Troubled Banks: Dangote, Otedola among Debtors (FULL LIST ATTACHED)
On the list are president of the Nigerian Stock Exchange Alhaji Aliko Dangote, NSE Director-General Prof Ndi Okereke-Onyiuke and erstwhile president Oba Otudeko, whose companies together owe a total of over N53 billion non-performing loans to Intercontinental, Union and Oceanic banks. Dangote’s Dansa Oil & Gas owes N8.8 billion, Dangote Industries N2.5 billion, Transnational Corporation chaired by Okereke-Onyiuke owes N40.8 billion, while Otudeko’s Honeywell owes N1.6 billion.
Many other operators of the capital market also featured on the list, collectively owing dozens of billions of naira.Also on the list are Mr. Femi Otedola, Barrister Jimoh Ibrahim, Mr. Fola Adeola, Chief Lulu Briggs, Mr. Aig-Imokhuede, Dr. Peter Odili and Alhaji Arisekola Alao, whose companies owe billions of naira to the five banks.
The CBN last Friday sacked top managers of Intercontinental, Oceanic, Union, Finbank and Afribank, and injected N400 billion bailout, because the banks were being weighed down by non-performing loans amounting to over N1 trillion. The apex bank threatened to expose the debtors unless they defray the loans.
The CBN made good its threat last night by posting a statement on its website, listing more than 100 companies and individuals it said were debtors of the five troubled banks.
CLICK THE LINK BELLOW TO SEE FULL LIST DIRECT FROM CENTRAL BANK:
http://www.cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf
“Following the recent regulatory action of the Central Bank of Nigeria on the five (5) banks, it has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment. These are the largest debtors and the CBN will continue tohttp://www.cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf
publish the list of defaulters on an on-going basis,” the CBN statement said.
A breakdown shows Rahamaniyya Oil and Gas Ltd, which has AbdulRahman M. Bashir owing the Intercontinental Bank N12.8 billion and Oceanic Bank N28.6 billion; Transnational Corporation with Okereke-Onyiuke as chairman owing Union Bank N30.87 billion and Intercontinental Bank N6.6 billion.
Others are African Petroleum with Otedola as the chairman owing Afribank N12.8 billion, while his own Zenon Oil owes Union Bank N6.25 billion. Global Fleet Industries Ltd owned by Jimoh Ibrahim owes Oceanic Bank N14.78 billion; Tijjani Babangida’s plaza owes Finbank N450 million; and Chanchangi Airlines owned by Alhaji Ahmadu Chanchangi owes Union Bank N423 million.
Ascot Offshore owes Intercontinental Bank N44.67 billion; Rockson Engineering owes Intercontinental Bank close to N37 billion; Lister Oil with Alhaji Arisikola Alao as major shareholder owes Intercontinental N5 billion; Mobitel owes Intercontinental Bank N1.38 billion; MTS First Wireless Ltd with Lulu Briggs as shareholder owes Union Bank N9.85 billion; and IRS Airlines Ltd owned by Khalifa Isyaka Rabiu owes Oceanic Bank N3.33 billion.
The list also had Nwuche Nnanna, AbdulRahman M. Bashir (Rahamaniyya), Abba Dasuki, Khalifa Isyaka Rabiu, Frank Obot, Alhaji Ahmadu Chanchangi, Tijjani Babangida as defaulting customers of the affected banks.
Between them, the five ailing banks account for 40 percent of banking sector credit. The loans included credit to speculators on the stock market, down more than 60 percent from its peak in March 2008. They also include 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.
Source: DAILY TRUST
CLICK THE LINK BELLOW TO SEE FULL LIST DIRECT FROM CENTRAL BANK:
http://www.cenbank.org/Out/publications/pressRelease/GOV/2009/ADVERTORIAL2.pdf
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