22 Sep 2009 |
|
FMBN Releases New Bad Debtors … Listed Jakande, Gen. magoro, Apostle Hayford Alile …Recovers N2bn Non-Performing Facilities By Economic Confidential This is season of exposure of bad debtors in all sectors in the banking industry as Federal Mortgage Bank of Nigeria (FMBN), in a finding by the Economic Confidential an online intelligence magazine, would soon pursue legal actions against bad debtors of mortgage financial institutions just as it has recovered N2bn non-performing facilities. The list of the debtors of its non-performing loans contains names of popular past political office holders, politicians, businessmen and religious leaders. This development came as the Central Bank of Nigeria allays the fear of the public on speculations of new damaging report on Nigerian banks. Insisting that examiners have concluded the audit of 11 of the 14 banks not included in the first exercise, and that “based on the reports received so far, the clear indications are that the bulk of the problems have been effectively dealt with in the first audit round and no decision has so far been taken on these 14 banks.” While the CBN’s position was contained in a statement by the bank’s spokesman, Mohammed Abdullahi, the position of FMBN came from the management headed by Abdulsalam Ahmed, a mortgage banker who was appointed the managing director in April 2009. The Economic Confidential finds out that FMBN requires a massive recapitalisation to enable it fulfil its mandate of providing the needed finance to meet the nation’s housing needs and was compelled to issue the last warning to defaulters saying that “following several demands notices and in line with the ongoing sanitisation in the banking industry, it has become necessary to request defaulting customers of the bank to regularise their accounts within twenty one days which will expire on Monday October 5, 2009.” The bank which has so far recovered N2.093 billion non-performing facilities from mortgage institutions mostly states-government owned across the country as at July 2009, Economic Confidential gathered may resort to using the anti-corruption and security forces by the end of the deadline through all necessary legal actions, including regulatory agencies against the defaulters. The major debtors in the bad debts included CITEC International Estate ltd owned by Oludare Bello, which owes N1.7bn, Cambial Limited owned by Yemi Obadeyi owing N2bn, Same Global system Ltd owned by Ehi Musibau and Sijuades owing N1.6bn. The popular names in the list of the debtors included Chief Okoya Thomas whose company, Netconstruct Nigeria Ltd owes N454mn; Major General Magoro whose company, Modular limited owe N332mn; Hajia Amina Abubakar of Imani and Sons Limited that owes N249mn; Alhaji Lateef Jakande of Good Homes Estate Ltd that owes N219mn; Apostle Hayford Alile of Shelter Initiatives Limited that owes N295mn; Dr. Yemi Ogunbiyi of Tanus Property Dev Ltd that owes N198mn and Chief Gabriel Karibo family, whose company, Atasi-Isi Supplies and Services owes N723mn. The Managing Director of the nation’s apex mortgage bank, Abdulsalam Ahmed, recently disclosed that the bank needs approximately N40 billion (about $132million) capital base in order to effectively carry out its operations. He said the bank’s N5 billion (or $17 million) capital base is grossly inadequate in view of the magnitude of its mandate to bridge the housing finance gap in Nigeria, which runs into trillions of naira. The FMBN’s current capital base is insignificant when compared with an average capital of $132 million held by similar institutions in some other countries. The capital base of the bank which is insignificant is yet to be fully paid up due to inability of CBN and the Nigerian Social Insurance Trust Fund (NSITF) to pay their equity contributions of N1.5 billion and N1.0 billion respectively, representing 30 per cent and 20 per cent of the current approved capital base. See
|
|||||||||||||||||||||||||||
# 
Your Comments
Please make The Square an enjoyable experience for everyone by refraining from gratuitous ad-hominem contributions, defamatory comments and off-topic posting. Such posts will be removed.