After secret meetings with EFCC, debtors promise to pay

CAN EFCC HANDLE THIS MATTER TO SATISFACTORY CONCLUSION?

Nigeria is heading in the retrogressive path - greased by false and deceit. Let's not get carried away by words that lack substance. Normally, when a debtor defaults, the creditor has the upper hand and should dictate the passe of events. If the EFCC has any genuine intentions, all their dealings should be made public even if the President were involved in this form of unpatriotic act. It is the same old story with the Nigerian Govt and its agencies, but spiced to suite the present mindset of Nigerians. Shame to the Govt. and even the people that assist them to commit their evil to this generation and the generations unborn. Those who have genuine intentions to solve problems deal with the fundamentals first. Just to keep other readers thinking - I don't know about you, but for me as an average age young man in its 30s, I can't recall anytime in my life time that I can point to a Govt service to me as a citizen that is worthy of commendation. I don't think it will be wise for my children (another generation) to have a similar story about this so-called home country. Let's start thinking - there should be a way to save the future of our children, at least from this wicked and devilish PREDATORS.

NIGERIANS MUST BEWARE OF PROPAGANDA! Why this talk about EFCC and arrest and detention of debtors? What locus standi has the EFCC to demand that those who took loans from banks pay up? The figures published are being disputed and some of the debtors say their loans are performing. Also, when you take a loan, the repayment is spread over a period of time. EFCC cannot just give wake up on a Monday and order that you should pay up. In fact, it has no locus standi in court as it was not a party to the loan agreement. Even in case of loan default, the agency can still not come in, as loan default is not a criminal offence in any legal system. A financial crime comes into play if and only if the bank says the default is because the debtor used the loan for other ends or secured the loan with fake dcumentation of collateral. Are we all illiterates in Nigeria? What are banks for when not to give out loans? These issues of non-performing loans are just being sensationalised because the schemers know that Nigerians are gullible people. Which banks anywhere in the world don’t have bad debts? Please let us think! This whole thing is a conspiracy to take these banks from Southerners and give them to FULANIS. Watch the drama unfold!!

Wale - You may have a point, but in my opinion, they are non-factual, quite skeptical, and based on speculations and theoretical jargon that are used to support a false system. I am not particular about any South/North propaganda and not disposed to it either. In order to open your mind to the practical and non-illusive situation of a typical average Nigerian, I will give you a simple task and when you are done with it maybe you can review your perspectives. While in the so-called developed worlds, the Govt is making huge funds accessible to many small scale enterprises at almost zero interest rate to cushion the effect of the present global recession, the interest rates in Nigerian Banks are sky-rocketing. Can you try to find out while universally adopted concepts only work in the reverse direction in Nigeria - taking the loan interest rate as a case study. Then try to secure a loan for a worthy cause in the value of just NGN500,000 even at the neck-breaking rates from any of these banks. Well to give you a clue, the funds that should have been made accessible to an average Nigerian as loans are being shared amongst these rogues by their fellow rogues disguising as CEOs in the Banks and you say that is South/North agenda?

I realy dont have much to say this time but "we" i am watching

i have an agenda.it is a northern,western,southern and eastern one.this agenda will address the perceive hegemony of the northern states to usurp the efforts and enterprise of the south which keeps creeping into the discourse of policy in the polity. it is of course the politics of divide and rule that found its origins in the pre-independence era under british rule.the seeds of distrust had been sown in our collective psyche resulting in the entrenched belief of regional politics and the defined troika of sarduna zik and awolowo. of the three,zik,was viewed as the more nationalistic of the lot.notwithstanding this,the regional set up served nigeria well and made the issue of agenda-setting more transparent and prosaic.one knew where one stood. our present state system does not get rid of the regional sentiments but it otherwise assumes that the national interests are paramount,which is a falsehood. in the case of the recent banking debacle,this disingenious premise has been quite pronounced to the extent that it has become an issue all by itself even if all the workings of the banks indicate the contrary. i say this to say that there is an underlining murmuring of regional sentiments that some are more enthusiatically alligned to than others thus rushing to illogical conclusions at the drop of a hat. lets bring this out in the open as the "hidden agenda syndrome" is not only counter=productive but retrogressive. dissenters through the back door are mischevious and usurpers of progress.it is time to call a spade a spade and address what unifies the nation and has the universal appeal irrespective of region which is the provision of hope for a better future. all nigerians deserve better,and to play on their ignorance and vulnerabity in the national political shenanigans is criminal.we ought to know what is right and if our financial systems are infested by rats of the lowest order,no amount of regionalisation can sanitise them. in some matters we have to take a right/wrong decision and it irks me to see that the regional card is still flagged at every possible opportunity.it does us no good.

WHO SAYS CORRUPTION IN NIGERIA IS ONLY IN GOVERNMENT? IN FOUR SHORT YEARS, SEE WHAT THE PRIVATE SECTOR HAS ACCOMPLISHED! WHETHER IN GOVERNMENT OR PRIVATE SECTOR, NIGERIANS CANT SEEM TO MANAGE RESOURCES WITHOUT MINDLESS LOOTING! ANY VACANCIES FOR HOUSEGIRL (OR BOY) TO THE CEO OF ANY BANK?!

Well, let's wait and see the outcome of the current hounding. All i know is that business failure anywhere in the world is not a criminal offence. Those that borrowed and invested in the capital market, hoping for a return and the market crashed cannot be prosecuted. They can only be prosecuted where it can be established that they deliberately crashed the market. You'll be shocked when the courts starts ruling against CBN and EFCC. Have you seen a case taken to court since this madeness started? They're just intimidating the people into forceful payments. Unless you can proof criminality, it's just a waste of time and if they detain you beyond 48 hours without court approval, they're in trouble.Watch those that claim they're recovering the debts, we know them too. It's only the facade you're seeing, they're worse even at the highest level.Wait and see.

Just hear you, Wale, take a look at the list, how many Vice Presidents have made the list? Are they Hausa Fulani's, Igbo or Yoruba? Doesn't the list cut across tribal barriers? Anytime something seriously congent is happening in Nigeria, we have deceptive people like you that tend to alighn themselves on tribal sentiments to get cheap symphaty from the confused populace. That is not fair at all. Sanusi needs your support to clean up the systems of unfair banking that is eating deep into the heart of our banking systems. Banks are suppose to lend out money to only responsible borrowers. These few selected borrowers take to their heels when asked to repays what was suppose to be for all of us. The Fair Trading watchdogs and the CBN were asleep, it is good that someone wake them up, and Sanusi is doing just that. Please let us lend him our support.

@Ibrahim Diko, I will not take ur argument as to the number of Vice president that have made the list, I will also not like to subscribe to the northern south dichotomy, but will subscribe to the idea that the current pursuit of the CBN governor has being at best misguided and at worst mischievious. The CBN prior to Sanusi was making attempt to get this banks in the right part, by the common yr end that was extended to December this yr. That is why the EDW was setup by the ex CBN mgt to allow these banks meet their obligation to customer and at the same time clear their non-performing and bad debt by making adequate provision in thier P&L, Sanusi came in operated the EDW for a month or two and closed the whole thing refering banks to the inter bank market. This for me is bad taste, was this done to strengthen the banks or make them weak for take over. I was in a meeting in London a few days ago and I met some russians who are so happy about what sanusi is doing, basically dislodging his people investment for foreigners to take it cheaply. Instead Sanusi should have helped satbilised the banks punnish them by freezing their profit taking through a circular for a yr or two and then invite foreing investor then nigerians invesors would be happy some of the non performing loans would have become performing becos the margin loans will be repaid and the nigerian investors will win both ways, considering that the same investors from europe contributed in imploding our market. I have a lot to complain about Sanusi approach, it is distatseful and could be easily interpreted as tribalistic, and not to the benefit of Nigerian.

@uyii@wale@diko, et al The average Nigerian is honest hard working and will repay his or her debts. This mega rich cartel of bankers and borrowers are NOT average Nigerians! These are the same class of people who believe that their wealth is their right and and they have the right to take from any source, depositors money. oil revenue, tax payers money. Sanusi & EFCC may not get to the bottom of the problem but at least for the next few weeks or months the uncontrolled pillaging of our economy may slow down. Just think how many Nigerians this money could have given employment to, not just pretty girls chasing deposits but real jobs in the economy.

Isn't this another way of diverting Nigerians attentions to debtors when we forget about looters?

The list is quite alarming. It's a pity they aren't able 2 pay up as @ when due. But i make bold to say that necessary actions shld be taking against them @ the expiration of their agreement with EFCC.

All I have to say is carry on Sanusi...yeah let's blame him for non-performance of these loans, blame him for the loans that were given out without adequate collateral....yeah blame him for jumping in and saving the masses the pain of losing whatever small savings they had stuck in these banks...folks talk about the EDW but fail to add that the banks refused to lend to each other meaning that those that were facing severe liquidity issues were and are actually operating today thanks to SANUSIks intervention...yeah blame him for the execs of these companies who diverted funds borrowed on the pretence of being used for operations but rather used in perpertuating a false lifestyle...yeah why not call it a northern conspiracy that way Sanusi's actions will never be justified...such a shame...for a country that desires change and for a people that have groaned under the weight of massive, flagrant corruption...oh by the way I work in the industry and I am fully aware of its failings and I commend SANUSI for taking action...as for big big grammar (locus standi et al)...locus standi ko locus sitting ni...

My only worry is that it is hard to believe that these so called billionnaires were mere suckers.They were actually living on our blood. Yes! i mean our blood, because take away the billions these looters are holding unto, i am sure i am richer than these over 600 Nigerians that have always played the big boys in the social circles. Please, i would pray that both the EFCC and the CBN should always collaboate to ensure that this sanitation in the bankink sector is a continous excercise. Then we shall know the boys from the men.

God bless EFCC, God bless Farida Waziri, God bless Sanusi. But for Sanusi's CBN and Waziri's EFCC, we would never have known these rot in the banking sector. Again, i say God bless and keep the duo of Sanusi and FArida Waziri for us helpless Nigerians

When isaw the name Atiku Abubakar on the debtor's list,i did not believe is the same man who once contested to be our president. so we would have been led by a "debtor president" who would have used innocent investors fund to bulldoze himself into Aso Rock. I know the EFCC will not led the country down because with the recent crackdown, for the first time we know we have a system that is begining to work. What i will advice these debtors to do is pay up, if they don't EFCC should go ahead to arrest all of them,confiscate their properties and pay back the banks. Also tey have to be watchfull before they all run out of the country like Erasmus Akingbola.

The bank debtors are already known. why are they shying away from journalists when the same journalists have used their photographs on television and newspapers. which everway, the EFCC must ensure that these people pay back their debt no matter thier position in the society. the so-called rich men in Nigeria should not live on the income of the poor. EFCC, pls carry go.

the capability of efcc has never been in doubt since its inception, and with the mantle of leadership bestowed on the woman of action.we the norsemen strongly believe there is nothing to worry about.waziri will collect our meager savings from the looters of our treasury.mama carry on.

Wale, that's not fair. If your money was held up in these banks just because somebody collected it on loan and couldnt pay up in time, what would you do? How would you feel if your entire family depends on that fund and it is no where to be found? If you read the papers very well, you would have seen a statment from Atiku Abubakar's camp that he forgot he collected such loans because it was 10 years ago.How can? I understood that from that report, the loan was Ten million naira which now appreciated to 110 million over the years.So will you call that service loan?Nigerains should begin to face realities.If someone comes up to say enough is enough and that things must take the right direction,we should encourage that person rather than talk him down.For me, EFCC is doing the right job, if you go back to its establishment Act,failed bank and recovery of debt is one of its mandate.

why are the bank debtors shying away from journalists when the same journalists have used their photographs on television and in the newspapers? i think they should face the reality and pay up thier debt. The EFCC should ensure that this richmen pay up thier debt no matter thier position in the society. for if this country must move forward, the rich and the poor must be equal before the law

well done sanusi . u made us know that the so called big men of ths country were living on our money and oppressing us on that.please madam efcc and hurricane sanusi, dont allow them just promise you people and not pay please...nd i agree @ anthony that there ar blood suckers.

All I know is that its so obvious that some people irrespetive of their political, religious and cultural affiliations, are living based on the tax payers' funds. These debtors still go out to display and parade their ailing wealth they have not paid for, to the oppression of the public. I dont care whatever anybody thinks about Sanusi, all I know is that we atleast have someone who could look into the eyes of others and confront them with the sin of indebtedness. Glory be to God Almighty. With a set of people like Sanusi, I have hope, real good hope that Nigeria is bound for greatness, inspite of our current brand image. The international community itself knows that an entity called a nation has its past irrespective of what has been accumulated in the present. The Almighty God, who I believe is a Nigerian, will surely transform Nigeria beyond anybody's comprehension and to the admiration of the international community. I am proud to be a Nigerian. In Nigeria I owe my allegiance, so help me God.

EFCC is at it again, but please madam Waziri, don't spare them. Forget this secret talk,a crook is a crook and will want to cook everybody up. Madam Lioness,you know the way you dealt with the 419 back in Special Fraud Unit, please recover our money for us. I am one of the investors in two of these banks.My salaries were what i used in buying the shares with the hope that i am saving for my future,sometimes i wouldnt buy expensive clothes just to have an investment.It is so painful that someone out there carries the money to have all the luxury of life.God will judge all of them.

Hmmm!it seems that in nigeria everybody is an expert in issues he knows virtually nothing about. How come some people are doubting whether EFCC is mandated and competent enough to carry out this function of recovering debt owed to nigerians. I will refer everyone who has erroneously been saying that EFCC does not have locus standi to the EFCC Establishment Act,Part 11,(h) which talks about one of its functions of the commission as the"examination and investigation of all reported cases of economic and financial crimes with a view to identifying individuals,corporate bodies or groups involved." So,the question is whether taking loans and not paying up does not amount to economic crimes.Even,Atiku said he did'nt even remember that he took the loans.What a cheek! Let us also go to the same Act,which deals with Special powers of EFCC in Part 7 (2) (C) which says that the commission shall be the co-ordinating agency for the enforcement of provissions of the failed banks and (Recovery of Debts) and Financial Malpractices in banks Act,as amended. From the foregoing,it is clear that EFCC has been legally been empowered to do what it is doing.All we as citizens should do is to support it.Besides,these money belong to all of us.It is only in nigeria that i see people clapping hands for thjose that are improverishing them.call them misplaced and stupid supporters club! Without doubt EFCC and CBN are doing a good job and only those who are at the recieving end are crying foul.We know better!

bad debtors and looters has the same semantic meaning.efcc is not diverting attention from the looters of our treasury ,but is only carrying out one of its statutory function.my brother check money laundering act and other related offences for more clarity.you go know say efcc dey do dia work

Nigerians are heavily engaged in so many social activities to the extent that they have no option than to engage in corruption at all levels. Imagine in Lagos, they block roads on firdays and saturdays celebrating one thing or the other. How do they get these funds?. There is no way depositors money could be safe with these kind of people in charge of our banks. National bank, WEMA bank, bank of the north etc are clear example of particular kind of race that are not supposed to manage money. They are not prudent in managing resource. The unfortunate thing is that these kind of people are the one to complain of corruption when it backfires.

Our collective guilt, very shameful.

EFCC PLS GET THEM TO PAY, WE WANT THE BANKS TO REMAIN AFLOAT.NIGERIANS DONT OBEY SIMPLE BANK AGREEMENTS TALK LESS GENTLEMANS AGREEMENT.NIGERIANS UNDERSTAND THE LANGUAGE OF COARSION,FORCE THEY WANT A GUN IF POSSIBLE ON THEIR HEADS BEFORE DOING THE RIGHT THING.THIS ARE HARD MEN AND GREEDY.HOW CAN YOU GET LOANS WITHOUT PAYING ANYTHING TILL YOU ARE CORNERED TO DO SO???????????? HA BA!

Thank you sanusi. but one big question is, was soludo blind? or that the fact upon which sanusi is working now were not available to the former CBN gov? or that he was busy busy gathering for his Anmmbra No 1 sit? may God help us in this country.

WHAT HAPPENED IN THE HALIBURTON SCANDAL - NOTHING , WILBROS SCANDAL - NOTHING, THIS ONE NKO - NOTHING WILL HAPPEN, NOTHING THEY HAPPEN . THE GOVT OF THIS COUNTRY HAS BEEN HIJACKED BY THIEVES, LOOTERS & MORALLY BANKRUPT MEN FROM THE PRESIDENCE ALL THE WAY DOWN TO ALL TIERS OF GOVT GOD HELP US !!

In all, i view Nigeria as a mirage. Consider any aspect of Nigeria (Politics -federal/state/local, Education, Agriculture, Oil/Gas, Import/Export, Banking etc) and you will have thousands of questions. We may say well done to CBN/EFCC and at the same time we ask why did it take this long to start this process. All through the 8yrs of OBJ, these issues were there and got entrenched in the banking sector. Where was CBN all these while? Where was EFCC? Nigeria is like a joke? We are crying about the state of things in the country, how that you cant get 1m naira loan. The econmy was choked up. Small enteprises almost non existence. Now, we can deduce that the issue was that billions were given to few individuals at the expense of the economy and undermining the lives of Nigerians. No consideration for the people that died because they couldnt afford malaria drug. We are not considering many who lost their jobs because their company closed down because they could not secure loan from banks. Many may have died in the process. We cant measure all these things because there is no record system in nigeria. We stay here and all we argue about the hidden agenda. Objectivity is buried. A nation tribally inclined. Every decision is viewed with the urgly mirror of tribalism. I think there are more fundamental issues with Nigeria that requires urgent attention. We attach zero value to lives. Nigerians can kill in place of 1m naira. This is why banks went the direction that CBN/EFCC is trying to correct. Every aspect of Nigeria need to be considered as well. My question to all is 'How did we get to this point?' We need to retrace our path and consider where we missed it and begin to reconstruct our path as a nation. We have the highest number of lawyers, yet no law; we have qualified accounts and bankers, yet zero banking and accountability. No regulation, No enforcement, No judiciary. Sorry guys, many things to say, may be this is the wrong forum. Nigeria is a mirage and we are all responsible.

@ Kabira Yusuf, Dont be silly, there is absolutely nothing wrong in debt, the question is the debt must be paid at contratual date, As Atiku stated, the account is a dormant account and it wasnt brought to his attention. Mind you, if do take a loan in the U.K or in the U.S, the banks send you a monthly invoice, that reminds you of payment, Was this done in the case of Atiku? I doubt it, So lets give Atiku the benefit of the doubt, It seem like your own delusions and obsession with Atiku coupled with your limited intellect, prevents you from having an objective view on this matter.

Cry, beloved country!

For any country to move forward;there must be consequences for bad behaviour...Nigeria's working!