Access Bank top brass owes Intercontinetal Bank ₦16.25bn

CBN should go after the two executives through EFCC. They should be sacked with immediate effect

This is quite embarassing...

This is really serious,the access bank chirfs must be sacked too becuase i dont know wht they loaned 16.25bil naira for

what's sauce for the goose is sauce for the gander.

This is beyond gross misconduct. I was stunned to see Aig-Imoukhuede and Wigwe on the list this morning. If these two have any self-respect remaining, they should resign immediately.

They are more worse than armed robber EFCC should prosecute them and jailed them at least 12 month in prison. oleeeeee! barawooo!

Now it makes sense. Now I understand why Access bank were after Femi Otedola...they knew what was coming. They were trying to gather some funds together for this financial institution cleansing. Somehow they must have been tipped off by some corrupt insider to try and get their house in order. Naija...Naija....Naija..... I dey look and laff...I must look and laff

They should face the EFCC,knowing fully well what its means by non-performing loan as the executive of same industry.let them face the law.

I am not taking sides with anybody here, but these things have to be properly verified before making them public.I believe Aig definitely knows what will happen if he does not remit when due. However, if any one of them is found wanting he/she should be made to face the consequences.

When did it become a crime to borrow money from one bank in other to buy controlling shares in another? This is very basic corporate finance. The Access Bank executives have nothing to be ashamed about or any reason to resign on account of this particular matter. Perhaps there are other reasons why they should be sacked, but not this please...

Most businessmen borrow money to invest in their businesess, whether it's N350,000 to buy tokunbo to run transport or billions to buy a bank. As long as Aig & Herbert service their debt, what's the problem. If they don't then there is collateral in their shares of Access bank. Simple...... Debtor no dey go prison....

they should be made to pay back every shilling with every necessary interest incurred by the loan.

this guys(access MD and DMD) already got wind of what would happen thats is why they went for AP loan and got it repaid. And thats is why they started repaying their debt with intercontinental after CBN verification as at may 31 2009. This is a serious offense. EFCC should not be fooled they must be made to face the law of the land.

9ja. Country of Bad Belle People. That is why there is so much poverty and squalor in our land. Some people's business is to pray and seek the down fall of any one that is prospering. Aig and Herbert are owing owing a bank and without asking what the loans are for and why they went bad, they gleefully proclaim - destroy them! jail them!! execute them!!! As if to owe money is a criminal offence. EFCC is now a debt collector. How many Bank MD's in US and Europe who plunged the entire human race into an economic crisis through granting of sub prime mortgage loans and creating worthless derivatives therefrom are in jail? abi na we know pass. Shame to bad belle people.

their loans contributed to the distress situation at intercontinental?- classified as non performing they have not been servicing their loans from inception? if the answer to these two questions are yes, then they should be asked to step down plain and simple. If their loans are none performing, as helms men in a Bank they understand the consequences of that better than anyone else . CBN's clean up exercise should be thorough their is nothing wrong with the borrowing if it is performing though

Why would someone be arrested for owing money? If the loan is truly non-performing, what CBN need to do is to get the borrowers to start paying? CBN should know that it will be very difficult and contentious to pierce the cooperate veil.

I agree with u Majiri. Pls be sensible and discerning in ur reasoning before reaching conclusions. Aig and Herbert certainly know the implications of falling short of payment obligations. They would not conciously withhold repayment to a competitor while still building a worldclass organisation like Access Bank. I believe CBN should have categorised these Non-performing loans in line with prudential guidelines. Sub-standard, doubtful or Lost. Agreed they may be classified loans but not enuff to term as a loan to be repaid in one week. I mean get real. Go after Peter Ololo who conciously took loans under different coys and are all classified. He shld pay for such carelessness and greed. Aig and Herbert are free of charges against them.

This s unbelieveable

Most businessmen borrow money to invest in their businesess, whether it's N350,000 to buy tokunbo to run transport or billions to buy a bank. As long as Aig & Herbert service their debt, what's the problem. If they don't then there is collateral in their shares of Access bank. Simple...... Debtor no dey go prison

i am not a banking industry man but i know that before someone is giving a loan, there must be proper investigation on what the person in question wants to use the money for and also the collateral for the said loan. a person can't just go to a bank and ask for a loan and be giving just like that. it is not a new thing to take a loan to fund a business provided you are capable of meeting the loan collateral and timing, so whats new. you see in nigeria we make too much noise. what do you say about nigeria owing the debts to the paris club and all that sort of things, does it mean the president should be sacked come of it. may be you should ask intercontinental bank chiefs if whether they were on drugs when they were issuing the loan the individuals, or may be they didn't ask for a collateral before giving loan. the two bank chiefs should be incarcerated if they took the loan on behalf of the bank or if they used the bank as a collateral without the knowledge of the bank. what else!

THE WHOLE THING IS A MESS

Where is the objectivity here? Owing money is not a crime. It is obvious that the comments posted are just malicious rantings of people that are half literate or outright ignorant. How do any of you know the loans were not been serviced? The details are not known. I know neither if the people involved and i dont want my comments to be misconstrued. Because you owe a bank money doesnt make you a bad person or a criminal. Business men the world over use bank facilities to grow and establish businesses. This is hard for Nigerians to understand....Shame

investigations should start first from higher AUTHORITIES involved.every monkey can give birth to a witch.

FGN is as guilty as any other debtors.FGN owes Transcorp 51% stake in Nitel which the govt has refused to pay Transcorp.

Nothing like northern agenda. The CBN was bold to publish names of debtors to these banks including bank chiefs of other banks. The sacked MDs sacked on 14th Aug 2009, will surely have their cuts whenever the loans were refunded. The sacked MDs may have allowed the loans remain with the borrowers so they can get more cuts when paid back. (Big Risk Big Sanctions). The CBN governor may be aware of these trends when he was heading First Bank. All banks are guilty of the offences. Some went too extreme and are facing the music. The CBN should list the surety or collaterals for the loans. We know Loans from Banks or anywhere must have surety or collaterals.

What collateral did Aig and Herbert provide as cover for their N16.2bn loan. N16.2bn is around 108 million US dollars! Did Aig and Herbert supply collateral for that sum? Did they service the loans? If they did, why is it classed as a burden on the neck of Intercontinental and why did Sanusi say that Intercontinental is insolvent? What is Aig and Herbert's networth given the collapse of Access Bank's shares? Yes, it is ok to take loans, but to stake $108m on shares when enterpreneurs in the real sector are refused loans to develop them employing millions in the process. Pls give nigerians a break. We have every right to complain.

he has to pay d money dat he stlo from d bank immeditliy.

The gentle men must have taken this facility to support a course that Intercontinental would have looked through and satisfied before giving approval. In addition, we are talking about guys who understand the prudential guidelines in classifying risk assets, and wouldnt want to do anything to be nabbed for that. This is not a criucification time,but let the appropriate quarters and guiding principles and policies find them guilty or otherwise. At least, Intercontinental refuted the CBN position, and clarified that there account is perfoming. thanks

Hi, you guyz should not go far, other bank MD's and directors are also owing them.Its unfortunate CDN has not released the list of the debtors of other banks and you will all see how they play the game. Its a game of i rub your back, you rub my back.

I have no problems with the two top executive of Access Bank borrowing to buy shares in their bank. However, they should explain to the world the interest rate on this facility, the source of monthly interest repayment(not the principal repayment)and tax payment to Lagos State or FIRS based on their income to service the loan. I am surprised that the board of directors of Access Bank will defend the loan taken by the two top executives of the bank this is the height of irresponsibility. What is the value of Access Bank shares that both executives have as at today, value it sell and let us see if it will cover the outstanding debt. Please, ask the board and the executive to tell the world the ternor of the N16billion loan extended by Intercontinental Bank. As for Erastus Akingbola you have acted irresponsible by availing such and amount to these individuals therefore, appreciate what the CBN governor is trying to achieve. Banking is a noble profession, where money is made the old fashion way, you earn it.

These executives must have borrowed for investment, with collaterals. I have no problem with that. However,they should have paid some back or rescheduled. Do not crucify them. Let them pay back under agreed terms. Even governments borrow too.