Nigeria: CBN Releases Debtor List

The Central Bank of Nigeria (CBN) yesterday made good its threat to publish names 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.

A breakdown of the loans, which are classified as non-performing in the latest list, is as follows: Bank PHB, N170 billion; Spring Bank, N95 billion; ETB, N46 billion; Unity Bank, N37 billion; and Wema Bank, N101 billion.

Some of the biggest debtors to BankPHB are one of its subsidiaries – Platinum Capital, which secured N11 billion; Akara Overseas Development owned by Prince Oyedele – N10 billion; N6.3 billion by Hometrust Savings and Loans owned by  Yomi Disu, Funmi Ademosun and Tony Ubogu, while N16.7 billion is owed by Falcon Securities owned by Peter Okolo, currently on trial over his company’s N88 billion exposure to three other banks (Afribank, FinBank and Union Bank). Okolo’s other company – Peterson Oil and Gas also owes N4.5 billion. Also included is Femi Otedola’s Zenon Oil, which owes N5.2 billion.

In ETB, Conoil owes N19.8 billion; Bayelsa State – N5.97 billion; Globle Motors, which has Williams Anumudu as one of its directors – owes N3.032 billion; N3.321 billion for Premium Seafoods, which has Sunil Vaswani and Haresh as directors, while Dangote Limited owes N1.96 billion. 

Prominent among the debtors of Spring Bank are three companies, National Sports Lottery – N4.12 billion; NSL Lotteries Management Ltd – N3.32 billion and Victoria Construction International Ltd – N1.58 billion.
 Also indebted to Spring Bank to the tune of N7.874 billion are two companies, Netlink Digital TV and Mofas Shipping Line, owned by Otunba Oyewole Fasawe, while Metro Energy & Gas Ltd in which prominent politician – Tony Anenih – is a director owes N2.06 billion.

Major debtors to Unity Bank are Alpha Property Development Company, which owes N1.8 billion. Alhaji Kashim Ibrahim is a director. Kola Abiola is also said to be owing Unity Bank N1.4 billion, while Albarka Air Services, which has Mohammed Buba Marwa, has one of its directors, is indebted to the tune of N1.1 billion.

Plateau and Bauchi States also owe Unity Bank N865 million and N676 million respectively.
Some of the principal debtors to Wema Bank are one of its subsidiaries – Independent Securities Ltd, which secured N25 billion; Transcorp – N16.6 billion; Wema Asset Management (also a subsidiary of Wema) – N10 billion; Suffolk Engineering & Construction owned by Admac Industry Ltd and Henry Macpepple owe N4.6 billion. Odua Investment – N1.7 billion; Jimoh Ibrahim’s Global Fleet – N3 billion, while another subsidiary, Wema Securities, is indebted to the tune of N2.2 billion.

Source: thisday


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