statement that the body is bereft of legal personnel to advise them on the extent of its jurisdiction? am marveled!

i am wondering if EFCC is bereft of legal personnel to advise the EFCC boss on the extent of the jurisdiction of the Crime body?

I think waziri should be left to do her work. I believe any defaulter is a potential criminal, so should face the consequence. Or are we saying that the CEOs that mismanaged depositors fund should not be prosecuted? I wonder how people reason at times.

This is ignorant! But then again, Mrs Waziri is probably trying to divert the attention of Nigerians from the ineptitude and failure thus far of the EFCC under her to do its real job: investigate and prosecute corrupt politicians, led by those who maneuvered her into office. Madam: (1) there is a distinction between corporate and personal liability, and (2) being indebted is not a criminal offence anyway. Now, please run along and arrest Ibori, Odili, etc.

it's a shame that the the whole world is watching the most incredible unbelieveable film been performed by our so call leaders whom i believe are the most educated illitrate.well,no problem,their children are watching,and God is watching too.

KUNLE: I think we are all in agreement that Waziri "should be left to do her work" -- which is prosecuting corrupt politicians and govt officials. On the other hand, defaulting on a loan (potential or otherwise) is most definitely neither criminal nor her job. At best, it is a civil matter that should be adjudicated between the banks (or their liquidators) and the debtors, with such debtors' properties and assets at risk.

go waziri go,go, go,cheap popularity .thats an olopas sense of reasoning

WAZIRI YES U ARE A POLICE WOMAN

Arresting those debtors can not bring back the money especially now that Oceanic bank still need some billions of naira to remain afloat in the market.Please, madam think of another alternative that will make those banks recover their loan in order to avoid being collapsed totally.

KUNLE: unless of course this is fraud involved. Otherwise, the EFCC should keep its nose of loan defaults.

A person who chose to get credit from bank to setup or run a legitimate business chose the right path, and is different from someone who has stolen. All over the world businesses are setup or run with supports from bank in form of credit. Let's be careful here not to discourage people who may wish to set-up businesses using bank loans as that will amount to killing the economy completely.This is the time to promote local and foreign investment and not to do otherwise. Let the banks and the debtors be left alone to settle their transaction/agreement in a civilised manner, the same way they sat and agreed on the terms of the loan. Rather than close the businesses or companies that are owing and curse more unemployment problem, government can encourage the banks to convert part or all of the loans to equity in the concerned companies. EFCC please be thoughtful here!

1. @DAYO, Well said... 2. @TOPS, Well said...

Does this Woman know the meaning of jurisdiction? Apart from heading the Expected Failure Crime-rearing Commission, she should know better that she is not different from the debtors. Let CBN do their job and stop intimidating others. Sick Madam

Does this Woman know the meaning of jurisdiction? Apart from heading the Expected Failure Crime-rearing Commission, she should know better that she is not different from the debtors. Let CBN do their job and stop intimidating others. Sick Madam

Further to what I said earlier, I want to add that embarrassing these 'worst debtors' by publicly publishing their names in the dailies will end up dampening their morales to carry on, in their entrepreneurial exploits which will in turn take its toll on the nation's economy. I advise Efcc to seek legal/professional advice before taking such an action.Please let reason preason prevail. Efcc please note that even Nigeria is a 'heavy debtor'.

Four things need to be dicuss here. (1) Who approved the Loan and on what bases.(2) Is there any collecteral and the description of the collecteral.(3) what is former CBN Governor position on the debtors before now.(4) Federal Government should equally be made to explain her roles in these huge loan. This is the time we need to seat down an ask ourselves on the way forward to this nation. People who you think are credible are apprently not, I know government hand cannot be toatlly isolated in this case but God is just exposing them for the upcoming cleasing. To Mrs. Waziri, I wonder the kind of people we have in the country, she need to go back to training school for such a margnitude debtors, was the money/fund borrowed from EFFC? How many case has she been able to handle successful, My Dear Country Men and Women, this is what they will say now just to pretend that they are really working but nothing will be done to these debtors even thought they refuse to pay/servicing the debt it has become Nigeria problem for all our politicians/Rulers to cover up a set of people that have turned this country to the seating room where all the decision concerning the totally of Nigeria will be debate and at glance implimentation will start without the knowledge of the poeple. This is a very big idietment to Obasanjo/Yar Adua's government.

small man borrow 1000 thousand,big trouble. big man borrow 45billion,small trouble.they should payup and give loans to the less prievilegded with flexible pay back options

well most of these companies are no where to be found,well 7 days is a good ultimatum.....but to be fair that is too short,,none of them would be able to payback...

I love the comments i read here & sincerely I'm highly impressed on each comments made. My Opinions in this matter is that 1. Do we all know what DEFAULTING A LOAN is?. NON PERFORMING DEBTORS are?. Well,a default Loan is the failure to pay back a loan. Default may occur if the debtor is either unwilling or unable to pay their debt. Now are the Non performers unwilling or unable to pay back their loans. 2. What was their Collateral. I'm sure these said banks can't give Loans out without securing themselves. The Job of EFCC is to prosecute corrupt individuals/Organisations etc but on the issue of Non Performing Debtors, its not in her Job Description but if there is FRAUD or Mismanagement of Funds anywhere in the issue of this said DEBTORS then Waziri go ahead, its ur case. I was not too impressed with the way Lamido Sasusi went about with this issue, what he is telling me is that CBN does not regulate or inspect proper Loan grant by Banks if the body does, it wouldn't have gotten to this Point @ all. I was actually expecting to hear or read that a Committee has been set up to investigate this matter rather its the other way round. My Advice call the Non Performers because i know for sure they're performed with Collateral for PAYMENT RESTRUCTURING TERMS. In conclusion BE WISE in rendering your obligation to the fullest of its heights. Act Wisely not Foolishly. There are guilty if found guilty but as @ now NOT GULITY AS CHARGED.

We are made to understand here that Waziri want to flex her mussel. She need to have a legal person to always consult before coming out with her statement. She doing good duo. But let her know her jurisdiction.

EFCC! This is out of your jurisdiction, face what concerns you and stop making Nigeria a laughing stock in International media.Where in the world do you give debtors 7 days to pay up, this is crazy.

I solidly agree with u tops, u just gave the clear over view of the problem, hw i wish we have people like u in the office of our dear waziri. thanks man

This is a good step. But 7 days is just too short. i think the masses would benefit from the return of the owed funds, since there is so much inequality of income in nigeria. At least we now know where all our funds have been..

Where is the rebranding? This has always been the brand! Why is the power sector still in a state of coma inspite of the gargantuan infusion of funds over the past decade. Well in this country,like they say 'anything goes'. ASUU is still on... strike. Kidnappers are having a field day. Religious sects are running wild...etcetera etcetera. We don't need rebranding. What we need is TRANSFORMATION...Read More

Even the Govt dont have a job description talkless of Waziri..... They are all corrupt people and its only God that can save us.... 7 days will come and there will b nothing to show for it trust me......nothing will happen.

What a country! This administration is becoming worst of all, even Obasanjo's. No security, No Law, everyday new crime and so much nepotism and tribalism. How can we be suffering in the midst of plenty? Poverty has turned a lot of Nigerians into criminals just because of BAD LEADERSHIP.

THIS IS FULANI JIHAD, Phase 2!! What we’re witnessing is a campaign of propaganda by the CBN with the intention to change the ownership structure of Nigerians banks. All the figures being circulated by the CBN now are not necessarily factual. They’re painting the banks so bad to justify their plans to sell them to Fulani investors for peanuts. I didn’t want to believe this line of thinking initially, but now I’m convinced that we’re dealing with a grand conspiracy. Jimoh Ibrahim has tasted the bitter juice the bank owners are being made to drink now. Immediately Yar’Adua came to power, the federal minister of minister then, Shamsudeen Usman, started harrassing the Ondo State-born businessman over his ownership of NICON and Nigerian Re, which he had legally acquired under the privatisation scheme of the Obasanjo government. The FG kept demanding new capital investment in the insurance companies from Jimoh, the failure of which he would be dispossesed of them. Anytime he met one requirement, they would up the ante until it became clear that he would not be left alone if he didn’t share the ownership with a Fulani man, which made him to call in Sayyid Dantata, who bougth Chevron Nigerian assets for 1 billion dollars early this year, as a second major (but invisible) investor. These banks were not troubled before last Friday. It was the decision of Sanusi that is making them to be troubled. And Nigerians must be very critical the way they consume the information released by the CBN on this crisis which Sanusi has foisted on the Nigerian financial industry. Now there are talking about the EFCC prosecuting debtors! This is sheer propaganda. In every legal system, not paying back a commercial loan taken from a bank as and when due is not a criminal offence. It only becomes an offence when a court has found the debtor guilty of diverting the loan to other ends or having secured the loan with false declarations. EFCC does not even have locus standi in court because it was not a party to the commercial transaction between the creditor (bank) and debtor (borrower). Only if a court of law had established that INDEED a financial crime had been committed that the EFCC could come in as a prosecuting authority. There're only making fool of Nigerians by dragging the EFCC into the issue. Also, asking the debtors to pay up in 7 days is also propaganda. When you take out a loan for your car, for example. Repayment is spread out to cover between 36 and 72 months. After 6 months, even if you're unable to meet your repayment schedule, could the bank ask you to pay the whole loan in 7 days? The debtors in Nigeria must have agreed to different periods of repayment, which in some cases could go as far as 7 years from the day of first disbursement. The plan of Sanusi and his co-plotters is to systematically run down these banks so that they would have to be taken over to prevent their total collapse. And when the smoke clears he will sell them to their preferred Fulani investors for peanuts. Let’s be on the watch! This is Fulani Jihad, Phase 2! They want to capture Lagos, the heart of the Nigerian economy, from Southerners. That is their grand plan.

This is a very sensitive issue, and I believe that a revelation has been made by the CBN governor, which others may have found difficult or whose hands are very much tied to do over the years, and it decayed to a very damanging extent as everybody can see very clearly. CBN has done her job and it is very highly commendable, but a fact still remains, the people in question need to be heard and if possible publish their defence in the national dailies. This will enable the nation and the world at large see the entire exercise from the two ends. However there are laydown procedures, rules and regulations to obtain loans from the bank and system of payback. Anywhere in the world one person does not report a case and the other found guilty immediately without hearing from the other. We have about the governor's loot, the Haliburton saga, PTDF Fund,those that recked the failed banks, and now list of the nearmiss failed banks. Nigerians are reacting because we are just like "Alice in wonderland". We need to exercise caution in this particular case because all the news media abroad have carried it and the consequences are grave, because very big organizations and personalities are involved, to ensure we are not at the end crying wolf.

It’s time to start resisting Fulani colonialism The present predicament of the banks was long in coming. The bitter, persistent complaints of alleged marginalization of the ‘North’ by the Soludo consolidation policy, by Northern politicians, journalists and traditional rulers during the Obasanjo administration, gave an inkling of what fate would befall the banks immediately this administration came into office. Sanusi is unabashedly a Fulani bigot and he has made that clear in many articles he has written since 2000 and which were published in Nigerian newspapers and online especially on gamji.com. Sanusi’s writings were so nauseating that Garba Shehu, the non-Fulani Northern rights activist, once described them as “racist crap”. That such an unabashed tribalist could be appointed into such a professional national office without any protests shows the political lethargy of the Southern elite. And that must have emboldened the Fulani CBN chief that he made very negative remarks about Nigerian banks in the very first interview he granted the press upon his assumption of office. In the interview, with the West Africa Correspondent of the Financial Times, he made it point blank that he would prefer new investors to come into the market even expressing his preference for foreign players at the expense of those he referred to as anonymous Nigerian Nominees. That interview also failed to elicit condemnation despite its patent unpatriotism and its potentials to cause a confidence crisis in the capital market. No wonder that Sanusi felt so sure of the docility of his victims that he devised the so-called audit programme, carried it out in a rash and without even waiting for the completion of the exercise or informing the boards of the affected banks of its findings, he went ahead to change the managements of the banks. The appointment of Southerners as acting MDs of the 5 banks and to the board of the CBN is a smokescreen. When the smoke clears, Fulanis would have become the majority shareholders of most Nigerian banks. As Sanusi has said that he would invite investors to shore up the capital of these banks and take stake in them. There is a grand conspiracy by the Yar’Adua administration to foster Fulani control over all facets of life in the country. What Sanusi has just done must be linked with what his people are doing in other sectors of the economy where they’re edging out other Nigerians, such as in the oil & gas industry. Today, it’s the banks. Yesterday, it’s the petroleum products importers. Who knows who’s next? When will Southerners and other marginalized Nigerians begin to resist this blatant process of internal colonialism?

I just don't understand the meaning of corporation in nigeria. If a corporate company , sourced for loans and it was granted. The company should be liable for the payments of that loans. The threats made by EFCC is baseless , they don't have the legal rights to be pursuing individuals when corporate bodies sourced for loans in the first place. If a bank should give out a loan without proper risk management or collateral. Then, it has itself to blame when loans are not paid back.

EFCC: the toothless bulldog. What are you doing about IBORI madam Waziri?. "Birds of same feather flocks together".

i agree with some of you, and i also disagree with some comments, i read in the national dailies today that some of these people accused by CBN to be non- performing debtors is actually a false claim. They did not carry out their findings well. If you take a look at the listed debtors, you would notice that they are individuals handling a large company like Rockson, Oando, Dangote, some of you would agree with me that such huge business needs huge naira, there is no way they could have survived without taking loan form banks. Another thing is , what is the business of EFCC in this issue, ahahaahaa, Waziri! what is your problem? you are too mouthy unlike your sister when she was the head of NAFDAC, she faced what concerns her, face your work. Who gave you that idea of 7days ultimatum for debtors to pay or go to jail? where is that done anywhere in the world?

Okay, While we are all busy getting carried away with all these noise and what not about all these banks drama, the proof is in the pudding and we as turkeys should stop voting for Christmas. Yar Adua warned a few months back that people should stop campaigning for 2011. I stand to be corrected that this is agenda and strategy to silence all the big men and political financiers whose name have all come up. by so doing locking them up or arresting them or just simply telling them to pay off will drain the economy of excess cash they will traditionally start pumping into the system in readiness for the election slowly drawing near. we need to focus on the fact that CBN Is also mopping cash in the economy as well and well as i see it, we should not be carried away or fall asleep. Who said Yar'adua was a slow man again?

I THINK I SHARE WITH TOPS OPINION, WHAT IS BEYOND ALL OF THESE, IF EFCC IS LOOKING FOR WHO TO ARREST THEN THEY SHOULD TURN THEIR SATELIGHT ON THE CBN INSPECTORS THAT HAVE BEEN GOING TO THESE BANKS TO DO AUDITS AND NEVER RAISE ALARM ON CORRECTIVE MAESURES TO CORRECT THIS MADNESS. THEY DIDNT JUST START TODAY. NIGERIA WILL BE GREAT!

please do what is right.. this monies were not stolen from the bank, it was given out legally with collateral, let the bank handle the issue themselves please.

Shadow boxing; movement motion but ultimately no action - that's the EFCC. As an investigative organization did they need publication of this list to take action? I am not certain that most of this money will be returned. Some certainly will. One thing is clear, New entrepreneurs need to look deeper and further for role models. Now we know those driving the economy ....downwards. Hang on. Weren't some of these individuals being given entrepreneurship and business leader awards by some prominent Nigerian papers just a short while ago?

EFCC wants to use this opportunity to chop money.

The truth about this money borrowed is that the banks borrowed out this money to their brothers, sisters, friends and well-wishers that is why they will not be able to retreive or demand the money back from them. In that case, EFCC or CBN is right to enforce the retreival recovering of the borrowed money.

i always believe that Nigeria will become a better place for all Nigerians to live live in but it is also important that various sectors of the economy must be cleased. The issue at hand required the intervention of the EFCC but not at present when the court as not proved both the creditors and debtors guilty but for themail time, i will advice EFCC to face the politician that are looting our national resources instead of babbling on a case that can be handle by CBN themselves. If at the end of the day the debtor are found guilty, there should be proper arrangement for repayment to the banks because the banks were at the fault by breaking the rules of the system (collection of collateral. EFCC should also be sensitive in regards to its 7days ultimatum because it a dream that can never come true.

I think that was just an irrational statememt coming from her. Given that she was put in the spotlight, while hoping she could front her stand strong front. But the request is definately irrational and unrealistic. What needs to be done now is set everything up in an orderly and organised manner. Get the respective parties that offered the loans in the first place, the institutions that insures these loans and their lawyers on board to set up a payment structure within a reasonable timing. EFCC definately doesnt have any jurisdiction into personal loans made to individuals.

I do not understand the EFCC stance. We are not told the steps the banks took to recover the debt. We have not been told if the credit agreement were entered under false pretences or were not used for the stated purposes, nor if funds were diverted for private use. Let EFCC investigate these matters, while CBN, NDIC and SEC look into the specific issues prevalent in the financial institutions. Both sides should then compare notes to ascertain basis for individual prosecution.

nigerians will never be satisfed! if efcc did not act, it is the same idiots that will open their mouths and complain, efcc this, efcc that, since cbn sent the reports , and there are fraudulent activities also linked to the case, should efcc not act?if you can do a better job please step in her shoes and stop blabbing!

This whole thing is just a big joke. Does the EFCC really know what their powers, functions and duties are? I really doubt they do. If the EFCC makes a finding that any of these banks gave out loans fraudulently or without following due process, then what they should do and are empowered to do is to file criminal charges against the culpable parties and begin proceedings in a court of law. They have no power to dictate and make demands on those who borrowed money from these banks and issue ultimatums. This totally exceed its scope. The EFCC is a prosecutory body, its duties are to file charges and then the courts will make a decision on whether these people are guilty or not. This shows how Politically motivated this whole sham is. I have serious reservations about the sack of the CEO's to start with. I am not condoning any irregularities, but we still cannot act arbitrarily in the name of Curing a defect in the banking industry. Sanusi could have done a host of things. 1. He could have called a meeting of the banks shareholders and given them an ultimatum to replace the board. 2. He could have limited the CEO's through the CBN's regulatory powers and given ultimatums on when they should repay and or restructure their capital and loan structure But as usual we act as though we are in a Banana republic and do whatever we want in the name of correcting a defect,Two wrongs never make things right. The results unfortunately are that confidence in the Nigerian banking industry is at its lowest ebb. Not just locally but international financial institutions are very reluctant to extend credit lines to our banks, and this is very bad for a budding economy like ours. And i know alot of people will argue that what he did was trying to prevent a collapse, but confidence is the key. Once International institutions are not confident and know that, some people(s) some where can wake up one morning and take arbitrary actions, Then what have we achieved.

hi sensible NIgeria i think you should understand the fact of every matter before you talk, no body is against EFCC but what is realistic is what we are talking about here, IN YOUR WIDEST IMAGINATION DO YOU THINK EFCC CAN RECOVER THE MONEY IN 7 DAYS? DO YOU NKNOW HOW LONG THEY HAVE BEEN TRADING WITH THIS MONEY AND DO YOU KNOW THE ARRANGEMENT THEY(BANK) HAVE WITH THESE DEBTORS. THINK... SELAH

EFCC,i guess this will put the account officers of this companies in trouble because they are the ones who packaged those toxic loans but maybe under the influence of the management because there is some thing termed management loans in banks,whereby most of the due processes are not followed adequately,these are FAM's with alot of deferrals because of delay in meeting up with stipulated documents,and the management being interested in such loans signed off for it.I heard some management teams go out giving out loans to top Political officers even before opening account at all,all in the name of marketing a lot of things need to stop; giving unachievable target to marketers leads to promising returns they cant comply with.In a situation whereby the delinquency depatment of such bank fails,then NDIC,CBN should take over not EFCC.Including EFCC in this issue is being political!

All avenues should be used in retrieving all the funds in the vaults of these so called men. It is criminal, selfish and irresponsible for them to borrow and not pay back as agreed. All those involved should be made to face the appropriate laws. Nigerians are watching, the international community is watching.

How come all the investigation in Nigeria by EFCC that involved stealing public,None of the accused has led to jail time or imprisonment.If Nigeria is willing to cure the cancer of stealing public funds show example by putting this crooks in jail.May be party affiliation to PDP is hindering action that could be taken against this criminals

i dont think those loans can ever be fully recovered.its a bad situation for those that approved it because if the debtor declare bancrupt in court,they will win the case.

Mama EFCC, what about your brother attorney general, Ibori and many of your concubands stealing the people's money. You must start with yourself before you command others.

It is obvious that financial crimes have been committed. How else to you explain banks that were recapitalised not so long ago and who all had clean balance sheets now having such a high proportion of non performing loans. Obviously the banks have made no real efforts to foreclose on collateral that backed their lending. If there was no collateral then why not??? The answer is widespread collusion between bankers and businessmen. This is a crime and the victim is the nigerian public and the shareholders of the banks. This may be the conclusion drawn by the EFCC, not that i am a big supporter of what has to date been a toothless (if not corrupt) agency

I'm not sure dat mrs waziri know d rules,laws and regulations of effc.Let her go and sit down and face her business

Haba Kunle lagos

@ kunle lagos, meet muyiwa for lessons

I think that the EFCC should step in and get the situation in control. As you can see,it is a colossal financial blunder. After all, that is Nigeria for you. There so many legal issues that do not work in Nigeria as it works in the western world. So please, take a look at the situation fron outside your box. Solution: Lets outsource our financial institutions to GHANA. God Bless Nigeria

Madam plz check the criteria on how the transation went with pple involved and stop interfering on things that does not have anything to do with ur office.

Mrs Waziri has really demonstrated that Mr CBN governor has a hidden agenda, otherwise why this 7 days ultimatum on money borrowed for investiment or did the debtors stole the money. They want to cage this people for Niger Delta plan B agenda of the north. This is another sign of unseriousness on from this retired 20 naira roger police woman, otherwise where are the Babangidas, Buharis,All past governors and senators, abi she still wait for Madam Cliton to come again, then they would cry another foul.Shame!!!!!!!! to you all. Surely you will fail again.

Our country seems to be turning to a society where anyone installed in power can just wake up one morning make anyhow statement, publish it, follow it up without due processes & go scorch free. What a lawlessnes & lack of sense of direction... Like i formely commented, d saga has just begun, lets watch-out as it unfolds!!

Our country seems to be turning to a society where anyone installed in power can just wake up one morning make anyhow statement, publish it, follow it up without due processes & go scorch free. What a lawlessnes & lack of sense of direction...... Like i formely commented on CBN/ Banks MDs' sack, d saga has just begun, lets watch-out as more issues unfold!

Our country seems to be turning to a society where anyone installed in power can just wake up one morning make anyhow statement, publish it, follow it up without due processes & go scorch free. What a lawlessnes & lack of sense of direction...... Like i formely commented on CBN/ Banks MDs' sack, d saga has just begun, lets watch-out as more issues unfold!

mrs waziri is a national embarrassment or is it that prof. Akunyili's rebranding has given EFCC a new role. The case at hand is way out of EFCC atleast at this stage. EFCC legal unit should be ashame for this negative national expose.

I think something is seriously wrong with nigeria and her security agencies.Its a national disgrace,as the anty graft whose role is to anihilates corruption but now absolutely has derailed from it.mrs wasiri tak am very easy mak wetin way happen to nuhu rebado go soon fall on you.Whether you retire or not,niga no send wen the big wigs wan com you.

Waziri's misguided outburst shows the mentality, incompetence and shame of the police woman whose senses take flight once money is mentioned, sighted or the thought of it. Remember Tafa Balogun? The policemen who killed traders in Ilorin after sighting money at a checkpoint? The Apo killings? She demands repayment in 7 days, and payment instruments raised in favour of EFCC! Can you believe that? Oh! cry my beloved country, Nigeria!

How I wish we can conviniently seperate sentiment from facts. Yes, the Northerners may be "planning 'coup'" or might have "planned 'coup'" but there is a proverb in my place which says "if the wall is not open, the lizard can not get a passage". On what finacial ground was such HUGE SUMS OF GHANA-MUST-GO SIZES OF CASH loan applied for and approved? What was the collateral definition for such kind of money, if there were? EFCC and others have spcefied functions. Let the primary parties involved settle the case. It is when the Banks, Debtors and the third parties cannot have a way out that we start to talk about other relevant bodies. the legality of their involvement is also very important and sensitive. If care is not taken, we will leave the sick and get carried away by the colour of the bedsheet! When the poor masses, including peasant farmers are crying for loans that are less collaterised, with affordable and realistic interest and repayment terms, the elite are busy giving out loans to thier friends and families who have no strong ties to paying back. I pity Nigeria, the world is looking at us if we care to be reminded.

I WAS ONCE TOLD BY MY MENTOR THAT WHEN PURPOSE IS NOT KNEW ABUSE IS INEVITABLE THIS IS WHAT THIS WOMAN IS DISPLAYING SHE BETER GO AND ASK WHAT IS THE PURPOSE OF HER JOB BE SHE SIT THERE AND BEGING TO INRUDE IN WRONG AFAIRS I BELIVE THIS GENERATION WE CHANGE THIS NATION

I think the EFCC boss a reacting in different way to the Clinton remarks. She's trying to creat an impression that she's doing her work wuth vigour. However, i think that she should call on these guys and negotiate with them first on the modalities of repayment be such rash actions taken. These gusy borrowed this moneys and invested in real business employing millions of our jobless youths afterall. Let her check on Ibori and Co who are the real culprits hiding behind Aso Rock.

Hajia, why do you want to abuse your position by making comments like these. You are more intelligent than that. Please avoid patronising sensational stories and do the right thing before you end up like your predicessor. Where in this world do you give a debtor and ultimatum on behalf of a ligitimately entered business of borrowing money. Is it now a crime in the Nigerian Law of business to borrow from the banks? Has any of the giver or receiver contest the position or existence of such a loan? Please before you start wasting peoples resources, kindly crosscheck and define exactly what you are going into. No wonder, EFCC has not succeeded in bringing any criminal to justice. What you are trying to do is to become a debt collector for the banks. i believe that is not the reason why you were set up. This are areas where Sir Gani Fawehimi and Keyamo would have emberass you and all your teams in court for going out of your jurisdiction. Please redirect your energy to those criminals very close to you, 1. Those contracts that have been issued and some payments made as mobilisation fees and nothing is happening. 2. Those in position of power that are abusing their office responsibility for their own selfish greed. (Eg. Ndidi of NSE and the bank executives and how they waste billions on friends) 3. Those members of the police and other military generals that have been oppressing the junior officer entitlements without due regards for the law of the land. 4. Those that have been receiving money (ies) on behalf of the government of the federation but pocket same rather than remit it for the benefit of all citizens. 5.Those saddle with revenue generation. Customs and excise, Border partrol officer, port authority staff and airport executives that have succeeded in swindling us of billions. Stop wasting your time on loans and issues of this nature.

Every effort toward recovering the huge debts will be in futility if those guys are not arrested. Madam Waziri, quote me, if you arrest these people they will write their cheques within 72 hours because they will not want to be prey to the nigerian mosquitos. The money they borrowed are still somewhere waiting to be spent. This is part of your actions that will speek louder than words.

Today we are entangled by failed banks/nonperforming loans. What happened to the failed electricity project and the $16b we were told was spent. Those who awarded the contracts and those who received the money never went into EFCC yard for querries. Madam War-ziro haba! I'm yet to see the Idiagbon kind of war against indicipline. The kind that make a governor pee in his pants when he commits.