CBN publishes new list of five troubled banks’ debtors

The Central Bank of Nigeria (CBN) yesterday published a long list – 600 names in all, of non-performing debts – owed mostly by politicians, entrepreneurs and shareholders/directors – whose companies secured loans totalling N450 billion from five banks. The banks – BankPHB Plc, Equitorial Trust Bank, Spring Bank Plc, Wema Bank Plc and Unity Bank Plc – were those found wanting in the last round of audit exercise embarked on by the banking watchdog.

This culminated in the sack and replacement of the managing directors and executive directors of the first three banks said to be in “grave situation” two weeks ago. The two others were asked to recapitalise by June 2010.

On the roll of multi-billion debts are frontline businessmen, corporate giants and manufacturers as well as notable politicians. They are directors of the debtor companies. The apex bank, in a statement issued by its spokesman Mohammed Abdullahi, noted that the list is for the un-performing loans of N100million and above in Bank PHB, Wema Bank, Spring Bank, Unity Bank and Equitorial Trust Bank (ETB) as at June 30.

The list is published in an advertorial today.

The CBN had on October 2, 2009 fired the Chief Executive Officers of Equitorial Trust Bank, Spring Bank, and Bank PHB. It ordered Unity Bank Plc to recapitalise before June 30, next year. WEMA Bank was also directed to recapitalise.

The statement reads: ” In furtherance of the efforts of the Central Bank of Nigeria (CBN) to assist the banks affected by the outcome of the recent CBN/NDIC Special Examination, we publish herewith the list of non-performing loans of N100m and above for Bank PHB, Spring Bank, Unity Bank, Wema Bank and Equitorial Trust Bank as at June 30, 2009.”

The list cuts across the various sectors of the economy – oil and gas, import and export, construction and many others.

There are states and local governments. A minister is listed.

Peoples Democratic Party (PDP) chieftain Tony Anenih is listed alongside Osahon Asemota as directors of Mettle Energy and Gas. The company is owing SpringBank N2.6billion.

Industrialist Kola Daisi is listed as director of National Lottery.

Labour Minister Prince Adetokunbo Kayode is said to be owing Bank PHB N122million. But the minister said last night: I’m not owing the bank. I have taken them to court in the last seven months before the reforms in the banking.

“It was a loan to buy shares. I was persuaded. They offered N80million to buy shares. I paid 20% of the loan. Ever since I have not seen a share certificate not to talk of dividend. They are owing me because my money is still with them.”

Igbinedion University, which belongs to the Esama of Benin, Sir Gabriel Igbinedion, is on the list. He is listed as a director.

Former President Atiku Abubakar is also listed in one of the directors of a debtor-company. So are the Vaswani brothers, who have been deported for alleged unwholesome business practices.

There are also former Wema Bank boss Adebisi Omoyeni, politician Fasawe and Kola Abiola, son of the late Chief Moshood Abiola.

Former presidential aspirant Prof. Pat Utomi is listed.

On the list are companies belonging to many prominent businessmen, including Alhaji Aliko Dangote, Otunba Mike Adenuga Jnr, Femi Otedola and Emeka Offor.

According to the CBN, Dangote Industry Ltd that is jointly owned by Aliko Dangote, Sani Dangote and Bello Dangote owe Equitorial Trust Bank N1,968,998,820.81.

Conoil Plc, of which Adenuga is a director, owes ETB N19,866,448,948.32 as at June 30.

Otedola’s firm, Zenon Petroleum Gas Ltd, owes Bank PHB N5,660,099,295.54 as at June 30.

Offor’s company, NIMEK Investment Ltd, owes Bank PHB N678,349.40 as at October 5.

Mr. Cletus Ibeto of Ibeto Petrolchemical Industry is owing Spring Bank N1.1 billion. Ibeto Cement is owing N1.7billion.

Economic and Financial Crimes Commission (EFCC) chairman Mrs. Farida Waziri, will today relocate to Lagos for debts recovery.

A source said last night: “Mrs Waziri might storm Lagos with over 100 operatives.

“The list was handed over to the EFCC chairman on Wednesday evening by the Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi.

“On the basis of the list, the EFCC chairman has mobilised her operatives to shift base to begin the recovery of these debts. About 100 operatives might be involved.

“So, our team is moving to Lagos on Thursday. We hope the debtors will cooperate and pay up.”


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•Delta Steel Ltd  4,078,178,535.66
•Falcon Securities Ltd 16,718,149,032.05
•Futureview Securities  3,606,149,329.46
•Gitto construzioni   4,187,899,087.96
•Springboard Trust   3,583,121,315.91
•Westcom Tech   8,116,050,052.49
•Zenon Petroleum 5,154,041,716.86


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•Dekit Const. Limited 1,096,760,175.25
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•Frontage Com. Ltd.  1,003,549,473.22
•Global Fleet Acct  1,981,885,496.35
•Global Fleet Loans Acct 1,264,918,929.48
•Independent Sec. Ltd. 1,430,416,967.55
•Indept Securities Ltd 20,586,679,793.00
•Joseann Global Res.


•Netlink Digital   4,821,168,438.27
•Mofas Shipping line
•Baywood Continental 2,743,349,386.22
•Watyem-dks Ent. Ltd 2,556,930,297.06
•National Sports Lottery  2,369,131,266.17
•Mettle Energy & Gas
•National Sports Lottery  1,752,069,645.19
•Nsl Lotteries Mgt Ltd  1,479,913,736.58
•Victoria Con. Int. Ltd. 1,589,076,946.68


•Alpha Property & Dev 1,818,468,256.89

•Kola Abiola 1,405,198,221.31

•Waziri B. Mustapha 1,108,642,692.45

•Albarka Air Service 1,066,240,164.19

•Mbogason Int’l 943,327,039.24

•Sage Int. Nig. Ltd 1,055,028,853.94

•Acct-Gen. Plateau 865,695,994.50

•Okefena Limited 804,535,075.19

•LG Joint Acct (Bauchi) 676,232,072.60


•Conoil plc 19,866,448,943.32

•BYSJ project account 5,972,498,005.67

•Dangote Ind Ltd 1,968,998,820.81

•Globe Motors Holdings 3,031,530,569.82

•Hotel Excel Limited 1,244,241,246.48

•Bauchi State Govt 224,331,897.09

•Formosa Bottling Co. 1,027,057,797.66

•Michelle Nig. Ltd 1,021,487,383.38

•Igbinedion University