Economic Confidential, August 18, 2009

MONETARY

The List of Major Debtors of Non-Performing Loans in Five Banks  

The Central Bank of Nigeria (CBN) has released the details of major and largest debtors of non-performing loans of the five banks whose managements were sacked recently. The debtors include government agencies, corporate organisations and individuals in their personal capacities. Most of the directors are popular billionaires, politicians, retired military Generals among others.

The defaulting customers of the affected banks have been directed to pay the amounts without further delay their indebtedness, failing which the central bank would take all appropriate legal actions to ensure payment.

Out of the N210bn of the non-performing loan of the Intercontinental Bank Plc, the major and largest debtors as at May 2009 include Ascot Offshore Nigeria Limited which has as its directors Joey Chuma Obue and Samuel Aikhionbare owing N44bn, Rockson Engineering Limited that belongs to Engr. J.I.A. Arumemikhide having N36bn to offset, United Alliance Company of Mr. Aig-Imoukhede and Herbert Wigwe to refund N16bn, Rahamaniya Oil and Gas of Abdulrahaman Bashir with N12bn, Dansa Oil and Gas of Aliko Dangote and his brother, Sani Dangote with N8bn, Transcorp of Prof. Ndi Okereke-Onyiuke and others with N6bn, Lister Oil Limited of Alhaji Arisekola Alao to refund N5bn and Accountant General Special Project N14,5bn among others.

The major debtors of Afribank’s N141bn non-performing loans are Suleman Ibrahim of Kolvey Company that has Suleiman Ibrahim and Aisha Usman as director and owing the bank N16bn, Rehoboth Assets Limited of Chudi Ajaegbu to refund N15bn, Resolution Trust and Invest of Patience Orighommesan and Sarah Oritse to repay N12bn, Petosan Property and Dev of the same Patience and Sarah to pay another 10bn, Larix Nig Ltd of Alhaji idah to pay N6bn, Bro Works of Alhaji Ibrahim N5bn, Falcon Securities Limited that has Peter Ololo as MD to offset N29bn and African Petroleum of Femi Otedola to refund N12bn among others.

The major debtors in Union Bank nonperforming loans of N73bn are Transnational Corp where Dr. Ndi Okereke Onyiuke as prominent director to settle the indebtedeness of N30bn, MTS FIRST WIRELESS LTD of Chief Lulu Briggs with N9bn, Zenon of Femi Otedola N6bn, IRS Airlines of Khalifa Isiaka Rabiu N3bn, Avian Spec Ltd N1.7bn, Communication Trends Ltd of Engr. Uzo Udemba to offset N1.1bn, DJONES of Sir J. O. Eze N524mn. Others include Chanchangi airlines N423mn, Ikeja Hotels Plc N1,2bn, Bao Yao Huan N3,1bn, MINAJ Holdings N1,6bn, Ibeto Industries N2,4bn among others.

The major debtors in Oceanic Bank’s nonperforming loan of N278bn are Notore Chemical Industries Ltd and African Finance Corporation N32bn, Rahamaniya Global Services of Abulrahman Musa Bashir N28bn, LV Development of Michael Onasanya N2.7bn, Dangote Industries of Aliko Dangote N2.5bn, Falcon Securities of Peter Ukoritsemofe Ololo N22bn, Spark-West Steel Industries of Niyi Oyedele N18bn, Mid-Western Oil and Gas of Onajite Okoloko and engr. Adams Okoene N23bn, Oando of General Magoro and others N7bn, Honeywell Group of Oba Otudeko N1.6bn, BFCL Assets and Securities Of Okoro and Ibru N4bn, Global Fleet of Jimoh Ibrahim N14bn, Zarm Poultry of Muftau Gbadamosi N8.3bn, Imad Oil and Gas of Bashir and Abba Dasuki N10bn, Delta State N6.4bn, NITEL N7bn, Obat Oil and Petroleum of Prince Fedrick Akinrutan among others.

The major debtors in FINBANK’s nonperforming loans of N42bn are Aquitane Oil and gas Limited of Ike Okolo and Dahiru Wada N3.6bn, Falcon Securities of peter Ololo and Senator Jonathan Tunde N3bn, Spring Trust 1,9bn, Jevkon Oil and Gas N1.6bn, Reliance telecommunication N800m, Ebonyi State 587mn, Intercellular Nig N157mn and Ararume Godwin Ifeanyi N158mn among others.

The Tables of Defaulters

Major Debtors of Intercontinental Bank Plc

Major Debtors of Union Bank

Major Debtors of Afribank

Major Debtors of Oceanic Banks

Major Debtors of Finbank.