Posted August 22, 2009 from Nigeria

The Economic Financial Commission (EFCC) gives seven -day ultimatum to affected banks debtors to repay their loans to the five banks accused of poor corporate governance, high exposure to risk and liquidity strain, not considering the fact that some of these debtors have collateral securities that may not be easily sold.

In addition, EFCC freezes the accounts of the sacked chief executive officers of these affected banks. It is also reported that accounts of some other fourteen directors of these banks are freeze. Ealier on EFCC threatens to seize assets of affected debtors, while the Central Bank of Nigeria's Governor, Sanusi Lamido asks all debtors to pay up the non-performing loans or face arrest. Joseph Adewole, the Acting MD of Intercontinental Bank says that the nbank recovers 4.8 billionas at yesterday. Dangote Industries headed by Alhaji Aliko Dangote has paid N3.1billion on August 20.

The where about of sacked Cecilia Ibru of Oceanic Bank and Akingbola Erastus of Intercontinental is unknown but Akingbola is rumored to have fled to UK to avoid being arrested by EFCC although he had gone to court to protest his removal from office by CBN Governor, Sanusi Lamido. The EFCC arrests these sacked MD's Mr Bartholomew Ebong Union Bank, Mr. Okey Nwosu of Finbank, Sebastian Adigwe Afribank and Ololo of Falcon Securities.Lamido Sanusi says .....I would rather have those banks valued and properly purchased by other banks.....

The CBN has appointed new MD's for the affected banks, Mr. Lai Alabi, Intercontinental Bank Plc; Mr. John Aboh Oceanic Bank Plc; Mrs. Suzanne Irochie Finbank Plc; Mr. Nebolisa Arah, Afribank Plc; and Mrs. Funke Osibodu, Union Bank Plc.

The shocking news of gross mismangement and neck deep debt came as surprise to Nigerian because of false auditing reports presented annually by these banks.

Nigerian female graduates who are always desperately looking for jobs are recruited as executive prostitutes jumping from one customer's bed to the other in order to meet high targets given by these new generation banks, we usually pretend that it is well with these girls. May be it is high time government looked into prostitution in Nigerian banks.

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