President Jonathan's Economic Advisers Owing Nigeria N1.3 Trillion; CBN Bars Banks From Doing Business With 419 Deadbeat Companies And Individuals

Members of Jonathan's Economic management team
By SaharaReporters, New York

An explosive Central Bank of Nigeria (CBN) circular published today by a local Nigerian newspaper lists some of President Goodluck Jonathan's economic advisers among the country’s worst deadbeat debtors.

Some of the worst offenders are household names: Mr. Femi Otedola, Alhaji Sayyu Dantata, Sir Johnson Arumemi-Ikhide, Prof. Bart Nnaji, Mrs Elizabeth Ebi and Dr. Wale Babalakin.  

And businesses too: Zenon, Arik, MRS, Aero Contractors, Capital Oil and Gas, to list just five.

But now local banks are barred from extending even one more kobo of credit to them until they clear all debts.  

The big debtors are also among the nation’s richest companies and individuals, and their extensive uncollateralized loans from Nigerian banks to the tune of billions of dollars led to the collapse of the banking sector.

Several of the debtors were also involved in the petroleum subsidy scam that bled the Nigerian economy of some $6.5 billion.

Instead of prosecuting the predatory lenders and borrowers the Jonathan government pushed the problem aside by setting up a bogus body known as the Asset Management Corporation of Nigeria (AMCON) to absorb the debts and enable the debtor roam free and engage in more economic crimes.

They apparently roamed far and wide, all 113 companies and 419 directors/shareholders.  419 is the actual number given by the CBN.    

The document circular obtained by Thisday, dated last Monday, September 17, showed that the disdain by these rich individuals and companies for their debts has grown so much that the CBN decided to bar banks in the country from extending further credit to them.

“It has become necessary to stop debtors who failed to repay their loans to banks and had these loans subsequently transferred to AMCON, from further enjoying credit facilities from Deposit Money Banks (DMBs) until they fully repay agreed outstandings to AMCON,” said the circular, which was signed by CBN’s Director of Banking Supervision, Mrs. A. O. Martins.

According to ThisDay:

•    The circular, which was accompanied by a detailed list of the blacklisted debtors, showed that worst hit by the directive are Zenon Petroleum, owned by Otedola, which was indebted to banks to the tune of N192.4 billion; MRS Holdings Limited, which belongs to Dantata  – N119.98 billion; Seawolf Limited – N98.32 billion; Arik Air Limited, belonging to Arumemi-Ikhide  – N85.481 billion; NITEL Plc/M-Tel  – N71.547 billion; and Capital Oil and Gas Limited, which belongs to Ifeanyi Ubah – N48.014 billion.

•    Others include Falcon Securities, whose Managing Director, Mr. Peter Ololo, was arraigned alongside several bank executives in 2009 by the Economic and Financial Crimes Commission (EFCC) – N162.9 billion; Rockson Engineering Limited, owned by Arumemi-Ikhide – N60.475 billion; BGL Securities – N6.44 billion; Rahamaniyya Oil & Gas Limited – N46.38 billion; Bi-Courtney Limited – N20.214 billion; and Geometrics Engineering, owned by Nnaji – N19.76 billion.

•    The restriction also applies to: Aero Contractors Company, owned by the family of Olorogun Michael Ibru - N32.579 billion; Tinapa Business Resort – N18.509 billion; Nestoil Limited, belonging to oil and gas entrepreneur, Ernest Azudialu – N13.506 billion; Dorman Long Engineering – N9.667 billion; Ascott Offshore Nig. Ltd, belonging to former banker, Henry Imasekha and the Berkley Group – N64.728 billion; Gitto Constuzioni – N11.838 billion; and Dansa Foods – N14.880 billion, whose directors, Sani and Abdul Dangote, are the brothers of business mogul, Alhaji Aliko Dangote.

Furthermore, the banks have also been directed not to grant further credit to two States: Cross River and Zamfara, because of the failure of the Tinapa Business Resort and the Zamfara Accountant General to pay back loans collected.

The Central Bank warned that any bank that flouts the guidelines would be made to make an immediate provision of 100 per cent of total principal and interest outstanding in the account of the customer and related parties, in addition to whatever regulatory penalties the CBN may decide to impose, ThisDay said.  
 

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Debt is to be paid!!!

This is a lesson to all debtors -- both civilian, military and politicians. It's not nice to see that your debt is piling up sky high!

Ktd3h

I busted my hubby having an affair thanks to one major new mom using PlayerBlock

ECONOMIC ADVISERS KILLING BANKING INDUSTRY

LET ME BORROW FROM THE WORDS OF MR SAM OMATSEYE A WINNER INFORMED COMMENTARY 2009 & 2010 WHO CALLED THIS COUNTRY " A TADPOLE COUNTRY ". I TOTALLY I AGREE WITH HIM. HOW CAN ECONOMIC ADVISERS BE THE WORST DEBTORS IN A COUNTRY WHERE THEY GIVE ECONOMIC ADVISE? THEY ARE DIRECTLY KILLING OUR BANKING INDUSTRY. IF THEY BORROW AND REFUSE TO REPAY THEN WHEN WILL THE MONEY BE AVAILABLE FOR OTHER BUSINESS ENTERPRENOURS TO BORROW. WHAT A TADPOLE COUNTRY. HOWEVER, UNLIKE OUR WORST DEBTORS ECONOMIC ADVISERS, I HEREBY RETURN THE WORDS I BORROWED FROM MR SAM OMATSEYE. I CANNOT BE COUNTED AMONG THE WORST DEBTORS EVEN IF IT IS WORDS DEBT.

Read bfo comenting

Thank u at least a coment 4rm sm1 who actualy read e whole story.ths z nt a witch hunt,bt a case of bad debtors...e corect action shud b a deadline 4 em to repay,failure o wc wl result in asset liquidation!

Thank u at least a coment 4rm

Thank u at least a coment 4rm sm1 who actualy read e whole story.ths z nt a witch hunt,bt a case of bad debtors...e corect action shud b a deadline 4 em to repay,failure o wc wl result in asset liquidation!

All these irregularities and

All these irregularities and racketeering in Nigeria sadden my heart. I wonder why people tends to worship money instead of GOD. With all these acquisitions of material things,do they even consider the fact that there is a terminal point in everyone's life? Our hopes and aspirations is always shattered everyday by the news we hear of people we called our leaders.

These People Are Criminals

@ Poverty Is Disease

What sort of reading comprehension did they teach you in your primary school?

It is not about people owing banks but about people owing banks and refusing to pay.

Adenuga and Dangote are heavily indebted to banks in Nigeria but their names are not on the list because they service/repay their loans.

It is about criminals using bank loans as a vehicle for robbing 150 million Nigerians.

Should we allow 20,419 (the crooks and their employees) to continue to rob 150 million Nigerians?

its a crime to owe bank when you refuse to pay

you think the banks are stupid to report their paying customers to CBN. you arguement is ignorant and foolish. Read the damn write up very well to understand it before making stupid comments here.. They take all the money and refused to pay and small businesses that needs this money cannot get it and when they do at a very high interest rate. How do you think economy can work when few individuals hold 80% of available loans in the economy.

We are not reasoning here yet

Lets not been fooled here.

Malam Sanusi is looking for a cheap exit root after the crash of his 5000 naira note agenda.

The banks that these guys took the loans from are not complaining yet.

Also these loans where not just taken yesterday.

Why did Malam wait all this long before raising an alarm?

Lets not been deceived, the CBN Governor eat and drink with these

people on thesame plate.

More ideas PLEASE!

We are not reasoning here yet

Lets not been fooled here.

Malam Sanusi is looking for a cheap exit root after the crash of his 5000 naira note agenda.

The banks that these guys took the loans from are not complaining yet.

Also these loans where not just taken yesterday.

Why did Malam wait all this long before raising an alarm?

Lets not been deceived, the CBN Governor eat and drink with these

people on thesame plate.

More ideas PLEASE!

IBB and OBJ ?

The south-south is taking their son's failure the wrong way. I think they should be objective and make GEJ change for a better else after GEJ nothing ever for them. This GEJ of yours is surrounded by well-known criminals and you continue to call him a saint.Ask yourselves what will JESUS do if he were GEJ! Simple Jesus will cast out the demons! Enough of making GEJ a South-South president ! Nigerians all voted him according to Jega! Kill corruption now! Or corruption will kill Nigeria. What an economic team!

Try and understand

As a business you need credit to survive. These businesses are probably not being run well and should be denied credit. Kudo's to Sanusi? The President has no hand in this, rather we should be asking how he has people of such calibre advising him or maybe we now know why things are dire in Nigeria.
What CBN has done is normal practice in advanced countries. You do not dare default on your loan repayments. Your company actually folds, so I'll encourage Sanusi to go the whole hog, if we can get some of the money back.

it is becoming clearer

Is Buhari a saint? No! We are still waiting for explanations from him and Obasanjo on the $2.8B excess crude money when he was Federal Commissioner of Petroleum Resources.

please stop

Mallam sabo da Allah ka bar kiran mutane arna! We all have a right to our faiths.

HOW WAS THIS POSSIBLE?

It beats every serious imagination that this was allowed to happen in the first place. What type of leadership is this man, GEJ offering poor Nigerians? How did GEJ found his way into Bayelsa State Government House with such level of weakness? How did the same corrupt weakling found himself in charge of a great country like Nigeria? How do Nigerians take stock of their situation and cleanse their country of such callous morons? Until these questions are answered, we will continue to remain in the woods.

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Na Wash

All of you calling them theives, would probably do worst if given the chance. Every Nigerian has the blood of a theif!( ooh please dont preach to me, search your conciensce) Thats why you see people from poor homes, who get lucky and get to the corridors of power, stealing blindly.

More to this

Well i see this as a gang up against Femi Otedola by the Kano Gang and their cohorts in the house. Its a matter of "how dare Femi disgrace Farouk" Please dont be fooled! I dont like Femi's style, but i feel he's being victimized because of what he did to Farouk. Hausa's always come together as one and cover up for each other. Also our dear Prince from Kano Sanusi wants to be PRESIDENT which God forbid me vote for him. On the others that owe banks, Nigeria's economy is very volatile and you can never be sure of what is coming next. So a lot of business collapse, that does not make them theives. Its not a crime to take a loan! Of cause, they are a few that would divert the money for other use, that we cant control. Its just unfortunate that we dont seem to get it right in this country.Shame

GEJ is simply transitional leader.

Owing Nigeria N1.3 Trillion?

"But now local banks are barred from extending even one more kobo of credit to them until they clear all debts."

Yet they form President Jonathan's Economic Advisers?

What does this say?

GEJ came in by default with YarAdua's death.
The powerful and recycled business cabal rigged him in and form his economic advisers. Am I missing something?
The country accepted him in an attempt to assuage them since SS produced the oil.
GEJ has maintained the corruption status quo. Some will argue EVEN entrenched and liberalized it in the mode of IBB!

Has there been any progress in Nigeria since Yar Adua's death?
GEJ is simply a transitional leader and sadly another wasted chapter in the life of this Nation.

Controversial Sanusi

It baffles me when most Nigerians applaud this kind of policy failings, this is a CBN Governor that has successfully criminalized lending in a country that poverty and unemployment rates are unbelievably high. Banks are now in the business of buying Government Bonds; Treasury Bills ; and starving businesses of funds. Firstly, it is only in Nigeria that the likes of Sanusi can be appointed a Central Bank Governor, Sanusi does not have what it takes to be in that office. Looking at his career profile, he is more of a Risk Officer to real Banker.

Under his watch, over 35,000 bank employees have lost their jobs, let's be mindful, that these companies are employer of labors. It is imperative to always look at such economic factor before taking this kind of draconian action.

Do we really have a president?

Do we really have a president in that country? This thing called Nigeria has become something else.

TOTAL DISGRACE TO THE NATION. NO GOOD WILL COME TO THEM

DONT BOTHER FLYING AERO CONTRACTOR, IT WILL SOON BE GROUNDED LIKE ARIK. DONT BORTHER LOOKING FORWARD TO THE CONSTRUCTION OF LAGOS/IBADAN, BI-COUTRNEY IS BROKE. NOW WE KNOW THE REASON CEO OF GITTO DIED OF A HEART ATTACK. EFCC WILL SOON VISIT FORMER POWER MININSTER. BUNCH OF INEPT AND FRAUDULENT PEOPLE PARADING THEMSELVES AS LEGIT BUISNESS PEOPLE.

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There to many poor people in

There to many poor people in Nigeria that whenever they heard some rich guys are owning banks, they start abusing Govt and Individual,I dot want to mention any western Nation. If you know how much Chinese bank loan to individual chinese companies to penetrate the world you will run mad!

If UK list people owning banks in the UK you will find the very biggest billionaire like Bradson etc.

Pls this write up infuriate me because i know how much people like Adenuga are owning France Panabis for investment

Sanusi want to destroy more companies now since is through with the bank. I just pity this nation poverty has taken the most idealistic approach to life. The total business operated by these companies employed more than 20,000 Nigerians

Just wish.....

There to many poor people in

There to many poor people in Nigeria that whenever they heard some rich guys are owning banks, they start abusing Govt and Individual,I dot want to mention any western Nation. If you know how much Chinese bank loan to individual chinese companies to penetrate the world you will run mad!

If UK list people owning banks in the UK you will find the very biggest billionaire like Bradson etc.

Pls this write up infuriate me because i know how much people like Adenuga are owning France Panabis for investment

Sanusi want to destroy more companies now since is through with the bank. I just pity this nation poverty has taken the most idealistic approach to life. The total business operated by these companies employed more than 20,000 Nigerians

Just wish.....

Thieves

Jonathan is a thief. For bringing untold hardship to Nigerians as a whole, God will punish all of you. Those who bag this curse include Jonathan Badluck, Patience his dying wife, Sanusi Lamido, Okonjo Iweala,Dimeji Bankole,Obasanjo, All the Senathieves and members of Hoese of Representsthives (Past and Present). All the corrupt State Governers past and present. God will punish all of you. The common man is suffering while you live a life of affluence.

please stop

Mallam sabo da Allah ka bar kiran mutane arna! We all have a right to our faiths.

it is becoming clearer

GEJ is a thief. It's as simple as that. All these individuals listed here funnelled hundreds of billions into GEJ'S election.

GEJ dares not touch them or else the fat lady sings. I voted for Jona and not PDP abi? To all those who refused to vote for buhari but for an imbecile who was indicted by nuhu ribadu even before he became a vice president, this is telling you that you can't vote for a thief and think he won't steal from you.

My Heart Weeps!

My heart weeps 4 Nigeria! The only solution is prayer..... We pray that God almoghty will make us witness these wicked thieves' bad end shikenan!

This list is of Debtors not

This list is of Debtors not servicing or paying back... please take your time to read next time. it wont be so puzzling.

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