Daily Independent (Lagos)
Adetutu Folasade-Koyi
8 July 2009
Abuja — Senators on Tuesday named Nigerians who abused their positions in banks, borrowed loans worth N53.3 billion, and refused to pay them back, which made the banks to go under.
A report presented to the Senate by its Committee on Banking, Insurance and Other Financial Institutions listed a former Governor, a former Minister, as well as former Managing Directors of banks as contributors to such collapse.
A letter dated June 27, 2008 sent by the Nigerian Deposit Insurance Corporation (NDIC) to the Senate NDIC Committee attached a list of 'insider credits' of 13 closed banks as at June 2008.
But it noted that "in view of the fact that the accounts are insider related, the records are constantly reviewed and reconciled. Accordingly, some of the figures are tentative.'
Those listed include former Kwara State Governor, Mohammed Lafiagi (N1,156,776.57 - unlimited personal guarantee); Sanusi Ado Bayero (N45,003, 963.93); former Gulf Bank Managing Director, Babajide Rogers (N11,874, 216.56); Chrome Services and Related Companies Chairman, Emeka Offor (N3,850,016,620 - personal guarantee of Offor and 100,000 units of ordinary shares of Environmental Remediation Holding Corporation, USA), and another N3,850,016,620 loan without guarantee.
Victor Odili (N41,103,498.56 - fixed and floating debenture on the assets of the company); N2,628, 979.05; N10,856,129.75.
Owner of liquidated All States Trust Bank now Federal Airports Authority of Nigeria (FAAN) Chairman, Ebitimi Banigo, Nta Henshaw, and others (N48,551,995,304.83); former Progressive Peoples Alliance (PPA) Governorship candidate, Remi Bakare (N1,093,247, 535.40); Mike Ajegbo (N210,291,896.21): C. M. Ibeto (N643,340,680.92); and former Information Minister, Dapo Sarumi (N3,847,743.90).
Oluwalogbon Motors Chairman, S.O Bakare (N544, 585,269.86 and N21,311,398.59); former City Express Bank Chairman, Samuel Adedoyin; former City Express Bank Chief Executive Officer, Sola Adeoti; former Minister of State for Health, Funke Adedoyin (N5,131,275,864.01); and Angela Onyeador (N30,755,363.13 - legal mortgage).
Committee Chairman, Nkechi Nwaogu, noted that 50 banks failed because of the huge debts that were never paid, including 36 which crashed before consolidation in 2005, and 14 after consolidation.
But less than two minutes after she read out the list, threatening death text messages flooded her mobile telephone, according to Eyinnaya Abaribe who sat beside her.
Based on the death threats, Senate President, David Mark, directed the Inspector General of Police, Mike Okiro, to provide personal security for all the 12 members of the Committee immediately.
He lamented that the debtors could go to the extent of threatening the lives of the Committee members when they are supposed to be ashamed.
Mark told the Committee members: "You have performed wonderfully well and there is absolutely nothing for you to fear because you have done what you ought to do for your country.
"All those sending text messages to you should think twice about what they have done to this country rather than having the effrontery to send text messages to you.
"All of us here take collective responsibility for this report. It is not a report from Senator Nkechi Nwaogu.'
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WE CAN TELL YOU WHO SENT THE TEXTS IF YOU NEED THE HELP SEND US AN E-MAIL. WE CAN HELP TONY
This is a good job! We've been anticipating for an exercise of this nature. Honourable members have not seen anything. It is a pity that this country finds herself in this kind of mess. What is our problem? Until we have the right people at the right places, we may not get it right for life. Some individual hijacked banking industry in the 90s pushing professionals out and planted their own interest, what do you expect? If truly we have the love of this country at heart, let the round pegs be in the round holes.