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Recalcitrant Debtors Sell Assets …. As EFCC Ultimatum draw nigh

The Economic and Financial Crimes Commission (EFCC) on Saturday hauled in two more big fishes from the troubled waters of the five dirty banks. John Maha, the Managing Director of Afribank Securities was lured out of hiding while Niyi Opeodu, Managing Director of Union Capital Markets was arrested from his Lekki residence, in Lagos.


This is just as one of the flamboyant billionaires in the country (names withheld) has sold his hotel at a give-away price to ensure that he was not caught napping at the end of the day.
Our source disclosed that the billionaire owes one of the banks over N14 billion, but did not say how much the hotel was sold.

Recalcitrant debtor, James Ibori & his partner in crime Dodgy Cecilia Ibru
"This hotel is not your run-of-the-mill hotels. It is a very big one largely used by expatriates and oil industry employees. Because of the huge embarrassment an EFCC arrest could cause his reputation, the man has decided to let the hotel go, believing that he who fights and runs away would live to fight another day. I am not sure how much he sold it, but the buyer could not have paid the actual worth of the property", the source told our reporter.

Also, one of the debtors of Oceanic Bank and chairman of the Dangote Group of Companies, Alhaji Aliko Dangote, paid a whopping sum of N3.1 billion to the bank on Thursday.
Confirming the payment on Friday, acting Managing Director of Intercontinental Bank Plc, Mr Joseph Ajewole, said the bank has recorded giant strides in debt recovery.
He said: "A lot of the delinquent debtors have reached us. Many have paid substantial amounts while others have come forward to discuss with us about their plans to repay."

As the seven-day ultimatum given to the debtors of the five troubled banks draws near, some of them have started selling their assets to recover the money to pay up before the ultimatum expires. It was not clear on Friday how the debtors raised the funds to offset the debts, but Sunday Sun learnt that most of them are selling their choice property in choice locations in Abuja and Lagos to enable them beat the Wednesday deadline by the EFCC for them to pay up.

So far, about N18 billion has been recovered from debtors of the five distressed banks, whose management and managing directors were sacked by the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, penultimate Friday.
Sunday Sun gathered at the weekend that Intercontinental Bank Plc has so far recovered N4.8 billion while Afribank Plc has recovered N3 billion. Others are Oceanic Bank Plc N4.5 billion and Union Bank about N6 billion.

Meanwhile, Mr. Femi Babafemi, the anti-corruption agency’s spokesman, told Sunday Sun that John Maha had been playing hide-and-seek with the agency for six days before the long arms of EFCC reeled him in at the weekend.
"The EFCC had been on his trail since Monday, but each time we got closer he changed location. We decided to use other operational tactics to lure him out of his nest to a place where our operatives were waiting for him."

Babafemi also disclosed that both Maha and Opeodu had been fingered in further allegations of book cooking, setting up fake companies to process out loans that are not repaid.
With few days to the EFCC deadline for bank debtors to pay what they owed the banks or go to jail, highly placed sources at the Commission told Sunday Sun that at the expiration of the deadline, every defaulter would become the guest of EFCC.

"We are prepared for the task ahead and nobody should delude himself that he or she is too big to be arrested by the EFCC. The Chairman has given express instruction that all and anybody who does not do the honourable thing by Tuesday should be brought in. We have enough space for all of them.
"Some of those already arrested will be arraigned and taken to prison to make room for new ‘intakes’, the source assured.

Sunday Sun also learnt that bank CEOs that have so far refused to show up at EFCC risked being declared wanted. "It is a shame really that these people Nigeria once trusted with their hard-earned money are unwilling to submit themselves to the law. After receiving awards from everywhere, they are now on the run. We know what to do and it is in their interest to submit to EFCC instead of waiting until after they are become fugitives from the law. We are closing in on them and whether they stay in Nigeria or escape abroad, we believe it would really be a shame if a former bank chief executive’s face and photo is displayed as one of the ‘wanted men’ in the same newspapers and television screens that once carried their awards", our source said.
The EFCC source went on to say that one of the CEOs on the run would most likely surrender as her pastor and church are seriously persuading her to save herself and the church the embarrassment of being declared wanted.

"The CEO in question is a member of a big Pentecostal church and her quite respectable General Overseer and elders are persuading her to come out of hiding.
The anti-graft agency decided to take the tough stance because, according to it, there is urgency in salvaging the banking industry from economic strangulation orchestrated by the heavy debt burdens on the banks.
The debtors, who include the who-is-who in business and political circles in Nigeria, are together owing the five distressed banks about N747 billion.

The EFCC, according to its chairman, Mrs Farida Waziri, will enforce Section 42 of the Establishment Act 2004, which states that "any offence committed or proceedings instituted before the commencement of this Act under the provisions of the(a) miscellaneous Offences Act (b) the Banks and Other Financial institutions Act 1991 as amended; (c) Failed Banks ( Recovery of Debts) and Financial Malpractices in Banks Act, as amended (d) the Advance Fee Fraud and Other Related Offences Act (e), the Money Laundry Act or any other law or regulation relating to Economic and Financial Crimes, shall as the case may be, required to be enforced or continued to be enforced by the commission."
The CBN had, on Thursday, published the list of debtors (both institutions and individuals) who secured the loans worth over N747 billion from the five banks. It included names such as Alhaji Musa Bashir, Bashir Adamu, Abba Dasuki, Mr Jimoh Ibrahim, Chudi Ajaegbu and Chiamaka Ajaegbu; Ndi Okereke-Onyiuke, Aliko Dangote, Femi Otedola and a host of others.( Culled from the sun)

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Comment by kenny Star on August 27, 2009 at 6:29am
THESE GUYS DIDNT PAY BACK THE LOANS BECAUSE THEY DID IT WITH THE CONNIVANCE OF THE BANKS CEO'S. THEY SAW IT AS A LOOT AND THE BANK CEO'S RECEIVED PART OF THE MONEY AS GRATIFICATION OR OUTRIGHT LOOTING. SOME OF THE CEO'S STOLE THE MONEY AND USED THIS BIG MEN/WOMEN AS FRONT. THAT IS WHY THEY DIDNT OR NEVER INTENDED TO PAY THE MONEY BACK. THEY SHOULD ALL GO TO JAIL AND ALSO THE POLICTIANS AND WHO LOOT THE NATIONS TREASURY EVERYDAY BY APPROVING FOR THEMSELVES LARGE SUMS AS ALLOWANCES AND REMUNERATION. THEY ARE ALL WICKED.
Comment by tunji james on August 26, 2009 at 2:26pm
this are people robbing milliions of naija wealth, imagine a man controlling billions of naira that is suppose 2 be 4 a nation. DEATH shud be their reward
Comment by KING AYO.1 on August 26, 2009 at 11:55am
What a shame, Imagine d corrupt Dangote lobbying to be Stock exchange chairman, after tenure expiration as VC.
Big clothing doesnt potray bigmanliness. Make dem deal with dem all.
Comment by idris akinwunmi i. on August 25, 2009 at 9:50am
i think say this thing na movieooooooooo. Who be the actor and boss?? I am expecting an answer.
Comment by Adiele Rita on August 24, 2009 at 2:38pm
MAY GOD HELP US.
Comment by Emeka ndu on August 24, 2009 at 1:37pm
Wao!how has the mighty fallen.
Comment by Mandy Nezi on August 24, 2009 at 12:56pm
They have not started selling their properties yet ,not untill they sell off their wardrobe efcc should not rest. For these bank ceo's to betray customers trust is a let dowm to the country.They pay huge amont of money for them to be given the best award.The leaders of this country, the bank ceo's, the award givers and even the press are all currupt in thier various possitions.
Comment by danokoro on August 24, 2009 at 11:41am
I have a short story to tell. About a year or two ago, some people in the Hse of Reps started the so called power sector probe. For mths they were the heroes of the people. ''Obasanjo stole $16bn they shouted''. ''$800million disbursed without anything to show at project site''. ''Nobody has appeared at the project site, villagers insist''. ''Obj waived due process in contract award''. ''The most corrupt human being on earth has been caught''. ''Obj the grestest hypocrite'' etc. At a forum like this, I tried to tell Nigerians that in Engineeering contracts such as the IPP; Design, Manufacturing of equipment, shipment, clearing of consignment usually is about 80% of such contracts. It is therefore not strange to visit a project site more than one year after mobilisation fee has been paid and nothing serious is going on. I was called an Idiot, fool, obj stooge etc. At the end of the day what was the verdict of the Hse of Rep: Elumelu and co were completely ignorant of what they were attempting to probe. More of Nigeria's scarce resources had been frittered away and the entire IPP Projected disrupted. This current exercise is going to come to a similar end.
Comment by braino on August 24, 2009 at 9:54am
with this level of debt on ground,i solely believe that i am richer than some of this guys who calls themselves billionaire with borrowed funds.....................................i pray God shows mercy upon them all.
Comment by a on August 24, 2009 at 9:23am
I like this film o
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