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Nigerian Bank article mentions SEO

Article dated today - still might have been posted before - not sure.

ND9
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http://www.individual.com/story.php?story=103669919

EFCC Awaits NDIC, CBN Reports on Failed Banks
by Lekan Fadeyi, Alexander Mede and David Agba

Lagos/Abuja, Jul 13, 2009 (Daily Independent/All Africa Global Media via COMTEX) --


The Economic and Financial Crimes Commission (EFCC), has said it will not prosecute those fingered in the collapse of some Nigerian banks until the Nigeria Deposit Insurance Commission (NDIC) and the Central Bank of Nigeria (CBN) conclude investigation into the matter.

Senators had on Tuesday named those who abused their positions in banks, took loans worth N53.3 billion and refused to pay back, which made the banks go under.

The Nkechi Nwaogu-led Senate 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.

The committee noted with dismay that 50 banks failed because of the huge debts that were never paid, including 36, which crashed before consolidation in 2005, and 14 afterwards.

A letter dated June 27, 2008 sent to the Senate Committee by the Nigeria Deposit Insurance Corporation (NDIC), attached a list of 'insider credits' of 13 closed banks as at June 2008.

But it noted "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."

Some of those listed, such as former City Express Bank Chairman, Samuel Adedoyin, and Aliko Dangote have said they are no longer owing as alleged by the committee.

FCC's spokesman, Femi Babafemi stated that those expecting immediate prosecution of the accused may have to wait longer as he told Saturday Independent that the matter is still with the NDIC and CBN.

"We can't do anything for now. It is still with the NDIC and CBN and we will move in when it is time," he said He told Saturday Independent that the commission is presently out of the picture. According to him, the CBN and NDIC have the brief to handle the matter for now.

Babafemi, however, did not rule out the possibility that the anti-graft agency may step in and carry out its investigations with a view to bringing those found culpable to book even though he would not state clearly when.

"When we get to the point where we have to come in, we will," he maintained, stressing that for now, the EFCC is not in the picture.

The Senate Committee on Banking, Insurance and other Financial Institutions recently submitted a report on its inquiry into why some banks failed in Nigeria, revealing that people accessed loans worth more than N53.3 billion from the banks and failed to pay back causing them to go under.

Those listed by the report to have contributed in the failure of the said banks 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, U.S.A.), and another N3,850,016,620 loan without guarantee.

Others include 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 Adiukwu-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).

Also mentioned are 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).